XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | 11.SEGMENT REPORTING The Company’s revenues are generated primarily 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. For the nine months ended September 30, 2024, the Company managed its operations through the following six geographic solid waste operating segments: Western, Southern, Eastern, Central, Canada and MidSouth. The Company’s six geographic solid waste operating segments comprise its reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis. 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, 2024 and 2023, is shown in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended |  | ​ | ​ |  | Intercompany |  | Reported |  | Segment
September 30, 2024 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Western | ​ | $ | 537,210 | ​ | $ | (60,973) | ​ | $ | 476,237 | ​ | $ | 147,490
Southern | ​ | ​ | 511,280 | ​ | ​ | (58,065) | ​ | ​ | 453,215 | ​ | ​ | 144,384
Eastern | ​ | ​ | 488,343 | ​ | ​ | (80,675) | ​ | ​ | 407,668 | ​ | ​ | 114,007
Central | ​ |  | 439,053 | ​ |  | (47,313) | ​ |  | 391,740 | ​ |  | 143,486
Canada | ​ |  | 375,986 | ​ |  | (33,928) | ​ |  | 342,058 | ​ |  | 153,580
MidSouth | ​ |  | 318,655 | ​ |  | (51,085) | ​ |  | 267,570 | ​ |  | 77,011
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (8,075)
​ | ​ | $ | 2,670,527 | ​ | $ | (332,039) | ​ | $ | 2,338,488 | ​ | $ | 771,883
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended |  | ​ | ​ |  | Intercompany |  | Reported |  | Segment
September 30, 2023 | ​ | Revenue | ​ | Revenue(b) | ​ | Revenue | ​ | EBITDA(c)
Western | ​ | $ | 486,351 | ​ | $ | (53,889) | ​ | $ | 432,462 | ​ | $ | 124,433
Southern | ​ | ​ | 465,134 | ​ | ​ | (51,556) | ​ | ​ | 413,578 | ​ | ​ | 133,072
Eastern | ​ | ​ | 420,855 | ​ | ​ | (67,746) | ​ | ​ | 353,109 | ​ | ​ | 100,779
Central | ​ |  | 419,169 | ​ |  | (46,307) | ​ |  | 372,862 | ​ |  | 137,823
Canada | ​ |  | 292,351 | ​ |  | (29,256) | ​ |  | 263,095 | ​ |  | 108,524
MidSouth | ​ |  | 275,582 | ​ | ​ | (45,944) | ​ | ​ | 229,638 | ​ | ​ | 61,923
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (2,729)
​ | ​ | $ | 2,359,442 | ​ | $ | (294,698) | ​ | $ | 2,064,744 | ​ | $ | 663,825
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | ​ | ​ | ​ | Intercompany | ​ | Reported | ​ | Segment
September 30, 2024 |  | Revenue |  | Revenue(b) |  | Revenue |  | EBITDA(c)
Western | ​ | $ | 1,526,082 | ​ | $ | (173,633) | ​ | $ | 1,352,449 | ​ | $ | 394,974
Southern | ​ | ​ | 1,484,051 | ​ | ​ | (172,614) | ​ | ​ | 1,311,437 | ​ | ​ | 411,320
Eastern | ​ | ​ | 1,384,064 | ​ | ​ | (230,229) | ​ | ​ | 1,153,835 | ​ | ​ | 312,101
Central | ​ |  | 1,275,633 | ​ |  | (136,925) | ​ |  | 1,138,708 | ​ |  | 408,217
Canada | ​ |  | 1,034,530 | ​ |  | (92,901) | ​ |  | 941,629 | ​ |  | 411,089
MidSouth | ​ |  | 907,759 | ​ |  | (146,509) | ​ |  | 761,250 | ​ |  | 209,251
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (26,686)
​ | ​ | $ | 7,612,119 | ​ | $ | (952,811) | ​ | $ | 6,659,308 | ​ | $ | 2,120,266
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | ​ | ​ | ​ | Intercompany | ​ | Reported | ​ | Segment
September 30, 2023 |  | Revenue |  | Revenue(b) |  | Revenue |  | EBITDA(c)
Western | ​ | $ | 1,402,628 | ​ | $ | (155,355) | ​ | $ | 1,247,273 | ​ | $ | 354,682
Southern | ​ | ​ | 1,382,681 | ​ | ​ | (155,149) | ​ | ​ | 1,227,532 | ​ | ​ | 384,660
Eastern | ​ | ​ | 1,215,266 | ​ | ​ | (189,604) | ​ | ​ | 1,025,662 | ​ | ​ | 260,569
Central | ​ |  | 1,218,670 | ​ |  | (136,638) | ​ |  | 1,082,032 | ​ |  | 384,538
Canada | ​ |  | 824,303 | ​ |  | (85,347) | ​ |  | 738,956 | ​ |  | 286,703
MidSouth | ​ |  | 799,823 | ​ |  | (134,936) | ​ | ​ | 664,887 | ​ | ​ | 182,072
Corporate(a) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (22,142)
​ | ​ | $ | 6,843,371 | ​ | $ | (857,029) | ​ | $ | 5,986,342 | ​ | $ | 1,831,082
____________________
| (a) | The majority of Corporate expenses are allocated to the six operating segments. Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented.
| (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, 2024 and December 31, 2023, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Western | ​ | $ | 3,559,351 | ​ | $ | 3,432,529
Southern |  | ​ | 3,877,405 |  | ​ | 3,501,953
Eastern | ​ | ​ | 3,541,431 | ​ | ​ | 3,228,244
Central | ​ | ​ | 2,815,928 | ​ | ​ | 2,811,016
Canada | ​ | ​ | 3,800,861 | ​ | ​ | 2,794,795
MidSouth | ​ | ​ | 2,007,403 | ​ | ​ | 1,705,180
Corporate | ​ | ​ | 492,985 | ​ | ​ | 442,159
Total Assets |  | $ | 20,095,364 |  | $ | 17,915,876
​ The following tables show changes in goodwill during the nine months ended September 30, 2024 and 2023, by reportable segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Western |  | Southern |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Total
Balance as of December 31, 2023 | ​ | $ | 779,455 | ​ | $ | 1,559,703 | ​ | $ | 1,587,491 | ​ | $ | 1,008,500 | ​ | $ | 1,723,068 | ​ | $ | 746,183 | ​ | $ | 7,404,400
Goodwill acquired | ​ |  | 64,289 | ​ | ​ | 84,981 | ​ | ​ | 139,865 | ​ | ​ | 1,851 | ​ | ​ | 158,015 | ​ | ​ | 103,761 | ​ |  | 552,762
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (34,405) | ​ |  | — | ​ |  | (34,405)
Balance as of September 30, 2024 | ​ | $ | 843,744 | ​ | $ | 1,644,684 | ​ | $ | 1,727,356 | ​ | $ | 1,010,351 | ​ | $ | 1,846,678 | ​ | $ | 849,944 | ​ | $ | 7,922,757
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Western |  | Southern |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Total
Balance as of December 31, 2022 | ​ | $ | 732,335 | ​ | $ | 1,547,894 | ​ | $ | 1,189,111 | ​ | $ | 1,003,470 | ​ | $ | 1,684,670 | ​ | $ | 744,817 | ​ | $ | 6,902,297
Goodwill acquired | ​ |  | 45,072 | ​ | ​ | — | ​ | ​ | 361,398 | ​ | ​ | 3,605 | ​ | ​ | — | ​ |  | 1,366 | ​ |  | 411,441
Goodwill acquisition adjustments | ​ | ​ | — | ​ | ​ | (1,450) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,215) | ​ | ​ | — | ​ | ​ | (3,665)
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 3,011 | ​ |  | — | ​ |  | 3,011
Balance as of September 30, 2023 | ​ | $ | 777,407 | ​ | $ | 1,546,444 | ​ | $ | 1,550,509 | ​ | $ | 1,007,075 | ​ | $ | 1,685,466 | ​ | $ | 746,183 | ​ | $ | 7,313,084
​ 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,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Western segment EBITDA | ​ | $ | 147,490 | ​ | $ | 124,433 | ​ | $ | 394,974 | ​ | $ | 354,682
Southern segment EBITDA | ​ | ​ | 144,384 | ​ | ​ | 133,072 | ​ | ​ | 411,320 | ​ | ​ | 384,660
Eastern segment EBITDA | ​ | ​ | 114,007 | ​ | ​ | 100,779 | ​ | ​ | 312,101 | ​ | ​ | 260,569
Central segment EBITDA | ​ |  | 143,486 | ​ | ​ | 137,823 | ​ | ​ | 408,217 | ​ | ​ | 384,538
Canada segment EBITDA | ​ |  | 153,580 | ​ | ​ | 108,524 | ​ | ​ | 411,089 | ​ | ​ | 286,703
MidSouth segment EBITDA | ​ |  | 77,011 | ​ |  | 61,923 | ​ |  | 209,251 | ​ |  | 182,072
Subtotal reportable segments | ​ |  | 779,958 | ​ |  | 666,554 | ​ |  | 2,146,952 | ​ |  | 1,853,224
Unallocated corporate overhead | ​ |  | (8,075) | ​ | ​ | (2,729) | ​ | ​ | (26,686) | ​ | ​ | (22,142)
Depreciation | ​ |  | (248,473) | ​ | ​ | (214,966) | ​ | ​ | (712,392) | ​ | ​ | (632,347)
Amortization of intangibles | ​ |  | (45,170) | ​ | ​ | (39,405) | ​ | ​ | (129,584) | ​ | ​ | (117,740)
Impairments and other operating items | ​ |  | (2,897) | ​ | ​ | (56,477) | ​ | ​ | (11,441) | ​ | ​ | (69,201)
Interest expense | ​ |  | (83,520) | ​ | ​ | (69,016) | ​ | ​ | (244,385) | ​ | ​ | (204,914)
Interest income | ​ |  | 3,331 | ​ | ​ | 2,833 | ​ | ​ | 9,391 | ​ | ​ | 6,886
Other income, net | ​ |  | 4,904 | ​ | ​ | 5,372 | ​ | ​ | 12,727 | ​ | ​ | 8,346
Income before income tax provision | ​ | $ | 400,058 | ​ | $ | 292,166 | ​ | $ | 1,044,582 | ​ | $ | 822,112
​

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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration