Waste Connections, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Waste Connections, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Waste Connections, Inc. (WCN) filed a Annual Report (10-K) with the SEC on February 14, 2024. Waste Connections, Inc. filed its 2023 Form 10-K on February 14, 2024. The company operates in the Refuse Systems industry (SIC 4953). The filing covers the fiscal year ending December 31, 2023. Waste Connections was formerly known as Progressive Waste Solutions Ltd., IESI-BFC Ltd, and BFI Canada Ltd. The company is classified as a Large Accelerated Filer.

Why It Matters

For investors and stakeholders tracking Waste Connections, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Waste Connections' financial health, operational strategies, and risk factors for investors and stakeholders. As a major player in the waste management industry, the company's annual report offers insights into market trends, regulatory compliance, and future outlook.

Risk Assessment

Risk Level: medium — Waste Connections, Inc. shows moderate risk based on this filing. The company's operations are subject to various risks including environmental regulations, economic conditions, and competition, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Waste Connections' performance and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-14 — Filing Date (Filed as of date)
• 001-34370 — SEC File Number (SEC file number)

Key Players & Entities

• Waste Connections, Inc. (company) — Filer name
• Progressive Waste Solutions Ltd. (company) — Former company name
• IESI-BFC Ltd (company) — Former company name
• BFI Canada Ltd (company) — Former company name
• 4953 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Environmental Regulations [high — regulatory]: The company's operations are subject to extensive federal, state, and local environmental laws and regulations.
• Competition [medium — market]: The waste management industry is competitive, with potential for new entrants and consolidation among existing players.
• Operational Risks [medium — operational]: Risks include disruptions to operations, labor issues, and the ability to obtain and maintain necessary permits.
• Economic Conditions [medium — financial]: The company's financial performance can be affected by general economic conditions, including recessions and inflation.

Industry Context

Waste Connections operates in the refuse systems industry, providing essential waste collection, transfer, disposal, and recycling services.

Regulatory Implications

The company must comply with a complex web of environmental regulations at federal, state, and local levels, impacting its operations and capital expenditures.

What Investors Should Do

1. Analyze the company's revenue streams and growth strategies for the fiscal year 2023.
2. Examine the identified risk factors and the company's mitigation strategies.
3. Review any executive compensation details and their relation to company performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, so no prior period comparison is available within this document itself.

Key Financial Figures

• $752.8 million — onsideration having a net fair value of $752.8 million. During the year ended December 31, 202
• $2.334 billion — onsideration having a net fair value of $2.334 billion. During the year ended December 31, 202
• $1.069 billion — onsideration having a net fair value of $1.069 billion. HUMAN CAPITAL We believe that empow
• $10 million — In addition to this investment of over $10 million during 2021-2023, we also continue to e
• $2,500 — l third party, award recipients receive $2,500 each per academic year for up to four y
• $750,000 — ions from Waste Connections that exceed $750,000 and a total commitment of up to $1.75 m
• $1.75 million — 750,000 and a total commitment of up to $1.75 million. Employee Engagement Beyond compensat

Filing Documents

• wcn-20231231x10k.htm (10-K) — 4891KB
• wcn-20231231xex21d1.htm (EX-21.1) — 731KB
• wcn-20231231xex23d1.htm (EX-23.1) — 3KB
• wcn-20231231xex31d1.htm (EX-31.1) — 15KB
• wcn-20231231xex31d2.htm (EX-31.2) — 16KB
• wcn-20231231xex32d1.htm (EX-32.1) — 8KB
• wcn-20231231xex32d2.htm (EX-32.2) — 8KB
• wcn-20231231xex97d1.htm (EX-97.1) — 23KB
• wcn-20231231x10k001.jpg (GRAPHIC) — 2KB
• wcn-20231231x10k002.jpg (GRAPHIC) — 35KB
• 0001558370-24-001109.txt (&nbsp;) — 22741KB
• wcn-20231231.xsd (EX-101.SCH) — 122KB
• wcn-20231231_cal.xml (EX-101.CAL) — 124KB
• wcn-20231231_def.xml (EX-101.DEF) — 580KB
• wcn-20231231_lab.xml (EX-101.LAB) — 871KB
• wcn-20231231_pre.xml (EX-101.PRE) — 953KB
• wcn-20231231x10k_htm.xml (XML) — 4917KB

BUSINESS

BUSINESS 1 1A.

RISK FACTORS

RISK FACTORS 31 1B. UNRESOLVED STAFF COMMENTS 46 1C. CYBERSECURITY 46 2.

PROPERTIES

PROPERTIES 47 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 48 4. MINE SAFETY DISCLOSURE 48 PART II 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 49 6. [RESERVED] 50 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 51 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 77 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 79 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 139 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 139 9B. OTHER INFORMATION 140 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 140 PART III 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 140 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 140 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 140 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 141 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 141 PART IV 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 141 16. FORM 10-K SUMMARY 144

SIGNATURES

SIGNATURES 145 SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS 146 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS This Annual Report on Form 10-K contains forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results may differ materially from those expressed in forward-looking statements. See Item 7 of Part II – "Management's Discussion and Analysis of Financial Condition and Results of Operations." Our Company Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 44 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oil and natural gas exploration and production, or E&P, waste treatment, recovery and disposal services in several basins across the U.S and Canada., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Our senior management team has extensive experience in operating, acquiring and integrating non-hazardous waste services businesses, and we intend to continue to focus our efforts on both internal and acquisition-based growth. We anticipate that a part of our future growth will come from acquiring additional waste businesses and, therefore, we expect that additional acquisitions could continue to affect period-to-period comparisons of our operating results. Our Operating Strategy Our operating strategy seeks to improve financial returns and deliver superior shareholder value creation within the solid waste industry. We generally seek to avoid highly competitive, large urban markets and instead target markets where we can attain high market share either through exclusive contracts, vertical integration or asset positioning. We also target niche markets, like non-hazardous E&P waste treatment and disposal services, with similar characteristics. We are a leading prov