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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | 10.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 three months ended March 31, 2025, the Company managed its operations through the following six geographic solid waste operating segments: Southern, Western, 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 (“CODM”) is the Company’s President and Chief Executive Officer. The CODM 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 10. Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2025 and 2024, is shown in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2025 |  | Southern |  | Western |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Corporate (a), (f) |  | Consolidated | ​
Revenue | ​ | $ | 507,668 | ​ | $ | 499,701 | ​ | $ | 480,532 | ​ | $ | 414,986 | ​ | $ | 332,532 | ​ | $ | 302,470 | ​ | $ | — | ​ | $ | 2,537,889 | ​
Intercompany revenue (b) | ​ | ​ | (54,265) | ​ | ​ | (61,300) | ​ | ​ | (77,262) | ​ | ​ | (41,603) | ​ | ​ | (29,801) | ​ | ​ | (45,482) | ​ | ​ | — | ​ | ​ | (309,713) | ​
Reported revenue | ​ |  | 453,403 | ​ | ​ | 438,401 | ​ | ​ | 403,270 | ​ | ​ | 373,383 | ​ | ​ | 302,731 | ​ | ​ | 256,988 | ​ | ​ | — | ​ |  | 2,228,176 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment expenses (c) | ​ | ​ | (304,703) | ​ | ​ | (326,056) | ​ | ​ | (300,175) | ​ | ​ | (241,674) | ​ | ​ | (167,159) | ​ | ​ | (188,070) | ​ | ​ | (13,740) | ​ | ​ | (1,541,577) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment EBITDA (d) | ​ |  | 148,700 | ​ | ​ | 112,345 | ​ | ​ | 103,095 | ​ | ​ | 131,709 | ​ | ​ | 135,572 | ​ | ​ | 68,918 | ​ | ​ | (13,740) | ​ |  | 686,599 | ​
Segment EBITDA margin | ​ |  | 32.8 | % | ​ | 25.6 | % | ​ | 25.6 | % | ​ | 35.3 | % | ​ | 44.8 | % | ​ | 26.8 | % | ​ | ​ | ​ |  | 30.8 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | (55,860) | ​ | ​ | (51,998) | ​ | ​ | (56,202) | ​ | ​ | (42,427) | ​ | ​ | (45,825) | ​ | ​ | (35,171) | ​ | ​ | (2,466) | ​ | ​ | (289,949) | ​
Other segment items (e) | ​ | ​ | (5,252) | ​ | ​ | 191 | ​ | ​ | (1,842) | ​ | ​ | (142) | ​ | ​ | 99 | ​ | ​ | (400) | ​ | ​ | (76,327) | ​ | ​ | (83,673) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 312,977 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 32,453 | ​ | $ | 34,294 | ​ | $ | 39,718 | ​ | $ | 45,972 | ​ | $ | 31,750 | ​ | $ | 20,156 | ​ | $ | 8,112 | ​ | $ | 212,455 | ​
Total assets (g) | ​ | $ | 4,214,215 | ​ | $ | 3,485,974 | ​ | $ | 3,678,666 | ​ | $ | 2,835,804 | ​ | $ | 3,547,500 | ​ | $ | 2,009,776 | ​ | $ | 482,562 | ​ | $ | 20,254,497 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 |  | Southern |  | Western |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Corporate (a), (f) |  | Consolidated | ​
Revenue | ​ | $ | 473,953 | ​ | $ | 476,703 | ​ | $ | 431,969 | ​ | $ | 403,086 | ​ | $ | 307,346 | ​ | $ | 273,337 | ​ | $ | — | ​ | $ | 2,366,394 | ​
Intercompany revenue (b) | ​ | ​ | (55,007) | ​ | ​ | (54,454) | ​ | ​ | (71,906) | ​ | ​ | (42,159) | ​ | ​ | (26,984) | ​ | ​ | (43,231) | ​ | ​ | — | ​ | ​ | (293,741) | ​
Reported revenue | ​ |  | 418,946 | ​ | ​ | 422,249 | ​ | ​ | 360,063 | ​ | ​ | 360,927 | ​ | ​ | 280,362 | ​ | ​ | 230,106 | ​ | ​ | — | ​ |  | 2,072,653 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment expenses (c) | ​ | ​ | (290,534) | ​ | ​ | (309,199) | ​ | ​ | (265,047) | ​ | ​ | (235,005) | ​ | ​ | (159,001) | ​ | ​ | (172,599) | ​ | ​ | (11,133) | ​ | ​ | (1,442,518) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment EBITDA (d) | ​ |  | 128,412 | ​ | ​ | 113,050 | ​ | ​ | 95,016 | ​ | ​ | 125,922 | ​ | ​ | 121,361 | ​ | ​ | 57,507 | ​ | ​ | (11,133) | ​ |  | 630,135 | ​
Segment EBITDA margin | ​ |  | 30.7 | % | ​ | 26.8 | % | ​ | 26.4 | % | ​ | 34.9 | % | ​ | 43.3 | % | ​ | 25.0 | % | ​ | ​ | ​ |  | 30.4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | (44,707) | ​ | ​ | (51,221) | ​ | ​ | (53,548) | ​ | ​ | (40,787) | ​ | ​ | (39,109) | ​ | ​ | (29,889) | ​ | ​ | (3,720) | ​ | ​ | (262,981) | ​
Other segment items (e) | ​ | ​ | (538) | ​ | ​ | (1,413) | ​ | ​ | (362) | ​ | ​ | 803 | ​ | ​ | 44 | ​ | ​ | 59 | ​ | ​ | (77,207) | ​ | ​ | (78,614) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 288,540 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 25,966 | ​ | $ | 37,043 | ​ | $ | 39,042 | ​ | $ | 29,442 | ​ | $ | 18,667 | ​ | $ | 16,727 | ​ | $ | 3,064 | ​ | $ | 169,951 | ​
Total assets (g) | ​ | $ | 3,500,113 | ​ | $ | 3,434,367 | ​ | $ | 3,281,517 | ​ | $ | 2,793,648 | ​ | $ | 3,625,769 | ​ | $ | 1,991,424 | ​ | $ | 455,822 | ​ | $ | 19,082,660 | ​
____________________
| (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) | Segment expenses consist of all expenses that directly impact the CODM's primary financial measure, segment EBITDA. These expenses include cost of operations and selling, general, and administrative expenses as presented in the Company’s Condensed Consolidated Statements of Net Income.
| (d) | 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.
| (e) | For all geographic operating segments, other segment items consist of gains and losses on: disposal of assets, disposal of operations, litigation settlements, environmental remediation, real estate leases, landfill closure adjustments, contingent liability adjustments, impairments, foreign currency gains/losses and interest income.
| (f) | Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment.
| (g) | Goodwill is included within total assets for each of the Company’s six operating segments.
The following tables show changes in goodwill during the three months ended March 31, 2025 and 2024, by reportable segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Southern |  | Western |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Total
Balance as of December 31, 2024 | ​ | $ | 1,577,114 | ​ | $ | 864,602 | ​ | $ | 1,735,584 | ​ | $ | 1,010,574 | ​ | $ | 1,913,091 | ​ | $ | 849,441 | ​ | $ | 7,950,406
Goodwill acquired | ​ |  | 76,631 | ​ | ​ | — | ​ | ​ | 26,849 | ​ | ​ | 1,975 | ​ | ​ | — | ​ | ​ | — | ​ |  | 105,455
Goodwill acquisition adjustments | ​ | ​ | — | ​ | ​ | (1,199) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10) | ​ | ​ | (325) | ​ | ​ | (1,534)
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,652 | ​ |  | — | ​ |  | 1,652
Balance as of March 31, 2025 | ​ | $ | 1,653,745 | ​ | $ | 863,403 | ​ | $ | 1,762,433 | ​ | $ | 1,012,549 | ​ | $ | 1,914,733 | ​ | $ | 849,116 | ​ | $ | 8,055,979
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Southern |  | Western |  | Eastern |  | Central |  | Canada |  | MidSouth |  | Total
Balance as of December 31, 2023 | ​ | $ | 1,559,703 | ​ | $ | 779,455 | ​ | $ | 1,587,491 | ​ | $ | 1,008,500 | ​ | $ | 1,723,068 | ​ | $ | 746,183 | ​ | $ | 7,404,400
Goodwill acquired | ​ |  | 1,322 | ​ | ​ | 5,653 | ​ | ​ | 37,289 | ​ | ​ | — | ​ | ​ | 91,389 | ​ |  | 98,665 | ​ |  | 234,318
Goodwill acquisition adjustments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 425 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 425
Impact of changes in foreign currency | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | (41,968) | ​ |  | — | ​ |  | (41,968)
Balance as of March 31, 2024 | ​ | $ | 1,561,025 | ​ | $ | 785,108 | ​ | $ | 1,624,780 | ​ | $ | 1,008,925 | ​ | $ | 1,772,489 | ​ | $ | 844,848 | ​ | $ | 7,597,175
​ ​

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- Definition The entire disclosure for reporting segments including data and tables. 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