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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Republic Services Inc | NYSE:RSG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.12 | -0.58% | 192.29 | 196.76 | 191.90 | 193.46 | 718,681 | 18:38:12 |
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 65-0716904 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||
18500 North Allied Way | 85054 | |||||||
Phoenix, | Arizona | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||||||
Common Stock, par value $0.01 per share | RSG | New York Stock Exchange |
Large accelerated filer
|
þ |
Accelerated filer
|
¨ |
Smaller reporting company
|
☐ | ||||||||||||
Non-accelerated filer
|
¨ |
Emerging growth company
|
☐ | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Item 1. | ||||||||
Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020 | ||||||||
Unaudited Consolidated Statement of Income for the Three Months Ended March 31, 2021 and 2020 | ||||||||
Unaudited Consolidated Statement of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 | ||||||||
Unaudited Consolidated Statement of Stockholders' Equity for the Three Months Ended March 31, 2021 and 2020 | ||||||||
Unaudited Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2021 and 2020 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 23.2 | $ | 38.2 | |||||||
Accounts receivable, less allowance for doubtful accounts and other of $36.0 and $34.7, respectively
|
1,095.4 | 1,091.3 | |||||||||
Prepaid expenses and other current assets | 324.5 | 392.3 | |||||||||
Total current assets | 1,443.1 | 1,521.8 | |||||||||
Restricted cash and marketable securities | 134.6 | 149.1 | |||||||||
Property and equipment, net | 8,679.2 | 8,726.2 | |||||||||
Goodwill | 12,047.2 | 12,046.4 | |||||||||
Other intangible assets, net | 181.5 | 173.1 | |||||||||
Other assets | 767.0 | 817.4 | |||||||||
Total assets | $ | 23,252.6 | $ | 23,434.0 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 678.3 | $ | 779.0 | |||||||
Notes payable and current maturities of long-term debt | 168.7 | 168.1 | |||||||||
Deferred revenue | 359.3 | 345.6 | |||||||||
Accrued landfill and environmental costs, current portion | 116.9 | 114.5 | |||||||||
Accrued interest | 53.2 | 54.6 | |||||||||
Other accrued liabilities | 772.4 | 820.2 | |||||||||
Total current liabilities | 2,148.8 | 2,282.0 | |||||||||
Long-term debt, net of current maturities | 8,594.2 | 8,766.1 | |||||||||
Accrued landfill and environmental costs, net of current portion | 1,713.6 | 1,694.7 | |||||||||
Deferred income taxes and other long-term tax liabilities, net | 1,254.7 | 1,238.8 | |||||||||
Insurance reserves, net of current portion | 284.4 | 281.8 | |||||||||
Other long-term liabilities | 618.6 | 681.8 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
|
— | — | |||||||||
Common stock, par value $0.01 per share; 750 shares authorized; 319.3 and 318.8 issued including shares held in treasury, respectively
|
3.2 | 3.2 | |||||||||
Additional paid-in capital | 2,757.3 | 2,741.4 | |||||||||
Retained earnings | 5,911.2 | 5,751.8 | |||||||||
Treasury stock, at cost; 0.3 and — shares, respectively
|
(27.5) | (0.1) | |||||||||
Accumulated other comprehensive loss, net of tax | (11.3) | (12.4) | |||||||||
Total Republic Services, Inc. stockholders’ equity | 8,632.9 | 8,483.9 | |||||||||
Non-controlling interests in consolidated subsidiary | 5.4 | 4.9 | |||||||||
Total stockholders’ equity | 8,638.3 | 8,488.8 | |||||||||
Total liabilities and stockholders’ equity | $ | 23,252.6 | $ | 23,434.0 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenue | $ | 2,596.4 | $ | 2,553.9 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of operations | 1,534.3 | 1,550.0 | |||||||||||||||||||||
Depreciation, amortization and depletion | 282.1 | 268.6 | |||||||||||||||||||||
Accretion | 20.5 | 20.9 | |||||||||||||||||||||
Selling, general and administrative | 265.4 | 277.1 | |||||||||||||||||||||
Withdrawal costs - multiemployer pension funds
|
— | 4.3 | |||||||||||||||||||||
Gain on business divestitures and impairments, net | (1.1) | (3.9) | |||||||||||||||||||||
Restructuring charges | 2.8 | 3.8 | |||||||||||||||||||||
Operating income | 492.4 | 433.1 | |||||||||||||||||||||
Interest expense | (78.4) | (96.7) | |||||||||||||||||||||
Loss from unconsolidated equity method investments | (16.5) | (13.2) | |||||||||||||||||||||
Interest income | 0.8 | 0.3 | |||||||||||||||||||||
Other income (loss), net | 1.8 | (0.9) | |||||||||||||||||||||
Income before income taxes | 400.1 | 322.6 | |||||||||||||||||||||
Provision for income taxes | 103.7 | 75.8 | |||||||||||||||||||||
Net income | 296.4 | 246.8 | |||||||||||||||||||||
Net income attributable to non-controlling interests in consolidated subsidiary
|
(0.5) | (0.5) | |||||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 295.9 | $ | 246.3 | |||||||||||||||||||
Basic earnings per share attributable to Republic Services, Inc. stockholders:
|
|||||||||||||||||||||||
Basic earnings per share | $ | 0.93 | $ | 0.77 | |||||||||||||||||||
Weighted average common shares outstanding | 319.4 | 319.6 | |||||||||||||||||||||
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
|
|||||||||||||||||||||||
Diluted earnings per share | $ | 0.93 | $ | 0.77 | |||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
319.8 | 320.2 | |||||||||||||||||||||
Cash dividends per common share | $ | 0.425 | $ | 0.405 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 296.4 | $ | 246.8 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Hedging activity: | |||||||||||||||||||||||
Realized loss reclassified into earnings | 1.1 | 0.8 | |||||||||||||||||||||
Unrealized loss | — | (22.2) | |||||||||||||||||||||
Pension activity: | |||||||||||||||||||||||
Change in funded status of pension plan obligations
|
— | 1.6 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 1.1 | (19.8) | |||||||||||||||||||||
Comprehensive income | 297.5 | 227.0 | |||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (0.5) | (0.5) | |||||||||||||||||||||
Comprehensive income attributable to Republic Services, Inc. | $ | 297.0 | $ | 226.5 |
Republic Services, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss, Net of Tax |
Non-controlling
Interests In Consolidated Subsidiary |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 318.8 | $ | 3.2 | $ | 2,741.4 | $ | 5,751.8 | — | $ | (0.1) | $ | (12.4) | $ | 4.9 | $ | 8,488.8 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 295.9 | — | — | — | 0.5 | 296.4 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (135.6) | — | — | — | — | (135.6) | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | 0.5 | — | 2.4 | — | (0.2) | (14.7) | — | — | (12.3) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 13.5 | (0.9) | — | — | — | — | 12.6 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (0.1) | (12.7) | — | — | (12.7) | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 319.3 | $ | 3.2 | $ | 2,757.3 | $ | 5,911.2 | (0.3) | $ | (27.5) | $ | (11.3) | $ | 5.4 | $ | 8,638.3 | |||||||||||||||||||||||||||||||||||||
Republic Services, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax |
Non-controlling
Interests In Consolidated Subsidiary |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 353.3 | $ | 3.5 | $ | 4,994.8 | $ | 5,317.3 | (34.5) | $ | (2,199.6) | $ | 2.2 | $ | 2.7 | $ | 8,120.9 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 246.3 | — | — | — | 0.5 | 246.8 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (19.8) | — | (19.8) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (128.9) | — | — | — | — | (128.9) | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | 0.7 | — | 7.5 | — | (0.2) | (17.0) | — | — | (9.5) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 10.8 | (1.1) | — | — | — | — | 9.7 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (1.2) | (98.8) | — | — | (98.8) | ||||||||||||||||||||||||||||||||||||||||||||
Distributions paid | — | — | — | — | — | — | — | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 354.0 | $ | 3.5 | $ | 5,013.1 | $ | 5,433.6 | (35.9) | $ | (2,315.4) | $ | (17.6) | $ | 3.0 | $ | 8,120.2 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by operating activities: | |||||||||||
Net income | $ | 296.4 | $ | 246.8 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization, depletion and accretion | 302.6 | 289.5 | |||||||||
Non-cash interest expense | 16.0 | 15.0 | |||||||||
Stock-based compensation | 12.6 | 9.9 | |||||||||
Deferred tax provision | 15.3 | 17.6 | |||||||||
Provision for doubtful accounts, net of adjustments | 4.3 | 4.9 | |||||||||
Gain on disposition of assets and asset impairments, net | (0.6) | (4.9) | |||||||||
Environmental adjustments | (1.5) | (0.4) | |||||||||
Loss from unconsolidated equity method investments | 16.5 | 13.2 | |||||||||
Other non-cash items | (0.5) | 5.5 | |||||||||
Change in assets and liabilities, net of effects from business acquisitions and divestitures: | |||||||||||
Accounts receivable | (8.9) | 28.0 | |||||||||
Prepaid expenses and other assets | 62.5 | 88.2 | |||||||||
Accounts payable | 27.6 | (37.2) | |||||||||
Capping, closure and post-closure expenditures | (11.0) | (8.7) | |||||||||
Remediation expenditures | (8.9) | (17.2) | |||||||||
Other liabilities | (61.4) | (54.4) | |||||||||
Cash provided by operating activities | 661.0 | 595.8 | |||||||||
Cash used in investing activities: | |||||||||||
Purchases of property and equipment | (331.0) | (373.1) | |||||||||
Proceeds from sales of property and equipment | 2.1 | 6.0 | |||||||||
Cash used in acquisitions and investments, net of cash and restricted cash acquired | (18.0) | (61.0) | |||||||||
Cash received from business divestitures | 0.8 | (0.2) | |||||||||
Purchases of restricted marketable securities | (7.4) | (14.0) | |||||||||
Sales of restricted marketable securities | 8.9 | 5.6 | |||||||||
Other | — | (25.0) | |||||||||
Cash used in investing activities | (344.6) | (461.7) | |||||||||
Cash (used in) provided by financing activities: | |||||||||||
Proceeds from notes payable and long-term debt, net of fees | 1,242.4 | 1,974.9 | |||||||||
Proceeds from issuance of senior notes, net of discount and fees | — | 985.6 | |||||||||
Payments of notes payable and long-term debt and senior notes | (1,422.5) | (2,688.7) | |||||||||
Issuances of common stock, net | (12.3) | (9.5) | |||||||||
Purchases of common stock for treasury | (12.7) | (98.8) | |||||||||
Cash dividends paid | (135.5) | (129.2) | |||||||||
Distributions paid to non-controlling interests in consolidated subsidiary | — | (0.2) | |||||||||
Contingent consideration payments | (1.7) | (2.2) | |||||||||
Cash (used in) provided by financing activities | (342.3) | 31.9 | |||||||||
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (25.9) | 166.0 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 114.2 | 177.4 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 88.3 | $ | 343.4 |
ASU | Effective Date | |||||||
ASU 2018-14 |
Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
|
January 1, 2021 | ||||||
ASU 2019-12 |
Simplifying the Accounting for Income Taxes
|
January 1, 2021 |
2021 | 2020 | ||||||||||
Purchase price: | |||||||||||
Cash used in acquisitions, net of cash acquired
|
$ | 15.8 | $ | 52.2 | |||||||
Holdbacks
|
2.0 | 2.5 | |||||||||
Fair value, future minimum finance lease payments
|
— | 0.3 | |||||||||
Total | $ | 17.8 | $ | 55.0 | |||||||
Allocated as follows: | |||||||||||
Accounts receivable
|
$ | 0.5 | $ | 2.3 | |||||||
Property and equipment
|
3.4 | 17.3 | |||||||||
Operating right-of-use lease assets
|
— | 0.2 | |||||||||
Other assets
|
— | 0.2 | |||||||||
Accounts payable
|
— | (1.2) | |||||||||
Environmental remediation liabilities
|
— | (1.5) | |||||||||
Operating right-of-use lease liabilities
|
— | (0.2) | |||||||||
Other liabilities
|
(0.3) | (0.9) | |||||||||
Fair value of tangible assets acquired and liabilities assumed | 3.6 | 16.2 | |||||||||
Excess purchase price to be allocated | $ | 14.2 | $ | 38.8 | |||||||
Excess purchase price allocated as follows: | |||||||||||
Other intangible assets
|
$ | 1.9 | $ | 1.8 | |||||||
Goodwill
|
12.3 | 37.0 | |||||||||
Total allocated | $ | 14.2 | $ | 38.8 |
Balance as of December 31, 2020 | Acquisitions | Divestitures | Adjustments to Acquisitions | Balance as of March 31, 2021 | ||||||||||||||||||||||||||||
Group 1 | $ | 6,404.9 | $ | 6.4 | $ | — | $ | (11.5) | $ | 6,399.8 | ||||||||||||||||||||||
Group 2 | 5,641.5 | 5.9 | — | — | 5,647.4 | |||||||||||||||||||||||||||
Corporate entities and other | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 12,046.4 | $ | 12.3 | $ | — | $ | (11.5) | $ | 12,047.2 |
Gross Intangible Assets | Accumulated Amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Acquisitions |
Adjustments
and Other
|
Balance as of March 31, 2021 | Balance as of December 31, 2020 | Additions Charged to Expense |
Adjustments
and Other
|
Balance as of March 31, 2021 | Other Intangible Assets, Net as of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships
|
$ | 788.1 | $ | 1.4 | $ | 14.0 | $ | 803.5 | $ | (639.5) | $ | (5.9) | $ | — | $ | (645.4) | $ | 158.1 | ||||||||||||||||||||||||||||||||||||||
Non-compete agreements
|
51.4 | 0.5 | (0.2) | 51.7 | (39.1) | (1.3) | — | (40.4) | 11.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets
|
57.5 | — | — | 57.5 | (45.3) | (0.1) | — | (45.4) | 12.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 897.0 | $ | 1.9 | $ | 13.8 | $ | 912.7 | $ | (723.9) | $ | (7.3) | $ | — | $ | (731.2) | $ | 181.5 | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||
Income taxes receivable | $ | 82.1 | $ | 170.7 | |||||||
Prepaid expenses | 81.3 | 77.7 | |||||||||
Inventories | 61.1 | 59.1 | |||||||||
Other non-trade receivables | 46.9 | 32.2 | |||||||||
Reinsurance receivable | 34.8 | 34.1 | |||||||||
Prepaid fees for cloud-based hosting arrangements, current | 12.3 | 11.8 | |||||||||
Other current assets | 6.0 | 6.7 | |||||||||
Total | $ | 324.5 | $ | 392.3 |
2021 | 2020 | ||||||||||
Operating right-of-use lease assets | $ | 220.8 | $ | 218.8 | |||||||
Deferred compensation plan | 135.7 | 131.8 | |||||||||
Investments | 130.8 | 145.4 | |||||||||
Reinsurance receivable | 85.0 | 84.8 | |||||||||
Deferred contract costs and sales commissions | 80.8 | 82.3 | |||||||||
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements | 30.5 | 29.5 | |||||||||
Other derivative assets | 24.7 | 63.8 | |||||||||
Amounts recoverable for capping, closure and post-closure obligations | 18.9 | 18.5 | |||||||||
Interest rate swaps | 8.6 | 10.0 | |||||||||
Deferred financing costs | 2.0 | 2.7 | |||||||||
Other | 29.2 | 29.8 | |||||||||
Total | $ | 767.0 | $ | 817.4 |
2021 | 2020 | ||||||||||
Insurance reserves, current | $ | 174.6 | $ | 167.5 | |||||||
Accrued payroll and benefits | 157.6 | 221.1 | |||||||||
Accrued fees and taxes | 137.0 | 132.3 | |||||||||
Accrued dividends | 135.6 | 135.5 | |||||||||
Operating right-of-use lease liabilities, current | 35.8 | 33.5 | |||||||||
Ceded insurance reserves, current | 34.8 | 34.1 | |||||||||
Accrued professional fees and legal settlement reserves | 24.3 | 7.2 | |||||||||
Other | 72.7 | 89.0 | |||||||||
Total | $ | 772.4 | $ | 820.2 |
2021 | 2020 | ||||||||||
Operating right-of-use lease liabilities | $ | 207.2 | $ | 206.6 | |||||||
Deferred compensation plan liability | 128.2 | 126.6 | |||||||||
Ceded insurance reserves | 85.0 | 84.8 | |||||||||
Contingent purchase price and acquisition holdbacks | 66.0 | 67.3 | |||||||||
Other derivative liabilities | 60.7 | 103.0 | |||||||||
Withdrawal liability - multiemployer pension funds | 22.3 | 22.3 | |||||||||
Pension and other post-retirement liabilities | 5.5 | 5.5 | |||||||||
Legal settlement reserves | 4.1 | 20.2 | |||||||||
Other | 39.6 | 45.5 | |||||||||
Total | $ | 618.6 | $ | 681.8 |
2021 | 2020 | ||||||||||
Landfill final capping, closure and post-closure liabilities | $ | 1,370.3 | $ | 1,346.4 | |||||||
Environmental remediation | 460.2 | 462.8 | |||||||||
Total accrued landfill and environmental costs | 1,830.5 | 1,809.2 | |||||||||
Less: current portion | (116.9) | (114.5) | |||||||||
Long-term portion | $ | 1,713.6 | $ | 1,694.7 |
2021 | 2020 | ||||||||||
Asset retirement obligation liabilities, beginning of year | $ | 1,346.4 | $ | 1,335.6 | |||||||
Non-cash additions | 10.8 | 11.5 | |||||||||
Acquisitions, net of divestitures and other adjustments | 0.2 | 0.1 | |||||||||
Asset retirement obligation adjustments | 3.4 | (0.5) | |||||||||
Payments | (11.0) | (8.7) | |||||||||
Accretion expense | 20.5 | 20.9 | |||||||||
Asset retirement obligation liabilities, end of period | 1,370.3 | 1,358.9 | |||||||||
Less: current portion | (60.1) | (74.4) | |||||||||
Long-term portion | $ | 1,310.2 | $ | 1,284.5 |
2021 | 2020 | ||||||||||
Environmental remediation liabilities, beginning of year | $ | 462.8 | $ | 500.2 | |||||||
Net adjustments charged to expense | 2.0 | (0.4) | |||||||||
Payments | (8.9) | (17.2) | |||||||||
Accretion expense (non-cash interest expense) | 4.3 | 4.6 | |||||||||
Acquisitions, net of divestitures and other adjustments | — | 1.5 | |||||||||
Environmental remediation liabilities, end of period | 460.2 | 488.7 | |||||||||
Less: current portion | (56.8) | (56.7) | |||||||||
Long-term portion | $ | 403.4 | $ | 432.0 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Maturity | Interest Rate | Principal | Adjustments | Carrying Value | Principal | Adjustments | Carrying Value | |||||||||||||||||||||||||||||||||||||
Credit facilities: | ||||||||||||||||||||||||||||||||||||||||||||
Uncommitted Credit Facility
|
Variable | $ | 12.6 | $ | — | $ | 12.6 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
$1.0 billion - August 2021
|
Variable | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
$2.25 billion - June 2023
|
Variable | — | — | — | 186.0 | — | 186.0 | |||||||||||||||||||||||||||||||||||||
Senior notes: | ||||||||||||||||||||||||||||||||||||||||||||
May 2023 | 4.750 | 300.0 | 3.3 | 303.3 | 300.0 | 4.8 | 304.8 | |||||||||||||||||||||||||||||||||||||
August 2024 | 2.500 | 900.0 | (6.2) | 893.8 | 900.0 | (6.6) | 893.4 | |||||||||||||||||||||||||||||||||||||
March 2025 | 3.200 | 500.0 | (2.8) | 497.2 | 500.0 | (3.0) | 497.0 | |||||||||||||||||||||||||||||||||||||
November 2025 | 0.875 | 350.0 | (3.1) | 346.9 | 350.0 | (3.3) | 346.7 | |||||||||||||||||||||||||||||||||||||
July 2026 | 2.900 | 500.0 | (3.2) | 496.8 | 500.0 | (3.3) | 496.7 | |||||||||||||||||||||||||||||||||||||
November 2027 | 3.375 | 650.0 | (4.3) | 645.7 | 650.0 | (4.5) | 645.5 | |||||||||||||||||||||||||||||||||||||
May 2028 | 3.950 | 800.0 | (13.7) | 786.3 | 800.0 | (14.2) | 785.8 | |||||||||||||||||||||||||||||||||||||
March 2030 | 2.300 | 600.0 | (6.4) | 593.6 | 600.0 | (6.5) | 593.5 | |||||||||||||||||||||||||||||||||||||
February 2031 | 1.450 | 650.0 | (8.6) | 641.4 | 650.0 | (8.6) | 641.4 | |||||||||||||||||||||||||||||||||||||
February 2032 | 1.750 | 750.0 | (6.9) | 743.1 | 750.0 | (7.1) | 742.9 | |||||||||||||||||||||||||||||||||||||
March 2035 | 6.086 | 181.9 | (13.2) | 168.7 | 181.9 | (13.4) | 168.5 | |||||||||||||||||||||||||||||||||||||
March 2040 | 6.200 | 399.9 | (3.6) | 396.3 | 399.9 | (3.6) | 396.3 | |||||||||||||||||||||||||||||||||||||
May 2041 | 5.700 | 385.7 | (5.1) | 380.6 | 385.7 | (5.1) | 380.6 | |||||||||||||||||||||||||||||||||||||
March 2050 | 3.050 | 400.0 | (7.2) | 392.8 | 400.0 | (7.3) | 392.7 | |||||||||||||||||||||||||||||||||||||
Debentures: | ||||||||||||||||||||||||||||||||||||||||||||
May 2021 | 9.250 | 35.3 | — | 35.3 | 35.3 | (0.1) | 35.2 | |||||||||||||||||||||||||||||||||||||
September 2035 | 7.400 | 148.1 | (31.9) | 116.2 | 148.1 | (32.1) | 116.0 | |||||||||||||||||||||||||||||||||||||
Tax-exempt: | ||||||||||||||||||||||||||||||||||||||||||||
2021 - 2050 |
0.100 - 0.300
|
1,111.2 | (6.3) | 1,104.9 | 1,111.2 | (6.5) | 1,104.7 | |||||||||||||||||||||||||||||||||||||
Finance leases: | ||||||||||||||||||||||||||||||||||||||||||||
2021 - 2063 |
0.806 - 12.203
|
207.4 | — | 207.4 | 206.5 | — | 206.5 | |||||||||||||||||||||||||||||||||||||
Total Debt | $ | 8,882.1 | $ | (119.2) | 8,762.9 | $ | 9,054.6 | $ | (120.4) | 8,934.2 | ||||||||||||||||||||||||||||||||||
Less: current portion
|
(168.7) | (168.1) | ||||||||||||||||||||||||||||||||||||||||||
Long-term portion | $ | 8,594.2 | $ | 8,766.1 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of shares repurchased | 0.1 | 1.2 | |||||||||||||||||||||
Amount paid | $ | 12.7 | $ | 98.8 | |||||||||||||||||||
Weighted average cost per share | $ | 89.63 | $ | 85.06 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 295,900 | $ | 246,300 | |||||||||||||||||||
Weighted average common shares outstanding | 319,449 | 319,577 | |||||||||||||||||||||
Basic earnings per share | $ | 0.93 | $ | 0.77 | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 295,900 | $ | 246,300 | |||||||||||||||||||
Weighted average common shares outstanding | 319,449 | 319,577 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Options to purchase common stock | — | 92 | |||||||||||||||||||||
Unvested RSU awards | 141 | 217 | |||||||||||||||||||||
Unvested PSU awards
|
242 | 345 | |||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
319,832 | 320,231 | |||||||||||||||||||||
Diluted earnings per share | $ | 0.93 | $ | 0.77 | |||||||||||||||||||
Cash Flow Hedges | Defined Benefit Pension Items | Total | |||||||||||||||
Balance as of December 31, 2020
|
$ | (30.4) | $ | 18.0 | $ | (12.4) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1.1 | — | 1.1 | ||||||||||||||
Net current period other comprehensive income | 1.1 | — | 1.1 | ||||||||||||||
Balance as of March 31, 2021 | $ | (29.3) | $ | 18.0 | $ | (11.3) |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement where Net Income is Presented | ||||||||||||||||||||||||||||||
Loss on cash flow hedges:
|
||||||||||||||||||||||||||||||||
Terminated interest rate locks | $ | (1.5) | $ | (1.1) | Interest expense | |||||||||||||||||||||||||||
Total before tax | (1.5) | (1.1) | ||||||||||||||||||||||||||||||
Tax benefit | 0.4 | 0.3 | ||||||||||||||||||||||||||||||
Total loss reclassified into earnings, net of tax | $ | (1.1) | $ | (0.8) |
Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
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 | $ | (78.4) | $ | (96.7) | |||||||||||||||||||
The effects of fair value and cash flow hedging relationships in Subtopic 815-20: | |||||||||||||||||||||||
Gain on fair value hedging relationships: | |||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||
Net swap settlements | $ | 2.0 | $ | 0.7 | |||||||||||||||||||
Net periodic earnings | $ | 0.1 | $ | 0.6 | |||||||||||||||||||
Loss on cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate swap locks: | |||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax | $ | (1.1) | $ | (0.8) | |||||||||||||||||||
The effects of derivative instruments not in Subtopic 815-20: | |||||||||||||||||||||||
(Loss) gain on free-standing derivative instruments: | |||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||
Loss on change in fair value of free-standing derivative instruments | $ | (1.1) | $ | — | |||||||||||||||||||
Interest rate contract: | |||||||||||||||||||||||
Net gain (loss) on change in fair value of free-standing derivative instruments | $ | 0.4 | $ | (2.6) |
March 31, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying Amount | Total |
Quoted
Prices in Active Markets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Money market mutual funds | $ | 32.7 | $ | 32.7 | $ | 32.7 | $ | — | $ | — | |||||||||||||||||||
Bonds - restricted cash and marketable securities and other assets
|
70.2 | 70.2 | — | 70.2 | — | ||||||||||||||||||||||||
Interest rate swaps - other assets | 8.6 | 8.6 | — | 8.6 | — | ||||||||||||||||||||||||
Other derivative assets - other assets | 24.7 | 24.7 | — | 24.7 | — | ||||||||||||||||||||||||
Total assets | $ | 136.2 | $ | 136.2 | $ | 32.7 | $ | 103.5 | $ | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Other derivative liabilities - other long-term liabilities | $ | 60.7 | $ | 60.7 | $ | — | $ | 60.7 | $ | — | |||||||||||||||||||
Contingent consideration - other accrued liabilities and other long-term liabilities
|
70.3 | 70.3 | — | — | 70.3 | ||||||||||||||||||||||||
Total liabilities | $ | 131.0 | $ | 131.0 | $ | — | $ | 60.7 | $ | 70.3 |
December 31, 2020 | |||||||||||||||||||||||||||||
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 | $ | 32.3 | $ | 32.3 | $ | 32.3 | $ | — | $ | — | |||||||||||||||||||
Bonds - restricted cash and marketable securities and other assets
|
73.8 | 73.8 | — | 73.8 | — | ||||||||||||||||||||||||
Interest rate swaps - other assets | 10.0 | 10.0 | — | 10.0 | — | ||||||||||||||||||||||||
Other derivative assets - other assets | 63.8 | 63.8 | — | 63.8 | — | ||||||||||||||||||||||||
Total assets | $ | 179.9 | $ | 179.9 | $ | 32.3 | $ | 147.6 | $ | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Other derivative liabilities - other long-term liabilities | $ | 103.0 | $ | 103.0 | $ | — | $ | 103.0 | $ | — | |||||||||||||||||||
Contingent consideration - other accrued liabilities and other long-term liabilities | 70.6 | 70.6 | — | — | 70.6 | ||||||||||||||||||||||||
Total liabilities | $ | 173.6 | $ | 173.6 | $ | — | $ | 103.0 | $ | 70.6 |
Gross Revenue | Intercompany Revenue | Net Revenue | Depreciation, Amortization, Depletion and Accretion | Operating Income (Loss) | Capital Expenditures | Total Assets | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,548.1 | $ | (249.0) | $ | 1,299.1 | $ | 132.1 | $ | 351.5 | $ | 108.1 | $ | 11,735.1 | |||||||||||||||||||||||||||
Group 2 | 1,423.8 | (201.8) | 1,222.0 | 128.7 | 261.8 | 67.7 | 9,180.7 | ||||||||||||||||||||||||||||||||||
Corporate entities and other | 85.7 | (10.4) | 75.3 | 41.8 | (120.9) | 155.2 | 2,336.8 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,057.6 | $ | (461.2) | $ | 2,596.4 | $ | 302.6 | $ | 492.4 | $ | 331.0 | $ | 23,252.6 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,507.5 | $ | (252.9) | $ | 1,254.6 | $ | 128.5 | $ | 313.6 | $ | 122.6 | $ | 11,376.6 | |||||||||||||||||||||||||||
Group 2 | 1,411.2 | (203.1) | 1,208.1 | 125.1 | 229.3 | 81.0 | 8,891.8 | ||||||||||||||||||||||||||||||||||
Corporate entities and other | 102.8 | (11.6) | 91.2 | 35.9 | (109.8) | 169.5 | 2,640.5 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,021.5 | $ | (467.6) | $ | 2,553.9 | $ | 289.5 | $ | 433.1 | $ | 373.1 | $ | 22,908.9 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential
|
$ | 593.1 | 22.8 | % | $ | 568.5 | 22.3 | % | |||||||||||||||||||||||||||||||||||||||
Small-container
|
810.5 | 31.2 | 805.7 | 31.5 | |||||||||||||||||||||||||||||||||||||||||||
Large-container
|
540.1 | 20.8 | 552.4 | 21.6 | |||||||||||||||||||||||||||||||||||||||||||
Other
|
14.2 | 0.5 | 12.3 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||
Total collection
|
1,957.9 | 75.3 | 1,938.9 | 75.9 | |||||||||||||||||||||||||||||||||||||||||||
Transfer | 331.3 | 321.9 | |||||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (185.1) | (185.6) | |||||||||||||||||||||||||||||||||||||||||||||
Transfer, net
|
146.2 | 5.6 | 136.3 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||
Landfill | 562.6 | 558.3 | |||||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (249.3) | (252.3) | |||||||||||||||||||||||||||||||||||||||||||||
Landfill, net
|
313.3 | 12.1 | 306.0 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||
Environmental solutions | 30.0 | 1.2 | 46.8 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||
Recycling processing and commodity sales
|
87.6 | 3.4 | 67.8 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||
Other non-core
|
61.4 | 2.4 | 58.1 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||
Total other
|
149.0 | 5.8 | 125.9 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 2,596.4 | 100.0 | % | $ | 2,553.9 | 100.0 | % |
2021 | 2020 | ||||||||||
Balance at beginning of year | $ | 34.7 | $ | 34.0 | |||||||
Additions charged to expense | 4.3 | 4.9 | |||||||||
Accounts written-off | (3.0) | (6.5) | |||||||||
Balance at end of period | $ | 36.0 | $ | 32.4 |
March 31, 2021 | December 31, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 23.2 | $ | 38.2 | $ | 281.6 | $ | 47.1 | ||||||||||||||||||
Restricted cash and marketable securities | 134.6 | 149.1 | 117.7 | 179.4 | ||||||||||||||||||||||
Less: restricted marketable securities | (69.5) | (73.1) | (55.9) | (49.1) | ||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 88.3 | $ | 114.2 | $ | 343.4 | $ | 177.4 |
March 31, 2021 | December 31, 2020 | ||||||||||
Capping, closure and post-closure obligations | $ | 31.6 | $ | 31.5 | |||||||
Insurance | 103.0 | 117.6 | |||||||||
Total restricted cash and marketable securities | $ | 134.6 | $ | 149.1 |
(Anticipated)
Year Ending December 31, 2021 |
|||||
Diluted earnings per share | $ 3.65 to 3.69 | ||||
Restructuring charges | 0.03 to 0.04 | ||||
Accelerated vesting of compensation expense for CEO transition | 0.06 | ||||
Adjusted diluted earnings per share | $ 3.74 to 3.79 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,596.4 | 100.0 | % | $ | 2,553.9 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of operations | 1,534.3 | 59.1 | 1,550.0 | 60.7 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and depletion of property and equipment | 264.8 | 10.2 | 253.8 | 9.9 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of other intangible assets | 7.3 | 0.3 | 5.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of other assets | 10.0 | 0.4 | 9.5 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
Accretion | 20.5 | 0.8 | 20.9 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 265.4 | 10.2 | 277.1 | 10.9 | |||||||||||||||||||||||||||||||||||||||||||
Withdrawal costs - multiemployer pension funds
|
— | — | 4.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Gain on business divestitures and impairments, net | (1.1) | — | (3.9) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 2.8 | 0.1 | 3.8 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 492.4 | 18.9 | % | $ | 433.1 | 17.0 | % |
Three Months Ended March 31, 2021
|
Three Months Ended March 31, 2020
|
|||||||||||||||||||||||||||||||||||||
Net | Diluted | Net | Diluted | |||||||||||||||||||||||||||||||||||
Pre-tax | Income - | Earnings | Pre-tax | Income - | Earnings | |||||||||||||||||||||||||||||||||
Income | Republic | per Share | Income | Republic | per Share | |||||||||||||||||||||||||||||||||
As reported | $ | 400.1 | $ | 295.9 | $ | 0.93 | $ | 322.6 | $ | 246.3 | $ | 0.77 | ||||||||||||||||||||||||||
Restructuring charges(1)
|
2.8 | 2.1 | — | 3.8 | 2.8 | 0.01 | ||||||||||||||||||||||||||||||||
Gain on business divestitures and impairments, net(1)
|
(1.1) | (0.8) | — | (3.9) | (2.9) | (0.01) | ||||||||||||||||||||||||||||||||
Withdrawal costs - multiemployer pension funds | — | — | — | 4.3 | 3.1 | 0.01 | ||||||||||||||||||||||||||||||||
Bridgeton insurance recovery | — | — | — | (10.8) | (8.2) | (0.03) | ||||||||||||||||||||||||||||||||
Total adjustments | 1.7 | 1.3 | — | (6.6) | (5.2) | (0.02) | ||||||||||||||||||||||||||||||||
As adjusted | $ | 401.8 | $ | 297.2 | $ | 0.93 | $ | 316.0 | $ | 241.1 | $ | 0.75 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential
|
$ | 593.1 | 22.8 | % | $ | 568.5 | 22.3 | % | |||||||||||||||||||||||||||||||||||||||
Small-container
|
810.5 | 31.2 | 805.7 | 31.5 | |||||||||||||||||||||||||||||||||||||||||||
Large-container
|
540.1 | 20.8 | 552.4 | 21.6 | |||||||||||||||||||||||||||||||||||||||||||
Other
|
14.2 | 0.5 | 12.3 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||
Total collection
|
1,957.9 | 75.3 | 1,938.9 | 75.9 | |||||||||||||||||||||||||||||||||||||||||||
Transfer | 331.3 | 321.9 | |||||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (185.1) | (185.6) | |||||||||||||||||||||||||||||||||||||||||||||
Transfer, net
|
146.2 | 5.6 | 136.3 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||
Landfill | 562.6 | 558.3 | |||||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (249.3) | (252.3) | |||||||||||||||||||||||||||||||||||||||||||||
Landfill, net
|
313.3 | 12.1 | 306.0 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||
Environmental solutions | 30.0 | 1.2 | 46.8 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||
Recycling processing and commodity sales
|
87.6 | 3.4 | 67.8 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||
Other non-core
|
61.4 | 2.4 | 58.1 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||
Total other
|
149.0 | 5.8 | 125.9 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 2,596.4 | 100.0 | % | $ | 2,553.9 | 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Average yield | 2.3 | % | 2.9 | % | |||||||||||||||||||
Fuel recovery fees | (0.4) | (0.2) | |||||||||||||||||||||
Total price | 1.9 | 2.7 | |||||||||||||||||||||
Volume | (0.8) | (0.1) | |||||||||||||||||||||
Change in workdays | (0.5) | 0.5 | |||||||||||||||||||||
Recycling processing and commodity sales | 0.8 | (0.2) | |||||||||||||||||||||
Environmental solutions | (0.7) | (0.5) | |||||||||||||||||||||
Total internal growth | 0.7 | 2.4 | |||||||||||||||||||||
Acquisitions / divestitures, net | 1.0 | 1.0 | |||||||||||||||||||||
Total | 1.7 | % | 3.4 | % | |||||||||||||||||||
Core price | 4.3 | % | 5.2 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Labor and related benefits | $ | 555.7 | 21.4 | % | $ | 556.9 | 21.8 | % | |||||||||||||||||||||||||||||||||||||||
Transfer and disposal costs | 192.4 | 7.4 | 198.5 | 7.8 | |||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 237.4 | 9.2 | 247.3 | 9.7 | |||||||||||||||||||||||||||||||||||||||||||
Transportation and subcontract costs
|
168.8 | 6.5 | 167.3 | 6.6 | |||||||||||||||||||||||||||||||||||||||||||
Fuel | 78.9 | 3.0 | 79.6 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||
Disposal fees and taxes
|
77.7 | 3.0 | 77.3 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||
Landfill operating costs | 57.4 | 2.2 | 64.7 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||
Risk management | 59.3 | 2.3 | 61.9 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||
Other | 106.7 | 4.1 | 107.3 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal
|
1,534.3 | 59.1 | 1,560.8 | 61.1 | |||||||||||||||||||||||||||||||||||||||||||
Bridgeton insurance recovery
|
— | — | (10.8) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||
Total cost of operations | $ | 1,534.3 | 59.1 | % | $ | 1,550.0 | 60.7 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of property and equipment
|
$ | 177.7 | 6.8 | % | $ | 170.8 | 6.7 | % | |||||||||||||||||||||||||||||||||||||||
Landfill depletion and amortization
|
87.1 | 3.4 | 83.0 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and depletion expense
|
$ | 264.8 | 10.2 | % | $ | 253.8 | 9.9 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Salaries and related benefits | $ | 194.3 | 7.4 | % | $ | 191.3 | 7.5 | % | |||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts
|
4.3 | 0.2 | 4.9 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Other | 66.8 | 2.6 | 80.9 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||
Total selling, general and administrative expenses
|
$ | 265.4 | 10.2 | % | $ | 277.1 | 10.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Interest expense on debt
|
$ | 62.9 | $ | 82.5 | |||||||||||||||||||
Non-cash interest | 16.0 | 15.0 | |||||||||||||||||||||
Less: capitalized interest | (0.5) | (0.8) | |||||||||||||||||||||
Total interest expense | $ | 78.4 | $ | 96.7 |
Net Revenue | Depreciation, Amortization, Depletion and Accretion Before Adjustments for Asset Retirement Obligations | Adjustments to Amortization Expense for Asset Retirement Obligations | Depreciation, Amortization, Depletion and Accretion | Gain on Business Divestitures and Impairments, Net | Operating Income (Loss) | Operating Margin | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,299.1 | $ | 133.1 | $ | (1.0) | $ | 132.1 | $ | — | $ | 351.5 | 27.1 | % | |||||||||||||||||||||||||||
Group 2 | 1,222.0 | 128.1 | 0.6 | 128.7 | — | 261.8 | 21.4 | % | |||||||||||||||||||||||||||||||||
Corporate entities and other | 75.3 | 37.6 | 4.2 | 41.8 | (1.1) | (120.9) | — | ||||||||||||||||||||||||||||||||||
Total | $ | 2,596.4 | $ | 298.8 | $ | 3.8 | $ | 302.6 | $ | (1.1) | $ | 492.4 | 19.0 | % | |||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,254.6 | $ | 128.7 | $ | (0.2) | $ | 128.5 | $ | — | $ | 313.6 | 25.0 | % | |||||||||||||||||||||||||||
Group 2 | 1,208.1 | 125.3 | (0.2) | 125.1 | — | 229.3 | 19.0 | % | |||||||||||||||||||||||||||||||||
Corporate entities and other | 91.2 | 35.9 | — | 35.9 | (3.9) | (109.8) | — | ||||||||||||||||||||||||||||||||||
Total | $ | 2,553.9 | $ | 289.9 | $ | (0.4) | $ | 289.5 | $ | (3.9) | $ | 433.1 | 17.0 | % |
Balance as of December 31, 2020
|
New Expansions Undertaken | Landfills Acquired, Net of Divestitures |
Permits Granted /
New Sites, Net of Closures |
Airspace
Consumed |
Changes in Engineering Estimates |
Balance as of March 31, 2021
|
|||||||||||||||||||||||||||||||||||
Cubic yards (in millions): | |||||||||||||||||||||||||||||||||||||||||
Permitted airspace | 4,792.5 | — | — | 32.6 | (17.9) | 1.2 | 4,808.4 | ||||||||||||||||||||||||||||||||||
Probable expansion airspace | 196.4 | 15.0 | — | (27.3) | — | — | 184.1 | ||||||||||||||||||||||||||||||||||
Total cubic yards (in millions) | 4,988.9 | 15.0 | — | 5.3 | (17.9) | 1.2 | 4,992.5 | ||||||||||||||||||||||||||||||||||
Number of sites: | |||||||||||||||||||||||||||||||||||||||||
Permitted airspace | 186 | — | — | — | 186 | ||||||||||||||||||||||||||||||||||||
Probable expansion airspace | 11 | 1 | — | (1) | 11 |
Gross Property and Equipment | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
Capital
Additions |
Retirements |
Acquisitions,
Net of Divestitures |
Non-cash
Additions for Asset Retirement Obligations |
Adjustments
for Asset Retirement Obligations |
Impairments,
Transfers and Other Adjustments |
Balance as of March 31, 2021
|
||||||||||||||||||||||||||||||||||||||||
Land | $ | 467.1 | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | $ | 0.1 | $ | 467.5 | |||||||||||||||||||||||||||||||
Non-depletable landfill land | 166.3 | 0.1 | — | — | — | — | — | 166.4 | |||||||||||||||||||||||||||||||||||||||
Landfill development costs | 7,991.7 | 0.6 | — | — | 10.4 | 3.4 | 125.3 | 8,131.4 | |||||||||||||||||||||||||||||||||||||||
Vehicles and equipment | 8,119.0 | 129.6 | (60.1) | 2.4 | — | — | 23.7 | 8,214.6 | |||||||||||||||||||||||||||||||||||||||
Buildings and improvements | 1,402.5 | 2.1 | (0.1) | 1.2 | 0.4 | — | 11.9 | 1,418.0 | |||||||||||||||||||||||||||||||||||||||
Construction-in-progress - landfill | 303.8 | 42.4 | — | — | — | — | (126.0) | 220.2 | |||||||||||||||||||||||||||||||||||||||
Construction-in-progress - other | 107.4 | 27.8 | — | — | — | — | (36.2) | 99.0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 18,557.8 | $ | 202.6 | $ | (60.2) | $ | 3.9 | $ | 10.8 | $ | 3.4 | $ | (1.2) | $ | 18,717.1 |
Accumulated Depreciation, Amortization and Depletion | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
Additions
Charged to Expense |
Retirements |
Acquisitions,
Net of Divestitures |
Adjustments
for Asset Retirement Obligations |
Impairments,
Transfers and Other Adjustments |
Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||||||
Landfill development costs | $ | (4,249.5) | $ | (83.2) | $ | — | $ | — | $ | (3.8) | $ | — | $ | (4,336.5) | |||||||||||||||||||||||||||
Vehicles and equipment | (4,953.4) | (161.5) | 58.8 | — | — | — | (5,056.1) | ||||||||||||||||||||||||||||||||||
Buildings and improvements | (628.7) | (16.7) | 0.1 | — | — | — | (645.3) | ||||||||||||||||||||||||||||||||||
Total | $ | (9,831.6) | $ | (261.4) | $ | 58.9 | $ | — | $ | (3.8) | $ | — | $ | (10,037.9) |
March 31, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | 23.2 | $ | 38.2 | |||||||
Restricted cash and marketable securities | 134.6 | 149.1 | |||||||||
Less: restricted marketable securities | (69.5) | (73.1) | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 88.3 | $ | 114.2 |
March 31, 2021 | December 31, 2020 | ||||||||||
Capping, closure and post-closure obligations | $ | 31.6 | $ | 31.5 | |||||||
Insurance | 103.0 | 117.6 | |||||||||
Total restricted cash and marketable securities | $ | 134.6 | $ | 149.1 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by operating activities | $ | 661.0 | $ | 595.8 | |||||||
Cash used in investing activities | $ | (344.6) | $ | (461.7) | |||||||
Cash (used in) provided by financing activities | $ | (342.3) | $ | 31.9 |
Total Number of
Shares Purchased (a) |
Average Price Paid
per Share (a) |
Total Number of
Shares Purchased as Part of Publicly Announced Program (b) |
Dollar
Value of Shares that May Yet Be Purchased Under the Program (c) |
||||||||||||||||||||
January 1 - 31 | — | $ | — | — | $ | 2,000,000,000 | |||||||||||||||||
February 1 - 28 | 109,337 | $ | 89.54 | 109,337 | $ | 1,990,209,774 | |||||||||||||||||
March 1 - 31 | 32,100 | $ | 89.95 | 32,100 | $ | 1,987,322,434 | |||||||||||||||||
141,437 | 141,437 |
Exhibit Number | Description of Exhibit | |||||||
Offer letter, dated March 26, 2021, by and between Jon Vander Ark and Republic Services, Inc.
|
||||||||
Non-Competition, Non-Solicitation, Confidentiality, and Arbitration Agreement, effective June 25, 2021, by and between Jon Vander Ark and Republic Services, Inc.
|
||||||||
Transition Agreement, effective March 26, 2021, by and between Donald W. Slager and Republic Services, Inc. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. | ||||||||
Section 1350 Certification of Chief Executive Officer. | ||||||||
Section 1350 Certification of Chief Financial Officer. | ||||||||
101.INS* | XBRL Instance Document. - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. | ||||
** |
This exhibit is being furnished rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
|
||||
+ | Indicates a management or compensatory plan or arrangement | ||||
REPUBLIC SERVICES, INC. | |||||||||||
Date: | May 5, 2021 | By: |
/s/ BRIAN DELGHIACCIO
|
||||||||
Brian DelGhiaccio
|
|||||||||||
Executive Vice President,
Chief Financial Officer (Principal Financial Officer) |
|||||||||||
Date: | May 5, 2021 | By: |
/s/ BRIAN A. GOEBEL
|
||||||||
Brian A. Goebel | |||||||||||
Vice President and
Chief Accounting Officer (Principal Accounting Officer) |
1 Year Republic Services Chart |
1 Month Republic Services Chart |
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