XML 48 R36.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Summary of Financial Information Concerning Company's Reportable Segments | 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.
Changes in Goodwill by Reportable Segment | 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
Total Assets for Reportable Segments | 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
Reconciliation of Primary Measure of Segment Profitability to Income Before Income Tax Provision | 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
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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