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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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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

​