Republic Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Republic Services, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

REPUBLIC SERVICES, INC. (RSG) filed a Annual Report (10-K) with the SEC on February 29, 2024. Republic Services, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 18500 N. Allied Way, Phoenix, AZ 85054. Republic Services, Inc. is classified under the Standard Industrial Classification code 4953 for Refuse Systems. The filing was submitted on February 29, 2024.

Why It Matters

For investors and stakeholders tracking REPUBLIC SERVICES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Republic Services' financial health, operational performance, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. As a major player in the refuse systems industry, the detailed information within this filing is essential for understanding market dynamics, regulatory compliance, and the company's competitive positioning.

Risk Assessment

Risk Level: medium — REPUBLIC SERVICES, INC. shows moderate risk based on this filing. The company operates in the refuse systems industry, which is subject to significant regulatory oversight and environmental concerns, as indicated by the SIC code 4953 and the detailed XBRL tags related to environmental costs.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Republic Services' performance and potential challenges in the waste management sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 4953 — SIC Code (Industry classification)

Key Players & Entities

• REPUBLIC SERVICES, INC. (company) — Filer name
• RSG (company) — Ticker symbol
• 10-K (filing) — Form type
• 2024-02-29 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 4953 (industry) — Standard Industrial Classification
• 18500 N. ALLIED WAY (address) — Business address
• PHOENIX, AZ (location) — Business address city and state

FAQ

Risk Factors

• Environmental Regulations [high — regulatory]: The company is subject to extensive federal, state, and local environmental laws and regulations governing its operations, including waste disposal and emissions.
• Competition [medium — market]: The waste management industry is highly competitive, with numerous local, regional, and national players, which can impact pricing and market share.
• Operational Risks [medium — operational]: The company faces operational risks related to landfill operations, collection services, and the transportation of waste, including potential accidents and service disruptions.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share RSG The New York Stock Exchan
• $114 billion — hich we operate generates approximately $114 billion of annual revenue, which includes the $
• $83 billion — n of annual revenue, which includes the $83 billion United States and Canada recycling and
• $31 billion — Canada recycling and waste industry and $31 billion of the broader environmental solutions

Filing Documents

• rsg-20231231.htm (10-K) — 3415KB
• exhibit1015ellingsencathar.htm (EX-10.15) — 91KB
• exhibit1018stuarttimothy-r.htm (EX-10.18) — 1665KB
• exhibit1020delghiacciobria.htm (EX-10.20) — 90KB
• exhibit1022vanderarkjon-re.htm (EX-10.22) — 90KB
• exhibit1024performanceshar.htm (EX-10.24) — 97KB
• exhibit1025performanceshar.htm (EX-10.25) — 84KB
• exhibit1026performanceshar.htm (EX-10.26) — 92KB
• exhibit1027rsuagreementsen.htm (EX-10.27) — 64KB
• exhibit1028rsuagreementsen.htm (EX-10.28) — 57KB
• exhibit1029rsuagreementoth.htm (EX-10.29) — 64KB
• exhibit1030balesbrian-repu.htm (EX-10.30) — 90KB
• exhibit211-subsidiariesoft.htm (EX-21.1) — 396KB
• exhibit231-consentofernsty.htm (EX-23.1) — 11KB
• exhibit311rule13a-14a15dx1.htm (EX-31.1) — 10KB
• exhibit312rule13a-14a15dx1.htm (EX-31.2) — 10KB
• exhibit321section1350certi.htm (EX-32.1) — 4KB
• exhibit322section1350certi.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 237KB
• image_01.jpg (GRAPHIC) — 237KB
• image_1.jpg (GRAPHIC) — 237KB
• image_11.jpg (GRAPHIC) — 237KB
• image_12.jpg (GRAPHIC) — 237KB
• rsg-20231231_g1.jpg (GRAPHIC) — 172KB
• 0001060391-24-000142.txt (&nbsp;) — 23204KB
• rsg-20231231.xsd (EX-101.SCH) — 118KB
• rsg-20231231_cal.xml (EX-101.CAL) — 204KB
• rsg-20231231_def.xml (EX-101.DEF) — 473KB
• rsg-20231231_lab.xml (EX-101.LAB) — 1435KB
• rsg-20231231_pre.xml (EX-101.PRE) — 956KB
• rsg-20231231_htm.xml (XML) — 3349KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30

Cybersecurity 30

Item 1C. Cybersecurity 30

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 61

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 63

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118

Controls and Procedures

Item 9A. Controls and Procedures 118

Other Information

Item 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 120

Executive Compensation

Item 11. Executive Compensation 120

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 120

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 120 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 121

Form 10-K Summary 125

Item 16. Form 10-K Summary 125

Signatures

Signatures 126 Table of Contents Unless the context requires otherwise, all references in this Form 10-K to Republic, the Company, we, us and our refer to Republic Services, Inc. and its consolidated subsidiaries. PART I

BUSINESS

ITEM 1. BUSINESS Overview Republic is one of the largest providers of environmental services in the United States, as measured by revenue. We operate across the United States and Canada through 364 collection operations, 246 transfer stations, 74 recycling centers, 207 active landfills, 3 treatment, recovery and disposal facilities, 22 treatment, storage and disposal facilities (TSDF), 6 salt water disposal wells, 12 deep injection wells, and 1 polymer center. We are engaged in 76 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 126 closed landfills. We believe the total addressable North American environmental services market in which we operate generates approximately $114 billion of annual revenue, which includes the $83 billion United States and Canada recycling and waste industry and $31 billion of the broader environmental solutions industry. Within our recycling and waste business, we prioritize investments in market verticals with above average growth rates and higher return profiles. Environmental solutions remains fragmented which provides consolidation opportunities to drive scale. We believe we will be able to further expand our addressable market into other segments of the environmental services industry over time by leveraging our differentiated capabilities, including (1) customer zeal, (2) digital and (3) sustainability. We operate throughout North America, but the physical collection and recycling or disposal of material is very much a local business and the dynamics and opportunities differ in each of the markets we serve. By combining local operating management with standardized business practices, we drive greater overall operating efficiency across the Company while maintaining day-to-day operating decisions at the local level, closest to the customer. Our purpose-driven vision is to partner with customers to create a more sustainable world. We believe that our products and services are valu