0001060391-24-000324 | 10-Q | XBRL Viewer

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2024 was 12.5% and 19.4%, respectively. Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2023 was 20.8% and 24.4%, respectively. Our effective tax rate for the three and nine months ended September 30, 2024 reflects a benefit of $81.0 million and $122.0 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code, $6.2 million due to the realization of additional federal and state benefits, as well as adjustments to deferred taxes due to the completion of our 2023 tax returns. Our effective tax rate for the nine months ended September 30, 2023 reflected benefits of $20.6 million from tax settlements, $7.9 million from investments in solar energy assets qualifying for federal tax credits under Section 48 of the Internal Revenue Code, $6.8 million due to the realization of additional federal and state benefits, as well as adjustments to deferred taxes due to the completion of our 2022 tax returns. For the nine months ended September 30, 2024 and 2023, net cash paid for income taxes was $183.4 million and $137.9 million, 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 September 30, 2024, the valuation allowance associated with our state loss carryforwards was $44.6 million. We are subject to income tax in the United States, as well as income tax in multiple state and foreign 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 these examinations. Our federal statute of limitations is closed through 2020. The federal statute of limitations applicable to an acquired subsidiary is closed through 2019. In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2012 through 2022. 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 September 30, 2024, 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 September 30, 2024, we accrued a liability for penalties of $1.1 million and a liability for interest (including interest on penalties) of $13.1 million related to our uncertain tax positions.

- Definition

The entire disclosure for income tax.

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+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
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 landfill development costs and final capping, closure and post-closure costs; our liabilities for environmental remediation, and insurance reserves. For more detail on significant accounting policies, refer to 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, 2023. Our actual results may differ significantly from our estimates.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Updates Issued but not yet Adopted Climate-Related Disclosures In March 2024, the SEC adopted Final Rule 33-11275 and 34-99678 - The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules require registrants to provide standardized disclosures related to material climate-related risks, governance and risk management strategies, and the financial impact of severe weather events and material Scope 1 and 2 greenhouse gas emissions. The rules require implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay these rules pending judicial review. The Company is currently evaluating the impact of the rules on its future consolidated financial statements. Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06 to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations. The Company is currently evaluating the amendments and the impact on its future consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be applied retrospectively to all periods presented in the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Debt - Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 29, 2020	Aug. 31, 2019
Extended Interest Rate Swaps
Debt Instrument [Line Items]
Terminated derivative, notional amount						$ 550.0	$ 375.0
Derivative asset	$ 41.2		$ 41.2		$ 54.0
Net loss on change in fair value of free-standing derivative instruments	(18.0)	$ 18.3	(12.5)	$ 17.7
Offsetting Interest Rate Swap
Debt Instrument [Line Items]
Derivative liabilities	58.5		58.5		$ 78.2
Net loss on change in fair value of free-standing derivative instruments	$ 17.3	$ (18.9)	$ 11.7	$ (19.6)
Senior notes: March 2030
Debt Instrument [Line Items]
Interest rate	2.30%		2.30%
Senior notes: August 2024
Debt Instrument [Line Items]
Interest rate	2.50%		2.50%

Changes in Accumulated Other Comprehensive Loss by Component - Summary of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 11,006.3	$ 10,820.6	$ 10,543.5	$ 10,204.7	$ 9,917.3	$ 9,686.8	$ 10,543.5	$ 9,686.8
Other comprehensive income (loss) before reclassifications							7.4
Amounts reclassified from accumulated other comprehensive loss							(13.9)
Net current period other comprehensive (loss) income	(9.5)	(3.8)	6.8	4.2	2.6	2.8	(6.5)	9.6
Balance at end of period	11,230.2	$ 11,006.3	10,820.6	$ 10,332.4	$ 10,204.7	$ 9,917.3	11,230.2	$ 10,332.4
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(12.1)				(12.1)
Balance at end of period	(18.6)						(18.6)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(11.6)				(11.6)
Other comprehensive income (loss) before reclassifications							6.4
Amounts reclassified from accumulated other comprehensive loss							(8.4)
Net current period other comprehensive (loss) income							(2.0)
Balance at end of period	(13.6)						(13.6)
Defined Benefit Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			8.9				8.9
Other comprehensive income (loss) before reclassifications							(2.3)
Amounts reclassified from accumulated other comprehensive loss							(5.5)
Net current period other comprehensive (loss) income							(7.8)
Balance at end of period	1.1						1.1
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ (9.4)				(9.4)
Other comprehensive income (loss) before reclassifications							3.3
Amounts reclassified from accumulated other comprehensive loss							0.0
Net current period other comprehensive (loss) income							3.3
Balance at end of period	$ (6.1)						$ (6.1)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount after tax of reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss, Net of Tax	Non-controlling Interests In Consolidated Subsidiary
Balance (in shares) at Dec. 31, 2022		320.3
Balance (in shares) at Dec. 31, 2022					(4.2)
Balance at beginning of period at Dec. 31, 2022	$ 9,686.8	$ 3.2	$ 2,843.2	$ 7,356.3	$ (504.6)	$ (12.1)	$ 0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	383.9			383.9
Other comprehensive income (loss)	2.8					2.8
Cash dividends declared	(156.5)			(156.5)
Issuances of common stock (in shares)		0.3			0.1
Issuances of common stock	(11.0)		2.9		$ (13.9)
Stock-based compensation	11.3		12.3	(1.0)
Balance (in shares) at Mar. 31, 2023		320.6
Balance (in shares) at Mar. 31, 2023					(4.3)
Balance at end of period at Mar. 31, 2023	9,917.3	$ 3.2	2,858.4	7,582.7	$ (518.5)	(9.3)	0.8
Balance (in shares) at Dec. 31, 2022		320.3
Balance (in shares) at Dec. 31, 2022					(4.2)
Balance at beginning of period at Dec. 31, 2022	9,686.8	$ 3.2	2,843.2	7,356.3	$ (504.6)	(12.1)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,291.7
Other comprehensive income (loss)	9.6
Balance (in shares) at Sep. 30, 2023		320.7
Balance (in shares) at Sep. 30, 2023					(5.6)
Balance at end of period at Sep. 30, 2023	10,332.4	$ 3.2	2,887.6	8,163.5	$ (720.5)	(2.5)	1.1
Balance (in shares) at Mar. 31, 2023		320.6
Balance (in shares) at Mar. 31, 2023					(4.3)
Balance at beginning of period at Mar. 31, 2023	9,917.3	$ 3.2	2,858.4	7,582.7	$ (518.5)	(9.3)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	427.6			427.4			0.2
Other comprehensive income (loss)	2.6					2.6
Cash dividends declared	(156.6)			(156.6)
Issuances of common stock (in shares)		0.1
Issuances of common stock	4.0		4.5		$ (0.5)
Stock-based compensation	9.8		10.6	(0.8)
Balance (in shares) at Jun. 30, 2023		320.7
Balance (in shares) at Jun. 30, 2023					(4.3)
Balance at end of period at Jun. 30, 2023	10,204.7	$ 3.2	2,873.5	7,852.7	$ (519.0)	(6.7)	1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	480.3			480.2			0.1
Other comprehensive income (loss)	4.2					4.2
Cash dividends declared	(168.5)			(168.5)
Issuances of common stock	2.7		3.1		$ (0.4)
Stock-based compensation	10.1		11.0	(0.9)
Purchase of common stock for treasury (in shares)					(1.3)
Purchase of common stock for treasury	(201.1)				$ (201.1)
Balance (in shares) at Sep. 30, 2023		320.7
Balance (in shares) at Sep. 30, 2023					(5.6)
Balance at end of period at Sep. 30, 2023	$ 10,332.4	$ 3.2	2,887.6	8,163.5	$ (720.5)	(2.5)	1.1
Balance (in shares) at Dec. 31, 2023		320.7
Balance (in shares) at Dec. 31, 2023	(6.1)				(6.1)
Balance at beginning of period at Dec. 31, 2023	$ 10,543.5	$ 3.2	2,900.8	8,433.9	$ (783.5)	(12.1)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	453.7			453.8			(0.1)
Other comprehensive income (loss)	6.8					6.8
Cash dividends declared	(168.5)			(168.5)
Issuances of common stock (in shares)		0.5			0.2
Issuances of common stock	(25.3)		3.2		$ (28.5)
Stock-based compensation	10.7		12.0	(1.3)
Distributions paid	(0.3)						(0.3)
Balance (in shares) at Mar. 31, 2024		321.2
Balance (in shares) at Mar. 31, 2024					(6.3)
Balance at end of period at Mar. 31, 2024	$ 10,820.6	$ 3.2	2,916.0	8,717.9	$ (812.0)	(5.3)	0.8
Balance (in shares) at Dec. 31, 2023		320.7
Balance (in shares) at Dec. 31, 2023	(6.1)				(6.1)
Balance at beginning of period at Dec. 31, 2023	$ 10,543.5	$ 3.2	2,900.8	8,433.9	$ (783.5)	(12.1)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,531.5
Other comprehensive income (loss)	$ (6.5)
Cash dividends declared				(518.2)
Balance (in shares) at Sep. 30, 2024		321.3
Balance (in shares) at Sep. 30, 2024	(8.0)				(8.0)
Balance at end of period at Sep. 30, 2024	$ 11,230.2	$ 3.2	2,945.9	9,443.9	$ (1,145.6)	(18.6)	1.4
Balance (in shares) at Mar. 31, 2024		321.2
Balance (in shares) at Mar. 31, 2024					(6.3)
Balance at beginning of period at Mar. 31, 2024	10,820.6	$ 3.2	2,916.0	8,717.9	$ (812.0)	(5.3)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	511.9			511.5			0.4
Other comprehensive income (loss)	(3.8)					(3.8)
Cash dividends declared	(168.0)			(168.0)
Issuances of common stock	4.3		5.0		$ (0.7)
Stock-based compensation	10.5		11.2	(0.7)
Purchase of common stock for treasury (in shares)					(0.9)
Purchase of common stock for treasury	(169.2)				$ (169.2)
Balance (in shares) at Jun. 30, 2024		321.2
Balance (in shares) at Jun. 30, 2024					(7.2)
Balance at end of period at Jun. 30, 2024	11,006.3	$ 3.2	2,932.2	9,060.7	$ (981.9)	(9.1)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	565.9			565.7			0.2
Other comprehensive income (loss)	(9.5)					(9.5)
Cash dividends declared	(181.7)			(181.7)
Issuances of common stock (in shares)		0.1
Issuances of common stock	3.3		3.8		$ (0.5)
Stock-based compensation	9.1		9.9	(0.8)
Purchase of common stock for treasury (in shares)					(0.8)
Purchase of common stock for treasury	$ (163.2)				$ (163.2)
Balance (in shares) at Sep. 30, 2024		321.3
Balance (in shares) at Sep. 30, 2024	(8.0)				(8.0)
Balance at end of period at Sep. 30, 2024	$ 11,230.2	$ 3.2	$ 2,945.9	$ 9,443.9	$ (1,145.6)	$ (18.6)	$ 1.4

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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 $13 million relating to our outstanding legal proceedings as of September 30, 2024. 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 $8 million higher than the amount recorded as of September 30, 2024.

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:


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	83.4	$	140.0	$	157.5	$	143.4
Restricted cash and marketable securities	203.1		163.6		153.3		127.6
Less: restricted marketable securities	(80.5)		(76.1)		(57.0)		(56.7)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	206.0	$	227.5	$	253.8	$	214.3

Our restricted cash and marketable securities includes amounts 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:


	September 30, 2024		December 31, 2023

Capping, closure and post-closure obligations	$	57.9	$	43.2
Insurance	145.2		120.4


Total restricted cash and marketable securities	$	203.1	$	163.6

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.

Debt - Tax-Exempt Financings and Finance Leases (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Tax-exempt
Debt Instrument [Line Items]
Long-term debt		$ 1,408.7			$ 1,280.6
Principal		1,418.5			1,289.1
Solid Waste Disposal Revenue Bonds
Debt Instrument [Line Items]
Principal	$ 100.0		$ 50.0	$ 100.0
Debt instrument, term	10 years
Finance leases
Debt Instrument [Line Items]
Finance leases		$ 291.1			$ 251.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summarized financial information concerning reportable segments

Summarized financial information concerning our reportable segments for the three months ended September 30, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Three Months Ended September 30, 2024
Gross Revenue	$	2,122.3	$	2,005.4	$	4,127.7	$	467.4	$	85.1	$	4,680.2
Intercompany Revenue	(310.2)		(266.9)		(577.1)		(11.6)		(15.3)		(604.0)
Revenue allocations	31.9		29.0		60.9		8.9		(69.8)		—
Net Revenue	$	1,844.0	$	1,767.5	$	3,611.5	$	464.7	$	—	$	4,076.2
Adjusted EBITDA	$	615.8	$	569.2	$	1,185.0	$	118.3	$	—	$	1,303.3

Capital Expenditures	$	249.8	$	155.2	$	405.0	$	32.6	$	16.1	$	453.7
Total Assets	$	13,784.1	$	11,059.3	$	24,843.4	$	4,438.9	$	2,531.9	$	31,814.2

Three Months Ended September 30, 2023
Gross Revenue	$	2,000.3	$	1,927.1	$	3,927.4	$	424.3	$	62.5	$	4,414.2
Intercompany Revenue	(294.6)		(261.9)		(556.5)		(14.4)		(17.4)		(588.3)
Revenue allocations	26.0		24.2		50.2		(5.1)		(45.1)		—
Net Revenue	$	1,731.7	$	1,689.4	$	3,421.1	$	404.8	$	—	$	3,825.9
Adjusted EBITDA	$	553.9	$	500.4	$	1,054.3	$	91.4	$	—	$	1,145.7

Capital Expenditures	$	165.0	$	141.4	$	306.4	$	24.9	$	37.7	$	369.0
Total Assets	$	13,112.6	$	10,866.4	$	23,979.0	$	3,982.4	$	2,081.4	$	30,042.8

(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

Summarized financial information concerning our reportable segments for the nine months ended September 30, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Nine Months Ended September 30, 2024
Gross Revenue	$	6,231.1	$	5,923.1	$	12,154.2	$	1,377.0	$	251.5	$	13,782.7
Intercompany Revenue	(925.2)		(785.3)		(1,710.5)		(36.1)		(50.1)		(1,796.7)
Revenue allocations	94.4		87.3		181.7		19.7		(201.4)		—
Net Revenue	$	5,400.3	$	5,225.1	$	10,625.4	$	1,360.6	$	—	$	11,986.0
Adjusted EBITDA	$	1,765.0	$	1,643.5	$	3,408.5	$	317.2	$	—	$	3,725.7

Capital Expenditures	$	569.0	$	410.8	$	979.8	$	92.4	$	285.2	$	1,357.4
Total Assets	$	13,784.1	$	11,059.3	$	24,843.4	$	4,438.9	$	2,531.9	$	31,814.2

Nine Months Ended September 30, 2023
Gross Revenue	$	5,774.3	$	5,653.0	$	11,427.3	$	1,278.9	$	176.5	$	12,882.7
Intercompany Revenue	(881.1)		(764.4)		(1,645.5)		(45.8)		(58.5)		(1,749.8)
Revenue allocations	71.6		68.1		139.7		(21.7)		(118.0)		—
Net Revenue	$	4,964.8	$	4,956.7	$	9,921.5	$	1,211.4	$	—	$	11,132.9
Adjusted EBITDA	$	1,570.6	$	1,464.4	$	3,035.0	$	266.9	$	—	$	3,301.9

Capital Expenditures	$	421.6	$	387.3	$	808.9	$	64.5	$	209.8	$	1,083.2
Total Assets	$	13,112.6	$	10,866.4	$	23,979.0	$	3,982.4	$	2,081.4	$	30,042.8

(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

Schedule of adjusted EBITDA and EBITDA margin

A reconciliation of the Company's single measure of segment profitability (segment Adjusted EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Group 1 Adjusted EBITDA	$	615.8	$	553.9	$	1,765.0	$	1,570.6
Group 2 Adjusted EBITDA	569.2		500.4		1,643.5		1,464.4
Group 3 Adjusted EBITDA	118.3		91.4		317.2		266.9
Total Adjusted EBITDA	1,303.3		1,145.7		3,725.7		3,301.9
Other income, net	(10.3)		(1.3)		(23.5)		(3.2)
Interest income	(4.3)		(2.0)		(7.4)		(5.0)
Interest expense	138.2		127.6		405.8		378.8
Depreciation, amortization and depletion	422.0		382.3		1,234.2		1,099.4
Accretion	26.7		24.6		80.1		73.2
Loss (income) from unconsolidated equity method investment	73.4		(2.8)		116.0		(0.2)
Loss on extinguishment of debt and other related costs	2.4		—		2.4		0.2
Restructuring charges	8.2		6.3		19.7		27.3
US Ecology, Inc. acquisition integration and deal costs	—		6.2		—		24.3
Loss (gain) on business divestitures and impairments, net	0.5		(1.5)		(0.9)		(1.5)
Income before income taxes	$	646.5	$	606.3	$	1,899.3	$	1,708.6

Segment Reporting - Adjusted EBITDA and Adjusted EBITDA Margin (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,303.3	$ 1,145.7	$ 3,725.7	$ 3,301.9
Other income, net	(10.3)	(1.3)	(23.5)	(3.2)
Interest income	(4.3)	(2.0)	(7.4)	(5.0)
Interest expense	138.2	127.6	405.8	378.8
Depreciation, amortization and depletion	422.0	382.3	1,234.2	1,099.4
Accretion	26.7	24.6	80.1	73.2
Loss (income) from unconsolidated equity method investment	73.4	(2.8)	116.0	(0.2)
Loss on extinguishment of debt and other related costs	2.4	0.0	2.4	0.2
Restructuring charges	8.2	6.3	19.7	27.3
US Ecology, Inc. acquisition integration and deal costs	0.0	6.2	0.0	24.3
Loss (gain) on business divestitures and impairments, net	0.5	(1.5)	(0.9)	(1.5)
Income before income taxes	646.5	606.3	1,899.3	1,708.6
Group 1
Segment Reporting Information [Line Items]
Adjusted EBITDA	615.8	553.9	1,765.0	1,570.6
Group 2
Segment Reporting Information [Line Items]
Adjusted EBITDA	569.2	500.4	1,643.5	1,464.4
Group 3
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 118.3	$ 91.4	$ 317.2	$ 266.9

Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Liabilities:
Contingent consideration - other accrued liabilities and other long-term liabilities	$ 57.9	$ 59.1
Fair Value, Measurements, Recurring
Assets:
Derivative and hedging assets - prepaid and other current assets and other assets	41.2	78.3
Total assets	182.8	197.7
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	58.5	79.6
Contingent consideration - other accrued liabilities and other long-term liabilities	62.3	63.6
Total liabilities	120.8	143.2
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1)
Assets:
Derivative and hedging assets - prepaid and other current assets and other assets	0.0	0.0
Total assets	60.8	43.1
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	0.0	0.0
Contingent consideration - other accrued liabilities and other long-term liabilities	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative and hedging assets - prepaid and other current assets and other assets	41.2	78.3
Total assets	122.0	154.6
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	58.5	79.6
Contingent consideration - other accrued liabilities and other long-term liabilities	0.0	0.0
Total liabilities	58.5	79.6
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative and hedging assets - prepaid and other current assets and other assets	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	0.0	0.0
Contingent consideration - other accrued liabilities and other long-term liabilities	62.3	63.6
Total liabilities	62.3	63.6
Carrying Amount
Assets:
Derivative and hedging assets - prepaid and other current assets and other assets	41.2	78.3
Total assets	182.8	197.7
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	58.5	79.6
Contingent consideration - other accrued liabilities and other long-term liabilities	62.3	63.6
Total liabilities	120.8	143.2
Money market mutual funds \| Fair Value, Measurements, Recurring
Assets:
Money market mutual funds	60.8	43.1
Money market mutual funds \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1)
Assets:
Money market mutual funds	60.8	43.1
Money market mutual funds \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Money market mutual funds	0.0	0.0
Money market mutual funds \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds	0.0	0.0
Money market mutual funds \| Carrying Amount
Assets:
Money market mutual funds	60.8	43.1
Bonds \| Fair Value, Measurements, Recurring
Assets:
Bonds - restricted cash and marketable securities and other assets	80.8	76.3
Bonds \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1)
Assets:
Bonds - restricted cash and marketable securities and other assets	0.0	0.0
Bonds \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Bonds - restricted cash and marketable securities and other assets	80.8	76.3
Bonds \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Bonds - restricted cash and marketable securities and other assets	0.0	0.0
Bonds \| Carrying Amount
Assets:
Bonds - restricted cash and marketable securities and other assets	$ 80.8	$ 76.3

Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 follows (in millions):


	Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
		Interest Expense		Interest Expense		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		$	(138.2)	$	(127.6)	$	(405.8)	$	(378.8)

The effects of cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on cash flow hedging relationships:
Interest rate swap locks		$	(0.5)	$	(0.9)	$	(2.2)	$	(2.9)
2022 interest rate swap		$	—	$	1.6	$	8.0	$	5.2

The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments		$	(0.7)	$	(0.6)	$	(0.8)	$	(1.9)

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 September 30, 2024 and December 31, 2023, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	September 30, 2024
			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	$	60.8	$	60.8	$	60.8	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	80.8		80.8		—		80.8		—
Derivative and hedging assets - other assets	41.2		41.2		—		41.2		—

Total assets	$	182.8	$	182.8	$	60.8	$	122.0	$	—
Liabilities:


Derivative and hedging liabilities - other long-term liabilities	$	58.5	$	58.5	$	—	$	58.5	$	—

Contingent consideration - other accrued liabilities and other long-term liabilities	62.3		62.3		—		—		62.3
Total liabilities	$	120.8	$	120.8	$	—	$	58.5	$	62.3


	December 31, 2023
			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	$	43.1	$	43.1	$	43.1	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	76.3		76.3		—		76.3		—

Derivative and hedging assets - prepaid and other current assets and other assets	78.3		78.3		—		78.3		—
Total assets	$	197.7	$	197.7	$	43.1	$	154.6	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	$	79.6	$	79.6	$	—	$	79.6	$	—

Contingent consideration - other accrued liabilities and other long-term liabilities	63.6		63.6		—		—		63.6


Total liabilities	$	143.2	$	143.2	$	—	$	79.6	$	63.6

Total Debt

The carrying value of our total debt was $12.6 billion and $12.8 billion as of September 30, 2024 and December 31, 2023, respectively, and the fair value of our total debt was $12.4 billion and $12.5 billion as of September 30, 2024 and December 31, 2023, respectively. The estimated fair value of our fixed rate senior notes, debentures and certain tax-exempt financings 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 September 30, 2024 and December 31, 2023. 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 September 30, 2024, the Sonoma contingent consideration represents the fair value of $57.8 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 $81 million and $114 million. During the nine months ended September 30, 2024, 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.

Goodwill and Other Intangible Assets, Net - Narrative (Details)	Sep. 30, 2024
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments - Narrative (Details) - USD ($)	9 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Long-term debt, carrying value	$ 12,560,400,000	$ 12,819,400,000
Contingent consideration - other accrued liabilities and other long-term liabilities	57,900,000	59,100,000
Waste Management Contract, Sonoma County
Derivative [Line Items]
Contingent consideration - other accrued liabilities and other long-term liabilities	57,800,000
Potential undiscounted future contingent liability payments, minimum	81,000,000
Potential undiscounted future contingent liability payments, maximum	114,000,000
Change in contingent consideration, liability	0
Estimate of Fair Value Measurement
Derivative [Line Items]
Long-term debt	$ 12,400,000,000	$ 12,500,000,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

The carrying value of our credit facilities, finance leases and long-term debt as of September 30, 2024 and December 31, 2023 is listed in the following table, and is adjusted for 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.


		September 30, 2024						December 31, 2023
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	92.6	$	—	$	92.6	$	—	$	—	$	—
The Credit Facility	Variable	178.3		—		178.3		297.1		—		297.1
Term Loan	Variable	—		—		—		500.0		—		500.0
Commercial Paper	Variable	595.0		(0.2)		594.8		496.0		(0.7)		495.3
Senior notes:
August 2024	2.500	—		—		—		900.0		(1.2)		898.8
March 2025	3.200	500.0		(0.3)		499.7		500.0		(0.9)		499.1
November 2025	0.875	350.0		(0.7)		349.3		350.0		(1.2)		348.8
July 2026	2.900	500.0		(1.1)		498.9		500.0		(1.6)		498.4
November 2027	3.375	650.0		(2.0)		648.0		650.0		(2.5)		647.5
May 2028	3.950	800.0		(7.5)		792.5		800.0		(8.9)		791.1
April 2029	4.875	750.0		(6.3)		743.7		750.0		(6.9)		743.1
November 2029	5.000	400.0		(4.0)		396.0		—		—		—
March 2030	2.300	600.0		(4.0)		596.0		600.0		(4.5)		595.5
February 2031	1.450	650.0		(5.6)		644.4		650.0		(6.2)		643.8
February 2032	1.750	750.0		(4.9)		745.1		750.0		(5.4)		744.6
March 2033	2.375	700.0		(6.0)		694.0		700.0		(6.5)		693.5
December 2033	5.000	650.0		(8.9)		641.1		650.0		(8.9)		641.1
April 2034	5.000	800.0		(10.1)		789.9		800.0		(10.7)		789.3
November 2034	5.200	500.0		(5.9)		494.1		—		—		—
March 2035	6.086	181.9		(11.0)		170.9		181.9		(11.5)		170.4
March 2040	6.200	399.9		(3.2)		396.7		399.9		(3.3)		396.6
May 2041	5.700	385.7		(4.6)		381.1		385.7		(4.7)		381.0
March 2050	3.050	400.0		(6.7)		393.3		400.0		(6.8)		393.2
Debentures:
September 2035	7.400	148.1		(27.9)		120.2		148.1		(28.8)		119.3
Tax-exempt:
2026 - 2054	3.500 - 4.375	1,418.5		(9.8)		1,408.7		1,289.1		(8.5)		1,280.6
Finance leases:
2024 - 2063	0.810 - 9.750	291.1		—		291.1		251.3		—		251.3
Total Debt		$	12,691.1	$	(130.7)	12,560.4		$	12,949.1	$	(129.7)	12,819.4
Less: current portion						(513.0)						(932.3)
Long-term portion						$	12,047.4					$	11,887.1

Credit Facilities

Uncommitted Credit Facility

In January 2022, we entered into a $200.0 million unsecured uncommitted revolving credit facility (the 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 September 30, 2024, we had $92.6 million of borrowings outstanding under our Uncommitted Credit Facility. As of December 31, 2023, we had no borrowings outstanding under our Uncommitted Credit Facility.

The Credit Facility

In July 2024, we and our subsidiary, USE Canada Holdings, Inc. (the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amends and restates the unsecured revolving credit facility we entered into in August 2021. The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $3.5 billion, and borrowings under the Credit Facility mature in July 2029. As permitted by the Credit Facility, we have the right to request two one-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.

All loans to the Canadian Borrower and all loans denominated in Canadian dollars cannot exceed $1.0 billion (the Canadian Sublimit). The Canadian Sublimit is part of, and not in addition to, the aggregate commitments under the Credit Facility.

Borrowings under the Credit Facility in United States dollars bear interest at a Base Rate, a daily floating SOFR or a term SOFR plus a current applicable margin of 0.920% based on our Debt Ratings (all as defined in the Credit Facility agreement). The Canadian dollar-denominated loans bear interest based on the Canadian Overnight Repo Rate Average. As of September 30, 2024 and December 31, 2023, C$241.0 million and C$201.5 million, respectively, were outstanding against the Canadian Sublimit. The weighted average interest rate for borrowings outstanding as of September 30, 2024 was 5.525%.

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. 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 $178.3 million and $297.1 million of borrowings outstanding under the Credit Facility as of September 30, 2024 and December 31, 2023, respectively. We had $315.2 million and $336.5 million of letters of credit outstanding under the Credit Facility as of September 30, 2024 and December 31, 2023, respectively. We also had $594.8 million and $495.3 million of principal borrowings outstanding (net of related discount on issuance) under the commercial paper program as of September 30, 2024 and December 31, 2023, respectively. As a result, availability under our Credit Facility was $2,411.5 million and $2,371.2 million as of September 30, 2024 and December 31, 2023, respectively.

Term Loan Facility

On April 29, 2022, we entered into a $1.0 billion term loan facility (the Term Loan Facility) which bore interest at a base rate or a forward-looking SOFR, plus an applicable margin based on our debt ratings. We had $500.0 million of borrowings outstanding under the Term Loan Facility as of December 31, 2023. During the nine months ended September 30, 2024, we repaid the remaining balance of the Term Loan Facility.

Commercial Paper Program

We have entered into a commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate principal amount not to exceed $1.5 billion outstanding at any one time. The weighted average interest rate for borrowings outstanding as of September 30, 2024 was 4.910% with a weighted average maturity of 11 days.

We had $595.0 million and $496.0 million in aggregate principal amount of commercial paper issued and outstanding under the program as of September 30, 2024 and December 31, 2023, respectively. In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund the commercial paper program until it is re-borrowed successfully. Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of September 30, 2024.

Senior Notes and Debentures

In March 2023, we issued $400.0 million of 4.875% senior notes due 2029 (the Existing 2029 Notes) and $800.0 million of 5.000% senior notes due 2034. We used the proceeds from the March 2023 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility. As a result of the Term Loan Facility repayment, we incurred a non-cash loss on the early extinguishment of debt related to the ratable portion of unamortized deferred issuance costs of $0.2 million.

In December 2023, we issued an additional $350.0 million of 4.875% senior notes due 2029 (the New 2029 Notes, and together with the Existing 2029 Notes, the 2029 Notes). After giving effect to the issuance of the New 2029 Notes, $750.0 million in aggregate principal amount of the 2029 Notes is outstanding. The New 2029 Notes are fungible with the Existing 2029 Notes, and taken together, the 2029 Notes are treated as a single series.

In December 2023, we also issued $650.0 million of 5.000% senior notes due 2033. The proceeds of the December 2023 notes issuance were used for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.

In June 2024, we issued $400.0 million of 5.000% senior notes due 2029 and $500.0 million of 5.200% senior notes due 2034. We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility; and repayment of the remaining amount outstanding under the Term Loan Facility and the Uncommitted Credit Facility.

Our senior notes and debentures are general unsecured and unsubordinated obligations and rank equally with our other unsecured obligations.

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).

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 are accounted for as cash flow hedges.

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).

During the nine months ended September 30, 2023, we recognized an unrealized gain in other comprehensive loss of $1.7 million, net of tax, related to terminated interest rate locks issued in conjunction with the issuance of our 5.000% notes in March 2023. As of September 30, 2024 and December 31, 2023, our previously terminated interest rate locks were recorded as components of accumulated other comprehensive loss of $13.6 million and $15.9 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. For the three months ended September 30, 2024 and 2023, we recognized losses, net of tax, of $0.5 million and $0.9 million, respectively. For the nine months ended September 30, 2024 and 2023, we recognized losses, net of tax, of $2.2 million and $2.9 million, respectively. Over the next 12 months, we expect to amortize $0.7 million, net of tax, from accumulated other comprehensive loss to interest expense as a yield adjustment of our senior notes.

In connection with our acquisition of US Ecology, in the second quarter of 2022, we acquired and novated a floating-to-fixed interest rate swap agreement (the 2022 Interest Rate Swap) with an initial effective date of March 6, 2020, an initial notional amount of $500 million relative to our Term Loan Facility and an initial fair value of $29.1 million. The initial fair value was reclassified into earnings as non-cash interest expense on a systematic basis over the life of the interest rate swap. In June 2024, we terminated the 2022 Interest Rate Swap and received $23.7 million in conjunction with this settlement. As of December 31, 2023, the 2022 Interest Rate Swap was recorded at its fair value of $24.3 million and was included in other assets in our consolidated balance sheets.

For the nine months ended September 30, 2024, we recognized unrealized gains of $6.3 million in accumulated other comprehensive income for the 2022 Interest Rate Swap. For the three and nine months ended September 30, 2023, we recognized unrealized gains of $4.1 million and $14.9 million, respectively, in accumulated other comprehensive income for the

2022 Interest Rate Swap. As of December 31, 2023, the 2022 Interest Rate Swap was recorded as a gain within accumulated other comprehensive loss of $4.3 million, net of tax. For the nine months ended September 30, 2024, we recognized gains, net of tax, of $10.6 million. For the three and nine months ended September 30, 2023, we recognized gains, net of tax, of $3.2 million and $10.0 million, respectively, related to this amortization.

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 (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, the Extended Interest Rate Locks). There was no ineffectiveness recognized in the termination of these cash flow hedges. In addition, we entered into interest rate swaps to offset future exposures to fair value fluctuations of the Extended Interest Rate Locks (2019 Offsetting Interest Rate Swap and the 2020 Offsetting Interest Rate Swap, or collectively the Offsetting Interest Rate Swaps). In September 2024, the 2019 Extended Interest Rate Locks fully matured. 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 September 30, 2024, the fair value of the 2020 Extended Interest Rate Locks were assets of $41.2 million, which were included in other assets in our consolidated balance sheet and the fair value of the 2020 Offsetting Interest Rate Swap were liabilities of $58.5 million, which were included in other long-term liabilities in our consolidated balance sheet. As of December 31, 2023, the fair value of the Extended Interest Rate Locks were assets of $54.0 million, which were included in prepaids and other current assets and other assets in our consolidated balance sheet and the fair value of the Offsetting Interest Rate Swaps were liabilities of $78.2 million, which were included in other accrued liabilities and other long-term liabilities in our consolidated balance sheet.

For the three months ended September 30, 2024 and 2023, we recognized losses of $18.0 million and gains of $18.3 million, respectively, on the change in fair value of the Extended Interest Rate Locks with offsetting gains of $17.3 million and losses of $18.9 million, respectively, on the change in fair value of the Offsetting Interest Rate Swaps. For the nine months ended September 30, 2024 and 2023, we recognized losses of $12.5 million and gains of $17.7 million, respectively, on the change in fair value of the Extended Interest Rate Locks with offsetting gains of $11.7 million and losses of $19.6 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 September 30, 2024 and December 31, 2023, we had $1,408.7 million and $1,280.6 million, respectively, of certain fixed and variable rate tax-exempt financings outstanding, with maturities ranging from 2026 to 2054 and from 2024 to 2053, respectively.

In June 2024, the Mission Economic Development Corporation issued, for our benefit, $50.0 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.

In both March 2024 and September 2023, the California Municipal Finance Authority issued, for our benefit, $100.0 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuances, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California.

The initial remarketing period for these tax-exempt financings is 10 years. Our remaining 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 agents are unable to remarket our bonds, the remarketing agents 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 September 30, 2024 and December 31, 2023.

Finance Leases

As of September 30, 2024 and December 31, 2023, we had finance lease liabilities of $291.1 million and $251.3 million, respectively, with maturities ranging from 2024 to 2063 for both periods.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Interest Rate Swap and Lock Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Mar. 06, 2020
Debt Instrument [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, after tax	$ 0.0	$ 4.1	$ 6.4	$ 16.6
Proceeds for retirement of certain hedging relationships			23.7	2.4
Derivative assets, noncurrent	41.2		41.2		$ 74.1
Reclassification of gain (loss) from accumulated other comprehensive income for derivative instrument	(0.5)	2.3	8.4	7.1
Senior notes: March 2023
Debt Instrument [Line Items]
Interest rate						5.00%
Interest rate swap locks
Debt Instrument [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, after tax				(1.7)
Accumulated other comprehensive income (loss)	(13.6)		(13.6)		(15.9)
Effective portion of interest rate locks amortized as an adjustment to interest expense expected over the next twelve months			0.7
Interest rate swap locks \| Cash Flow Hedging \| Interest Expense
Debt Instrument [Line Items]
(Loss) gain on cash flow hedging relationships	(0.5)	(0.9)	(2.2)	(2.9)
2022 interest rate swap
Debt Instrument [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, after tax		4.1	6.3	14.9
Accumulated other comprehensive income (loss)					(4.3)
2022 interest rate swap \| Cash Flow Hedging \| Interest Expense
Debt Instrument [Line Items]
(Loss) gain on cash flow hedging relationships	$ 0.0	1.6	8.0	5.2
Reclassification of gain (loss) from accumulated other comprehensive income for derivative instrument		$ 3.2	$ 10.6	$ 10.0
2022 interest rate swap \| Term Loan Facility
Debt Instrument [Line Items]
Derivative assets, noncurrent					$ 24.3
2022 interest rate swap \| Term Loan Facility \| US Ecology
Debt Instrument [Line Items]
Derivative, notional amount							$ 500.0
Derivative asset							$ 29.1

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Carrying value of notes payable, capital leases and long-term debt


		September 30, 2024						December 31, 2023
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	92.6	$	—	$	92.6	$	—	$	—	$	—
The Credit Facility	Variable	178.3		—		178.3		297.1		—		297.1
Term Loan	Variable	—		—		—		500.0		—		500.0
Commercial Paper	Variable	595.0		(0.2)		594.8		496.0		(0.7)		495.3
Senior notes:
August 2024	2.500	—		—		—		900.0		(1.2)		898.8
March 2025	3.200	500.0		(0.3)		499.7		500.0		(0.9)		499.1
November 2025	0.875	350.0		(0.7)		349.3		350.0		(1.2)		348.8
July 2026	2.900	500.0		(1.1)		498.9		500.0		(1.6)		498.4
November 2027	3.375	650.0		(2.0)		648.0		650.0		(2.5)		647.5
May 2028	3.950	800.0		(7.5)		792.5		800.0		(8.9)		791.1
April 2029	4.875	750.0		(6.3)		743.7		750.0		(6.9)		743.1
November 2029	5.000	400.0		(4.0)		396.0		—		—		—
March 2030	2.300	600.0		(4.0)		596.0		600.0		(4.5)		595.5
February 2031	1.450	650.0		(5.6)		644.4		650.0		(6.2)		643.8
February 2032	1.750	750.0		(4.9)		745.1		750.0		(5.4)		744.6
March 2033	2.375	700.0		(6.0)		694.0		700.0		(6.5)		693.5
December 2033	5.000	650.0		(8.9)		641.1		650.0		(8.9)		641.1
April 2034	5.000	800.0		(10.1)		789.9		800.0		(10.7)		789.3
November 2034	5.200	500.0		(5.9)		494.1		—		—		—
March 2035	6.086	181.9		(11.0)		170.9		181.9		(11.5)		170.4
March 2040	6.200	399.9		(3.2)		396.7		399.9		(3.3)		396.6
May 2041	5.700	385.7		(4.6)		381.1		385.7		(4.7)		381.0
March 2050	3.050	400.0		(6.7)		393.3		400.0		(6.8)		393.2
Debentures:
September 2035	7.400	148.1		(27.9)		120.2		148.1		(28.8)		119.3
Tax-exempt:
2026 - 2054	3.500 - 4.375	1,418.5		(9.8)		1,408.7		1,289.1		(8.5)		1,280.6
Finance leases:
2024 - 2063	0.810 - 9.750	291.1		—		291.1		251.3		—		251.3
Total Debt		$	12,691.1	$	(130.7)	12,560.4		$	12,949.1	$	(129.7)	12,819.4
Less: current portion						(513.0)						(932.3)
Long-term portion						$	12,047.4					$	11,887.1

Other Assets (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 follows:


	2024		2023
Prepaid expenses	$	153.4	$	123.0
Parts and supplies	97.7		97.3
Other non-trade receivables	71.9		63.2
Prepaid fees for cloud-based hosting arrangements, current	29.8		17.0
Income taxes receivable	29.0		126.3
Reinsurance receivable	28.4		35.4
Derivative and hedging assets	—		4.2
Other current assets	7.3		6.2

Total	$	417.5	$	472.6

Summary of other assets

A summary of other assets as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Investments	$	672.7	$	469.4
Operating right-of-use lease assets	230.6		238.1
Deferred compensation plan	125.1		112.7
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	117.8		67.6
Reinsurance receivable	86.7		92.1
Deferred contract costs and sales commissions	82.3		82.5
Derivative and hedging assets	41.2		74.1
Amounts recoverable for capping, closure and post-closure obligations	24.0		21.9
Deferred financing costs	4.4		3.6
Other	14.4		21.9
Total	$	1,399.2	$	1,183.9

Business Acquisitions, Investments and Restructuring Charges

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

Acquisitions

We acquired various environmental services businesses during the nine months ended September 30, 2024 and 2023. The aggregate purchase price paid for these business acquisitions and the allocations of the aggregate purchase price follows:


	2024		2023
Purchase price:
Cash used in acquisitions, net of cash acquired of $0.8 and $15.2, respectively	$	77.2	$	938.0

Holdbacks	—		9.4
Fair value, future minimum finance lease payments	—		0.6

Total	$	77.2	$	948.0
Allocated as follows:

Accounts receivable	$	3.8	$	25.5
Prepaid expenses	—		0.9
Landfill development costs	—		0.5
Property and equipment	29.9		223.9
Operating right-of-use lease assets	—		3.4


Other assets	—		0.1
Parts and supplies	0.1		2.1
Accounts payable	(0.4)		(5.6)
Deferred revenue	(0.6)		(8.2)
Environmental remediation liabilities	—		(5.6)
Closure and post-closure liabilities	—		(10.5)
Operating right-of-use lease liabilities	—		(3.4)
Deferred income tax liabilities	(1.3)		(23.6)
Other liabilities	(0.6)		(0.3)
Fair value of tangible assets acquired and liabilities assumed	30.9		199.2
Excess purchase price to be allocated	$	46.3	$	748.8
Excess purchase price allocated as follows:
Other intangible assets	$	14.0	$	136.0
Goodwill	32.3		612.8
Total allocated	$	46.3	$	748.8

Certain of the purchase price allocations are preliminary and based on information existing at the acquisition dates. Accordingly, the purchase price allocations are subject to change. For the acquisitions that closed during the nine months ended September 30, 2024, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will be 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.

In November 2023, we acquired all of the issued and outstanding capital stock or other ownership interests of Advanced Chemical Transport LLC (ACT). ACT's environmental solutions operations are primarily located in the western United States and provide us with additional growth opportunities in our environmental solutions line of business. The purchase price allocation is preliminary and remains subject to revision 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 assigned to property, plant and equipment and customer relationship intangible assets acquired, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our final valuations to be completed in the fourth quarter of 2024.

In December 2023, we acquired all of the issued and outstanding membership and other equity interests of Central Texas Refuse, LLC and an affiliate thereof (CTR). CTR's vertically integrated recycling and waste services operations are located in and around Austin, Texas and provide us with the opportunity to re-enter the high growth Austin market. The purchase price allocation is preliminary and remains subject to revision 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 assigned to property, plant and equipment and customer relationship intangible assets acquired as well as certain landfill and environmental liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our final valuations to be completed in the fourth quarter of 2024.

Investments

In 2024, we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct a renewable natural gas project at one of our landfill locations in Illinois. During the nine months ended September 30, 2024, we contributed $33.8 million in the joint venture. The investment is accounted for under the equity method of accounting.

In 2024, we acquired a non-controlling equity interest in a thermal processing facility that treats and recycles contaminated soil, hazardous and non-hazardous waste, and contaminated water to expand our environmental service offering in Canada. During the nine months ended September 30, 2024, we contributed $26.9 million in the joint venture. The investment is accounted for under the equity method of accounting.

These investments were recorded as other assets in our unaudited consolidated balance sheets as of September 30, 2024.

In 2024 and 2023, 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 $236.2 million and $34.0 million, which were recorded to other assets in our September 30, 2024 and 2023 unaudited consolidated balance sheets, respectively. During the three and nine months ended September 30, 2024, we decreased the carrying value of these investments by recognizing losses of $74.5 million and $116.9 million, respectively, and during the three and nine months ended September 30, 2023, we decreased the carrying value of these investments by recognizing losses of $3.7 million and $6.3 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 benefits of $81.0 million and $122.0 million, respectively, for the three and nine months ended September 30, 2024 due to the tax credits related to these investments, compared to benefits of $8.0 million for the three and nine months ended September 30, 2023. 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, 2023.

Restructuring Charges

During the three and nine months ended September 30, 2024, we incurred restructuring charges of $8.2 million and $19.7 million, respectively, and during the three and nine months ended September 30, 2023, we incurred restructuring charges of $6.3 million and $27.3 million, respectively. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. Of the 2023 charges, $9.5 million related to the early termination of certain leases and $17.8 million related to the redesign of our asset management, and customer and order management software systems. During the nine months ended September 30, 2024 and 2023, we paid $18.1 million and $32.4 million, respectively, related to these restructuring efforts.

Other Assets - Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Assets
Investments	$ 672.7	$ 469.4
Operating right-of-use lease assets	230.6	238.1
Deferred compensation plan	125.1	112.7
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	117.8	67.6
Reinsurance receivable	86.7	92.1
Deferred contract costs and sales commissions	82.3	82.5
Derivative and hedging assets	41.2	74.1
Amounts recoverable for capping, closure and post-closure obligations	24.0	21.9
Deferred financing costs	4.4	3.6
Other	14.4	21.9
Total	$ 1,399.2	$ 1,183.9

Changes in Accumulated Other Comprehensive Loss by Component - Summary of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (loss) on cash flow hedges:
Interest expense	$ (138.2)			$ (127.6)			$ (405.8)	$ (378.8)
Total before tax	646.5			606.3			1,899.3	1,708.6
Tax benefit (provision)	(80.6)			(126.0)			(367.8)	(416.9)
Pension gains:
Other income, net	10.3			1.3			23.5	3.2
Tax provision	(80.6)			(126.0)			(367.8)	(416.9)
Net income	565.9	$ 511.9	$ 453.7	480.3	$ 427.6	$ 383.9	1,531.5	1,291.7
Amount Reclassified from Accumulated Other Comprehensive Income
Pension gains:
Net income	5.0			2.3			13.9	7.1
Amount Reclassified from Accumulated Other Comprehensive Income \| Cash Flow Hedges
Gain (loss) on cash flow hedges:
Total before tax	(0.7)			3.1			11.3	9.6
Tax benefit (provision)	0.2			(0.8)			(2.9)	(2.5)
Pension gains:
Tax provision	0.2			(0.8)			(2.9)	(2.5)
Net income	(0.5)			2.3			8.4	7.1
Amount Reclassified from Accumulated Other Comprehensive Income \| Cash Flow Hedges \| Terminated interest rate locks
Gain (loss) on cash flow hedges:
Interest expense	(0.7)			(1.2)			(3.0)	(3.9)
Amount Reclassified from Accumulated Other Comprehensive Income \| Cash Flow Hedges \| 2022 interest rate swap
Gain (loss) on cash flow hedges:
Interest expense	0.0			4.3			14.3	13.5
Amount Reclassified from Accumulated Other Comprehensive Income \| Defined Benefit Pension Items \| Pension settlement
Gain (loss) on cash flow hedges:
Tax benefit (provision)	(1.9)			0.0			(1.9)	0.0
Pension gains:
Other income, net	7.4			0.0			7.4	0.0
Tax provision	(1.9)			0.0			(1.9)	0.0
Net income	$ 5.5			$ 0.0			$ 5.5	$ 0.0

Revenue and Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following table disaggregates our revenue by service line for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Collection:
Residential	$	739.7	18.1	%	$	718.2	18.8	%	$	2,196.1	18.3	%	$	2,103.4	18.9	%
Small-container	1,209.1		29.7		1,126.3		29.4		3,599.2		30.0		3,270.2		29.4
Large-container	774.6		19.0		753.0		19.7		2,277.7		19.0		2,192.4		19.7
Other	18.4		0.5		19.0		0.5		54.4		0.5		52.0		0.5
Total collection	2,741.8		67.3		2,616.5		68.4		8,127.4		67.8		7,618.0		68.5
Transfer	458.6				444.3				1,335.8				1,280.5
Less: intercompany	(247.0)				(238.1)				(733.2)				(703.3)
Transfer, net	211.6		5.2		206.2		5.4		602.6		5.0		577.2		5.2
Landfill	768.4				743.2				2,234.3				2,172.4
Less: intercompany	(315.6)				(306.9)				(936.9)				(912.6)
Landfill, net	452.8		11.1		436.3		11.4		1,297.4		10.8		1,259.8		11.3
Environmental solutions	479.6				424.0				1,408.4				1,273.8
Less: intercompany	(14.9)				(19.2)				(47.8)				(62.4)
Environmental solutions, net	464.7		11.4		404.8		10.6		1,360.6		11.4		1,211.4		10.9
Other:
Recycling processing and commodity sales	107.6		2.6		76.3		2.0		310.6		2.6		226.6		2.0
Other non-core	97.7		2.4		85.8		2.2		287.4		2.4		239.9		2.1
Total other	205.3		5.0		162.1		4.2		598.0		5.0		466.5		4.1
Total revenue	$	4,076.2	100.0	%	$	3,825.9	100.0	%	$	11,986.0	100.0	%	$	11,132.9	100.0	%

Schedule of activity in allowance for doubtful accounts

The following table reflects the activity in our allowance for doubtful accounts for the nine months ended September 30, 2024 and 2023:


	2024		2023
Balance at beginning of year	$	83.2	$	51.9
Additions charged to expense	19.9		38.6
Accounts written-off	(27.9)		(7.0)
Balance at end of period	$	75.2	$	83.5

Goodwill and Other Intangible Assets, Net - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Gross Intangible Assets
Beginning balance	$ 685.3
Acquisitions	14.0
Adjustments and Other	(1.1)
Ending balance	698.2
Accumulated Amortization
Beginning balance	(189.1)
Additions Charged to Expense	(54.3)
Adjustments and Other	0.0
Ending balance	(243.4)
Other Intangible Assets, Net	454.8	$ 496.2
Customer relationships
Gross Intangible Assets
Beginning balance	631.7
Acquisitions	11.5
Adjustments and Other	(0.6)
Ending balance	642.6
Accumulated Amortization
Beginning balance	(165.7)
Additions Charged to Expense	(47.2)
Adjustments and Other	0.0
Ending balance	(212.9)
Other Intangible Assets, Net	429.7
Non-compete agreements
Gross Intangible Assets
Beginning balance	30.4
Acquisitions	2.5
Adjustments and Other	(0.5)
Ending balance	32.4
Accumulated Amortization
Beginning balance	(15.7)
Additions Charged to Expense	(4.5)
Adjustments and Other	0.0
Ending balance	(20.2)
Other Intangible Assets, Net	12.2
Other intangible assets
Gross Intangible Assets
Beginning balance	23.2
Acquisitions	0.0
Adjustments and Other	0.0
Ending balance	23.2
Accumulated Amortization
Beginning balance	(7.7)
Additions Charged to Expense	(2.6)
Adjustments and Other	0.0
Ending balance	(10.3)
Other Intangible Assets, Net	$ 12.9

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Summary of other accrued liabilities

A summary of other accrued liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Accrued payroll and benefits	$	331.4	$	350.5
Insurance reserves, current	218.3		216.6
Accrued fees and taxes	203.5		193.5
Accrued dividends	181.7		168.3
Operating right-of-use lease liabilities, current	54.0		54.8

Ceded insurance reserves, current	28.4		35.4
Current tax liabilities	23.2		2.1
Accrued professional fees and legal settlement reserves	11.9		17.9
Derivative and hedging liabilities	—		8.3
Other	109.9		124.1
Total	$	1,162.3	$	1,171.5

Summary of other long-term liabilities

A summary of other long-term liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Operating right-of-use lease liabilities	$	188.4	$	194.9
Deferred compensation plan liability	124.3		114.7
Ceded insurance reserves	86.7		92.1
Derivative and hedging liabilities	58.5		71.3
Contingent purchase price and acquisition holdbacks	57.9		59.1
Withdrawal liability - multiemployer pension funds	19.2		19.6

Other	40.2		42.9
Total	$	575.2	$	594.6

Other Liabilities

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other Accrued Liabilities

A summary of other accrued liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Accrued payroll and benefits	$	331.4	$	350.5
Insurance reserves, current	218.3		216.6
Accrued fees and taxes	203.5		193.5
Accrued dividends	181.7		168.3
Operating right-of-use lease liabilities, current	54.0		54.8

Ceded insurance reserves, current	28.4		35.4
Current tax liabilities	23.2		2.1
Accrued professional fees and legal settlement reserves	11.9		17.9
Derivative and hedging liabilities	—		8.3
Other	109.9		124.1
Total	$	1,162.3	$	1,171.5

Other Long-Term Liabilities

A summary of other long-term liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Operating right-of-use lease liabilities	$	188.4	$	194.9
Deferred compensation plan liability	124.3		114.7
Ceded insurance reserves	86.7		92.1
Derivative and hedging liabilities	58.5		71.3
Contingent purchase price and acquisition holdbacks	57.9		59.1
Withdrawal liability - multiemployer pension funds	19.2		19.6

Other	40.2		42.9
Total	$	575.2	$	594.6

Stock Repurchases, Dividends and Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stock repurchase activity

Stock repurchase activity during the three and nine months ended September 30, 2024 and 2023 follows (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Number of shares repurchased	0.8		1.3		1.7		1.3
Amount paid	$	153.0	$	190.4	$	320.7	$	190.4
Weighted average cost per share	$	194.14	$	146.89	$	189.93	$	146.89

Earnings per share

Earnings per share for the three and nine months ended September 30, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	565,669	$	480,169	$	1,530,999	$	1,291,419
Weighted average common shares outstanding	314,002		316,062		314,735		316,541
Basic earnings per share	$	1.80	$	1.52	$	4.86	$	4.08
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	565,669	$	480,169	$	1,530,999	$	1,291,419
Weighted average common shares outstanding	314,002		316,062		314,735		316,541
Effect of dilutive securities:

Unvested RSU awards	130		112		123		96
Unvested PSU awards	239		382		291		366
Weighted average common and common equivalent shares outstanding	314,371		316,556		315,149		317,003
Diluted earnings per share	$	1.80	$	1.52	$	4.86	$	4.07

Landfill and Environmental Costs - Final Capping, Closure and Post-Closure Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Activity in asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure
Asset retirement obligation liabilities, beginning of year			$ 1,937.2	$ 1,786.4
Non-cash additions			45.1	46.4
Acquisitions, net of divestitures and other adjustments			4.1	11.8
Asset retirement obligation adjustments			2.8	(9.6)
Payments			(35.3)	(40.5)
Accretion expense	$ 26.7	$ 24.6	80.1	73.2
Asset retirement obligation liabilities, end of period	2,034.0	1,867.7	2,034.0	1,867.7
Less: current portion	(77.8)	(79.1)	(77.8)	(79.1)
Long-term portion	$ 1,956.2	$ 1,788.6	$ 1,956.2	$ 1,788.6

Stock Repurchases, Dividends and Earnings per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$ 565,669	$ 480,169	$ 1,530,999	$ 1,291,419
Weighted average common shares outstanding (in shares)	314,002	316,062	314,735	316,541
Basic earnings per share (in dollars per share)	$ 1.80	$ 1.52	$ 4.86	$ 4.08
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$ 565,669	$ 480,169	$ 1,530,999	$ 1,291,419
Weighted average common shares outstanding (in shares)	314,002	316,062	314,735	316,541
Effect of dilutive securities:
Weighted average common and common equivalent shares outstanding (in shares)	314,371	316,556	315,149	317,003
Diluted earnings per share (in dollars per share)	$ 1.80	$ 1.52	$ 4.86	$ 4.07
Restricted stock units
Effect of dilutive securities:
Unvested awards (in shares)	130	112	123	96
Phantom Share Units (PSUs)
Effect of dilutive securities:
Unvested awards (in shares)	239	382	291	366

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 565,669	$ 480,169	$ 1,530,999	$ 1,291,419

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

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-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

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-SubTopic 220
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Allowance for doubtful accounts	$ 75.2	$ 83.2
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)	321,300,000	320,700,000
Treasury stock (in shares)	8,000,000.0	6,100,000

Debt - Credit Facilities (Details) $ in Millions	1 Months Ended	9 Months Ended
Debt - Credit Facilities (Details) $ in Millions	Jul. 31, 2024 USD ($) extension	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Apr. 29, 2022 USD ($)	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit utilizing availability under our credit facilities		$ 315,200,000		$ 336,500,000
Remaining borrowing capacity		2,411,500,000		2,371,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 178,300,000		297,100,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of available extensions \| extension	2
Extension period	1 year
Facility feature, increase limit	$ 1,000,000,000
Basis spread		0.92%
Term Loan Facility
Debt Instrument [Line Items]
Principal face amount of debt issued						$ 1,000,000,000
Uncommitted Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 200,000,000.0
Principal		$ 92,600,000		0
Long-term debt		92,600,000		0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal		178,300,000		297,100,000
Long-term debt		$ 178,300,000		297,100,000
Credit facilities: The Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	3,500,000,000
Canadian Sublimit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Long-term debt			$ 241.0		$ 201.5
Interest rate		5.525%	5.525%
Credit facilities: Commercial Paper Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500,000,000
Principal		595,000,000.0		496,000,000.0
Long-term debt		$ 594,800,000		495,300,000
Weighted average interest rate		4.91%	4.91%
Credit facilities: Commercial Paper Facility \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, term		11 days
Term Loan Facility
Debt Instrument [Line Items]
Principal		$ 0		500,000,000.0
Long-term debt		$ 0		$ 500,000,000.0

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 4,076,200	$ 3,825,900	$ 11,986,000	$ 11,132,900
Expenses:
Cost of operations	2,366,900	2,284,300	7,032,700	6,678,000
Depreciation, amortization and depletion	422,000	382,300	1,234,200	1,099,400
Accretion	26,700	24,600	80,100	73,200
Selling, general and administrative	406,000	402,100	1,227,600	1,177,300
Loss (gain) on business divestitures and impairments, net	500	(1,500)	(900)	(1,500)
Restructuring charges	8,200	6,300	19,700	27,300
Operating income	845,900	727,800	2,392,600	2,079,200
Interest expense	(138,200)	(127,600)	(405,800)	(378,800)
Loss on extinguishment of debt	(2,400)	0	(2,400)	(200)
(Loss) income from unconsolidated equity method investments	(73,400)	2,800	(116,000)	200
Interest income	4,300	2,000	7,400	5,000
Other income, net	10,300	1,300	23,500	3,200
Income before income taxes	646,500	606,300	1,899,300	1,708,600
Provision for income taxes	80,600	126,000	367,800	416,900
Net income	565,900	480,300	1,531,500	1,291,700
Net income attributable to non-controlling interests in consolidated subsidiary	(200)	(100)	(500)	(300)
Net income attributable to Republic Services, Inc.	$ 565,669	$ 480,169	$ 1,530,999	$ 1,291,419
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share (in dollars per share)	$ 1.80	$ 1.52	$ 4.86	$ 4.08
Weighted average common shares outstanding (in shares)	314,002	316,062	314,735	316,541
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share (in dollars per share)	$ 1.80	$ 1.52	$ 4.86	$ 4.07
Weighted average common and common equivalent shares outstanding (in shares)	314,371	316,556	315,149	317,003
Cash dividends per common share (in dollars per share)	$ 0.580	$ 0.535	$ 1.650	$ 1.525

Landfill and Environmental Costs - Accrued Landfill and Environmental Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
Landfill final capping, closure and post-closure liabilities	$ 2,034.0	$ 1,937.2	$ 1,867.7	$ 1,786.4
Environmental remediation	454.0	485.4	$ 502.0	$ 487.5
Total accrued landfill and environmental costs	2,488.0	2,422.6
Less: current portion	(140.9)	(141.6)
Long-term portion	$ 2,347.1	$ 2,281.0

Changes in Accumulated Other Comprehensive Loss by Component (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 follows:


	Cash Flow Hedges		Defined Benefit Pension Items		Foreign Currency Translation		Total
Balance as of December 31, 2023	$	(11.6)	$	8.9	$	(9.4)	$	(12.1)
Other comprehensive income (loss) before reclassifications	6.4		(2.3)		3.3		7.4
Amounts reclassified from accumulated other comprehensive loss	(8.4)		(5.5)		—		(13.9)
Net current period other comprehensive (loss) income	(2.0)		(7.8)		3.3		(6.5)

Balance as of September 30, 2024	$	(13.6)	$	1.1	$	(6.1)	$	(18.6)

Schedule of reclassifications out of accumulated other comprehensive income

A summary of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023 follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item in the Statement where Net Income is Presented
Gain (loss) on cash flow hedges:


Terminated interest rate locks	$	(0.7)	$	(1.2)	$	(3.0)	$	(3.9)		Interest expense
2022 interest rate swap	—		4.3		14.3		13.5			Interest expense
Total before tax	(0.7)		3.1		11.3		9.6
Tax benefit (provision)	0.2		(0.8)		(2.9)		(2.5)
Net of tax	(0.5)		2.3		8.4		7.1

Pension gains:
Pension settlement	7.4		—		7.4		—			Other income, net
Tax provision	(1.9)		—		(1.9)		—
Net of tax	5.5		—		5.5		—
Total income reclassified into earnings, net of tax	$	5.0	$	2.3	$	13.9	$	7.1

Financial Instruments - Derivative Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ (138.2)	$ (127.6)	$ (405.8)	$ (378.8)
Interest Expense \| Interest rate swap locks \| Cash Flow Hedging
(Loss) gain on cash flow hedging relationships:
(Loss) gain on cash flow hedging relationships	(0.5)	(0.9)	(2.2)	(2.9)
Interest Expense \| 2022 interest rate swap \| Cash Flow Hedging
(Loss) gain on cash flow hedging relationships:
(Loss) gain on cash flow hedging relationships	0.0	1.6	8.0	5.2
Interest Expense \| Interest Rate Contract
Loss on free-standing derivative instruments:
Net loss on change in fair value of free-standing derivative instruments	$ (0.7)	$ (0.6)	$ (0.8)	$ (1.9)

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	3

Revenue and Credit Losses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Deferred contract costs and sales commissions	$ 82.3		$ 82.3		$ 82.5
Capitalized sales commissions to selling, general and administrative expenses
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	3.6	$ 3.5	11.5	$ 10.8
Other deferred contract costs as a reduction of revenue
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 1.0	$ 1.2	$ 3.1	$ 4.0

Commitments and Contingencies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Marketable Securities [Abstract]
Capping, closure and post-closure obligations	$ 57.9	$ 43.2
Insurance	145.2	120.4
Total restricted cash and marketable securities	$ 203.1	$ 163.6	$ 153.3	$ 127.6

Debt - Carrying Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross and lease obligation	$ 12,691.1		$ 12,949.1
Adjustments	(130.7)		(129.7)
Total Debt	12,560.4		12,819.4
Less: current portion	(513.0)		(932.3)
Long-term portion	12,047.4		11,887.1
Credit facilities: Uncommitted Credit Facility
Debt Instrument [Line Items]
Principal	92.6		0.0
Adjustments	0.0		0.0
Carrying Value	92.6		0.0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal	178.3		297.1
Adjustments	0.0		0.0
Carrying Value	178.3		297.1
Credit facilities: Term Loan
Debt Instrument [Line Items]
Principal	0.0		500.0
Adjustments	0.0		0.0
Carrying Value	0.0		500.0
Credit facilities: Commercial Paper Facility
Debt Instrument [Line Items]
Principal	595.0		496.0
Adjustments	(0.2)		(0.7)
Carrying Value	$ 594.8		495.3
Senior notes: August 2024
Debt Instrument [Line Items]
Interest Rate	2.50%
Principal	$ 0.0		900.0
Adjustments	0.0		(1.2)
Carrying Value	$ 0.0		898.8
Senior notes: March 2025
Debt Instrument [Line Items]
Interest Rate	3.20%
Principal	$ 500.0		500.0
Adjustments	(0.3)		(0.9)
Carrying Value	$ 499.7		499.1
Senior notes: November 2025
Debt Instrument [Line Items]
Interest Rate	0.875%
Principal	$ 350.0		350.0
Adjustments	(0.7)		(1.2)
Carrying Value	$ 349.3		348.8
Senior notes: July 2026
Debt Instrument [Line Items]
Interest Rate	2.90%
Principal	$ 500.0		500.0
Adjustments	(1.1)		(1.6)
Carrying Value	$ 498.9		498.4
Senior notes: November 2027
Debt Instrument [Line Items]
Interest Rate	3.375%
Principal	$ 650.0		650.0
Adjustments	(2.0)		(2.5)
Carrying Value	$ 648.0		647.5
Senior notes: May 2028
Debt Instrument [Line Items]
Interest Rate	3.95%
Principal	$ 800.0		800.0
Adjustments	(7.5)		(8.9)
Carrying Value	$ 792.5		$ 791.1
Senior notes: April 2029
Debt Instrument [Line Items]
Interest Rate	4.875%		4.875%	4.875%
Principal	$ 750.0		$ 750.0
Adjustments	(6.3)		(6.9)
Carrying Value	$ 743.7		743.1
Senior notes: November 2029
Debt Instrument [Line Items]
Interest Rate	5.00%	5.00%
Principal	$ 400.0	$ 400.0	0.0
Adjustments	(4.0)		0.0
Carrying Value	$ 396.0		0.0
Senior notes: March 2030
Debt Instrument [Line Items]
Interest Rate	2.30%
Principal	$ 600.0		600.0
Adjustments	(4.0)		(4.5)
Carrying Value	$ 596.0		595.5
Senior notes: February 2031
Debt Instrument [Line Items]
Interest Rate	1.45%
Principal	$ 650.0		650.0
Adjustments	(5.6)		(6.2)
Carrying Value	$ 644.4		643.8
Senior notes: February 2032
Debt Instrument [Line Items]
Interest Rate	1.75%
Principal	$ 750.0		750.0
Adjustments	(4.9)		(5.4)
Carrying Value	$ 745.1		744.6
Senior notes: March 2033
Debt Instrument [Line Items]
Interest Rate	2.375%
Principal	$ 700.0		700.0
Adjustments	(6.0)		(6.5)
Carrying Value	$ 694.0		$ 693.5
Senior notes: December 2033
Debt Instrument [Line Items]
Interest Rate	5.00%		5.00%
Principal	$ 650.0		$ 650.0
Adjustments	(8.9)		(8.9)
Carrying Value	$ 641.1		641.1
Senior notes: April 2034
Debt Instrument [Line Items]
Interest Rate	5.00%			5.00%
Principal	$ 800.0		800.0	$ 800.0
Adjustments	(10.1)		(10.7)
Carrying Value	$ 789.9		789.3
Senior notes: November 2034
Debt Instrument [Line Items]
Interest Rate	5.20%	5.20%
Principal	$ 500.0	$ 500.0	0.0
Adjustments	(5.9)		0.0
Carrying Value	$ 494.1		0.0
Senior notes: March 2035
Debt Instrument [Line Items]
Interest Rate	6.086%
Principal	$ 181.9		181.9
Adjustments	(11.0)		(11.5)
Carrying Value	$ 170.9		170.4
Senior notes: March 2040
Debt Instrument [Line Items]
Interest Rate	6.20%
Principal	$ 399.9		399.9
Adjustments	(3.2)		(3.3)
Carrying Value	$ 396.7		396.6
Senior notes: May 2041
Debt Instrument [Line Items]
Interest Rate	5.70%
Principal	$ 385.7		385.7
Adjustments	(4.6)		(4.7)
Carrying Value	$ 381.1		381.0
Senior notes: March 2050
Debt Instrument [Line Items]
Interest Rate	3.05%
Principal	$ 400.0		400.0
Adjustments	(6.7)		(6.8)
Carrying Value	$ 393.3		393.2
Debentures: September 2035
Debt Instrument [Line Items]
Interest Rate	7.40%
Principal	$ 148.1		148.1
Adjustments	(27.9)		(28.8)
Carrying Value	120.2		119.3
Tax-exempt
Debt Instrument [Line Items]
Principal	1,418.5		1,289.1
Adjustments	(9.8)		(8.5)
Carrying Value	$ 1,408.7		1,280.6
Tax-exempt \| Minimum
Debt Instrument [Line Items]
Interest Rate	3.50%
Tax-exempt \| Maximum
Debt Instrument [Line Items]
Interest Rate	4.375%
Finance leases
Debt Instrument [Line Items]
Finance leases	$ 291.1		$ 251.3
Finance leases \| Minimum
Debt Instrument [Line Items]
Interest Rate	0.81%
Finance leases \| Maximum
Debt Instrument [Line Items]
Interest Rate	9.75%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-14267
Entity Registrant Name	REPUBLIC SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	65-0716904
Entity Address, Address Line One	18500 North Allied Way
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85054
City Area Code	480
Local Phone Number	627-2700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RSG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		313,152,102
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001060391
Current Fiscal Year End Date	--12-31

Revenue and Credit Losses

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE AND CREDIT LOSSES

Our operations primarily consist of providing environmental services. The following table disaggregates our revenue by service line for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Collection:
Residential	$	739.7	18.1	%	$	718.2	18.8	%	$	2,196.1	18.3	%	$	2,103.4	18.9	%
Small-container	1,209.1		29.7		1,126.3		29.4		3,599.2		30.0		3,270.2		29.4
Large-container	774.6		19.0		753.0		19.7		2,277.7		19.0		2,192.4		19.7
Other	18.4		0.5		19.0		0.5		54.4		0.5		52.0		0.5
Total collection	2,741.8		67.3		2,616.5		68.4		8,127.4		67.8		7,618.0		68.5
Transfer	458.6				444.3				1,335.8				1,280.5
Less: intercompany	(247.0)				(238.1)				(733.2)				(703.3)
Transfer, net	211.6		5.2		206.2		5.4		602.6		5.0		577.2		5.2
Landfill	768.4				743.2				2,234.3				2,172.4
Less: intercompany	(315.6)				(306.9)				(936.9)				(912.6)
Landfill, net	452.8		11.1		436.3		11.4		1,297.4		10.8		1,259.8		11.3
Environmental solutions	479.6				424.0				1,408.4				1,273.8
Less: intercompany	(14.9)				(19.2)				(47.8)				(62.4)
Environmental solutions, net	464.7		11.4		404.8		10.6		1,360.6		11.4		1,211.4		10.9
Other:
Recycling processing and commodity sales	107.6		2.6		76.3		2.0		310.6		2.6		226.6		2.0
Other non-core	97.7		2.4		85.8		2.2		287.4		2.4		239.9		2.1
Total other	205.3		5.0		162.1		4.2		598.0		5.0		466.5		4.1
Total revenue	$	4,076.2	100.0	%	$	3,825.9	100.0	%	$	11,986.0	100.0	%	$	11,132.9	100.0	%

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.

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, treated, 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.

Environmental solutions revenue is primarily generated from the fees we charge for the collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste, field and industrial services, equipment rental, emergency response and standby services and in-plant services, such as transportation and logistics, including at our transfer, storage and disposal facilities (TSDF). Activity for this service line varies across markets and reflects the regulatory environment, pricing and disposal alternatives available in any given market. Revenue recognized is variable in nature and primarily based on the volume and type of waste accepted or processed during the period. For certain field and industrial services contracts, we have a right to consideration from our customers in an amount that corresponds directly with the value to the customer of the

Company's performance completed to date. Therefore, we have applied the practical expedient to recognize revenue in the amount to which we have the right to invoice.

Deferred Revenue

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, 2023 was recognized as revenue during the nine months ended September 30, 2024 when the service was performed.

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 September 30, 2024 and December 31, 2023, we recognized $82.3 million and $82.5 million, respectively, of deferred contract costs and capitalized sales commissions. During the three and nine months ended September 30, 2024, we amortized $3.6 million and $11.5 million, respectively, of capitalized sales commissions to selling, general and administrative expenses and we amortized $1.0 million and $3.1 million, respectively, of other deferred contract costs as a reduction of revenue. During the three and nine months ended September 30, 2023, we amortized $3.5 million and $10.8 million, respectively, of capitalized sales commissions to selling, general and administrative expenses and we amortized $1.2 million and $4.0 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 nine months ended September 30, 2024 and 2023:


	2024		2023
Balance at beginning of year	$	83.2	$	51.9
Additions charged to expense	19.9		38.6
Accounts written-off	(27.9)		(7.0)
Balance at end of period	$	75.2	$	83.5

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue and Credit Losses - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 83.2	$ 51.9
Additions charged to expense	19.9	38.6
Accounts written-off	(27.9)	(7.0)
Balance at end of period	$ 75.2	$ 83.5

Stock Repurchases, Dividends and Earnings per Share

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE

Available Shares

We currently have approximately 11.3 million shares of common stock reserved for future grants under the Republic Services, Inc. 2021 Stock Incentive Plan.

Stock Repurchases

In October 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective January 1, 2024 and extending through December 31, 2026. 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 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 and nine months ended September 30, 2024 and 2023 follows (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Number of shares repurchased	0.8		1.3		1.7		1.3
Amount paid	$	153.0	$	190.4	$	320.7	$	190.4
Weighted average cost per share	$	194.14	$	146.89	$	189.93	$	146.89

The average price paid per share, total repurchase costs and approximate maximum dollar value of the shares that may yet be purchased under the plans or programs exclude a 1% excise tax.

As of September 30, 2024 and 2023, there were less than 0.1 million repurchased shares pending settlement, resulting in an associated $8.9 million and $10.7 million, respectively, of share repurchases unpaid and included within other accrued liabilities. As of September 30, 2024, the remaining authorized purchase capacity under our October 2023 repurchase program was $2.7 billion.

Dividends

In July 2024, our Board of Directors approved a quarterly dividend of $0.580 per share. Cash dividends declared were $518.2 million for the nine months ended September 30, 2024. As of September 30, 2024, we recorded a quarterly dividend payable of $181.7 million to shareholders of record at the close of business on October 2, 2024.

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 and nine months ended September 30, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	565,669	$	480,169	$	1,530,999	$	1,291,419
Weighted average common shares outstanding	314,002		316,062		314,735		316,541
Basic earnings per share	$	1.80	$	1.52	$	4.86	$	4.08
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	565,669	$	480,169	$	1,530,999	$	1,291,419
Weighted average common shares outstanding	314,002		316,062		314,735		316,541
Effect of dilutive securities:

Unvested RSU awards	130		112		123		96
Unvested PSU awards	239		382		291		366
Weighted average common and common equivalent shares outstanding	314,371		316,556		315,149		317,003
Diluted earnings per share	$	1.80	$	1.52	$	4.86	$	4.07

During the three and nine months ended September 30, 2024 there were no antidilutive securities outstanding. During the three and nine months ended September 30, 2023 there were less than 0.1 million antidilutive securities outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Tax Credit Carryforward [Line Items]
Effective tax rate	12.50%	20.80%	19.40%	24.40%
Income tax benefit from renewable energy tax credits	$ 81.0		$ 122.0
Benefits from tax settlements				$ 20.6
Additional federal and state benefits			6.2	6.8
Investment tax credits				7.9
Cash paid (refunded) for income taxes			183.4	$ 137.9
Liability for penalties	1.1		1.1
Liability for interest related to uncertain tax positions	13.1		13.1
State Loss Carryforwards
Tax Credit Carryforward [Line Items]
Deferred tax assets, valuation allowance	$ 44.6		$ 44.6

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash provided by operating activities:
Net income	$ 1,531.5	$ 1,291.7
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, depletion and accretion	1,314.3	1,172.6
Non-cash interest expense	54.0	65.5
Stock-based compensation	31.0	31.7
Deferred tax provision	70.2	52.2
Provision for doubtful accounts, net of adjustments	19.9	38.6
Loss on extinguishment of debt	2.4	0.2
Loss (gain) on disposition of assets and asset impairments, net	5.9	(3.7)
Loss (income) from unconsolidated equity method investments	116.0	(0.2)
Other non-cash items	(10.9)	(0.6)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable	(99.9)	(161.0)
Prepaid expenses and other assets	(59.5)	121.4
Accounts payable	(26.3)	93.5
Capping, closure and post-closure expenditures	(35.3)	(40.5)
Remediation expenditures	(44.9)	(31.4)
Other liabilities	21.9	86.9
Proceeds for retirement of certain hedging relationships	23.7	2.4
Cash provided by operating activities	2,914.0	2,719.3
Cash used in investing activities:
Purchases of property and equipment	(1,357.4)	(1,083.2)
Proceeds from sales of property and equipment	8.6	25.0
Cash used in acquisitions and investments, net of cash and restricted cash acquired	(400.4)	(1,051.1)
Cash received from business divestitures	2.5	1.7
Purchases of restricted marketable securities	(17.9)	(13.8)
Sales of restricted marketable securities	16.4	13.1
Other	(0.3)	7.5
Cash used in investing activities	(1,748.5)	(2,100.8)
Cash used in financing activities:
Proceeds from credit facilities and notes payable, net of fees	15,616.1	27,940.2
Proceeds from issuance of senior notes, net of discount and fees	888.8	1,183.6
Payments of credit facilities and notes payable	(16,835.1)	(29,024.7)
Issuances of common stock, net	(17.8)	(4.3)
Purchases of common stock for treasury	(320.7)	(190.4)
Cash dividends paid	(504.8)	(469.5)
Distributions paid to non-controlling interests in consolidated subsidiary	(0.4)	0.0
Contingent consideration payments	(14.2)	(14.1)
Cash used in financing activities	(1,188.1)	(579.2)
Effect of foreign exchange rate changes on cash	1.1	0.2
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(21.5)	39.5
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	227.5	214.3
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 206.0	$ 253.8

Landfill and Environmental Costs - Environmental Remediation Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Activity in environmental remediation liabilities
Environmental remediation liabilities, beginning of year	$ 485.4	$ 487.5
Payments	(44.9)	(31.4)
Accretion expense (non-cash interest expense)	12.7	13.5
Acquisitions, net of divestitures and other adjustments	0.8	32.4
Environmental remediation liabilities, end of period	454.0	502.0
Less: current portion	(63.1)	(65.0)
Long-term portion	$ 390.9	$ 437.0

Stock Repurchases, Dividends and Earnings per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 31, 2023
Dividends Payable [Line Items]
Reserve for stock issuance (in shares)	11.3						11.3
Share repurchase authorized amount										$ 3,000.0
Stock repurchased and pending settlement (in shares)	0.1			0.1			0.1	0.1
Stock repurchased and pending settlement	$ 8.9			$ 10.7			$ 8.9	$ 10.7
Remaining authorized repurchase amount	$ 2,700.0						$ 2,700.0
Quarterly dividend declared (in dollars per share)	$ 0.580			$ 0.535			$ 1.650	$ 1.525
Cash dividends declared	$ 181.7	$ 168.0	$ 168.5	$ 168.5	$ 156.6	$ 156.5
Quarterly dividend payable	$ 181.7						$ 181.7		$ 168.3
Antidilutive securities (in shares)	0.0			0.1			0.0	0.1
Retained Earnings
Dividends Payable [Line Items]
Cash dividends declared	$ 181.7	$ 168.0	$ 168.5	$ 168.5	$ 156.6	$ 156.5	$ 518.2

Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Accrued Liabilities
Accrued payroll and benefits	$ 331.4	$ 350.5
Insurance reserves, current	218.3	216.6
Accrued fees and taxes	203.5	193.5
Accrued dividends	181.7	168.3
Operating right-of-use lease liabilities, current	54.0	54.8
Ceded insurance reserves, current	28.4	35.4
Current tax liabilities	23.2	2.1
Accrued professional fees and legal settlement reserves	11.9	17.9
Derivative and hedging liabilities	0.0	8.3
Other	109.9	124.1
Total	1,162.3	1,171.5
Other Long-Term Liabilities
Operating right-of-use lease liabilities	188.4	194.9
Deferred compensation plan liability	124.3	114.7
Ceded insurance reserves	86.7	92.1
Derivative and hedging liabilities	58.5	71.3
Contingent purchase price and acquisition holdbacks	57.9	59.1
Withdrawal liability - multiemployer pension funds	19.2	19.6
Other	40.2	42.9
Total	$ 575.2	$ 594.6

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	83.4	$	140.0	$	157.5	$	143.4
Restricted cash and marketable securities	203.1		163.6		153.3		127.6
Less: restricted marketable securities	(80.5)		(76.1)		(57.0)		(56.7)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	206.0	$	227.5	$	253.8	$	214.3

Summary of restricted cash and marketable securities

The following table summarizes our restricted cash and marketable securities:


	September 30, 2024		December 31, 2023

Capping, closure and post-closure obligations	$	57.9	$	43.2
Insurance	145.2		120.4


Total restricted cash and marketable securities	$	203.1	$	163.6

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 and nine months ended September 30, 2024 and 2023 follows (in millions):


	Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
		Interest Expense		Interest Expense		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		$	(138.2)	$	(127.6)	$	(405.8)	$	(378.8)

The effects of cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on cash flow hedging relationships:
Interest rate swap locks		$	(0.5)	$	(0.9)	$	(2.2)	$	(2.9)
2022 interest rate swap		$	—	$	1.6	$	8.0	$	5.2

The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments		$	(0.7)	$	(0.6)	$	(0.8)	$	(1.9)

Assets and liabilities measured at fair value on a recurring basis

As of September 30, 2024 and December 31, 2023, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	September 30, 2024
			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	$	60.8	$	60.8	$	60.8	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	80.8		80.8		—		80.8		—
Derivative and hedging assets - other assets	41.2		41.2		—		41.2		—

Total assets	$	182.8	$	182.8	$	60.8	$	122.0	$	—
Liabilities:


Derivative and hedging liabilities - other long-term liabilities	$	58.5	$	58.5	$	—	$	58.5	$	—

Contingent consideration - other accrued liabilities and other long-term liabilities	62.3		62.3		—		—		62.3
Total liabilities	$	120.8	$	120.8	$	—	$	58.5	$	62.3


	December 31, 2023
			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	$	43.1	$	43.1	$	43.1	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	76.3		76.3		—		76.3		—

Derivative and hedging assets - prepaid and other current assets and other assets	78.3		78.3		—		78.3		—
Total assets	$	197.7	$	197.7	$	43.1	$	154.6	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	$	79.6	$	79.6	$	—	$	79.6	$	—

Contingent consideration - other accrued liabilities and other long-term liabilities	63.6		63.6		—		—		63.6


Total liabilities	$	143.2	$	143.2	$	—	$	79.6	$	63.6

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 83.4	$ 140.0
Accounts receivable, less allowance for doubtful accounts and other of $75.2 and $83.2, respectively	1,847.5	1,768.4
Prepaid expenses and other current assets	417.5	472.6
Total current assets	2,348.4	2,381.0
Restricted cash and marketable securities	203.1	163.6
Property and equipment, net	11,525.6	11,350.9
Goodwill	15,883.1	15,834.5
Other intangible assets, net	454.8	496.2
Other assets	1,399.2	1,183.9
Total assets	31,814.2	31,410.1
Current liabilities:
Accounts payable	1,225.4	1,411.5
Notes payable and current maturities of long-term debt	513.0	932.3
Deferred revenue	485.5	467.3
Accrued landfill and environmental costs, current portion	140.9	141.6
Accrued interest	114.4	104.1
Other accrued liabilities	1,162.3	1,171.5
Total current liabilities	3,641.5	4,228.3
Long-term debt, net of current maturities	12,047.4	11,887.1
Accrued landfill and environmental costs, net of current portion	2,347.1	2,281.0
Deferred income taxes and other long-term tax liabilities, net	1,591.0	1,526.8
Insurance reserves, net of current portion	381.8	348.8
Other long-term liabilities	575.2	594.6
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued	0.0	0.0
Common stock, par value $0.01 per share; 750 shares authorized; 321.3 and 320.7 issued including shares held in treasury, respectively	3.2	3.2
Additional paid-in capital	2,945.9	2,900.8
Retained earnings	9,443.9	8,433.9
Treasury stock, at cost; 8.0 and 6.1 shares, respectively	(1,145.6)	(783.5)
Accumulated other comprehensive loss, net of tax	(18.6)	(12.1)
Total Republic Services, Inc. stockholders’ equity	11,228.8	10,542.3
Non-controlling interests in consolidated subsidiary	1.4	1.2
Total stockholders’ equity	11,230.2	10,543.5
Total liabilities and stockholders’ equity	$ 31,814.2	$ 31,410.1

Other Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Prepaid expenses	$ 153.4	$ 123.0
Parts and supplies	97.7	97.3
Other non-trade receivables	71.9	63.2
Prepaid fees for cloud-based hosting arrangements, current	29.8	17.0
Income taxes receivable	29.0	126.3
Reinsurance receivable	28.4	35.4
Derivative and hedging assets	0.0	4.2
Other current assets	7.3	6.2
Total	$ 417.5	$ 472.6

Business Acquisitions, Investments and Restructuring Charges - Acquisitions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Purchase price:
Cash used in acquisitions, net of cash acquired of $0.8 and $15.2, respectively	$ 400.4	$ 1,051.1
Excess purchase price allocated as follows:
Goodwill	15,883.1		$ 15,834.5
Series of Individually Immaterial Business Acquisitions
Purchase price:
Cash acquired	0.8	15.2
Cash used in acquisitions, net of cash acquired of $0.8 and $15.2, respectively	77.2	938.0
Holdbacks	0.0	9.4
Fair value, future minimum finance lease payments	0.0	0.6
Total	77.2	948.0
Allocated as follows:
Accounts receivable	3.8	25.5
Prepaid expenses	0.0	0.9
Landfill development costs	0.0	0.5
Property and equipment	29.9	223.9
Operating right-of-use lease assets	0.0	3.4
Other assets	0.0	0.1
Parts and supplies	0.1	2.1
Accounts payable	(0.4)	(5.6)
Deferred revenue	(0.6)	(8.2)
Environmental remediation liabilities	0.0	(5.6)
Closure and post-closure liabilities	0.0	(10.5)
Operating right-of-use lease liabilities	0.0	(3.4)
Deferred income tax liabilities	(1.3)	(23.6)
Other liabilities	(0.6)	(0.3)
Fair value of tangible assets acquired and liabilities assumed	30.9	199.2
Excess purchase price to be allocated	46.3	748.8
Excess purchase price allocated as follows:
Other intangible assets	14.0	136.0
Goodwill	32.3	612.8
Total allocated	$ 46.3	$ 748.8

Segment Reporting - Financial Information by Regional Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gross Revenue	$ 4,680.2	$ 4,414.2	$ 13,782.7	$ 12,882.7
Intercompany Revenue	(604.0)	(588.3)	(1,796.7)	(1,749.8)
Revenue allocations	0.0	0.0	0.0	0.0
Net Revenue	4,076.2	3,825.9	11,986.0	11,132.9
Adjusted EBITDA	1,303.3	1,145.7	3,725.7	3,301.9
Capital Expenditures	453.7	369.0	1,357.4	1,083.2
Total assets	31,814.2	30,042.8	31,814.2	30,042.8	$ 31,410.1
Recycling & Waste Subtotal
Segment Reporting Information [Line Items]
Gross Revenue	4,127.7	3,927.4	12,154.2	11,427.3
Intercompany Revenue	(577.1)	(556.5)	(1,710.5)	(1,645.5)
Revenue allocations	60.9	50.2	181.7	139.7
Net Revenue	3,611.5	3,421.1	10,625.4	9,921.5
Adjusted EBITDA	1,185.0	1,054.3	3,408.5	3,035.0
Capital Expenditures	405.0	306.4	979.8	808.9
Total assets	24,843.4	23,979.0	24,843.4	23,979.0
Group 1
Segment Reporting Information [Line Items]
Gross Revenue	2,122.3	2,000.3	6,231.1	5,774.3
Intercompany Revenue	(310.2)	(294.6)	(925.2)	(881.1)
Revenue allocations	31.9	26.0	94.4	71.6
Net Revenue	1,844.0	1,731.7	5,400.3	4,964.8
Adjusted EBITDA	615.8	553.9	1,765.0	1,570.6
Capital Expenditures	249.8	165.0	569.0	421.6
Total assets	13,784.1	13,112.6	13,784.1	13,112.6
Group 2
Segment Reporting Information [Line Items]
Gross Revenue	2,005.4	1,927.1	5,923.1	5,653.0
Intercompany Revenue	(266.9)	(261.9)	(785.3)	(764.4)
Revenue allocations	29.0	24.2	87.3	68.1
Net Revenue	1,767.5	1,689.4	5,225.1	4,956.7
Adjusted EBITDA	569.2	500.4	1,643.5	1,464.4
Capital Expenditures	155.2	141.4	410.8	387.3
Total assets	11,059.3	10,866.4	11,059.3	10,866.4
Group 3
Segment Reporting Information [Line Items]
Gross Revenue	467.4	424.3	1,377.0	1,278.9
Intercompany Revenue	(11.6)	(14.4)	(36.1)	(45.8)
Revenue allocations	8.9	(5.1)	19.7	(21.7)
Net Revenue	464.7	404.8	1,360.6	1,211.4
Adjusted EBITDA	118.3	91.4	317.2	266.9
Capital Expenditures	32.6	24.9	92.4	64.5
Total assets	4,438.9	3,982.4	4,438.9	3,982.4
Corporate entities and other
Segment Reporting Information [Line Items]
Gross Revenue	85.1	62.5	251.5	176.5
Intercompany Revenue	(15.3)	(17.4)	(50.1)	(58.5)
Revenue allocations	(69.8)	(45.1)	(201.4)	(118.0)
Net Revenue	0.0	0.0	0.0	0.0
Adjusted EBITDA	0.0	0.0	0.0	0.0
Capital Expenditures	16.1	37.7	285.2	209.8
Total assets	$ 2,531.9	$ 2,081.4	$ 2,531.9	$ 2,081.4

Landfill and Environmental Costs - Narrative (Details) $ in Millions, cubicYard in Billions		9 Months Ended
	Sep. 27, 2018 USD ($)	Sep. 30, 2024 USD ($) cubicYard landfill	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Environmental Exit Cost [Line Items]
Number of active solid waste landfills \| landfill		208
Total available disposal capacity (in cubic yards) \| cubicYard		5.1
Number of closed landfills \| landfill		126
Amount of aggregate potential remediation liability		$ 375.0
Payments for management and monitoring of remediation area		44.9	$ 31.4
Remediation liability		454.0	$ 502.0	$ 485.4	$ 487.5
Bridgeton Landfill
Environmental Exit Cost [Line Items]
Payments for management and monitoring of remediation area		8.6
Remediation liability		65.0
Remediation liability expected to be paid during the remainder of the year		$ 5.0
West Lake Landfill Superfund Site
Environmental Exit Cost [Line Items]
Environmental exit costs, anticipated cost	$ 229.0
West Lake Landfill Superfund Site \| Minimum
Environmental Exit Cost [Line Items]
Environmental exit costs, time period allotted for completion	4 years
West Lake Landfill Superfund Site \| Maximum
Environmental Exit Cost [Line Items]
Environmental exit costs, time period allotted for completion	5 years

Landfill and Environmental Costs

9 Months Ended

Sep. 30, 2024

Environmental Remediation Obligations [Abstract]

LANDFILL AND ENVIRONMENTAL COSTS

As of September 30, 2024, we owned or operated 208 active landfills with total available disposal capacity estimated to be 5.1 billion in-place cubic yards. Additionally, we had post-closure responsibility for 126 closed landfills.

Accrued Landfill and Environmental Costs

A summary of accrued landfill and environmental liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Landfill final capping, closure and post-closure liabilities	$	2,034.0	$	1,937.2
Environmental remediation	454.0		485.4
Total accrued landfill and environmental costs	2,488.0		2,422.6
Less: current portion	(140.9)		(141.6)
Long-term portion	$	2,347.1	$	2,281.0

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 nine months ended September 30, 2024 and 2023:


	2024		2023
Asset retirement obligation liabilities, beginning of year	$	1,937.2	$	1,786.4
Non-cash additions	45.1		46.4
Acquisitions, net of divestitures and other adjustments	4.1		11.8
Asset retirement obligation adjustments	2.8		(9.6)
Payments	(35.3)		(40.5)
Accretion expense	80.1		73.2

Asset retirement obligation liabilities, end of period	2,034.0		1,867.7
Less: current portion	(77.8)		(79.1)
Long-term portion	$	1,956.2	$	1,788.6

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 September 30, 2024 would be approximately $375 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 nine months ended September 30, 2024 and 2023:


	2024		2023
Environmental remediation liabilities, beginning of year	$	485.4	$	487.5

Payments	(44.9)		(31.4)
Accretion expense (non-cash interest expense)	12.7		13.5
Acquisitions, net of divestitures and other adjustments	0.8		32.4
Environmental remediation liabilities, end of period	454.0		502.0
Less: current portion	(63.1)		(65.0)
Long-term portion	$	390.9	$	437.0

Bridgeton Landfill. During the nine months ended September 30, 2024, we paid $8.6 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 September 30, 2024, the remediation liability recorded for this site was $65.0 million, of which approximately $5 million is expected to be paid during the remainder of 2024.

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 United States 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.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-16

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/410-30/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 11: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-11

Reference 12: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-14

Reference 13: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-17

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-17

+ Details

Debt - Senior Notes and Debentures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 2.4	$ 0.0	$ 2.4	$ 0.2
Senior notes: April 2029
Debt Instrument [Line Items]
Principal	$ 750.0		$ 750.0			$ 750.0
Interest rate	4.875%		4.875%			4.875%	4.875%
Senior Notes Due April 2029 March Issuance
Debt Instrument [Line Items]
Principal							$ 400.0
Senior Notes Due April 2029 December Issuance
Debt Instrument [Line Items]
Principal						$ 350.0
Senior notes: April 2034
Debt Instrument [Line Items]
Principal	$ 800.0		$ 800.0			800.0	$ 800.0
Interest rate	5.00%		5.00%				5.00%
Senior notes: December 2033
Debt Instrument [Line Items]
Principal	$ 650.0		$ 650.0			$ 650.0
Interest rate	5.00%		5.00%			5.00%
Senior notes: November 2029
Debt Instrument [Line Items]
Principal	$ 400.0		$ 400.0		$ 400.0	$ 0.0
Interest rate	5.00%		5.00%		5.00%
Senior notes: November 2034
Debt Instrument [Line Items]
Principal	$ 500.0		$ 500.0		$ 500.0	$ 0.0
Interest rate	5.20%		5.20%		5.20%

Stock Repurchases, Dividends and Earnings per Share - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Number of shares repurchased (in shares)	0.8	1.3	1.7	1.3
Amount paid	$ 153.0	$ 190.4	$ 320.7	$ 190.4
Weighted average cost per share (in dollars per share)	$ 194.14	$ 146.89	$ 189.93	$ 146.89

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Balance as of December 31, 2023		Acquisitions		Divestitures		Adjustments to Acquisitions and Other		Balance as of September 30, 2024
Group 1	$	7,312.4	$	16.5	$	—	$	26.0	$	7,354.9
Group 2	6,445.5		—		(0.3)		1.1		6,446.3
Group 3	2,076.6		15.8		—		(10.5)		2,081.9
Total	$	15,834.5	$	32.3	$	(0.3)	$	16.6	$	15,883.1

Summary of the activity and balances by intangible asset type

A summary of the activity and balances by intangible asset type follows:


	Gross Intangible Assets								Accumulated Amortization
	Balance as of December 31, 2023		Acquisitions		Adjustments and Other		Balance as of September 30, 2024		Balance as of December 31, 2023		Additions Charged to Expense		Adjustments and Other		Balance as of September 30, 2024		Other Intangible Assets, Net as of September 30, 2024
Customer relationships	$	631.7	$	11.5	$	(0.6)	$	642.6	$	(165.7)	$	(47.2)	$	—	$	(212.9)	$	429.7
Non-compete agreements	30.4		2.5		(0.5)		32.4		(15.7)		(4.5)		—		(20.2)		12.2
Other intangible assets	23.2		—		—		23.2		(7.7)		(2.6)		—		(10.3)		12.9
Total	$	685.3	$	14.0	$	(1.1)	$	698.2	$	(189.1)	$	(54.3)	$	—	$	(243.4)	$	454.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Business Acquisitions, Investments and Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Capital contributions to equity method investment			$ 236.2	$ 34.0
(Loss) income from unconsolidated equity method investments	$ (73.4)	$ 2.8	(116.0)	0.2
Restructuring charges	8.2	6.3	19.7	27.3
Restructuring expenditures			18.1	32.4
Contract Termination
Business Acquisition [Line Items]
Restructuring charges		9.5		9.5
Redesign Of Software Systems
Business Acquisition [Line Items]
Restructuring charges		17.8		17.8
Investment Tax Credit Carryforward
Business Acquisition [Line Items]
Increase (decrease) in income taxes	(81.0)	(8.0)	(122.0)	(8.0)
Joint Venture with Landfill Gas to Energy Developer
Business Acquisition [Line Items]
Capital contributions to equity method investment			33.8
Thermal Processing Facility
Business Acquisition [Line Items]
Capital contributions to equity method investment			26.9
Certain Limited Liability Companies
Business Acquisition [Line Items]
(Loss) income from unconsolidated equity method investments	$ (74.5)	$ (3.7)	$ (116.9)	$ (6.3)

Goodwill and Other Intangible Assets, Net - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll forward]
Beginning balance	$ 15,834.5
Acquisitions	32.3
Divestitures	(0.3)
Adjustments to Acquisitions and Other	16.6
Ending balance	15,883.1
Group 1
Goodwill [Roll forward]
Beginning balance	7,312.4
Acquisitions	16.5
Divestitures	0.0
Adjustments to Acquisitions and Other	26.0
Ending balance	7,354.9
Group 2
Goodwill [Roll forward]
Beginning balance	6,445.5
Acquisitions	0.0
Divestitures	(0.3)
Adjustments to Acquisitions and Other	1.1
Ending balance	6,446.3
Group 3
Goodwill [Roll forward]
Beginning balance	2,076.6
Acquisitions	15.8
Divestitures	0.0
Adjustments to Acquisitions and Other	(10.5)
Ending balance	$ 2,081.9

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 49
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+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
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. Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States. Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States, and Canada. Group 3 is our environmental solutions business operating primarily in geographic areas located across the United States and Canada. These groups represent our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling, and disposal. 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, 2023. For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation and are not material to our consolidated financial statements. 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 landfill development costs and final capping, closure and post-closure costs; our liabilities for environmental remediation, and insurance reserves. For more detail on significant accounting policies, refer to 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, 2023. Our actual results may differ significantly from our estimates. New Accounting Pronouncements Accounting Standards Updates Issued but not yet Adopted Climate-Related Disclosures In March 2024, the SEC adopted Final Rule 33-11275 and 34-99678 - The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules require registrants to provide standardized disclosures related to material climate-related risks, governance and risk management strategies, and the financial impact of severe weather events and material Scope 1 and 2 greenhouse gas emissions. The rules require implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay these rules pending judicial review. The Company is currently evaluating the impact of the rules on its future consolidated financial statements. Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06 to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations. The Company is currently evaluating the amendments and the impact on its future consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be applied retrospectively to all periods presented in the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Commitments and Contingencies - Legal Proceedings (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Losses accrued related to legal proceedings	$ 13
Loss contingency additional potential liability	$ 8

Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassifications out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	$ 10.3	$ 1.3	$ 23.5	$ 3.2
Amount Reclassified from Accumulated Other Comprehensive Income \| Defined Benefit Pension Items \| Pension settlement
Reclassifications out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	$ 7.4	$ 0.0	$ 7.4	$ 0.0

Revenue and Credit Losses - Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net Revenue	$ 4,076.2	$ 3,825.9	$ 11,986.0	$ 11,132.9
Revenue as a percentage of total revenue	100.00%	100.00%	100.00%	100.00%
Transfer
Disaggregation of Revenue [Line Items]
Net Revenue	$ 211.6	$ 206.2	$ 602.6	$ 577.2
Revenue as a percentage of total revenue	5.20%	5.40%	5.00%	5.20%
Landfill
Disaggregation of Revenue [Line Items]
Net Revenue	$ 452.8	$ 436.3	$ 1,297.4	$ 1,259.8
Revenue as a percentage of total revenue	11.10%	11.40%	10.80%	11.30%
Environmental solutions
Disaggregation of Revenue [Line Items]
Net Revenue	$ 464.7	$ 404.8	$ 1,360.6	$ 1,211.4
Revenue as a percentage of total revenue	11.40%	10.60%	11.40%	10.90%
Other
Disaggregation of Revenue [Line Items]
Net Revenue	$ 205.3	$ 162.1	$ 598.0	$ 466.5
Revenue as a percentage of total revenue	5.00%	4.20%	5.00%	4.10%
Recycling processing and commodity sales
Disaggregation of Revenue [Line Items]
Net Revenue	$ 107.6	$ 76.3	$ 310.6	$ 226.6
Revenue as a percentage of total revenue	2.60%	2.00%	2.60%	2.00%
Other non-core
Disaggregation of Revenue [Line Items]
Net Revenue	$ 97.7	$ 85.8	$ 287.4	$ 239.9
Revenue as a percentage of total revenue	2.40%	2.20%	2.40%	2.10%
Operating Segments \| Collection
Disaggregation of Revenue [Line Items]
Net Revenue	$ 2,741.8	$ 2,616.5	$ 8,127.4	$ 7,618.0
Revenue as a percentage of total revenue	67.30%	68.40%	67.80%	68.50%
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Net Revenue	$ 739.7	$ 718.2	$ 2,196.1	$ 2,103.4
Revenue as a percentage of total revenue	18.10%	18.80%	18.30%	18.90%
Operating Segments \| Small-container
Disaggregation of Revenue [Line Items]
Net Revenue	$ 1,209.1	$ 1,126.3	$ 3,599.2	$ 3,270.2
Revenue as a percentage of total revenue	29.70%	29.40%	30.00%	29.40%
Operating Segments \| Large-container
Disaggregation of Revenue [Line Items]
Net Revenue	$ 774.6	$ 753.0	$ 2,277.7	$ 2,192.4
Revenue as a percentage of total revenue	19.00%	19.70%	19.00%	19.70%
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Net Revenue	$ 18.4	$ 19.0	$ 54.4	$ 52.0
Revenue as a percentage of total revenue	0.50%	0.50%	0.50%	0.50%
Operating Segments \| Transfer
Disaggregation of Revenue [Line Items]
Net Revenue	$ 458.6	$ 444.3	$ 1,335.8	$ 1,280.5
Operating Segments \| Landfill
Disaggregation of Revenue [Line Items]
Net Revenue	768.4	743.2	2,234.3	2,172.4
Operating Segments \| Environmental solutions
Disaggregation of Revenue [Line Items]
Net Revenue	479.6	424.0	1,408.4	1,273.8
Intersegment Eliminations \| Transfer
Disaggregation of Revenue [Line Items]
Net Revenue	(247.0)	(238.1)	(733.2)	(703.3)
Intersegment Eliminations \| Landfill
Disaggregation of Revenue [Line Items]
Net Revenue	(315.6)	(306.9)	(936.9)	(912.6)
Intersegment Eliminations \| Environmental solutions
Disaggregation of Revenue [Line Items]
Net Revenue	$ (14.9)	$ (19.2)	$ (47.8)	$ (62.4)

Business Acquisitions, Investments and Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Purchase price paid for business acquisition and allocation of purchase price

The aggregate purchase price paid for these business acquisitions and the allocations of the aggregate purchase price follows:


	2024		2023
Purchase price:
Cash used in acquisitions, net of cash acquired of $0.8 and $15.2, respectively	$	77.2	$	938.0

Holdbacks	—		9.4
Fair value, future minimum finance lease payments	—		0.6

Total	$	77.2	$	948.0
Allocated as follows:

Accounts receivable	$	3.8	$	25.5
Prepaid expenses	—		0.9
Landfill development costs	—		0.5
Property and equipment	29.9		223.9
Operating right-of-use lease assets	—		3.4


Other assets	—		0.1
Parts and supplies	0.1		2.1
Accounts payable	(0.4)		(5.6)
Deferred revenue	(0.6)		(8.2)
Environmental remediation liabilities	—		(5.6)
Closure and post-closure liabilities	—		(10.5)
Operating right-of-use lease liabilities	—		(3.4)
Deferred income tax liabilities	(1.3)		(23.6)
Other liabilities	(0.6)		(0.3)
Fair value of tangible assets acquired and liabilities assumed	30.9		199.2
Excess purchase price to be allocated	$	46.3	$	748.8
Excess purchase price allocated as follows:
Other intangible assets	$	14.0	$	136.0
Goodwill	32.3		612.8
Total allocated	$	46.3	$	748.8

Commitments and Contingencies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash and cash equivalents	$ 83.4	$ 140.0	$ 157.5	$ 143.4
Restricted cash and marketable securities	203.1	163.6	153.3	127.6
Less: restricted marketable securities	(80.5)	(76.1)	(57.0)	(56.7)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 206.0	$ 227.5	$ 253.8	$ 214.3

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States. Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States, and Canada. Group 3 is our environmental solutions business operating primarily in geographic areas located across the United States and Canada. These groups are presented below as our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling, and disposal.

Adjusted EBITDA is the single financial measure our chief operating decision maker (CODM) uses to evaluate operating segment profitability and determine resource allocations.

Summarized financial information concerning our reportable segments for the three months ended September 30, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Three Months Ended September 30, 2024
Gross Revenue	$	2,122.3	$	2,005.4	$	4,127.7	$	467.4	$	85.1	$	4,680.2
Intercompany Revenue	(310.2)		(266.9)		(577.1)		(11.6)		(15.3)		(604.0)
Revenue allocations	31.9		29.0		60.9		8.9		(69.8)		—
Net Revenue	$	1,844.0	$	1,767.5	$	3,611.5	$	464.7	$	—	$	4,076.2
Adjusted EBITDA	$	615.8	$	569.2	$	1,185.0	$	118.3	$	—	$	1,303.3

Capital Expenditures	$	249.8	$	155.2	$	405.0	$	32.6	$	16.1	$	453.7
Total Assets	$	13,784.1	$	11,059.3	$	24,843.4	$	4,438.9	$	2,531.9	$	31,814.2

Three Months Ended September 30, 2023
Gross Revenue	$	2,000.3	$	1,927.1	$	3,927.4	$	424.3	$	62.5	$	4,414.2
Intercompany Revenue	(294.6)		(261.9)		(556.5)		(14.4)		(17.4)		(588.3)
Revenue allocations	26.0		24.2		50.2		(5.1)		(45.1)		—
Net Revenue	$	1,731.7	$	1,689.4	$	3,421.1	$	404.8	$	—	$	3,825.9
Adjusted EBITDA	$	553.9	$	500.4	$	1,054.3	$	91.4	$	—	$	1,145.7

Capital Expenditures	$	165.0	$	141.4	$	306.4	$	24.9	$	37.7	$	369.0
Total Assets	$	13,112.6	$	10,866.4	$	23,979.0	$	3,982.4	$	2,081.4	$	30,042.8

(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

Summarized financial information concerning our reportable segments for the nine months ended September 30, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Nine Months Ended September 30, 2024
Gross Revenue	$	6,231.1	$	5,923.1	$	12,154.2	$	1,377.0	$	251.5	$	13,782.7
Intercompany Revenue	(925.2)		(785.3)		(1,710.5)		(36.1)		(50.1)		(1,796.7)
Revenue allocations	94.4		87.3		181.7		19.7		(201.4)		—
Net Revenue	$	5,400.3	$	5,225.1	$	10,625.4	$	1,360.6	$	—	$	11,986.0
Adjusted EBITDA	$	1,765.0	$	1,643.5	$	3,408.5	$	317.2	$	—	$	3,725.7

Capital Expenditures	$	569.0	$	410.8	$	979.8	$	92.4	$	285.2	$	1,357.4
Total Assets	$	13,784.1	$	11,059.3	$	24,843.4	$	4,438.9	$	2,531.9	$	31,814.2

Nine Months Ended September 30, 2023
Gross Revenue	$	5,774.3	$	5,653.0	$	11,427.3	$	1,278.9	$	176.5	$	12,882.7
Intercompany Revenue	(881.1)		(764.4)		(1,645.5)		(45.8)		(58.5)		(1,749.8)
Revenue allocations	71.6		68.1		139.7		(21.7)		(118.0)		—
Net Revenue	$	4,964.8	$	4,956.7	$	9,921.5	$	1,211.4	$	—	$	11,132.9
Adjusted EBITDA	$	1,570.6	$	1,464.4	$	3,035.0	$	266.9	$	—	$	3,301.9

Capital Expenditures	$	421.6	$	387.3	$	808.9	$	64.5	$	209.8	$	1,083.2
Total Assets	$	13,112.6	$	10,866.4	$	23,979.0	$	3,982.4	$	2,081.4	$	30,042.8

(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

Corporate functions include legal, tax, treasury, information technology, risk management, human resources, closed landfills, and other administrative functions. National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Revenue and overhead costs of Corporate entities and other are either specifically assigned or allocated on a rational and consistent basis among our reportable segments to calculate Adjusted EBITDA.

As presented in the tables below, Adjusted EBITDA reflects certain adjustments for US Ecology, Inc., acquisition, integration and deal costs, (income) losses from unconsolidated equity method investments, settlements and withdrawals on pension plans, losses on extinguishment of debt and restructuring expenses. This presentation is consistent with how our CODM reviews results of operations to make resource allocation decisions.

Intercompany revenue reflects transactions within and between segments that generally are made on a basis intended to reflect the market value of such services. Capital expenditures for Corporate entities and other primarily include vehicle inventory acquired but not yet assigned to operating locations and facilities.

A reconciliation of the Company's single measure of segment profitability (segment Adjusted EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Group 1 Adjusted EBITDA	$	615.8	$	553.9	$	1,765.0	$	1,570.6
Group 2 Adjusted EBITDA	569.2		500.4		1,643.5		1,464.4
Group 3 Adjusted EBITDA	118.3		91.4		317.2		266.9
Total Adjusted EBITDA	1,303.3		1,145.7		3,725.7		3,301.9
Other income, net	(10.3)		(1.3)		(23.5)		(3.2)
Interest income	(4.3)		(2.0)		(7.4)		(5.0)
Interest expense	138.2		127.6		405.8		378.8
Depreciation, amortization and depletion	422.0		382.3		1,234.2		1,099.4
Accretion	26.7		24.6		80.1		73.2
Loss (income) from unconsolidated equity method investment	73.4		(2.8)		116.0		(0.2)
Loss on extinguishment of debt and other related costs	2.4		—		2.4		0.2
Restructuring charges	8.2		6.3		19.7		27.3
US Ecology, Inc. acquisition integration and deal costs	—		6.2		—		24.3
Loss (gain) on business divestitures and impairments, net	0.5		(1.5)		(0.9)		(1.5)
Income before income taxes	$	646.5	$	606.3	$	1,899.3	$	1,708.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Landfill and Environmental Costs (Tables)

9 Months Ended

Sep. 30, 2024

Environmental Remediation Obligations [Abstract]

Schedule of accrued landfill and environmental costs

A summary of accrued landfill and environmental liabilities as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Landfill final capping, closure and post-closure liabilities	$	2,034.0	$	1,937.2
Environmental remediation	454.0		485.4
Total accrued landfill and environmental costs	2,488.0		2,422.6
Less: current portion	(140.9)		(141.6)
Long-term portion	$	2,347.1	$	2,281.0

Schedule of final capping, closure and post-closure costs


	2024		2023
Asset retirement obligation liabilities, beginning of year	$	1,937.2	$	1,786.4
Non-cash additions	45.1		46.4
Acquisitions, net of divestitures and other adjustments	4.1		11.8
Asset retirement obligation adjustments	2.8		(9.6)
Payments	(35.3)		(40.5)
Accretion expense	80.1		73.2

Asset retirement obligation liabilities, end of period	2,034.0		1,867.7
Less: current portion	(77.8)		(79.1)
Long-term portion	$	1,956.2	$	1,788.6

Summary of activity in environmental remediation liabilities

The following table summarizes the activity in our environmental remediation liabilities for the nine months ended September 30, 2024 and 2023:


	2024		2023
Environmental remediation liabilities, beginning of year	$	485.4	$	487.5

Payments	(44.9)		(31.4)
Accretion expense (non-cash interest expense)	12.7		13.5
Acquisitions, net of divestitures and other adjustments	0.8		32.4
Environmental remediation liabilities, end of period	454.0		502.0
Less: current portion	(63.1)		(65.0)
Long-term portion	$	390.9	$	437.0

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 565.9	$ 480.3	$ 1,531.5	$ 1,291.7
Hedging activity:
Realized loss (income) reclassified into earnings	0.5	(2.3)	(8.4)	(7.1)
Unrealized gain	0.0	4.1	6.4	16.6
Pension activity:
Change in funded status of pension plan obligations	(7.8)	0.0	(7.8)	0.2
Foreign currency activity:
Unrealized (loss) gain on foreign currency translation	(2.2)	2.4	3.3	(0.1)
Other comprehensive income (loss), net of tax	(9.5)	4.2	(6.5)	9.6
Comprehensive income	556.4	484.5	1,525.0	1,301.3
Comprehensive income attributable to non-controlling interests	(0.2)	(0.1)	(0.5)	(0.3)
Comprehensive income attributable to Republic Services, Inc.	$ 556.2	$ 484.4	$ 1,524.5	$ 1,301.0

Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2023		Acquisitions		Divestitures		Adjustments to Acquisitions and Other		Balance as of September 30, 2024
Group 1	$	7,312.4	$	16.5	$	—	$	26.0	$	7,354.9
Group 2	6,445.5		—		(0.3)		1.1		6,446.3
Group 3	2,076.6		15.8		—		(10.5)		2,081.9
Total	$	15,834.5	$	32.3	$	(0.3)	$	16.6	$	15,883.1

Adjustments to acquisitions during the nine months ended September 30, 2024 primarily related to changes in our valuation of property and equipment acquired as a result of obtaining new information regarding the acquisitions that closed in 2023.

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 Assets								Accumulated Amortization
	Balance as of December 31, 2023		Acquisitions		Adjustments and Other		Balance as of September 30, 2024		Balance as of December 31, 2023		Additions Charged to Expense		Adjustments and Other		Balance as of September 30, 2024		Other Intangible Assets, Net as of September 30, 2024
Customer relationships	$	631.7	$	11.5	$	(0.6)	$	642.6	$	(165.7)	$	(47.2)	$	—	$	(212.9)	$	429.7
Non-compete agreements	30.4		2.5		(0.5)		32.4		(15.7)		(4.5)		—		(20.2)		12.2
Other intangible assets	23.2		—		—		23.2		(7.7)		(2.6)		—		(10.3)		12.9
Total	$	685.3	$	14.0	$	(1.1)	$	698.2	$	(189.1)	$	(54.3)	$	—	$	(243.4)	$	454.8

Changes in Accumulated Other Comprehensive Loss by Component

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

A summary of changes in accumulated other comprehensive loss, net of tax, by component, for the nine months ended September 30, 2024 follows:


	Cash Flow Hedges		Defined Benefit Pension Items		Foreign Currency Translation		Total
Balance as of December 31, 2023	$	(11.6)	$	8.9	$	(9.4)	$	(12.1)
Other comprehensive income (loss) before reclassifications	6.4		(2.3)		3.3		7.4
Amounts reclassified from accumulated other comprehensive loss	(8.4)		(5.5)		—		(13.9)
Net current period other comprehensive (loss) income	(2.0)		(7.8)		3.3		(6.5)

Balance as of September 30, 2024	$	(13.6)	$	1.1	$	(6.1)	$	(18.6)

A summary of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023 follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item in the Statement where Net Income is Presented
Gain (loss) on cash flow hedges:


Terminated interest rate locks	$	(0.7)	$	(1.2)	$	(3.0)	$	(3.9)		Interest expense
2022 interest rate swap	—		4.3		14.3		13.5			Interest expense
Total before tax	(0.7)		3.1		11.3		9.6
Tax benefit (provision)	0.2		(0.8)		(2.9)		(2.5)
Net of tax	(0.5)		2.3		8.4		7.1

Pension gains:
Pension settlement	7.4		—		7.4		—			Other income, net
Tax provision	(1.9)		—		(1.9)		—
Net of tax	5.5		—		5.5		—
Total income reclassified into earnings, net of tax	$	5.0	$	2.3	$	13.9	$	7.1

In September 2024, we initiated the termination of our defined benefit pension plan. Plan participants were provided the opportunity to receive their full accrued benefits from plan assets by either electing immediate lump sum distributions or annuity contracts with a qualifying third-party annuity provider. The purchase of the annuity contracts was funded directly by assets of the defined benefit pension plan. As a result, a substantial portion of the plan was settled during the three and nine months ended September 30, 2024, resulting in the recognition of a non-cash gain of $7.4 million related to the accelerated recognition of the proportional share of unamortized net actuarial gains previously recorded in accumulated other comprehensive loss. This gain was recorded to other income, net in our consolidated statements of income. We expect to settle all remaining obligations by the end of 2024.

Other Assets

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Prepaid Expenses and Other Current Assets

A summary of prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Prepaid expenses	$	153.4	$	123.0
Parts and supplies	97.7		97.3
Other non-trade receivables	71.9		63.2
Prepaid fees for cloud-based hosting arrangements, current	29.8		17.0
Income taxes receivable	29.0		126.3
Reinsurance receivable	28.4		35.4
Derivative and hedging assets	—		4.2
Other current assets	7.3		6.2

Total	$	417.5	$	472.6

Other Assets

A summary of other assets as of September 30, 2024 and December 31, 2023 follows:


	2024		2023
Investments	$	672.7	$	469.4
Operating right-of-use lease assets	230.6		238.1
Deferred compensation plan	125.1		112.7
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	117.8		67.6
Reinsurance receivable	86.7		92.1
Deferred contract costs and sales commissions	82.3		82.5
Derivative and hedging assets	41.2		74.1
Amounts recoverable for capping, closure and post-closure obligations	24.0		21.9
Deferred financing costs	4.4		3.6
Other	14.4		21.9
Total	$	1,399.2	$	1,183.9