Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheets


	December 31, 2011
	Parent		Guarantors		Non-Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	9.6	$	53.9	$	2.8		$	-		$	66.3
Accounts receivable, net		-		765.2		60.6			-			825.8
Prepaid expenses and other current assets		100.3		92.6		23.0			-			215.9
Deferred tax assets		147.5		-		10.2			-			157.7

Total current assets		257.4		911.7		96.6			-			1,265.7
Restricted cash and marketable securities		51.9		49.5		88.2			-			189.6
Property and equipment, net		55.8		6,234.0		502.5			-			6,792.3
Goodwill		-		10,647.0		-			-			10,647.0
Other intangible assets, net		15.3		394.3		-			-			409.6
Investment and net advances to affiliate		15,044.0		70.2		152.5			(15,266.7	)		-
Other assets		105.7		82.9		58.7			-			247.3

Total assets	$	15,530.1	$	18,389.6	$	898.5		$	(15,266.7	)	$	19,551.5

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	239.3	$	305.5	$	18.8		$	-		$	563.6
Notes payable and current maturities of long-term debt		25.6		7.6		1.6			-			34.8
Deferred revenue		-		288.5		1.7			-			290.2
Accrued landfill and environmental costs, current portion		-		184.2		-			-			184.2
Accrued interest		61.8		10.4		-			-			72.2
Other accrued liabilities		393.1		187.0		172.4			-			752.5

Total current liabilities		719.8		983.2		194.5			-			1,897.5
Long-term debt, net of current maturities		5,871.1		1,002.8		13.1			-			6,887.0
Accrued landfill and environmental costs, net of current portion		-		1,127.9		268.6			-			1,396.5
Deferred income taxes and other long-term tax liabilities		1,169.6		-		(8.5	)		-			1,161.1
Self-insurance reserves, net of current portion		-		72.6		231.3			-			303.9
Other long-term liabilities		88.3		75.8		58.0			-			222.1
Commitments and contingencies
Stockholders’ equity:
Common stock		4.0		-		-			-			4.0
Other equity		7,677.3		15,127.3		139.4			(15,266.7	)		7,677.3

Total Republic Services, Inc. stockholders’ equity		7,681.3		15,127.3		139.4			(15,266.7	)		7,681.3
Noncontrolling interests		-		-		2.1			-			2.1

Total stockholders’ equity		7,681.3		15,127.3		141.5			(15,266.7	)		7,683.4

Total liabilities and stockholders’ equity	$	15,530.1	$	18,389.6	$	898.5		$	(15,266.7	)	$	19,551.5

Condensed Consolidating Balance Sheets


	December 31, 2010
	Parent		Guarantors		Non-Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	14.5	$	70.5	$	3.3		$	-		$	88.3
Accounts receivable, net		-		762.2		66.7			-			828.9
Prepaid expenses and other current assets		112.0		72.4		23.0			-			207.4
Deferred tax assets		111.2		0.1		10.2			-			121.5

Total current assets		237.7		905.2		103.2			-			1,246.1
Restricted cash and marketable securities		39.8		47.1		85.9			-			172.8
Property and equipment, net		47.2		6,154.7		496.6			-			6,698.5
Goodwill		-		10,655.3		-			-			10,655.3
Other intangible assets, net		21.8		429.5		-			-			451.3
Investment and net advances to affiliate		13,513.9		58.1		149.1			(13,721.1	)		-
Other assets		88.2		94.7		55.0			-			237.9

Total assets	$	13,948.6	$	18,344.6	$	889.8		$	(13,721.1	)	$	19,461.9


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	89.7	$	492.2	$	24.6		$	-		$	606.5
Notes payable and current maturities of long-term debt		392.2		484.7		1.6			-			878.5
Deferred revenue		-		293.3		1.8			-			295.1
Accrued landfill and environmental costs, current portion		-		182.0		-			-			182.0
Accrued interest		61.4		31.7		-			-			93.1
Other accrued liabilities		222.3		196.7		202.3			-			621.3

Total current liabilities		765.6		1,680.6		230.3			-			2,676.5
Long-term debt, net of current maturities		4,090.8		1,761.1		13.2			-			5,865.1
Accrued landfill and environmental costs, net of current portion		-		1,148.2		268.4			-			1,416.6
Deferred income taxes and other long-term tax liabilities		1,053.3		-		(8.5	)		-			1,044.8
Self-insurance reserves, net of current portion		-		97.8		206.7			-			304.5
Other long-term liabilities		192.4		58.7		54.4			-			305.5
Commitments and contingencies
Stockholders’ equity:
Common stock		4.0		-		-			-			4.0
Other equity		7,842.5		13,598.2		122.9			(13,721.1	)		7,842.5

Total Republic Services, Inc. stockholders’ equity		7,846.5		13,598.2		122.9			(13,721.1	)		7,846.5
Noncontrolling interests		-		-		2.4			-			2.4

Total stockholders’ equity		7,846.5		13,598.2		125.3			(13,721.1	)		7,848.9

Total liabilities and stockholders’ equity	$	13,948.6	$	18,344.6	$	889.8		$	(13,721.1	)	$	19,461.9

Condensed Consolidating Statements of Income

Condensed Consolidating Statements of Income


	Year Ended December 31, 2011
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Revenue	$	-		$	7,863.6		$	401.0		$	(71.7	)	$	8,192.9
Expenses:
Cost of operations		8.6			4,592.5			335.7			(71.7	)		4,865.1
Depreciation, amortization and depletion		22.9			777.4			43.3			-			843.6
Accretion		-			77.2			0.8			-			78.0
Selling, general and administrative		154.5			636.2			34.7			-			825.4
(Gain) loss on disposition of assets and impairments, net		(1.1	)		29.2			-			-			28.1

Operating (loss) income		(184.9	)		1,751.1			(13.5	)		-			1,552.7
Interest expense		(274.5	)		(165.8	)		0.1			-			(440.2	)
Loss on extinguishment of debt		(1.9	)		(208.9	)		-			-			(210.8	)
Interest income		(7.4	)		(5.9	)		13.6			-			0.3
Other (expense) income, net		(19.8	)		22.5			1.6			-			4.3
Equity in earnings of subsidiaries		940.2			10.9			3.4			(954.5	)		-
Intercompany interest income (expense)		(109.4	)		39.6			69.8			-			-

Income before income taxes		342.3			1,443.5			75.0			(954.5	)		906.3
(Benefit) provision for income taxes		(246.9	)		536.6			27.7			-			317.4

Net income		589.2			906.9			47.3			(954.5	)		588.9
Net income attributable to noncontrolling interests		-			-			0.3			-			0.3

Net income attributable to Republic Services, Inc.	$	589.2		$	906.9		$	47.6		$	(954.5	)	$	589.2

Condensed Consolidating Statements of Comprehensive Income


	Year Ended December 31, 2011
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
Net income	$	589.2		$	906.9		$	47.3	$	(954.5	)	$	588.9
Other comprehensive income, net of tax
Hedging Activity:
Settlements		(25.3	)		-			-		-			(25.3	)
Realized losses reclassified into earnings		4.9			-			-		-			4.9
Unrealized gains (loss)		1.3			-			-		-			1.3
Pension Activity:
Change in funded status of pension plan obligations		-			(20.7	)		-		-			(20.7	)
Gains related to pension settlement reclassified to earnings		-			(3.6	)		-		-			(3.6	)

Other comprehensive (loss) income , net of tax		(19.1	)		(24.3	)		-		-			(43.4	)
Comprehensive income		570.1			882.6			47.3		(954.5	)		545.5
Comprehensive loss (income) attributable to noncontrolling interests		-			-			0.3		-			0.3

Comprehensive income attributable to Republic Services, Inc.	$	570.1		$	882.6		$	47.6	$	(954.5	)	$	545.8

Condensed Consolidating Statements of Income


	Year Ended December 31, 2010
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Revenue	$	-		$	7,752.8		$	423.1		$	(69.3	)	$	8,106.6
Expenses:
Cost of operations		3.1			4,469.0			362.0			(69.3	)		4,764.8
Depreciation, amortization and depletion		21.6			772.6			39.5			-			833.7
Accretion		-			76.8			3.7			-			80.5
Selling, general and administrative		198.5			626.9			32.6			-			858.0
Loss on disposition of assets and impairments, net		1.6			17.5			-			-			19.1
Restructuring charges		-			11.4			-			-			11.4

Operating (loss) income		(224.8	)		1,778.6			(14.7	)		-			1,539.1
Interest expense		(207.7	)		(297.5	)		(2.2	)		-			(507.4	)
Loss on extinguishment of debt		(4.7	)		(155.9	)		(0.2	)		-			(160.8	)
Interest income		(6.3	)		(5.1	)		12.1			-			0.7
Other (expense) income, net		(7.5	)		13.3			(0.4	)		-			5.4
Equity in earnings of subsidiaries		437.2			18.6			3.4			(459.2	)		-
Intercompany interest income (expense)		569.6			(630.3	)		60.7			-			-

Income before income taxes		555.8			721.7			58.7			(459.2	)		877.0
Provision for income taxes		49.3			298.5			21.7			-			369.5

Net income		506.5			423.2			37.0			(459.2	)		507.5
Net income attributable to noncontrolling interests		-			-			(1.0	)		-			(1.0	)

Net income attributable to Republic Services, Inc.	$	506.5		$	423.2		$	36.0		$	(459.2	)	$	506.5

Condensed Consolidating Statements of Comprehensive Income


	Year Ended December 31, 2010
	Parent			Guarantors		Non-Guarantors			Eliminations			Consolidated
Net income	$	506.5		$	423.2	$	37.0		$	(459.2	)	$	507.5
Other comprehensive income, net of tax
Hedging Activity:
Settlements		(7.3	)		-		-			-			(7.3	)
Realized losses reclassified into earnings		3.9			-		-			-			3.9
Unrealized gains (losses)		(2.4	)		-		-			-			(2.4	)
Pension Activity:
Change in funded status of pension plan obligations		-			8.7		-			-			8.7

Other comprehensive (loss) income, net of tax		(5.8	)		8.7		-			-			2.9
Comprehensive income		500.7			431.9		37.0			(459.2	)		510.4
Comprehensive loss (income) attributable to noncontrolling interests		-			-		(1.0	)		-			(1.0	)

Comprehensive income attributable to Republic Services, Inc.	$	500.7		$	431.9	$	36.0		$	(459.2	)	$	509.4

Condensed Consolidating Statements of Income


	Year Ended December 31, 2009
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Revenue	$	-		$	7,830.0		$	444.3		$	(75.2	)	$	8,199.1
Expenses:
Cost of operations		3.8			4,601.9			313.7			(75.2	)		4,844.2
Depreciation, amortization and depletion		14.6			833.8			21.3			-			869.7
Accretion		0.1			86.0			2.7			-			88.8
Selling, general and administrative		184.9			653.1			42.4			-			880.4
Loss (gain) on disposition of assets and impairments, net		12.0			(149.0	)		-			-			(137.0	)
Restructuring charges		-			63.2			-			-			63.2

Operating (loss) income		(215.4	)		1,741.0			64.2			-			1,589.8
Interest expense		(99.7	)		(493.8	)		(2.4	)		-			(595.9	)
Loss on extinguishment of debt		(7.0	)		(127.1	)		-			-			(134.1	)
Interest income		(2.4	)		(2.1	)		6.5			-			2.0
Other (expense) income, net		(0.7	)		1.9			2.0			-			3.2
Equity in earnings of subsidiaries		472.8			53.0			6.0			(531.8	)		-
Intercompany interest income (expense)		363.6			(387.4	)		23.8			-			-

Income before income taxes		511.2			785.5			100.1			(531.8	)		865.0
Provision for income taxes		16.2			315.3			37.0			-			368.5

Net income		495.0			470.2			63.1			(531.8	)		496.5
Net income attributable to noncontrolling interests		-			-			(1.5	)		-			(1.5	)

Net income attributable to Republic Services, Inc.	$	495.0		$	470.2		$	61.6		$	(531.8	)	$	495.0

Condensed Consolidating Statements of Comprehensive Income


	Year Ended December 31, 2009
	Parent			Guarantors		Non-Guarantors			Eliminations			Consolidated
Net income	$	495.0		$	470.2	$	63.1		$	(531.8	)	$	496.5
Other comprehensive income, net of tax
Hedging Activity:
Settlements		(2.7	)		-		-			-			(2.7	)
Realized losses reclassified into earnings		1.2			-		-			-			1.2
Unrealized gains (losses)		1.4			-		-			-			1.4
Pension Activity:
Change in funded status of pension plan obligations		-			22.2		-			-			22.2

Other comprehensive (loss) income, net of tax		(0.1	)		22.2		-			-			22.1
Comprehensive income		494.9			492.4		63.1			(531.8	)		518.6
Comprehensive loss (income) attributable to noncontrolling interests		-			-		(1.5	)		-			(1.5	)

Comprehensive income attributable to Republic Services, Inc.	$	494.9		$	492.4	$	61.6		$	(531.8	)	$	517.1

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows


	Year Ended December 31, 2011
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash (used in) provided by operating activities:
Net income	$	589.2		$	906.9		$	47.3		$	(954.5	)	$	588.9
Equity in earnings of subsidiaries, net of taxes		(940.2	)		(10.9	)		(3.4	)		954.5			-
Other adjustments		315.7			856.1			6.0			-			1,177.8

Cash (used in) provided by operating activities		(35.3	)		1,752.1			49.9			-			1,766.7

Cash (used in) provided by investing activities:
Purchases of property and equipment		-			(889.9	)		(46.6	)		-			(936.5	)
Proceeds from sales of property and equipment		-			34.6			-			-			34.6
Cash used in acquisitions, net of cash acquired		-			(42.6	)		-			-			(42.6	)
Cash proceeds from divestitures, net of cash divested		-			14.2			-			-			14.2
Change in restricted cash and marketable securities		(12.1	)		(2.5	)		(2.2	)		-			(16.8	)
Other		-			(3.1	)		-			-			(3.1	)
Change in investment and net advances to affiliate		(589.9	)		-			-			589.9			-

Cash (used in) provided by investing activities		(602.0	)		(889.3	)		(48.8	)		589.9			(950.2	)

Cash provided by (used in) financing activities:
Proceeds from notes payable and long-term debt		1,416.4			-			-			-			1,416.4
Proceeds from issuance of senior notes, net of discount		1,844.9			-			-			-			1,844.9
Payments of notes payable and long-term debt		(1,844.1	)		(1,378.8	)		(1.6	)		-			(3,224.5	)
Premiums paid on extinguishment of debt		-			(89.6	)		-			-			(89.6	)
Fees paid to issue and retire senior notes and certain hedging relationships		(57.9	)		(0.9	)		-			-			(58.8	)
Issuances of common stock		40.7			-			-			-			40.7
Excess income tax benefit from stock option exercises		2.5			-			-			-			2.5
Purchases of common stock for treasury		(460.7	)		-			-			-			(460.7	)
Cash dividends paid		(309.4	)		-			-			-			(309.4	)
Change in investment and net advances from parent		-			589.9			-			(589.9	)		-

Cash provided by (used in) financing activities		632.4			(879.4	)		(1.6	)		(589.9	)		(838.5	)

(Decrease) increase in cash and cash equivalents		(4.9	)		(16.6	)		(0.5	)		-			(22.0	)
Cash and cash equivalents at beginning of period		14.5			70.5			3.3			-			88.3

Cash and cash equivalents at end of period	$	9.6		$	53.9		$	2.8		$	-		$	66.3

Condensed Consolidating Statements of Cash Flows


	Year Ended December 31, 2010
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash provided by (used in) operating activities:
Net income	$	506.5		$	423.2		$	37.0		$	(459.2	)	$	507.5
Equity in earnings of subsidiaries, net of taxes		(437.2	)		(18.6	)		(3.4	)		459.2			-
Other adjustments		291.8			616.4			18.0			-			926.2

Cash provided by (used in) operating activities		361.1			1,021.0			51.6			-			1,433.7

Cash (used in) provided by investing activities:
Purchases of property and equipment		-			(736.9	)		(57.8	)		-			(794.7	)
Proceeds from sales of property and equipment		-			37.4			-			-			37.4
Cash used in acquisitions, net of cash acquired		-			(58.9	)		-			-			(58.9	)
Cash proceeds from divestitures, net of cash divested		-			60.0			-			-			60.0
Change in restricted cash and marketable securities		27.9			37.0			1.4			-			66.3
Other		-			(0.6	)		-			-			(0.6	)
Change in investment and net advances to affiliate		(1,449.0	)		(300.0	)		-			1,749.0			-

Cash (used in) provided by investing activities		(1,421.1	)		(962.0	)		(56.4	)		1,749.0			(690.5	)

Cash provided by (used in) financing activities:
Proceeds from notes payable and long-term debt		1,193.5			-			-			-			1,193.5
Proceeds from issuance of senior notes, net of discount		1,499.4			-			-			-			1,499.4
Payments of notes payable and long-term debt		(1,446.3	)		(1,342.4	)		(301.6	)		-			(3,090.3	)
Premiums paid on extinguishment of debt		-			(30.4	)		-			-			(30.4	)
Fees paid to issue and retire senior notes and certain hedging relationships		(26.2	)		-			-			-			(26.2	)
Issuances of common stock		86.5			-			-			-			86.5
Excess income tax benefit from stock option exercises		3.5			-			-			-			3.5
Purchases of common stock for treasury		(43.1	)		-			-			-			(43.1	)
Cash dividends paid		(294.6	)		-			-			-			(294.6	)
Distributions paid to noncontrolling interest		-			-			(1.2	)		-			(1.2	)
Change in investment and net advances from parent		-			1,449.0			300.0			(1,749.0	)		-

Cash provided by (used in) financing activities		972.7			76.2			(2.8	)		(1,749.0	)		(702.9	)

(Decrease) increase in cash and cash equivalents		(87.3	)		135.2			(7.6	)		-			40.3
Cash and cash equivalents at beginning of period		101.8			(64.7	)		10.9			-			48.0

Cash and cash equivalents at end of period	$	14.5		$	70.5		$	3.3		$	-		$	88.3

Condensed Consolidating Statements of Cash Flows


	Year Ended December 31, 2009
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash provided by (used in) operating activities:
Net income	$	495.0			470.2		$	63.1		$	(531.8	)	$	496.5
Equity in earnings of subsidiaries, net of taxes		(472.8	)		(53.0	)		(6.0	)		531.8			-
Other adjustments		72.1			770.5			57.4			-			900.0

Cash provided by (used in) operating activities		94.3			1,187.7			114.5			-			1,396.5

Cash (used in) provided by investing activities:
Purchases of property and equipment		(15.0	)		(790.7	)		(20.6	)		-			(826.3	)
Proceeds from sales of property and equipment		-			31.8			-			-			31.8
Cash used in acquisitions, net of cash acquired		-			(0.1	)		-			-			(0.1	)
Cash proceeds from divestitures, net of cash divested		-			511.1			-			-			511.1
Change in restricted cash and marketable securities		28.4			17.4			(4.2	)		-			41.6
Other		-			(0.6	)		-			-			(0.6	)
Change in investment and net advances to affiliate		(464.3	)		(8.0	)		-			472.3			-

Cash (used in) provided by investing activities		(450.9	)		(239.1	)		(24.8	)		472.3			(242.5	)

Cash provided by (used in) financing activities:
Proceeds from notes payable and long-term debt		1,378.6			-			94.0			-			1,472.6
Proceeds from issuance of senior notes, net of discount		1,245.4			-			-			-			1,245.4
Payments of notes payable and long-term debt		(1,969.3	)		(1,420.6	)		(194.0	)		-			(3,583.9	)
Premiums paid on extinguishment of debt		(4.4	)		(42.9	)		-			-			(47.3	)
Fees paid to issue and retire senior notes and certain hedging relationships		(11.9	)		(2.4	)		-			-			(14.3	)
Issuances of common stock		39.6			-			-			-			39.6
Excess income tax benefit from stock option exercises		2.5			-			-			-			2.5
Purchases of common stock for treasury		(1.0	)		-			-			-			(1.0	)
Cash dividends paid		(288.3	)		-			-			-			(288.3	)
Change in investment and net advances from parent		-			464.3			8.0			(472.3	)		-

Cash provided by (used in) financing activities		391.2			(1,001.6	)		(92.0	)		(472.3	)		(1,174.7	)

Increase (decrease) in cash and cash equivalents		34.6			(53.0	)		(2.3	)		-			(20.7	)
Cash and cash equivalents at beginning of period		67.2			(11.7	)		13.2			-			68.7

Cash and cash equivalents at end of period	$	101.8		$	(64.7	)	$	10.9		$	-		$	48.0