XML 14 R18.htm IDEA: XBRL DOCUMENT
v3.19.3

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2019
Segment Reporting [Abstract] |
Segment Reporting | 11.SEGMENT REPORTING The Company’s revenues are generated from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented. The Company manages its operations through five geographic operating segments and its E&P segment, which includes the majority of the Company’s E&P waste treatment and disposal operations. The Company’s five geographic operating segments and its E&P segment comprise the Company’s reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. In the first quarter of 2019, the Company moved two districts from the Eastern segment to the Central segment because their locations in Iowa were closer in proximity to operations in the Company’s Central segment. The segment information presented herein reflects the realignment of these districts. Under the current orientation, the Company’s Eastern segment services customers located in northern Illinois, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, eastern Tennessee, Vermont, Virginia and Wisconsin; the Company’s Southern segment services customers located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, southern Oklahoma, western Tennessee and Texas; the Company’s Western segment services customers located in Alaska, California, Idaho, Montana, Nevada, Oregon, Washington and western Wyoming; the Company’s Central segment services customers located in Arizona, Colorado, southern Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, western Texas, Utah and eastern Wyoming; and the Company’s Canada segment services customers located in the state of Michigan and in the provinces of Alberta, British Columbia, Manitoba, Ontario, Québec and Saskatchewan. The E&P segment services E&P customers located in Arkansas, Louisiana, New Mexico, North Dakota, Oklahoma, Texas, Wyoming and along the Gulf of Mexico. The Company’s Chief Operating Decision Maker evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. The Company defines segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items, and other income (expense). Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies. The Company’s management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments. A reconciliation of segment EBITDA to Income before income tax provision is included at the end of this Note 11. Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2019 and 2018, is shown in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended |  | ​ | ​ |  | Intercompany |  | Reported |  | Segment
September 30, 2019 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Eastern | ​ | $ | 399,936 | ​ | $ | (69,049) | ​ | $ | 330,887 | ​ | $ | 88,101
Southern | ​ | ​ | 347,630 | ​ | ​ | (42,442) | ​ | ​ | 305,188 | ​ | ​ | 77,406
Western | ​ |  | 324,859 | ​ |  | (35,651) | ​ |  | 289,208 | ​ |  | 90,059
Central | ​ |  | 262,737 | ​ |  | (32,663) | ​ |  | 230,074 | ​ |  | 81,746
Canada | ​ |  | 217,879 | ​ |  | (27,059) | ​ |  | 190,820 | ​ |  | 66,794
E&P | ​ |  | 69,503 | ​ |  | (3,236) | ​ |  | 66,267 | ​ |  | 35,803
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (446)
​ | ​ | $ | 1,622,544 | ​ | $ | (210,100) | ​ | $ | 1,412,444 | ​ | $ | 439,463
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended |  | ​ | ​ |  | Intercompany |  | Reported |  | Segment
September 30, 2018 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Eastern | ​ | $ | 349,212 | ​ | $ | (64,347) | ​ | $ | 284,865 | ​ | $ | 82,733
Southern | ​ | ​ | 321,306 | ​ | ​ | (38,266) | ​ | ​ | 283,040 | ​ | ​ | 70,159
Western | ​ |  | 303,614 | ​ |  | (32,596) | ​ |  | 271,018 | ​ |  | 86,174
Central | ​ |  | 218,124 | ​ |  | (28,221) | ​ |  | 189,903 | ​ |  | 71,276
Canada | ​ |  | 211,682 | ​ |  | (24,628) | ​ |  | 187,054 | ​ |  | 68,819
E&P | ​ |  | 67,348 | ​ |  | (2,118) | ​ |  | 65,230 | ​ |  | 35,099
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (8,286)
​ | ​ | $ | 1,471,286 | ​ | $ | (190,176) | ​ | $ | 1,281,110 | ​ | $ | 405,974
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | ​ | ​ | ​ | Intercompany | ​ | Reported | ​ | Segment
September 30, 2019 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Eastern | ​ | $ | 1,137,258 | ​ | $ | (189,924) | ​ | $ | 947,334 | ​ | $ | 250,106
Southern | ​ | ​ | 1,011,572 | ​ | ​ | (121,040) | ​ | ​ | 890,532 | ​ | ​ | 226,294
Western | ​ |  | 922,737 | ​ |  | (101,552) | ​ |  | 821,185 | ​ |  | 253,504
Central | ​ |  | 715,997 | ​ |  | (89,685) | ​ |  | 626,312 | ​ |  | 219,280
Canada | ​ |  | 624,470 | ​ |  | (76,776) | ​ |  | 547,694 | ​ |  | 193,702
E&P | ​ |  | 202,553 | ​ |  | (8,891) | ​ |  | 193,662 | ​ |  | 100,845
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (11,751)
​ | ​ | $ | 4,614,587 | ​ | $ | (587,868) | ​ | $ | 4,026,719 | ​ | $ | 1,231,980
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | ​ | ​ | ​ | Intercompany | ​ | Reported | ​ | Segment
September 30, 2018 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Eastern | ​ | $ | 953,165 | ​ | $ | (164,253) | ​ | $ | 788,912 | ​ | $ | 222,772
Southern | ​ | ​ | 951,313 | ​ | ​ | (111,824) | ​ | ​ | 839,489 | ​ | ​ | 207,853
Western | ​ |  | 874,464 | ​ |  | (94,584) | ​ |  | 779,880 | ​ |  | 240,006
Central | ​ |  | 604,823 | ​ |  | (77,337) | ​ |  | 527,486 | ​ |  | 195,018
Canada | ​ |  | 615,157 | ​ |  | (71,290) | ​ |  | 543,867 | ​ |  | 195,390
E&P | ​ |  | 186,734 | ​ |  | (5,159) | ​ |  | 181,575 | ​ |  | 95,009
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (14,368)
​ | ​ | $ | 4,185,656 | ​ | $ | (524,447) | ​ | $ | 3,661,209 | ​ | $ | 1,141,680
____________________
| (a) | Corporate functions include accounting, legal, tax, treasury, information technology, risk management, human resources, training and other administrative functions. Amounts reflected are net of allocations to the six operating segments.
| (b) | Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.
| (c) | For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in the Company’s most recent Annual Report on Form 10-K.
Total assets for each of the Company’s reportable segments at September 30, 2019 and December 31, 2018, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2019 |  | 2018
Eastern | ​ | $ | 2,737,208 | ​ | $ | 2,673,316
Southern |  | ​ | 2,994,260 |  | ​ | 2,892,994
Western | ​ | ​ | 1,697,050 | ​ | ​ | 1,596,129
Central | ​ | ​ | 1,884,207 | ​ | ​ | 1,506,326
Canada | ​ | ​ | 2,454,152 | ​ | ​ | 2,412,971
E&P | ​ | ​ | 962,761 | ​ | ​ | 969,808
Corporate | ​ | ​ | 540,597 | ​ | ​ | 575,785
Total Assets |  | $ | 13,270,235 |  | $ | 12,627,329
​ The following tables show changes in goodwill during the nine months ended September 30, 2019 and 2018, by reportable segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Eastern |  | Southern |  | Western |  | Central |  | Canada |  | E&P |  | Total
Balance as of December 31, 2018 | ​ | $ | 1,143,355 | ​ | $ | 1,517,610 | ​ | $ | 398,174 | ​ | $ | 523,566 | ​ | $ | 1,448,980 | ​ | $ | — | ​ | $ | 5,031,685
Goodwill transferred | ​ | ​ | (16,869) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,869 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Goodwill acquired | ​ |  | 22,146 | ​ |  | 10,329 | ​ | ​ | 1,334 | ​ |  | 189,194 | ​ | ​ | 25 | ​ | ​ | — | ​ |  | 223,028
Goodwill divested | ​ |  | — | ​ |  | (845) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (845)
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 43,688 | ​ |  | — | ​ |  | 43,688
Balance as of September 30, 2019 | ​ | $ | 1,148,632 | ​ | $ | 1,527,094 | ​ | $ | 399,508 | ​ | $ | 729,629 | ​ | $ | 1,492,693 | ​ | $ | — | ​ | $ | 5,297,556
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Eastern |  | Southern |  | Western |  | Central |  | Canada |  | E&P |  | Total
Balance as of December 31, 2017 | ​ | $ | 804,133 | ​ | $ | 1,436,320 | ​ | $ | 397,508 | ​ | $ | 468,275 | ​ | $ | 1,575,538 | ​ | $ | — | ​ | $ | 4,681,774
Goodwill transferred | ​ | ​ | (16,869) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,869 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Goodwill acquired | ​ |  | 122,136 | ​ |  | 4,800 | ​ |  | 666 | ​ |  | 42,197 | ​ |  | 151 | ​ |  | — | ​ |  | 169,950
Goodwill adjustment for assets held for sale | ​ |  | — | ​ | ​ | 10,194 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 10,194
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (48,622) | ​ |  | — | ​ |  | (48,622)
Balance as of September 30, 2018 | ​ | $ | 909,400 | ​ | $ | 1,451,314 | ​ | $ | 398,174 | ​ | $ | 527,341 | ​ | $ | 1,527,067 | ​ | $ | — | ​ | $ | 4,813,296
​ A reconciliation of the Company’s primary measure of segment profitability (segment EBITDA) to Income before income tax provision in the Condensed Consolidated Statements of Net Income is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Eastern segment EBITDA | ​ | $ | 88,101 | ​ | $ | 82,733 | ​ | $ | 250,106 | ​ | $ | 222,772 | ​
Southern segment EBITDA | ​ | ​ | 77,406 | ​ | ​ | 70,159 | ​ | ​ | 226,294 | ​ | ​ | 207,853 | ​
Western segment EBITDA | ​ |  | 90,059 | ​ |  | 86,174 | ​ |  | 253,504 | ​ |  | 240,006 | ​
Central segment EBITDA | ​ |  | 81,746 | ​ |  | 71,276 | ​ |  | 219,280 | ​ |  | 195,018 | ​
Canada segment EBITDA | ​ |  | 66,794 | ​ |  | 68,819 | ​ |  | 193,702 | ​ |  | 195,390 | ​
E&P segment EBITDA | ​ |  | 35,803 | ​ |  | 35,099 | ​ |  | 100,845 | ​ |  | 95,009 | ​
Subtotal reportable segments | ​ |  | 439,909 | ​ |  | 414,260 | ​ |  | 1,243,731 | ​ |  | 1,156,048 | ​
Unallocated corporate overhead | ​ |  | (446) | ​ |  | (8,286) | ​ |  | (11,751) | ​ |  | (14,368) | ​
Depreciation | ​ |  | (157,994) | ​ |  | (148,232) | ​ |  | (461,616) | ​ |  | (423,866) | ​
Amortization of intangibles | ​ |  | (31,934) | ​ |  | (26,871) | ​ |  | (93,821) | ​ |  | (79,444) | ​
Impairments and other operating items | ​ |  | (12,935) | ​ |  | 1,998 | ​ |  | (32,949) | ​ |  | (6,106) | ​
Interest expense | ​ |  | (36,780) | ​ |  | (32,078) | ​ |  | (111,313) | ​ |  | (96,874) | ​
Interest income | ​ |  | 2,056 | ​ |  | 1,467 | ​ |  | 7,186 | ​ |  | 3,677 | ​
Other income (expense), net | ​ |  | (19) | ​ |  | 600 | ​ |  | 4,562 | ​ |  | 2,053 | ​
Income before income tax provision | ​ | $ | 201,857 | ​ | $ | 202,858 | ​ | $ | 544,029 | ​ | $ | 541,120 | ​
​

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration