Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Stericycle, Inc. | ||
Entity Central Index Key | 0000861878 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 4,350,940,797 | ||
Entity Common Stock, Shares Outstanding | 91,271,184 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | SRCL | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 1-37556 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3640402 | ||
Entity Address, Address Line One | 2355 Waukegan Road | ||
Entity Address, City or Town | Bannockburn | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60015 | ||
City Area Code | 847 | ||
Local Phone Number | 367-5910 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Information required by Items 10, 11, 12 and 13 of Part III of this Report is incorporated by reference from the Registrant’s definitive Proxy Statement for the 2020 Annual Meeting of Stockholders. |
CONSOLIDATED STATEMENTS OF (LOS
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
Cost of revenues | 2,134.4 | 2,109.9 | 2,118.2 |
Gross profit | 1,174.5 | 1,376 | 1,462.5 |
Selling, general and administrative expenses | 1,055.1 | 1,165.6 | 1,395.6 |
Goodwill impairment | 228.3 | 358.7 | 65 |
Divestiture losses, net of gains | 103 | 12.8 | 9.5 |
(Loss) income from operations | (211.9) | (161.1) | (7.6) |
Interest expense, net | (118.3) | (106) | (93.7) |
Loss on early extinguishment of debt | (23.1) | ||
Other expense, net | (9.5) | (8.3) | (6.6) |
Loss before income taxes | (362.8) | (275.4) | (107.9) |
Income tax benefit | 16.8 | 29.8 | 150.9 |
Net (loss) income | (346) | (245.6) | 43 |
Net (income) loss attributable to noncontrolling interests | (0.8) | 0.9 | (0.6) |
Net (loss) income attributable to Stericycle, Inc. | (346.8) | (244.7) | 42.4 |
Mandatory convertible preferred stock dividend | (25.5) | (36.3) | |
Gain on repurchase of preferred stock | 16.9 | 17.3 | |
Net (loss) income attributable to Stericycle, Inc. common shareholders | $ (346.8) | $ (253.3) | $ 23.4 |
(Loss) Earnings per common share attributable to Stericycle, Inc. common shareholders: | |||
Basic | $ (3.81) | $ (2.91) | $ 0.27 |
Diluted | $ (3.81) | $ (2.91) | $ 0.27 |
Weighted average number of common shares Outstanding: | |||
Basic | 91 | 87.1 | 85.3 |
Diluted | 91 | 87.1 | 85.6 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (loss) income | $ (346) | $ (245.6) | $ 43 |
Other comprehensive income (loss): | |||
Currency translation adjustments | 8.8 | (80.3) | 80.5 |
Amortization of cash flow hedge into income, net of tax expense ($0.2, $0.4, and $0.7 for the years ended December 31, 2019, 2018, and 2017, respectively) | 0.4 | 1 | 1 |
Change in fair value of cash flow hedge, net of tax expense ($0.1, $0.0, and $0.0) for the years ended December 31, 2019, 2018, and 2017, respectively) | 0.3 | 0.3 | |
Accelerated amortization of interest rate lock premiums, net of tax expense ($1.1) for the year ended December 31, 2019 | 2.3 | ||
Total other comprehensive income (loss) | 47.5 | (79.3) | 81.8 |
Comprehensive (loss) income | (298.5) | (324.9) | 124.8 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1.1 | (1.9) | 1.8 |
Comprehensive (loss) income attributable to Stericycle, Inc. common shareholders | (299.6) | $ (323) | $ 123 |
Mexico | |||
Other comprehensive income (loss): | |||
Cumulative currency translation loss realized through disposition of operations | 18.9 | ||
Chile | |||
Other comprehensive income (loss): | |||
Cumulative currency translation loss realized through disposition of operations | $ 16.8 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Amortization of cash flow hedge into income, tax expense | $ 0.2 | $ 0.4 | $ 0.7 |
Change in fair value of cash flow hedge, tax expense | 0.1 | $ 0 | $ 0 |
Accelerated amortization of interest rate lock premiums, net of tax expense | $ 1.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 34.7 | $ 34.3 |
Accounts receivable, less allowance for doubtful accounts of $67.9 in 2019 and $71.9 in 2018 | 544.3 | 599.6 |
Prepaid expenses | 60.7 | 50 |
Other current assets | 66.9 | 63.4 |
Total Current Assets | 706.6 | 747.3 |
Property, plant and equipment, less accumulated depreciation of $667.8 in 2019 and $678.1 in 2018 | 798.5 | 743.5 |
Operating lease right-of-use assets | 435 | |
Goodwill | 2,982.2 | 3,222.2 |
Intangible assets, less accumulated amortization of $584.9 in 2019 and $499.9 in 2018 | 1,422.4 | 1,637.7 |
Other assets | 92.3 | 104.8 |
Total Assets | 6,437 | 6,455.5 |
Current Liabilities: | ||
Current portion of long-term debt | 103.1 | 104.3 |
Bank overdraft | 1.9 | 14.8 |
Accounts payable | 220.1 | 225.8 |
Accrued liabilities | 296.6 | 340.8 |
Operating lease liabilities | 94.8 | |
Other current liabilities | 40.4 | 47.5 |
Total Current Liabilities | 756.9 | 733.2 |
Long-term debt, net | 2,559.3 | 2,663.9 |
Long-term operating lease liabilities | 356.1 | |
Deferred income taxes | 295.1 | 307.3 |
Long-term tax payable | 70.7 | 83.3 |
Other liabilities | 64.2 | 70.7 |
Total Liabilities | 4,102.3 | 3,858.4 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock (par value $0.01 per share, 1.0 shares authorized), mandatory convertible preferred stock, Series A, 0.0 issued and outstanding in 2019 and 2018, respectively | ||
Common stock (par value $.01 per share, 120.0 shares authorized, 91.2 and 90.7 issued and outstanding in 2019 and 2018, respectively) | 0.9 | 0.9 |
Additional paid-in capital | 1,205.7 | 1,162.6 |
Retained earnings | 1,442.4 | 1,789.2 |
Accumulated other comprehensive loss | (318.1) | (365.3) |
Total Stericycle, Inc.’s Equity | 2,330.9 | 2,587.4 |
Noncontrolling interests | 3.8 | 9.7 |
Total Equity | 2,334.7 | 2,597.1 |
Total Liabilities and Equity | $ 6,437 | $ 6,455.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 67.9 | $ 71.9 |
Property, plant and equipment, accumulated depreciation | 667.8 | 678.1 |
Intangible assets, accumulated amortization | $ 584.9 | $ 499.9 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, issued (in shares) | 91,200,000 | 90,700,000 |
Common stock, outstanding (in shares) | 91,200,000 | 90,700,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ (346) | $ (245.6) | $ 43 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
Depreciation | 127.6 | 125.6 | 131.1 |
Intangible amortization | 145.2 | 130.3 | 118.4 |
Loss on early extinguishment of debt and related charges | 26.5 | ||
Stock-based compensation expense | 17.1 | 24.1 | 21.3 |
Deferred income taxes | (33.9) | (34.1) | (290.2) |
Goodwill impairment | 228.3 | 358.7 | 65 |
Divestiture losses, net of gains | 103 | 12.8 | 9.5 |
Asset impairments, gain/loss on disposal of property plant and equipment and other charges | 28.1 | 47.4 | 37.7 |
Other, net | 2.5 | 3.8 | (6.7) |
Changes in operating assets and liabilities, net of the effects of acquisitions and divestitures: | |||
Accounts receivable | 24.5 | 3.6 | 17.1 |
Prepaid expenses | (18.4) | (15.6) | (33.9) |
Accounts payable | (4.6) | 9.3 | 22.9 |
Accrued liabilities | (33.4) | (238.5) | 363 |
Other assets and liabilities | (18.5) | (16.1) | 10.4 |
Net cash from operating activities | 248 | 165.7 | 508.6 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (194.2) | (130.8) | (143) |
Payments for acquisitions, net of cash acquired | (0.2) | (44.7) | (52.5) |
Proceeds from divestitures of businesses | 86.6 | 25.2 | 1.2 |
Other, net | 3.8 | 2.8 | 1.3 |
Net cash from investing activities | (104) | (147.5) | (193) |
FINANCING ACTIVITIES: | |||
Repayments of long-term debt and other obligations | (50.4) | (64.5) | (62.1) |
Proceeds from foreign bank debt | 12.1 | 12.1 | 13.3 |
Repayment of foreign bank debt | (47.8) | (17.8) | (31.9) |
Proceeds from term loan | 365 | 50 | |
Repayment of term loan | (95.3) | (47.5) | (100) |
Repayment of private placement of long-term note | (1,075) | (175) | |
Proceeds from senior debt | 600 | ||
Proceeds from senior credit facility | 1,752.2 | 1,657.2 | 1,739.1 |
Repayment of senior credit facility | (1,575.6) | (1,541) | (1,689.7) |
(Repayment of) proceeds from bank overdrafts, net | (12.5) | 8.7 | 2.4 |
Payments of capital lease obligations | (4.3) | (8.2) | (3.6) |
Payments of deferred financing costs | (8.8) | (1.7) | (2.7) |
Proceeds from issuance of common stock, net of shares withheld for tax | 19.9 | 20.1 | 10.2 |
Payments on early debt extinguishment | (20.4) | ||
Payments for repurchase of mandatory convertible preferred stock | (17.2) | (34.2) | |
Dividends paid on mandatory convertible preferred stock | (25.5) | (36.3) | |
Payments to noncontrolling interests | (0.7) | (0.4) | (0.7) |
Net cash from financing activities | (141.6) | (25.7) | (321.2) |
Effect of exchange rate changes on cash and cash equivalents | (2) | (0.4) | 3.6 |
Net change in cash and cash equivalents | 0.4 | (7.9) | (2) |
Cash and cash equivalents at beginning of year | 34.3 | 42.2 | 44.2 |
Cash and cash equivalents at end of year | 34.7 | 34.3 | 42.2 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Net issuances of obligations for acquisitions | 0.3 | 30.1 | 16.5 |
Capital expenditures in accounts payable | 33.8 | 30.8 | 5 |
Interest paid during the year, net of capitalized interest | 101.5 | 93.7 | 84.2 |
Income taxes paid during the year, net of refunds | $ 6.9 | $ 26.4 | $ 128.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Mexico Operations | Chile Operations | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossMexico Operations | Accumulated Other Comprehensive LossChile Operations | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 2,816.4 | $ 0.8 | $ 1,166.5 | $ 2,006.1 | $ (367.6) | $ 10.6 | |||||
Beginning Balance (in shares) at Dec. 31, 2016 | 0.7 | 85.2 | |||||||||
Net income (loss) | 43 | 42.4 | 0.6 | ||||||||
Currency translation adjustment | 80.5 | 79.3 | 1.2 | ||||||||
Change in qualifying cash flow hedge, net of tax | 1.3 | 1.3 | |||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 17.3 | $ 0.1 | 17.2 | ||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.3 | ||||||||||
Repurchase and cancellation of convertible preferred stock | (34.2) | (51.5) | 17.3 | ||||||||
Preferred stock dividend | (36.3) | (36.3) | |||||||||
Stock compensation expense | 21.3 | 21.3 | |||||||||
Reduction to noncontrolling interests due to additional ownership | (0.7) | (0.3) | (0.4) | ||||||||
Ending Balance at Dec. 31, 2017 | 2,908.6 | $ 0.9 | 1,153.2 | 2,029.5 | (287) | 12 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 0.7 | 85.5 | |||||||||
Cumulative effect of new accounting standard | 13 | 13 | |||||||||
Net income (loss) | (245.6) | (244.7) | (0.9) | ||||||||
Currency translation adjustment | (80.3) | (79.3) | (1) | ||||||||
Change in qualifying cash flow hedge, net of tax | 1 | 1 | |||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 19.4 | 19.4 | |||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.5 | ||||||||||
Repurchase and cancellation of convertible preferred stock | (17.2) | (34.1) | 16.9 | ||||||||
Repurchase and cancellation of convertible preferred stock (in shares) | (0.1) | ||||||||||
Conversion of convertible preferred stock to common stock, (in shares) | (0.6) | 4.7 | |||||||||
Preferred stock dividend | (25.5) | (25.5) | |||||||||
Stock compensation expense | 24.1 | 24.1 | |||||||||
Payments/Changes to noncontrolling interest | (0.4) | (0.4) | |||||||||
Ending Balance at Dec. 31, 2018 | 2,597.1 | $ 0.9 | 1,162.6 | 1,789.2 | (365.3) | 9.7 | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 90.7 | ||||||||||
Net income (loss) | (346) | (346.8) | 0.8 | ||||||||
Currency translation adjustment | 8.8 | 8.5 | 0.3 | ||||||||
Change in qualifying cash flow hedge, net of tax | 0.7 | 0.7 | |||||||||
Accelerated amortization of interest rate lock premiums, net of tax | 2.3 | 2.3 | |||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 19.7 | 19.7 | |||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.5 | ||||||||||
Cumulative currency translation loss realized through disposition | $ 18.9 | $ 16.8 | $ 18.9 | $ 16.8 | |||||||
Stock compensation expense | 17.1 | 17.1 | |||||||||
Payments/Changes to noncontrolling interest | (0.7) | 6.3 | (7) | ||||||||
Ending Balance at Dec. 31, 2019 | $ 2,334.7 | $ 0.9 | $ 1,205.7 | $ 1,442.4 | $ (318.1) | $ 3.8 | |||||
Ending Balance (in shares) at Dec. 31, 2019 | 91.2 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Incorporated in 1989, Stericycle protects people, safeguards communities and reduces risk through highly specialized medical and hazardous waste management and secure information destruction services. The Company serves customers in the U.S and 18 other countries with a concentration on the growing healthcare industry. The Company’s core business focus is on regulated medical waste and secure information destruction, and it is the leading provider of these services in terms of both revenue and operational infrastructure. For further information on the Company’s business, segments and services, see Part I, Item 1. Business and Note 18 – Segment Reporting. On February 6, 2020, we entered into the Agreement, pursuant to which we have agreed to sell the ESOL Disposal Group for cash consideration of $462.5 million, subject to regulatory approval, and satisfaction of customary closing conditions. For further discussion see Note 4 – Restructuring and Divestitures Summary of Significant Accounting Policies Basis of Presentation: The accompanying consolidated financial statements include the accounts of Stericycle, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenue and expenses of all wholly-owned subsidiaries and majority-owned subsidiaries over which the Company exercises control. Outside stockholders' interests in subsidiaries are shown on the consolidated financial statements as “Noncontrolling interests." Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some areas where the Company makes estimates include allowance for doubtful accounts, credit memo reserve, accrued employee health and welfare benefits, environmental liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued auto and workers’ compensation insurance claims, leases, intangible asset valuations, and long-lived asset and goodwill impairment. Such estimates are based on historical trends and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. Revenue from Contracts with Customers: In accordance with ASC 606 , revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these good or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides R egulated Waste and Compliance S ervices, which provide collection and processing of r egulated and specialized waste , including medical, pharmaceutical and hazardous waste, for disposal and compliance programs , Secure Information Destruction Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper , Manufacturing and Industrial Services, which provides collection, processing and disposal of hazardous waste for Manufacturing and Industrial companies, and Communication and Related Services which includes Expert Solutions, and communication services such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN’s . The associated activities for each of these are a series of distinct services that are substantially the same and have the same pattern of transfer over time; therefore, the respective services are treated as a single performance obligation. The Company recognizes revenue by applying the right to invoice practical expedient as the Company’s right to consideration corresponds directly to the value provided to the customer for performance to date. Revenues for the Company’s Medical Waste Management Services and Secure Information Destruction Services are recognized upon waste collection. The Company’s Compliance Program revenues are recognized over the contractual service period. Revenues from Retail and Healthcare Hazardous Waste Solutions, are recognized at the time the waste is received by a facility with an appropriate permit, either the Company’s processing facility or a third party. Revenues from communication services and Expert Solutions are recognized as the services are performed. Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable is recorded when billed or when goods or services are provided. The carrying value of the Company’s receivables is presented net of an allowance for doubtful accounts. The Company estimates its allowance for doubtful accounts based on past collection history and specific risks identified among uncollected amounts. If current economic trends, events, or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been exhausted. No single customer accounts for more than approximately 1.2% of the Company’s accounts receivable or approximately 1.4% of total revenues. During the year ended December 31, 2019, 2018, and 2017, bad debt expense was $25.7 million, $24.9 million, and $32.3 million, respectively. Contract Liability: The Company records a contract liability when cash payments are received in advance of the Company’s services being performed which is classified as current in Other current liabilities on the Consolidated Balance Sheets since the amounts are earned within a year. Contract Acquisition Costs: Incremental direct costs of obtaining a contract, which primarily represent sales incentives, are deferred and amortized to SG&A over the estimated period of benefit to be derived from the cost. Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of less than three months when purchased to be cash equivalents. Cash equivalents are carried at cost. Financial Instruments: The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and payable, derivatives, and long-term debt. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of accounts receivable. Credit risk on trade receivables is minimized as a result of the large size of the Company’s customer base, low concentration and the performance of ongoing credit evaluations of its customers. The Company also maintains allowances for potential credit losses. Property, Plant and Equipment: Property, plant and equipment is stated at cost. Expenditures for software purchases and software developed for internal use are capitalized and included in Software. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized as the costs of computer software developed or obtained for internal use. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements 2 to 40 years Machinery and equipment 2 to 30 years Containers 2 to 20 years Vehicles 2 to 10 years Office equipment and furniture 2 to 20 years Software 2 to 10 years Upon deployment, capitalized costs associated with the ERP system will be amortized over an estimated useful life of 10 years. Capitalized Interest: The Company capitalizes interest incurred associated with projects under construction for the duration of the asset construction period. During the years ended December 31, 2019, 2018, and 2017, the Company capitalized interest of $5.4 million, $2.9 million, and $1.6 million, respectively. Goodwill and Other Identifiable Intangible Assets: Goodwill represents the excess of the purchase price over the fair value assigned the net tangible and identifiable tangibles of business acquired. Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Impairment of Long and Indefinite- Lived Assets: Property and Equipment and Intangible Assets (definite-lives), Net: Long-lived assets, such as property, plant and equipment and amortizing intangible assets are reviewed whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of assets with definite-lives is generally determined by comparing projected undiscounted cash flows expected to be generated by the asset, or asset groups, to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted basis, an impairment is recognized to the extent fair value exceeds carrying value. Determining the extent of impairment, if any, typically requires various estimates and assumptions including cash flows directly attributable to the asset, the useful life of the asset and residual value, if any. When necessary, the Company uses internal cash flow estimates, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates. In addition, the remaining useful life of the impaired asset is revised, if necessary. Intangible Assets (indefinite-lived): Indefinite-lived intangibles consist primarily of permits and tradenames. Indefinite-lived intangibles are assessed for impairment annually as of October 1, or more frequently if an event occurs or circumstances change, using either a qualitative or quantitative approach. The qualitative approach first determines if it is more-likely-than-not that the fair value of the asset is less than the carrying value. If no such determination is made, then the impairment test is complete. If, however, it is determined that there is a likely impairment, a quantitative assessment is performed . T he Company perform s its annua l impairment test on indefinite- lived intangibles, using the qualitative approach for certain assets and the quantitative approach for the remaining assets. Goodwill: Goodwill is assessed for impairment at least annually as of October 1 of each year, or more frequently if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying value. The Company used a quantitative approach to assess goodwill for impairment. The fair value of each reporting unit is calculated using the income approach (including DCF) and validated using a market approach with the involvement of a third-party valuation specialist. The Company's reporting units are: Domestic Healthcare Compliance Services, Domestic Secure Information Destruction, Domestic CRS, Domestic Environmental Solutions, Canada, Europe, Asia Pacific and Latin America. The income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are estimated using management assumptions of growth rates, including long-term growth rates, capital expenditures, and cost efficiencies. Future acquisitions are not included in the expected future cash flows. The Company uses a discount rate based on a calculated weighted average cost of capital which is adjusted for each of its reporting units based on size, country and company specific risk premiums. The market approach compares the valuation multiples of similar companies to that of the associated reporting unit. The Company then reconciles the calculated fair values to its market capitalization. The fair value is then compared to its carrying value including goodwill. If the fair value is in excess of its carrying value, the related goodwill is not impaired. If the fair value is less than carrying value, an impairment charge is recognized, equivalent to the amount that the carrying value exceeds the fair value but not to exceed the carrying value of the goodwill. The use of different assumptions, estimates or judgments in the goodwill impairment testing process may significantly increase or decrease the estimated fair value of a reporting unit. Generally, changes in DCF estimates would have a similar effect on the estimated fair value of the reporting unit. The Company believes that the estimated fair value used in measuring the impairment was based on reasonable assumptions but future changes in the underlying assumptions could differ due to the inherent judgment in making such estimates. Goodwill impairment charges may be recognized in future periods to the extent changes in factors or circumstances occur, including deterioration in the macro-economic environment or in the equity markets, including the market value of the Company’s common shares, deterioration in its performance or its future projections, or changes in its plans for one or more reporting units. For further discussion see Note 7 – Goodwill and Other Intangible Assets Assets and Liabilities Held-for-Sale: Long-lived assets or disposal groups are classified as held-for-sale when management having the appropriate authority, generally the Company’s Board of Directors or certain of its Executive Officers, commits to a plan of sale, the disposal group is ready for immediate sale, an active program to locate a buyer has been initiated and the sale is probable and expected to be completed within one year. Once classified as held-for-sale disposal groups are valued at the lower of their carrying amount or fair value less estimated selling costs. Where the disposal group constitutes substantially all of our operations of a country the balance in the cumulative translation adjustment associated with that country is included in the carrying value of the disposal group. If the carrying value, including any amount associated with the cumulative translation adjustment exceeds the fair value less estimated selling costs a held-for-sale impairment charge is recorded to reduce the carrying value. The estimate for fair value is reviewed at the end of every reporting period that the disposal group is classified as held-for-sale and the carrying value adjusted whenever the estimated fair value less costs to sell is less than the carrying value. Insurance and Self-Insurance: The Company’s insurance for workers’ compensation, auto/fleet, general liability, property and employee-related health care benefits is obtained using high deductible insurance policies, if any, meaning that the Company has retained a significant portion of the risks related to the claims associated with these programs. The estimated exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on a calculation performed by a third party actuarial specialist using the Company’s historical claims experience. The accruals for these liabilities could be revised if future occurrences or loss developments significantly differ from the assumptions used. Estimated recoveries associated with insured claims are recognized as assets when the receipt of such amounts is probable. Restructuring Charges: Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Costs for one-time termination benefits in which the employee is required to render service beyond a minimum retention period in order to receive the benefits are recognized ratably over the future service period. Contract termination costs are recognized when contracts are terminated or when the Company ceases to use the leased facility and no longer derive economic benefit from the contract. All other exit costs are expensed as incurred. For further discussion, see Note 4 – Restructuring and Divestitures . Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. The grant-date fair value of stock options is estimated using the Black- Scholes option valuation model. The fair value for restricted stock units and performance stock units is based on the closing price of the Company’s common stock on the date of grant. Expense is generally recognized on a straight-line basis over the service period during which awards are expected to vest. The Company presents stock-based compensation expense within the Consolidated Statements of (Loss) Income based on the classification of the respective employees' cash compensation. For further discussion, see Note 14 – Stock Based Compensation . Income Taxes: The Company is subject to income taxes in both the U.S. and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to reverse. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. Changes in the expectations regarding the realization of deferred tax assets could materially impact income tax expense in future periods. Tax liabilities are recognized when, in management’s judgment, an uncertain tax position does not meet the more likely than not (i.e. a likelihood of more than fifty percent) threshold for recognition. For tax positions that meet the more likely than not threshold, a tax liability may still be recognized depending on management’s assessment of how the tax position will ultimately be settled. The Company records interest and penalties on unrecognized tax benefits in the provision for income taxes. For further discussion, s ee Note 1 0 – Income Taxes . Leases: Operating leases are included in Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities on the Company’s Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current portion of long-term debt, and Long-term debt on the Consolidated Balance Sheets. Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company uses an estimated incremental borrowing rate, which is based on information available at lease commencement. Upon adoption of ASC 842 The Company’s leases generally do not contain material variable lease payments and generally do not contain options to purchase the leased property, any material residual value guarantees, or material restrictive covenants. At commencement, the Operating lease ROU asset is equal to the lease liability and is adjusted for lease incentives and initial direct costs incurred. The Company reviews all options to extend, terminate, or purchase its ROU assets at the commencement of the lease and on an ongoing basis and accounts for these options when they are reasonably certain of being exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, including payments for common area maintenance and vehicle maintenance costs, which are accounted for separately, based on their underlying nature, for each class of underlying assets. In addition, the Company applies the short-term lease recognition exemption for leases with terms at commencement of not greater than 12 months. Asset Retirement Obligations: The Company establishes assets and liabilities for the present value of estimated future costs to retire long-lived assets at the termination or expiration of a lease. Such assets are amortized over the lease term, and the recognized liabilities are accreted to the future value of the estimated retirement costs. The related amortization and accretion expenses are presented within COR if the leased asset is used in the delivery of the Company’s services and the remaining expenses are presented within SG&A on the Consolidated Statements of (Loss) Income. Foreign Currency: Assets and liabilities of foreign affiliates that use the local currency as their functional currency are translated at the exchange rate on the last day of the accounting period, and income statement accounts are translated at the average rates during the period. Related translation adjustments are reported as a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency gains and losses resulting from transactions that are denominated in currencies other than the entity’s functional currency, including foreign currency gains and losses on intercompany balances that are not of a long-term investment nature, are included within Other expense, net on the Consolidated Statements of (Loss) Income. Highly Inflationary Economy : Effective July 1, 2018, as a result of the three-year recognized, in Other expense, net, a foreign exchange loss of $ million and $ million , during the year s ended December 31, 2019 and 2018, respectively, arising from the re - measurement of its Argentinian peso denomin ated net monetary assets . Nonmonetary assets, liabilities and related expenses are measured using historical exchange rates and do not fluctuate with changes in the local exchange rate. Adoption of New Accounting Standards Leases In February 2016, the FASB issued . The Company elected to apply a package of practical expedients which allowed it to not reassess at transition: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. The standard had a material impact on the Company’s Consolidated Balance Sheets, with the most significant impact being the recognition of ROU assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged (see Note 6 – Leases Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, “ Derivatives and Hedging” (Topic 815): Targeted Improvements to Accounting for Hedging Activities Stranded Tax Effects In February 2018, the FASB issued ASU 2018-02, “ Income Statement - Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Stock Compensation In June 2018, the FASB issued ASU 2018-07, “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Accounting Standards Issued But Not Yet Adopted Financial Instrument Credit Losses In June 2016, the FASB issued ASU 2016-13 associated with the measurement of credit losses on financial instruments. ASU 2016-13 replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The amended guidance is effective for the Company on January 1, 2020. The Company expects to record, upon adoption of ASU 2016-13, an adjustment to its allowance for doubtful accounts, with such adjustment currently estimated to be less than $5.0 million. Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal Use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2019-12 |
REVENUES FROM CONTRACTS WITH CU
REVENUES FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
REVENUES FROM CONTRACTS WITH CUSTOMERS | NOTE 2 – REVENUES FROM CONTRACTS WITH CUSTOMERS The Company provides Regulated Waste and Compliance Services, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs, Secure Information Destruction Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper, and Communication and Related Services which includes Expert Solutions, and communication services such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN’s. The Company’s customers typically enter into a contract for the provision of services on a regular and scheduled basis, e.g. weekly, monthly or on an as needed basis over the contract term. Under the contract terms, the Company receives fees based on a monthly, quarterly or annual rate or fees based on contractual rates depending upon measures including the volume, weight and type of waste, number and size of bins collected, weight and type of shredded paper, type of recall service and number of call minutes. Amounts are invoiced based on the terms of the underlying contract either on a regular basis, e.g. monthly or quarterly, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed. Disaggregation of Revenues In millions Year Ended December 31, 2019 Reportable Segment North America RWCS International RWCS All Other Revenues by Service: United States Canada EMEA Others U.S. Total Medical Waste and Compliance Services $ 1,127.9 $ 41.8 $ 300.7 $ 101.1 $ - $ 1,571.5 Hazardous Waste Services 321.3 - - - - 321.3 Total RWCS 1,449.2 41.8 300.7 101.1 - 1,892.8 Secure Information Destruction Services 705.1 64.4 132.4 - - 901.9 Manufacturing and Industrial Services 238.3 23.3 3.7 29.7 - 295.0 Communication Services - 12.1 4.4 - 117.3 133.8 Expert Solutions - 10.0 7.3 - 68.1 85.4 Total CRS - 22.1 11.7 - 185.4 219.2 Total Revenues $ 2,392.6 $ 151.6 $ 448.5 $ 130.8 $ 185.4 $ 3,308.9 Reportable Segment Total $ 2,544.2 $ 579.3 $ 185.4 $ 3,308.9 In millions Year Ended December 31, 2018 Reportable Segment North America RWCS International RWCS All Other Revenues by Service: United States Canada EMEA Others U.S. Total Medical Waste and Compliance Services $ 1,142.4 $ 39.6 $ 305.1 $ 131.4 $ - $ 1,618.5 Hazardous Waste Services 314.1 - - - - 314.1 Total RWCS 1,456.5 39.6 305.1 131.4 - 1,932.6 Secure Information Destruction Services 712.6 65.7 132.7 - - 911.0 Manufacturing and Industrial Services 247.8 22.6 16.9 41.9 - 329.2 Communication Services - 17.3 18.4 - 148.4 184.1 Expert Solutions - 12.0 8.7 - 108.3 129.0 Total CRS - 29.3 27.1 - 256.7 313.1 Total Revenues $ 2,416.9 $ 157.2 $ 481.8 $ 173.3 $ 256.7 $ 3,485.9 Reportable Segment Total $ 2,574.1 $ 655.1 $ 256.7 $ 3,485.9 Contract Liabilities The contract liability at December 31, 2019 and 2018 was $12.2 million and $15.0 million, respectively. Substantially all of the contract liability as of December 31, 2019 is expected to be recognized as revenue during the year ended December 31, 2020 and substantially all of the balance as of December 31, 2018 was recognized as revenue during the year ended December 31, 2019. Contract Acquisition Costs The Company’s incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are deferred and amortized to SG&A over a weighted average estimated period of benefit of 6.3 years. During the year ended December 31, 2019 and 2018, the Company amortized $9.1 million and $6.9 million, respectively, of deferred sales incentives to SG&A. Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions 2019 2018 Other current assets $ 9.5 $ 8.5 Other assets 28.9 23.3 Total contract acquisition costs $ 38.4 $ 31.8 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | NOTE 3 – ACQUISITIONS Acquisitions During the years ended December 31, 2019, 2018, and 2017, the Company completed 1, 21, and 30 acquisitions, respectively. All of the acquisitions detailed below are considered to be complementary to existing operations and fit with the Company’s growth strategy. All were accounted for as business combinations under the applicable guidance. The following table summarizes the locations and services of acquisitions by year: 2019 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States 1 - 1 - Total 1 - 1 - 2018 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States 21 2 19 - Total 21 2 19 - 2017 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States and Canada 22 2 19 1 International 8 5 3 - Total 30 7 22 1 The results of operations of these acquired businesses have been included in the Consolidated Statements of (Loss) Income from the date of the acquisition. Pro forma results of operations for these acquisitions are not presented because the pro forma effects, individually or in the aggregate, were not material to the Company’s consolidated results of operations. The following table summarizes the acquisition date fair value of consideration transferred for acquisitions completed during the years ended December 31: In millions 2019 2018 2017 Cash $ 0.2 $ 44.8 $ 52.9 Promissory notes 0.3 30.0 25.3 Deferred consideration 0.6 1.1 Contingent consideration - 0.1 Total purchase price $ 0.5 $ 75.4 $ 79.4 The fair value of consideration transferred in a business combination is allocated to the net tangible and identifiable intangible assets at the acquisition date, with the remaining unallocated amount recognized as goodwill. The following table summarizes the purchase price allocations for current year acquisitions and adjustments to purchase price allocations for prior year acquisitions. As of December 31, 2019, purchase accounting had been completed for all of our acquisitions. In millions Current Year Acquisitions Adjustments to Prior Year Acquisitions Total Fixed assets $ - $ 0.2 $ 0.2 Intangibles 0.5 4.2 4.7 Goodwill - (4.3 ) (4.3 ) Other assets and liabilities, net - (0.1 ) (0.1 ) Total purchase price allocation $ 0.5 $ 0.0 $ 0.5 During the year ended December 31, 2019, the Company recognized an increase in the estimated fair value of acquired customer relationships from current year and prior year acquisitions of $0.5 million, and $4.2 million, respectively, excluding the effect of foreign currency translation, with amortizable lives of 10 years. |
RESTRUCTURING AND DIVESTITURES
RESTRUCTURING AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING AND DIVESTITURES | NOTE 4 – RESTRUCTURING AND DIVESTITURES Restructuring - Business Transformation Stericycle is focused on driving long-term growth, profitability and delivering enhanced shareholder value. As part of overall business strategy, in the third quarter of 2017, the Company initiated a comprehensive multi-year Business Transformation. Through December 31, 2019, the Company has incurred all the originally anticipated employee termination charges, including incremental charges related principally to executive management, in connection with its initial restructuring estimate. During the year ended December 31, 2019, the Company recognized $5.5 million in charges related to executive and employee termination costs, of which $4.8 million was recognized within All Other and $0.7 million was recognized within the International RWCS reportable segment. These amounts are included in SG&A and will be paid out over approximately two years. As of December 31, 2019, approximately $3.0 million in future payments remained accrued. During the year ended December 31, 2018, the Company recognized $3.7 million, of employee termination charges related to Business Transformation. The North America RWCS and International RWCS reportable segments incurred $ million and $ 0.3 million, respectively, with the remaining $ million impacting All Other. These amounts were fully paid as of December 31 , 2018. In addition, during the year ended December 31, 2018, the Company recognized non-cash impairment charges of $9.1 million, of which $7.4 million related to software and $0.3 million related to other long-term assets in the North America RWCS reportable segment, that was included in COR and $1.4 million related to All Other, was included in SG&A, see Note 5 – Property, Plant and Equipment. During the year ended December 31, 2017, the Company recognized employee termination charges of $11.5 million and non-cash impairment charges of $2.4 million related to software. The North America RWCS and International RWCS reportable segments incurred $5.5 million and $3.3 million, respectively, with the remaining $5.1 million impacting All Other. The remaining liability of $2.2 million at December 31, 2017, was paid in the first quarter of 2018. Restructuring – Operational Optimization We aim to achieve a culture of continuous improvement that will enhance its efficiency, effectiveness and competitiveness to improve its cost base and cash flow, and we have taken a number of actions to reduce operating costs and optimize operations. As part of these efforts, we seek to reduce network redundancies by consolidating facilities and restructuring the operations for efficiency. 2019 Actions Operational Optimization restructuring charges by segment were as follows: In millions Year Ended December 31, 2019 North America RWCS International RWCS All Other Total Included in COR Exit costs - employee termination $ - $ 0.2 $ 0.4 $ 0.6 Closure and exit costs - other - 1.1 - 1.1 Impairment of property, plant and equipment 2.0 3.6 - 5.6 Total non-cash charges 2.0 3.6 - 5.6 Total included in COR 2.0 4.9 0.4 7.3 Included in SG&A Exit costs - employee termination 0.4 0.7 0.6 1.7 Closure and exit costs - other - 1.3 - 1.3 Impairment of property, plant and equipment - 0.4 - 0.4 Impairment of intangibles - 0.9 0.4 1.3 Total non-cash charges - 1.3 0.4 1.7 Total included in SG&A 0.4 3.3 1.0 4.7 Total charges $ 2.4 $ 8.2 $ 1.4 $ 12.0 The charges in the North America RWCS reportable segment related primarily to a site relocation. The charges in the International RWCS reportable segment relate to site closures and facility exits undertaken in EMEA and LATAM. The employee termination charges within All Other represent employee severance arising from reductions in headcount undertaken in the Company’s Domestic CRS business. The non-cash impairment of intangibles was recognized a result of the exit from a business line. The employee termination payments were paid in 2019. 201 8 Actions Operational Optimization restructuring charges by segment were as follows: In millions Year Ended December 31, 2018 North America RWCS International RWCS All Other Total Included in SG&A Exit costs - employee termination $ - $ 0.2 $ 1.1 $ 1.3 Closure and exit costs - other 4.2 5.9 3.7 13.8 Impairment and accelerated depreciation of property, plant and equipment 1.0 4.7 - 5.7 Impairment of intangibles - 6.6 - 6.6 Total non-cash charges 1.0 11.3 - 12.3 Total included in SG&A 5.2 17.4 4.8 27.4 Total charges $ 5.2 $ 17.4 $ 4.8 $ 27.4 The charges in the North America RWCS reportable segment related primarily to optimizing overall logistics and sales functions and lease exit costs for the consolidation of call centers in our Canadian CRS locations. Non-cash charges relate to accelerated depreciation associated with software. The charges in the International RWCS reportable segment primarily related to closure, contract exit and other clean-up costs, associated with various sites in EMEA, Latin America and APAC. Non cash impairment charges related to long-lived assets, customer relationships, operating permits, and other intangibles, primarily in Latin America and APAC, and rationalization of a tradename in Europe. The charges in All Other related to headcount reduction undertaken during the year and lease exit costs for the consolidation of call centers in Domestic CRS locations. The employee termination payments were paid by the end of the fourth quarter of 2018. Divestitures losses, net of (gains) The Company incurred the following divestiture losses, net of (gains), which are included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2019 2018 2017 North America RWCS Segment CRS businesses $ 6.5 $ - $ - U.S. clean room business - 6.9 - Total North America RWCS charges 6.5 6.9 - International RWCS Segment Mexico operations 43.2 - - Chile operations 19.0 - - U.K. TextAnywhere business (5.1 ) - - U.K. hazardous waste business 0.7 5.9 6.8 U.K. patient transport business (0.3 ) - 5.7 South Africa operations - - (3.0 ) Total International RWCS charges, net 57.5 5.9 9.5 All Other CRS businesses 39.0 - - Total $ 103.0 $ 12.8 $ 9.5 The details associated with each of these amounts are as follows: CRS Businesses: During the year ended December 31, 2019 the Company completed the sales of its TAS business in North America and its retail pharmaceutical returns business in the U.S. and Puerto Rico for total cash consideration of $36.4 million, resulting in total losses of $45.5 million, of which $6.5 million related to North America RWCS and $39.0 million related to All Other. In connection with the sale agreement for the TAS business, the Company entered into a TSA with the buyer for a period of up to 15 months. The Company allocated and deferred $5.1 million of the proceeds, which will be recognized over the duration of the TSA period offsetting the expenses incurred to deliver the TSA services that are not reimbursed by the buyer. North America RWCS Segment: During the year ended December 31, 2018, the Company completed the sale of the non-core clean room business realizing proceeds of $17.0 million, resulting in impairment charges and subsequent loss on disposal totaling $6.9 million. International RWCS Segment: During the year ended December 31, 2019, the Company had the following divestiture activity: • U.K. based texting business, for proceeds of $14.8 million, resulting in a gain of approximately $5.1 million. • Substantially all of the Company’s operations in Mexico for nominal consideration resulting in impairment charges and subsequent loss on disposal totaling $43.2 million, including the realization of a loss of approximately $18.9 million related to the balance of cumulative currency translation adjustment. • The Company’s operations in Chile for net proceeds of $30.7 million, resulting in a loss of $19.0 million, including the realization of a loss of approximately $16.8 million related to the balance of cumulative currency translation adjustment. • A reduction in the provision against a loan receivable originally arising from the sale of our U.K. patient transport business resulting in a $0.3 million gain. During the year ended December 31, 2018, the Company completed the sale of its hazardous waste business in the U.K. for proceeds of $11.5 million of which $8.2 million was received in cash and $3.0 million was held in escrow, until it was received in August 2019. The Company recognized impairment charges and subsequent loss on disposal totaling $16.5 million, including impairment charges of $3.8 million in 2016. During the year ended December 31, 2017, the Company completed the divestiture of its operations in South Africa for proceeds of $7.3 million, resulting in a gain of $3.0 million. In addition during the year ended December 31, 2017, the Company completed the divestiture of certain assets associated with its patient transport business in the U.K. for proceeds of $1.2 million, resulting in a net loss of $5.7 million. Environmental Solutions Business On February 6, 2020, the Company entered into the Purchase Agreement to sell its Domestic Environmental Solutions business to Harsco Corporation, exclusive of the Retained Business. Subject to the terms and conditions of the Purchase Agreement, the Buyer has agreed to purchase all of the outstanding equity interests of the Company’s Domestic Environmental Solutions subsidiary. Both the Company and Buyer have agreed to indemnify the other party for losses arising from certain breaches of the Purchase Agreement and other liabilities, subject to certain limitations. The purchase price for the Transaction is approximately $462.5 million, and subject to adjustment based on the ESOL Disposal Group’s net working capital at closing and other adjustments as defined in the Purchase Agreement. The Transaction is anticipated to result in a loss which is currently not estimable. The expected charge is based on the Company’s current estimate of the proceeds that will be allocated to the disposal transaction as it evaluates the terms of the HSA agreement negotiated with the Buyer concurrently with the Transaction, the net assets that will be disposed of and an allocation of goodwill based on the relative fair value of the ESOL Disposal Group to the Domestic Environmental Solutions reporting unit. The remaining goodwill will be allocated to the Retained Business which the Company anticipates will become part of the Domestic Healthcare Compliance Services reporting unit once the transaction closes. The Purchase Agreement contains customary representations, warranties and covenants related to the Business and the Transaction. Between the date of the Purchase Agreement and the completion of the Transaction, the Company has agreed to conduct the ordinary course of the ESOL Disposal Group business consistent with past practices in all material respects and has agreed to certain other operating covenants with respect to the ESOL Disposal Group business as set forth more fully in the Purchase Agreement. The Purchase Agreement includes customary termination provisions, including if the closing of the Transaction has not occurred on or before November 6, 2020 (which may be extended until February 6, 2021, if needed, to obtain applicable regulatory approvals). Both the Company and the Buyer have agreed to indemnify the other party for losses arising from certain breaches of the Purchase Agreement and other liabilities, subject to certain limitations. In connection with the closing of the Transaction, the Company and Buyer will enter into certain additional ancillary agreements, including a transition services agreement. The Company and Buyer will also enter into a long-term subcontracted HSA with respect to the Company's Retained Business. The Company currently provides integrated waste compliance services to healthcare customers, including medical and hazardous waste disposal services. The Company will continue to be the integrated waste services provider to these customers and has subcontracted with the Buyer to performed hazardous waste services, including collection, transportation and disposal for the Company, as necessary. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at December 31: In millions 2019 2018 Land and improvements $ 66.0 $ 63.8 Building and improvements 263.3 243.5 Machinery and equipment 342.4 345.4 Vehicles 177.9 178.9 Containers 246.6 296.6 Office equipment and furniture 111.5 126.8 Software and Enterprise Resource Planning system 84.3 65.1 Construction in progress 174.3 101.5 Total property, plant and equipment 1,466.3 1,421.6 Less: accumulated depreciation (667.8 ) (678.1 ) Property, plant and equipment, net $ 798.5 $ 743.5 Depreciation expense was $127.6 million, $125.6 million, and $131.1 million for the years ended December 31, 2019, 2018, and 2017, respectively. 2019 Impairments Non-cash impairment charges related to software and other property plant and equipment by reportable segment were as follows: In millions Year Ended December 31, 2019 North America RWCS International RWCS All Other Total Included in COR Software $ - $ 0.3 $ 1.3 $ 1.6 Other property, plant and equipment 2.0 7.2 - 9.2 Total included in COR 2.0 7.5 1.3 10.8 Included in SG&A Software - - - - Other property, plant and equipment 0.5 0.4 - 0.9 Total included in SGA 0.5 0.4 - 0.9 Total impairments $ 2.5 $ 7.9 $ 1.3 $ 11.7 The 2019 non-cash impairment charges related to software were in connection with the rationalization of applications with in the CRS business. The non-cash impa irment charges in COR related to property , plant and equipment , other arose as a result of a site move in North America and the rationalizat ion of the Company’s operations in EMEA and LATAM. In addition, the Company recognized non-cash impairment charges of $3.6 million in COR, related to property, plant and equipment associated with an impairment review of its operations in Brazil (see Note 7 – Goodwill and Other Intangible Assets) 2018 Impairments Non-cash impairment charges related to software and other property plant and equipment by reportable segment were as follows: In millions Year Ended December 31, 2018 North America RWCS International RWCS All Other Total Included in COR Software $ 7.4 $ - $ 17.6 $ 25.0 Other property, plant and equipment 0.3 - - 0.3 Total included in COR 7.7 - 17.6 25.3 Included in SG&A Software 1.0 - 1.4 2.4 Other property, plant and equipment 0.3 5.1 5.4 Total included in SG&A 1.3 5.1 1.4 7.8 Total impairments $ 9.0 $ 5.1 $ 19.0 $ 33.1 The 2018 non-cash impairment charges related to software were in connection with the Company’s evolving future information systems strategy, including the implementation of a global ERP system and the impact on currently deployed software as well as rationalization of applications used within each reportable segment. The non-cash impairment charges related to other property, plant and equipment were as a result of the rationalization of the Company’s operations. 2017 The 2017 non-cash impairment charges in SG&A of $7.3 million, related to property, plant and equipment, due to rationalizing certain of our operations, primarily in the International RWCS segment. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 6 – LEASES The Company has operating leases for vehicles, transfer sites, processing facilities, communication centers, corporate and regional offices, and certain equipment. The components of net lease cost were as follows: In millions Year Ended December 31, 2019 Operating lease cost $ 117.2 Finance lease cost: Amortization of leased assets 3.5 Interest on lease liabilities 1.0 Net lease cost $ 121.7 Short-term lease cost, variable lease cost and sublease income were not significant during the period. Supplemental cash flow information related to leases was as follows: In millions Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 122.4 Operating cash flows from finance leases 0.9 Financing cash flows from finance leases 4.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases 203.8 Finance leases 17.0 Finance lease assets, net of accumulated amortization, were $30.1 million as of December 31, 2019 and are included in Property, Plant and Equipment, net on the Consolidated Balance Sheet. Information regarding lease terms and discount rates is as follows: In millions December 31, 2019 Weighted average remaining lease term (years): Operating leases 6.4 Finance leases 15.3 Weighted average discount rate: Operating leases 4.11 % Finance leases 5.34 % Maturities of lease liabilities as of December 31, 2019, were as follows: In millions Operating leases Finance leases 2020 $ 112.6 $ 6.5 2021 95.6 7.4 2022 77.3 3.1 2023 62.4 2.9 2024 51.3 2.6 Thereafter 109.0 12.0 Total lease payments 508.2 34.5 Less: Interest 57.3 4.1 Present value of lease liabilities $ 450.9 $ 30.4 As of December 31, 2019, the Company had additional operating leases of $14.0 million which have not yet commenced. These operating leases are expected to commence in fiscal year 2020 with lease terms of 3 to 15 years. As of December 31, 2018, prior to the adoption of ASC 842, future minimum payments under operating leases having initial or non-cancelable lease terms in excess of one year, including leases with an inception date but not yet commenced, and payments due under capital leases were as follows: In millions Operating leases Capital Leases 2019 $ 107.0 $ 5.4 2020 88.7 5.6 2021 72.7 2.6 2022 54.8 2.3 2023 40.0 2.1 Thereafter 128.7 5.9 Total lease payments $ 491.9 23.9 Less amounts representing interest (3.6 ) Total lease payments $ 20.3 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill: The changes in the carrying amount of goodwill were as follows: In millions North America RWCS International RWCS All Other Total Balance as of January 1, 2018 $ 2,850.2 $ 466.8 $ 287.0 $ 3,604.0 Goodwill acquired during year 32.2 - - 32.2 Purchase accounting adjustments (16.9 ) - (0.7 ) (17.6 ) Impairments during the year (72.4 ) (286.3 ) (358.7 ) Impairments related to divestitures (Note 4) (5.8 ) - - (5.8 ) Changes due to foreign currency fluctuations (11.3 ) (20.6 ) - (31.9 ) Balance as of December 31, 2018 2,848.4 373.8 - 3,222.2 Purchase accounting adjustments (Note 3) (4.3 ) - - (4.3 ) Impairments during the year (207.4 ) (20.9 ) - (228.3 ) Impairments related to divestitures (Note 4) (2.4 ) (6.2 ) - (8.6 ) Changes due to foreign currency fluctuations and other (2.7 ) 3.9 - 1.2 Balance as of December 31, 2019 $ 2,631.6 $ 350.6 $ - $ 2,982.2 Accumulated non-cash impairment charges by segment as of December 31, 2019 and 2018 were as follows: In millions 2019 2018 North America RWCS $ 215.6 $ 5.8 International RWCS 171.6 144.5 All Other 286.3 286.3 Total $ 673.5 $ 436.6 2019 Impairments The Company performed its annual goodwill assessment as of October 1, 2019, and determined that the Domestic Environmental Solutions and Canada reporting units’ carrying values were in excess of their estimated fair value. Factors that contributed to the estimated fair value of the reporting units being below their carrying values included: • Domestic Environmental Solutions: During 2019, we experienced higher operating costs, particularly related to hazardous waste disposal costs. In addition, we anticipate that the timeline for achieving the betterment plans for both revenue quality and cost improvements has been extended. The Company also gathered insights from the process of evaluating Domestic Environmental Solutions as part of the Company’s portfolio rationalization criteria. • Canada: During 2019, we experienced competitive pricing pressure in both SID Services and Regulated Medical Waste Solutions, lower SOP pricing, higher medical and hazardous waste costs including Canada based operating costs due to a reliance on third-party disposal and U.S.-based enabling support costs. We expect these challenges to have a prolonged impact and have adjusted for them in our current year long-range plan. These challenges were factored into updates to the Company’s long-range plan and forecasted cash-flow assumptions. The Company also made certain adjustments to the risk premiums within the discount rates used to present value these forecasted cash-flows. As a result, the Company recognized $80.8 million of non-cash impairment charges related its Domestic Environmental Solutions reporting unit and $126.6 million to fully impair the goodwill associated with its Canada reporting unit. During the first quarter of 2019, there were business, and market developments and insights gathered from the Company’s portfolio rationalization considerations, which negatively impacted the estimated cash flows of the Company’s Latin America reporting unit and triggered an interim assessment as of March 31, 2019. The Company determined that the Latin America reporting unit’s carrying value was in excess of its estimated fair value and recognized $20.9 million of non-cash goodwill impairment charges related to the Latin America reporting unit. Following the impairment, the Latin America reporting unit has no remaining goodwill. 2018 Impairments The Company performed its annual goodwill assessment as of October 1, 2018, and an interim assessment as of December 31, 2018. The Company determined that the Domestic CRS and Latin America reporting units’ carrying values were in excess of their estimated fair values. Factors that contributed to the estimated fair value of the reporting units being below their carrying value included: • Domestic CRS: The Company experienced a progressive decrease in revenues and operating margins in 2018 due to (i) continued declines in large recall events leading to a higher level of uncertainty of these occurring in future periods. (ii) recall events that had a smaller number of units and significantly lower revenue per event than experienced in recent years, and (iii) continued decline in the volume of inbound/outbound call volumes for the live voice services. The Company also gathered insights from its portfolio rationalization considerations which were initiated in 2018. • Latin America: The Company continued to experience prolonged challenges and volatility in certain markets due to declining market trends and cost pressures. Revenue increases in the M&I business due to inflationary price increases in Argentina were offset by the impact of currency devaluation and the continuing declines in several local economies. These challenges were factored into updates to the Company’s forecasted cash-flow assumptions during the fourth quarter of 2018 to reflect its current outlook and the Company made certain adjustments to the discount rates used to present value these forecasted cash-flows. As a result of these impairment assessments, the Company recognized $286.3 million of non-cash goodwill impairment charges to fully impair the Domestic CRS reporting unit. In addition, the Company recognized $72.4 million of non-cash goodwill impairment charges related to the Latin America reporting unit. 2017 Impairments The Company performed its annual goodwill assessment, as of October 1, 2017 and evaluated the impact of prolonged declining market trends in Latin America and continued softness in the Company’s M&I regional hazardous waste business. Estimated cash flows were updated to reflect these challenging conditions in Latin America and, as a result of the impairment assessment, the Company recognized a $65.0 million non-cash goodwill impairment charge. The impairment charge recognized was the amount by which the carrying value of the Latin America reporting unit exceeded its fair value. The fair value of reporting units, used in both the annual and any interim goodwill impairment assessments in 2019, 2018 and 2017, are classified as Level 3 measurements within the fair value hierarchy due to significant unobservable inputs such as discount rates, projections of revenue, cost of revenue and operating expense growth rates, long-term growth rates and income tax rates. The fair value methodology is described further in Note 1 – Basis of Presentation and Summary of Significant Accounting Policies . Current year adjustments to goodwill for certain prior year acquisitions are primarily due to the finalization of intangible asset valuations among other opening balance sheet adjustments. Other Intangible Assets: At December 31, the values of other intangible assets were as follows: In millions 2019 2018 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,460.8 $ 575.8 $ 885.0 $ 1,591.5 $ 492.0 $ 1,099.5 Covenants not-to-compete 4.9 3.8 1.1 5.1 3.2 1.9 Operating permits 4.1 1.6 2.5 - - - Tradenames 3.6 1.1 2.5 3.9 1.2 2.7 Other 8.6 2.6 6.0 12.3 3.5 8.8 Indefinite-lived intangibles: Operating permits 211.1 - 211.1 212.5 - 212.5 Tradenames 314.2 - 314.2 312.3 - 312.3 Total $ 2,007.3 $ 584.9 $ 1,422.4 $ 2,137.6 $ 499.9 $ 1,637.7 The changes in the carrying amount of intangible assets since January 1, 2018 were as follows: In millions Total Balance as of January 1, 2018 $ 1,791.5 Intangible assets acquired during the year 34.0 Purchase accounting adjustments for prior year acquisitions 10.2 Divestitures (Note 4) (14.4 ) Impairments during the year (16.0 ) Amortization during the year (130.3 ) Changes due to foreign currency fluctuations (37.3 ) Balance as of December 31, 2018 1,637.7 Intangible assets acquired during the year 0.5 Reclassification of capitalized permit costs 7.7 Purchase accounting adjustments for prior year acquisitions (Note 3) 4.2 Divestitures (Note 4) (67.5 ) Impairments during the year (17.7 ) Amortization during the year (145.2 ) Changes due to foreign currency fluctuations 2.7 Balance as of December 31, 2019 $ 1,422.4 The Company’s indefinite-lived intangible assets include operating permits and certain tradenames. The Company has determined that certain of our operating permits and certain tradenames have indefinite lives due to our ability to renew them with minimal additional cost, and therefore they are not amortized. The Company recognized non-cash impairment charges relating to customer lists, permits and tradenames in the following reportable segments: In millions 2019 2018 2017 North America RWCS $ - $ 0.5 $ 3.1 International RWCS 17.3 15.5 12.1 All Other 0.4 - 5.8 $ 17.7 $ 16.0 $ 21.0 In 2019, the Company recognized non-cash impairment charges of $14.7 million, to write-off customer relationship, permits, tradenames and other intangibles presented in the table above, and $3.6 million in respect to certain property plant and equipment (See Note 5 – Property, Plant and Equipment The remaining $3.0 million in 2019, relates to the write-off of various customer relationship and permit intangibles in EMEA, LATAM and North America as a result of rationalizing certain operations. The non-cash impairment charges recognized during the year ended December 31, 2018 included $10.3 million related to customer relationship and permit intangibles, which were impaired as a result of actual and forecasted business declines, primarily in LATAM. The remaining non-cash impairment charges incurred during the year ended December 31, 2018 and 2017 were recognized due to rationalizing certain operations across all segments. Finite-lived intangible assets are amortized over their estimated useful lives using the straight-line method with each category having weighted average remaining useful lives as follows: In years Estimated useful lives Weighted average remaining useful lives Customer relationships 10-25 8.5 Covenants not-to-compete 5-14 2.4 Tradenames 15-40 17.6 Landfill air rights 5-26 14.4 The useful life of intangible assets is assessed annually to determine whether events and circumstances warrant a revision to their remaining useful life and changes are reflected prospectively as the intangible asset is amortized over the revised remaining useful life. In the fourth quarter of 2019, we performed the annual assessment of the useful life of our finite-lived intangibles and no changes were required. During the years ended December 31, 2019, 2018, and 2017, our aggregate intangible asset amortization expense was $145.2 million, $130.3 million, and $118.4 million, respectively. Our estimated intangible asset amortization expense for each of the next five years (based upon foreign exchange rates as of December 31, 2019) is as follows for the years ended December 31: In millions 2020 $ 131.6 2021 125.0 2022 123.4 2023 120.9 2024 118.3 |
ACCRUED LIABILITIES AND OTHER L
ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES | NOTE 8 – ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES Accrued liabilities consisted of the following at December 31: In millions 2019 2018 Compensation $ 68.6 $ 80.0 Self-insurance 74.7 72.8 Taxes 50.7 42.3 Interest 21.3 14.7 Professional fees 22.1 40.1 Disposal and landfill liabilities 18.8 15.9 Other 40.4 75.0 Total accrued liabilities $ 296.6 $ 340.8 Other long-term liabilities consisted of the following at December 31: In millions 2019 2018 Contingent consideration $ 7.4 $ 7.5 Environmental liabilities 27.2 28.2 Asset retirement obligations 19.4 19.1 Other long-term liabilities 10.2 15.9 Total other long-term liabilities $ 64.2 $ 70.7 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 9 – DEBT Long-term debt consisted of the following at December 31: In millions 2019 2018 $1.2 billion senior credit facility, due in 2022 $ 758.7 $ 583.3 $1.3 billion term loan, due in 2022 1,172.2 902.5 $600 million Senior Notes, due in 2024 600.0 - $125 million private placement notes, due in 2019 (repaid in June 2019, see below) - 125.0 $225 million private placement notes, due in 2020 (repaid in June 2019, see below) - 225.0 $150 million private placement notes, due in 2021 (repaid in June 2019, see below) - 150.0 $125 million private placement notes, due in 2022 (repaid in June 2019, see below) - 125.0 $200 million private placement notes, due in 2022 (repaid in June 2019, see below) - 200.0 $100 million private placement notes, due in 2023 (repaid in June 2019, see below) - 100.0 $150 million private placement notes, due in 2023 (repaid in June 2019, see below) - 150.0 Promissory notes and deferred consideration, weighted average maturity of 2.49 and 2.74 years for 2019 and 2018 73.1 120.9 Foreign bank debt, weighted average maturity of 1.6 years for 2019 and 1.9 years for 2018 42.2 76.7 Obligations under finance leases (Note 6) 30.4 20.3 Total debt 2,676.6 2,778.7 Less: current portion of total debt 103.1 104.3 Less: unamortized debt issuance costs 14.2 10.5 Long-term portion of total debt $ 2,559.3 $ 2,663.9 The weighted average interest rates on long-term debt, excluding finance leases, as of December 31, 2019 and 2018 were as follows: 2019 2018 $1.2 billion senior credit facility, due in 2022 (variable rate based on LIBOR) 3.57 % 3.77 % $1.3 billion term loan, due in 2022 (variable rate based on LIBOR) 3.44 % 4.07 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % – $125 million private placement notes, due in 2019 – 3.43 % $225 million private placement notes, due in 2020 – 5.22 % $150 million private placement notes, due in 2021 – 3.64 % $125 million private placement notes, due in 2022 – 4.01 % $200 million private placement notes, due in 2022 – 3.47 % $100 million private placement notes, due in 2023 – 3.54 % $150 million private placement notes, due in 2023 – 3.93 % Promissory notes and deferred consideration (fixed rate) 1.81 % 1.79 % Foreign bank debt (variable rate) 4.43 % 5.81 % Credit Agreement The Company entered into the Credit Agreement, as amended which provided for a term loan facility of $950.0 million and a revolving credit facility of $1.2 billion. The obligations under the Credit Agreement are secured and the Company is required to meet certain covenants including the requirement to maintain the Consolidated Leverage Ratio below a maximum threshold. On February 25, 2020, the Company executed a Fifth Amendment which amended the Credit Agreement to, among other things: • increase the maximum allowable Consolidated Leverage Ratio to 5.00 to 1.00 until the end of the first quarter of 2022 and 4.50 to 1.00 thereafter. • upon the consummation of the divesture of the ESOL Disposal Group, each of the foregoing maximum permitted Consolidated Leverage Ratio levels will step down to 4.75 to 1.00 and 4.25 to 1.00, respectively. • allow for continuation of the $200 million of cash add backs to EBITDA through December 31, 2020, and addbacks of $100 million until December 31, 2021, with no further addbacks thereafter. • increase the leverage ratio pricing tier of greater than 4.50 to 1.00 by 0.125% • grant a first-priority security interest to the administrative agent for the benefit of the lenders in substantially all of the personal property of the Company and certain of its material domestic subsidiaries, including certain equity interests held by those entities. We expect to incur facility and other fees of approximately $2.0 million in connection with the execution of the Fifth Amendment. As of December 31, 2019, the Company was in compliance with its Consolidated Leverage Ratio covenant, with an actual ratio of 4.45 to 1.00, which was below the allowed maximum ratio of 5.00 to 1.00 as set forth in the Fifth Amendment. Senior Notes During 2019, the Company issued $600.0 million at par of aggregate principal Senior Notes, due July 2024, which are unsecured and bear interest at 5.375% per annum, payable on January 15 and July 15 of each year. The Senior Notes are fully and unconditionally guaranteed by each of the Company’s current domestic subsidiaries that guarantee the Company’s Senior Credit Facility. The Indenture limits the ability of the Company and its subsidiaries to incur certain liens, enter into certain sale and leaseback transactions, and consolidate, merge or sell all or substantially all of their assets. The Senior Notes will be redeemable, at the option of the Company, in whole or in part, at any time on or after July 15, 2021, at the redemption prices specified in the Indenture along with accrued interest. At any time prior to July 15, 2021, the Senior Notes may be redeemed, at the option of the Company, in whole or in part, at a redemption price of 100 % of the principal amount thereof, plus a “make-whole” premium and accrued and unpaid interest. In addition, the Company may redeem up to 40 % of the Senior Notes at any time before July 15, 2021, with the net cash proceeds from certain equity offerings at a redemption price equal to 105.375 %, plus accrued and unpaid interest. In the event of both a change of control of the Company and a rating downgrade by the rating agencies, the Company will be required to offer to repurchase all outstanding Senior Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture contains customary events of default, which include (subject in certain cases to customary grace and cure periods), nonpayment of principal or interest; breach of other agreements in the Indenture; failure to pay certain other indebtedness; certain events of bankruptcy or insolvency; failure to pay certain final judgments; and failure of certain guarantees to be enforceable. In connection with the issuance of the Senior Notes, the Company incurred $ 7.1 million of direct issuance costs, which have been capitalized in unamortized debt issuance costs and are being amortized to Interest expense, net over the term of the Senior Notes. Private Placement Notes In addition, during 2019 the Company repaid in full $1.075 billion of the outstanding private placement notes using the net proceeds from the Senior Notes and the incremental Term Loan together with additional borrowings under the Senior Credit Facility. In connection with the repayment of the private placement notes, the Company incurred a loss on early extinguishment of debt of $23.1 million comprising make whole premiums, payable under the terms of certain of the private placement notes, of $20.4 million and the write-off of $2.7 million of unamortized debt issuance costs associated with the private placement notes. In addition, $3.4 million, representing the unamortized portion of premiums associated with interest rate locks executed in connection with the issuance of certain of the private placement notes, was recorded in Interest expense, net. These amounts were previously included in Accumulated other comprehensive loss on the Consolidated Balance Sheet. Other Matters Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility at December 31 were as follows: In millions 2019 2018 Outstanding letters of credit under Senior Credit Facility $ 33.0 $ 63.1 Unused portion of the Revolving Credit Facility 408.3 553.6 Payments due on long-term debt, excluding finance lease obligations, during each of the five years subsequent to December 31, 2019 are as follows: In millions 2020 $ 98.0 2021 126.7 2022 1,809.9 2023 5.1 2024 605.2 Thereafter 1.3 Total $ 2,646.2 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 – INCOME TAXES The U.S. and International components of loss before income taxes consisted of the following for the years ended, December 31: In millions 2019 2018 2017 United States $ (150.5 ) $ (189.1 ) $ (9.6 ) Foreign (212.3 ) (86.3 ) (98.3 ) Total loss before income taxes $ (362.8 ) $ (275.4 ) $ (107.9 ) Significant components of the Company’s income tax benefit (expense) for the years ended December 31, are as follows: In millions 2019 2018 2017 Current United States - federal $ - $ - $ (107.0 ) United States - state and local (10.7 ) (0.4 ) (10.0 ) Foreign (6.4 ) (8.5 ) (7.1 ) (17.1 ) (8.9 ) (124.1 ) Deferred United States - federal 23.9 24.4 256.1 United States - state and local 8.0 11.2 9.8 Foreign 2.0 3.1 9.1 33.9 38.7 275.0 Total benefit $ 16.8 $ 29.8 $ 150.9 A reconciliation of the income tax provision computed at the federal statutory rate to the effective tax rate for the years ended December 31, are as follows: 2019 2018 2017 Federal statutory income tax rate 21.0 % 21.0 % 35.0 % Effect of: State and local taxes, net of federal tax effect 1.2 % 4.2 % 3.9 % Foreign tax rates 5.1 % 4.2 % (2.7 %) Permanent - other items (4.2 %) 0.5 % (2.1 %) Permanent - goodwill impairment (14.1 %) (9.1 %) (12.0 %) Tax Act - (3.2 %) 120.3 % Valuation allowance (1.2 %) (7.5 %) (4.6 %) Divestitures 1.2 % - - Stock-based compensation (1.0 %) 1.2 % (0.6 %) Other (3.4 %) (0.5 %) 2.7 % Effective tax rate 4.6 % 10.8 % 139.9 % Deferred tax liabilities and assets at December 31, were as follows: In millions 2019 2018 Deferred tax liabilities: Property, plant and equipment $ (68.1 ) $ (68.9 ) Goodwill and intangibles (417.9 ) (395.1 ) Leases - right of use asset (84.5 ) - Other (10.9 ) (22.7 ) Total deferred tax liabilities (581.4 ) (486.7 ) Deferred tax assets: Accrued liabilities 87.8 84.4 Leases - right of use liability 88.7 - Net operating tax loss carry-forwards 116.2 88.9 Interest expense carry-forward 31.2 13.4 Other 11.4 39.9 Less: valuation allowance (39.4 ) (35.3 ) Total deferred tax assets 295.9 191.3 Net deferred tax liabilities $ (285.5 ) $ (295.4 ) The valuation allowance increased $4.1 million during the year ended December 31, 2019, primarily due to non-benefited foreign losses. On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes included, but were not limited to, a corporate income tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. In accordance with SAB 118 and the Company’s understanding of the Tax Act and guidance available, the Company calculated the provisional estimate of the tax impact of the Tax Act on its year end 2017 income tax benefit/provision and as a result recognized an income tax (benefit) of ($129.8) million in the fourth quarter of 2017, the period in which the legislation was enacted. The provisional amount related to the re-measurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, the one-time transition tax on the mandatory deemed repatriation of foreign earnings and the related expected foreign withholding taxes on such earnings are reflected in the table below. The net tax benefit recognized during the year ended December 31, 2017, related to the Tax Act was as follows: In millions Remeasurement of net deferred tax liabilities due to enacted rate reduction $ 167.7 Section 965 transition tax on foreign earnings (24.3 ) Foreign withholding taxes on such earnings (13.6 ) Net tax benefit from the Tax Act $ 129.8 During the year ended December 31, 2018, the Company adjusted the provisional amounts recognized as of December 31, 2017 for the one-time transition tax, deferred taxes and foreign withholding taxes. These adjustments resulted in a net charge to the tax provision of $8.8 million. As of December 31, 2018, the accounting for the various elements of the Tax Act was complete. Adjustments may be necessary in future periods due to potential technical corrections to the Tax Act and/or regulatory guidance that may be issued by the U.S. Internal Revenue Service. Prior to the enactment of the Tax Act, the Company treated the undistributed earnings from foreign subsidiaries as indefinitely reinvested. The Company continues to assert permanent reinvestment in its first tier subsidiaries, but lifts the assertion on deferred foreign earnings that were taxed under the Tax Act on lower tier subsidiaries. A withholding tax accrual has been recorded where appropriate. The Company has not provided for deferred taxes on outside basis differences for investments in its foreign subsidiaries that are unrelated to unremitted earnings as these basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of outstanding basis difference is not practicable to calculate. At December 31, 2019, the net operating loss carry-forwards from both foreign and domestic operations are approximately $379.4 million and certain of these net operating loss carry-forwards begin to expire in 2021. The tax benefit of these net operating losses is approximately $116.2 million at December 31, 2019, on which a valuation allowance of $30.8 million was recognized offsetting such tax benefit. We file income tax returns in the United States, in various states and in certain foreign jurisdictions. With a few exceptions, we are no longer subject to U.S. federal, state, local, or non-US income tax examinations by tax authorities for years prior to 2015. The Company has recognized liabilities to cover certain uncertain tax positions. Such uncertain tax positions relate to additional taxes that the Company may be required to pay in various tax jurisdictions. During the course of examinations by various taxing authorities, proposed adjustments may be asserted. The Company evaluates such items on a case-by-case basis and adjusts the accrual for uncertain tax positions as deemed necessary. The estimated amount of the liability associated with the Company’s uncertain tax positions that may significantly increase or decrease within the next twelve months cannot be reasonably estimated. The total amount of unrecognized tax benefit at December 31, 2019 is $62.7 million. The amount of uncertain tax positions that, if recognized, would affect the effective tax rate is approximately $61.3 million. We recognized interest and penalties related to income tax reserves in the amount of $ (0.7) million, $ million, and $ million for the years ended December 31, 2019 , 2018 and 201 7 , respectively, as a component of income tax expense. The following table summarizes the aggregate changes in unrecognized tax benefits during the years ended December 31, 2019 and 2018: In millions Unrecognized tax positions as of January 1, 2018 $ 27.4 Gross increases - tax positions in prior periods 1.1 Gross increases - current period tax positions 43.5 Settlement (2.0 ) Lapse of statute of limitations (5.3 ) Unrecognized tax positions as of December 31, 2018 64.7 Gross increases (decreases) - tax positions in prior periods 1.2 Gross increases - current period tax positions 4.6 Settlement (0.2 ) Lapse of statute of limitations (7.6 ) Unrecognized tax positions as of December 31, 2019 $ 62.7 The table above includes amounts that relate to uncertain tax positions from acquired companies. Purchase agreements to acquire the stock of a target generally provide that the seller is liable for and has indemnified the Company against all income tax liabilities for periods prior to the acquisition. The Company will be responsible for unrecognized tax benefits and related interest and penalties for periods after the acquisition. The Company filed a PFA with the IRS related to a claim under Internal Revenue Code Section 1341 concerning the tax rate to be applied to the SQ Settlement on the Company’s 2018 tax return. The IRS has agreed to review the position and discussions are ongoing. As of December 31, 2019 and 2018, the Company has established a long-term receivable and an amount within the uncertain tax positions to reflect its estimate of the potential refund should its claim be successful. Any positive income tax benefit resulting from the claim in a future period will be recognized as appropriate in accordance with the guidance in ASC 740 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 11 – FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels as described below: Level 1 – Quoted prices in active markets for identical assets or liabilities (highest priority). Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability (lowest priority). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. The impact of our creditworthiness and non-performance risk has been considered in the fair value measurements noted below. There were no movements of items between fair value hierarchies in the periods presented. At December 31, 2018, the Company had recognized a $0.3 million asset related to the fair value, established using Level 2 inputs, of a U.S. dollar-Canadian dollar foreign currency swap which was classified as Other assets. The objective of the swap was to offset the foreign exchange risk to the U.S. dollar equivalent cash outflows for our Canadian subsidiary. The swap was fully amortized as of December 31, 2019. Our contingent consideration liabilities are reassessed at the end of every reporting period and are recorded using Level 3 inputs. The amounts are classified as either Other current liabilities or Other liabilities and are presented as follows as of December 31: In millions 2019 2018 Other current liabilities $ 0.6 $ 2.8 Other liabilities (see Note 8) 7.4 7.5 Total contingent consideration $ 8.0 $ 10.3 Contingent consideration represents amounts expected to be paid as part of acquisition consideration only if certain future events occur. The Company arrives at the fair value of contingent consideration by applying a weighted probability of potential payment outcomes. The calculation of these potential outcomes is dependent on both past financial performance and management assumptions about future performance. If the financial performance measures were all fully met, the maximum aggregate liability would be $10.7 million at December 31, 2019. Changes to contingent consideration are reflected in the table below: In millions Contingent consideration as of January 1, 2018 $ 12.4 Purchase accounting adjustments (0.4 ) Decrease due to payments (1.3 ) Change in fair value reflected in SG&A 0.2 Other (0.6 ) Contingent consideration as of December 31, 2018 10.3 Decrease due to payments (2.3 ) Contingent consideration as of December 31, 2019 $ 8.0 In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as result of acquisitions, the classification of disposal groups as held-for-sale, or the re-measurement of assets resulting in impairment charges. See Note 3 – Acquisitions, Note 4 – Restructuring and Divestitures, Note 5 Property, Plant and Equipment, and Note 7 Goodwill And Other Intangible Assets Fair Value of Debt: The estimated fair value of the Company’s debt obligations, using Level 2 inputs, compared to the carrying amount at December 31 was as follows: In billions 2019 2018 Fair value of debt obligations $ 2.73 $ 2.75 Carrying value of debt obligations 2.68 2.78 The fair values were estimated using an income approach by applying market interest rates for comparable instruments. Accounts receivable, accounts payable and accrued liabilities are financial assets and liabilities, respectively, with carrying values that approximate fair value, using Level 3 inputs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12 – COMMITMENTS AND CONTINGENCIES Environmental Remediation Liabilities The Company records a liability for environmental remediation when such liability becomes probable and the costs or damages can be reasonably estimated. The Company accrues environmental remediation costs, on an undiscounted basis, associated with identified sites where an assessment has indicated that cleanup costs are probable and can be reasonably estimated, but the timing of such payments is not fixed and determinable. Such liabilities are based on currently available information, estimated timing of remedial actions, existing technology, and enacted laws and regulations. Environmental remediation liabilities in total at December 31 were presented as follows: In millions 2019 2018 Accrued liabilities - other (Note 8) $ 4.7 $ 5.3 Other long term liabilities (Note 8) 27.2 28.2 Total environmental liabilities $ 31.9 $ 33.5 We project estimated payments over approximately 30 years. Asset Retirement Obligations The Company has asset retirement obligations that it is required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. At December 31, 2019 and 2018, the total asset retirement obligation liabilities recognized were $19.4 million and $19.1 million, respectively, and were included in Other long term liabilities on the Consolidated Balance Sheets (see Note 8 – Accrued Liabilities and Other Long Term Liabilities Unconditional Purchase Commitments The Company has entered into non-cancelable arrangements with third-parties, primarily related to information technology products and services. As of December 31, 2019, future payments under these contractual obligations, which are not recognized on the Consolidated Balance Sheets, were as follows: In millions 2020 $ 159.1 2021 29.7 2022 22.9 2023 9.3 2024 8.3 Thereafter - $ 229.3 Letters of Credit, Surety Bonds As of December 31, 2019 and 2018, the Company had $33.0 million and $63.1 million, respectively, of stand-by letters of credit outstanding against our senior credit facility (see Note 9 – Debt |
RETIREMENT AND OTHER EMPLOYEE B
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | NOTE 13 – RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS Defined Contribution Plans: The Company has a 401(k) defined contribution retirement savings plan (the “Plan”) covering substantially all domestic employees. Each participant may elect to defer a portion of his or her compensation subject to certain limitations. The Company may contribute up to 50% of compensation contributed to the Plan by each employee up to a maximum of $3,000 per annum. During the years ended December 31, 2019, 2018 and 2017, our contributions were $11.0 million, $10.6 million, and $8.9 million, respectively. The Company also has several foreign defined contribution plans, which require the Company to contribute a percentage of the participating employee’s salary according to local regulations. During the years ended December 31, 2019, 2018 and 2017, total contributions made by the Company for these plans were approximately $5.0 million, $3.1 million, and $3.4 million, respectively. Multiemployer Defined Benefit Pension Plans: The Company participates in two trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for employees who are covered by collective bargaining agreements. The risks of participating in these Multiemployer Pension Plans are different from single-employer plans in that (i) assets contributed to the Multiemployer Pension Plan by one employer may be used to provide benefits to employees or former employees of other participating employers; (ii) if a participating employer stops contributing to the Multiemployer Pension Plans, the unfunded obligations of the Multiemployer Pension Plan may be required to be assumed by the remaining participating employers and (iii) if the Company chooses to stop participating in any of its Multiemployer Pension Plans or if any event should significantly reduce or eliminate the need to participate (such as employee layoffs or closure of a location), the Company may be required to pay those plans a withdrawal amount based on the underfunded status of the plan. Based upon the most recent information available, one of the plans the Company participate s in is in “critical” status due to an accumulated funding deficiency and has adopted a rehabilitation plan to address the funding deficiency position. The following table outlines the Company’s participation in Multiemployer Pension Plans: Pension Protection Act Zone Status (1), (3) Company Contributions (4) (in millions) Plan Employer ID Number Plan # 2019 2018 FIP/RP Status (2) 2019 2018 Expiration Date of Collective Bargaining Agreements Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Critical Red/ Critical Implemented $ 0.6 $ 0.6 3/31/2020 and 6/30/2022 Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ - $ - various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act of 2006 and represents the level at which the plan is funded. Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by the pension plans actuary. (2) The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending. The most recent Pension Protection Act zone status available in 2019 and 2018 is for the plans’ year-end December 31, 2018 and 2017, respectively. (3) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (4) The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK BASED COMPENSATION | NOTE 14 – STOCK BASED COMPENSATION At December 31, 2019, the Company had the following incentive stock plans: • the 2017 Plan; • the 2014 Plan; • the 2011 Plan; • the 2008 Plan; • the 2005 Plan; and • the 2000 Plan. At December 31, 2019, the Company had reserved a total of 3,043,981 shares for issuance under its incentive stock plans. The Plans provide for the grant of NSOs, ISOs, RSUs, and PSUs intended to qualify under Section 422 of the Internal Revenue Code; and the 2000 Plan provides for the grant of NSOs. The Plans authorize awards to the Company’s officers, employees and consultants, and to the Company’s directors. The exercise price per share of an option granted under any of the Plans may not be less than the closing price of a share of the Company’s common stock on the date of grant. The maximum term of an option granted under any of the Plans may not exceed 8 or 10 years. An option may be exercised only when it is vested and, in the case of an option granted to an employee (including an officer), only while he or she remains an employee and for a limited period following the termination of his or her employment. New shares are issued upon exercise of stock options. Employee Stock Purchase Plan: In October 2000, our Board of Directors adopted the ESPP, which our stockholders approved in May 2001, and was made effective as of July 1, 2001. The ESPP authorizes 1,299,999 shares of our common stock, which substantially all employees may purchase through payroll deductions at a price equal to 85% of the fair market values of the stock as of the end of the six-month In March 2016, our Board of Directors approved the Canada ESPP, which our stockholders approved in May 2016. The Canada ESPP authorizes 100,000 shares of our common stock which substantially all Canadian employees may purchase through payroll deductions, at a price equal to 95% of the fair market values of the stock at the end of the six-month Stock-Based Compensation Expense: During 2019, there were no changes to our stock compensation plans or modifications to outstanding stock-based awards which would change the value of any awards outstanding. The following table presents the total stock-based compensation expense resulting from stock option awards, RSUs, PSUs, and the ESPP and Canada ESPP included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2019 2018 2017 Selling, general and administrative - stock option plans $ 8.0 $ 10.8 $ 14.7 Selling, general and administrative - RSUs 7.8 7.2 5.2 Selling, general and administrative - PSUs 0.5 5.1 0.2 Selling, general and administrative - ESPP and Canada ESPP 0.8 1.0 1.2 Total pre-tax expense $ 17.1 $ 24.1 $ 21.3 During the years ended December 31, 2019, 2018 and 2017, the impact of forfeitures of stock option plans and RSUs was a reduction to expense of $6.7 million, $3.5 million, and $1.8 million, respectively. Stock Options: Options granted to non-employee directors vest in one year and options granted to officers and employees generally vest over five years. Expense related to options with graded vesting is recognized using the straight-line method over the vesting period. Stock option activity for the year ended December 31, 2019 is summarized as follows: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Outstanding as of January 1, 2019 4,896,386 $ 95.85 Granted 340,652 $ 49.01 Exercised (337,069 ) $ 51.94 Forfeited (453,662 ) $ 86.51 Cancelled or expired (478,882 ) $ 98.99 Outstanding as of December 31, 2019 3,967,425 $ 96.32 3.00 $ 5.9 Exercisable as of December 31, 2019 3,192,394 $ 101.61 2.32 $ 0.8 At December 31, 2019, there was $8.9 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 2.2 years. The following table sets forth the intrinsic value of options exercised for the years ended December 31: In millions 2019 2018 2017 Total exercise intrinsic value of options exercised $ 2.1 $ 4.7 $ 4.8 The exercise intrinsic value represents the total pre-tax intrinsic value (the difference between the fair value on the trading day the option was exercised and the exercise price associated with the respective option). The Company uses historical data to estimate expected life and volatility. The estimated fair value of stock options at the time of grant using the Black-Scholes option pricing model was as follows: Year Ended December 31, 2019 2018 2017 Stock options granted (shares) 340,652 430,337 456,424 Weighted average fair value at grant date $ 14.41 $ 16.79 $ 19.46 Assumptions: Expected term (in years) 4.40 4.89 4.82 Expected volatility 30.99 % 25.52 % 22.68 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk free interest rate 2.35 % 2.64 % 1.90 % Restricted Stock Units: The fair value of RSUs is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over the service period. RSUs vest at the end of three or five years. The 2017 Plan includes a share reserve for RSUs granted at a 1-1 ratio while our 2008, 2011, and 2014 Plans reserve at a 2-1 ratio. No RSUs were granted under the 2005 Plan. RSUs activity during the year ended December 31, 2019, is as follows: Number of Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Non-vested as of January 1, 2019 429,810 $ 72.02 Granted 266,033 $ 48.68 Vested and Released (109,142 ) $ 72.83 Forfeited (147,621 ) $ 67.27 Non-vested as of December 31, 2019 439,080 $ 59.09 1.35 $ 28.0 At December 31, 2019, there was $18.2 million of total unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 2.5 years. The fair value of units that vested during the years ended December 31, 2019, 2018, and 2017 was $5.3 million, $4.2 million, and $2.9 million, respectively. Performance-Based Restricted Stock Units: Our executive officers PSU program was introduced in 2017. PSUs vest, or not, in three equal annual installments based on the achievement of pre-determined annual earnings per share performance goals as approved by the Compensation Committee. Each of the PSU’s granted represent the right to receive one share of the Company’s common stock at a specified future date. In addition, certain employees have been granted PSUs which vest, or not, in four equal annual installments based on the achievement of performance goals related to the Business Transformation, as approved by the Compensation Committee. Compensation cost for the executive and Business Transformation PSU’s has been recognized based on the estimated achievement of the underlying goals. The number of PSU’s that recipients will ultimately receive will be based upon the Compensation Committee’s review of the actual achievement of these goals. Each of the PSU’s granted represent the right to receive one share of the Company’s common stock at a specified future date. PSUs activity during the year ended December 31, 2019, is as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2019 115,508 $ 63.77 Granted 157,451 $ 48.59 Vested and Released (65,095 ) $ 63.38 Forfeited (including performance goal not achieved) (91,815 ) $ 57.37 Non-vested as of December 31, 2019 116,049 $ 48.46 The table above reflects the maximum number of shares which could be granted upon vesting of the executive and Business Transformation PSU’s for which performance goals related to 2019 have been established. At December 31, 2019, approximately 213,000 of additional PSUs exist which will vest in tranches based upon achievement of performance goals to be established for fiscal years 2020 and 2021. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 15 – PREFERRED STOCK At December 31, 2019, the Company had 1,000,000 authorized shares of preferred stock and zero shares issued and outstanding. Series A Mandatory Convertible Preferred Stock Offering: On September 15, 2015, the Company completed a registered public offering of 7,700,000 depositary shares, each representing a 1/10 On September 14, 2018, in accordance with their terms of issue, 638,190 shares of the Company’s Series A Preferred Stock, representing all of the preferred stock outstanding as of that date, were converted into a total of 4.7 million shares of the Company’s common stock at a ratio of 7.3394 shares of common stock for each share of Series A Preferred Stock. Prior to the conversion referenced above, dividends on shares of the Series A Preferred Stock were payable on a cumulative basis when, as and if declared by the Company’s Board of Directors, or an authorized committee thereof, at an annual rate of 5.25% on the liquidation preference of $1,000 per share (and, correspondingly, $100.00 per share with respect to the depositary shares). The dividends were payable in cash, or subject to certain limitations, in shares of common stock, or any combination of cash and shares of common stock, on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2015, and to, and including, September 15, 2018. The Company declared and paid dividends of $25.5 million and $36.3 million to the Series A Preferred Stock shareholders during the years ended December 31, 2018, and 2017, respectively. The following table provides information about the Company’s repurchases of depository shares of Series A Preferred stock, prior to the conversion referenced above, during the year ended December 31, 2018: In millions, except share and per share data Number of Depository Shares Repurchased Amount Paid for Repurchases Average Price Paid per Share January 1 - January 31, 2018 - $ - $ - February 1 - February 28 , 2018 151,900 7.4 49.05 March 1 - March 31 , 2018 - - - April 1 - April 30 , 2018 - - - May 1 - May 31 , 2018 150,000 7.4 49.24 June 1 - June 30 , 2018 - - - July 1 - July 31 , 2018 - - - August 1 - August 31 , 2018 50,000 2.4 47.05 September 1 - September 30 , 2018 - - - October 1 - October 31 , 2018 - - - November 1 - November 30 , 2018 - - - December 1 - December 31, 2018 - - - Total 351,900 $ 17.2 $ 48.85 For the year ended December 31, 2018, repurchases of the Company’s depository shares resulted in increases in retained earnings of $16.9 million, because the Company redeemed the depository shares at a discount. The 351,900 depository shares repurchased during 2018 were equivalent to 35,190 shares of Series A Preferred Stock. |
(LOSS) EARNINGS PER COMMON SHAR
(LOSS) EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
(LOSS) EARNINGS PER COMMON SHARE | NOTE 16 – (LOSS) EARNINGS PER COMMON SHARE Basic (loss) earnings per share is computed by dividing (loss) income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted- average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s ESPP and Canada ESPP , RSUs, PSUs , and the impact of the Series A Preferred Stock prior to conversion on September 14, 2018. The effect of potentially dilutive securities is reflected in diluted earnings per share by application of the "treasury stock method" for outstanding stock-based compensation awards. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. For the issue of Series A Preferred Stock , we used the "if-converted method", weighted for the period prior to conversion. Under the if-converted method, the preferred dividend applicable to Series A Preferred Stock was added back as an adjustment to the numerator. The Series A Preferred Stock shares were assumed to be converted to common shares at the beginning of the period or, if later, at the time of issuance, and through their conversion on September 14, 2018, for the year ended December 31, 2018, these common shares are weighted for the period the Series A Preferred Stock was outstanding with the resulting weighted average common shares included in the denominator. In applying the if-converted method, conversion is not a ssumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. The numerator wa s also adjusted for any premium or discount arising from redemption of the Series A P referred S tock. The following table sets forth the computation of basic and diluted (loss) earnings per share: In millions, except per share data Year Ended December 31, 2019 2018 2017 Numerator: Net (loss) income attributable to Stericycle, Inc. $ (346.8 ) $ (244.7 ) $ 42.4 Mandatory convertible preferred stock dividend - (25.5 ) (36.3 ) Gain on repurchase of preferred stock - 16.9 17.3 Numerator for basic (loss) earnings per share attributable to Stericycle, Inc. common shareholders $ (346.8 ) $ (253.3 ) $ 23.4 Denominator: Denominator for basic (loss) earnings per share - weighted average shares (1) 91.0 87.1 85.3 Effect of dilutive securities: Stock-based compensation awards (2) - - 0.3 Mandatory convertible preferred stock (3) - - - Denominator for diluted (loss) earnings per share - adjusted weighted average shares and after assumed exercises 91.0 87.1 85.6 (Loss) earnings per share – Basic $ (3.81 ) $ (2.91 ) $ 0.27 (Loss) earnings per share – Diluted $ (3.81 ) $ (2.91 ) $ 0.27 (1) (2) (3) For the years ended December 31, 2019, 2018, and 2017, options to purchase shares (in thousands) of 4,507, 4,664, and 4,724, respectively, at exercise prices of $44.01-$141.56, $47.52-$141.56, and $62.50-$141.56, respectively, were not included in the computation of diluted (loss) earnings per share because the effect would have been anti-dilutive. For the years ended December 31, 2019, 2018, and 2017, RSUs (in thousands) of 98, 169, and 218, respectively, were not included in the computation of diluted (loss) earnings per share because the effect would have been anti-dilutive. During the years ended December 31, 2019, 2018, and 2017, the Company had outstanding PSUs (in thousands) that were eligible to vest into a maximum of 116, 116, and 11 shares of common stock, respectively, subject to the achievement of specified performance conditions. Contingently issuable shares are excluded from the computation of diluted earnings per share if, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period or if the Company incurred a net loss attributable to its common shareholders. These outstanding PSUs have been excluded from the (loss) earnings per share calculation for the years ended December 31, 2019, 2018 and 2017 as the performance conditions were not satisfied as of the end of the respective periods. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 17 – ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the changes in the components of accumulated other comprehensive loss: In millions Currency Translation (Loss) Income Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance as of January 1, 2017 $ (362.3 ) $ (5.3 ) $ (367.6 ) Period change 79.3 1.3 80.6 Balance as of December 31, 2017 (283.0 ) (4.0 ) (287.0 ) Period change (79.3 ) 1.0 (78.3 ) Balance as of December 31, 2018 (362.3 ) (3.0 ) (365.3 ) Accelerated amortization of interest rate lock premiums - 2.3 2.3 Cumulative currency translation loss realized through disposition of Mexico operations 18.9 - 18.9 Cumulative currency translation loss realized through disposition of Chile operations 16.8 - 16.8 Period change 8.5 0.7 9.2 Balance as of December 31, 2019 $ (318.1 ) $ - $ (318.1 ) |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 18 – SEGMENT REPORTING The Company evaluates, oversees and manages the financial performance of three operating segments – North America RWCS (formerly Domestic and Canada RWCS), International RWCS, and Domestic Communication and Related Services. The North America, and International Regulated Waste and Compliance Services edical waste management services (including reusable sharps disposal management services), Pharmaceutical waste services, Compliance programs under the Steri-Safe®, Clinical Services, First Practice Management, SeguriMed, and EnviroAssure brand names, Retail and Healthcare – Hazardous waste and compliance solutions, Industrial and manufacturing hazardous waste management and Secure Information Destruction The Domestic Communication and Related Services Appointment reminders, secure messaging, event registration, and other communications specifically for hospitals and IDN’s as well as Regulated recall and returns management communication, logistics, and data management services for expired, withdrawn or recalled products. Domestic Communication and Related Services does not consistently meet the quantitative criteria to be a separate reportable segment and therefore is included in the “All Other” reporting segment along with costs related to corporate support, shared services functions, and stock-based compensation. The Company’s measure of segment profitability is Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA is Income from operations excluding certain specified items, Depreciation and Intangible Amortization. The following tables show financial information for the Company's reportable segments: In millions Year Ended December 31, 2019 2018 2017 Revenues North America RWCS $ 2,544.2 $ 2,574.1 $ 2,551.9 International RWCS 579.3 655.1 707.6 All Other 185.4 256.7 321.2 Total $ 3,308.9 $ 3,485.9 $ 3,580.7 Depreciation North America RWCS $ 77.2 $ 72.5 $ 80.3 International RWCS 27.8 29.7 30.9 All Other 20.8 23.4 19.9 Total (1) $ 125.8 $ 125.6 $ 131.1 Intangible Amortization North America RWCS $ 103.1 $ 96.7 $ 87.6 International RWCS 34.1 25.3 22.7 All Other 8.0 8.3 8.1 Total $ 145.2 $ 130.3 $ 118.4 Adjusted EBITDA North America RWCS $ 643.2 $ 782.4 $ 809.5 International RWCS 99.0 95.6 93.7 All Other (164.4 ) (133.4 ) (91.2 ) Total $ 577.8 $ 744.6 $ 812.0 Total Assets North America RWCS $ 5,085.2 $ 5,062.5 $ 4,995.0 International RWCS 988.8 1,110.4 1,333.1 All Other 363.0 282.6 660.2 Total $ 6,437.0 $ 6,455.5 $ 6,988.3 The following table reconciles the Company's primary measure of segment profitability (Adjusted EBITDA) to Loss from operations: In millions Year Ended December 31, 2019 2018 2017 Total Reportable Segment Adjusted EBITDA $ 577.8 $ 744.6 $ 812.0 Depreciation (1) (125.8 ) (125.6 ) (131.1 ) Intangible Amortization (145.2 ) (130.3 ) (118.4 ) Business Transformation (67.7 ) (82.6 ) (31.3 ) Acquisition and Integration (3.5 ) (9.8 ) (40.7 ) Operational Optimization (14.5 ) (29.4 ) (71.1 ) Divestitures (including Divestiture Losses, net of Gains) (114.7 ) (20.5 ) (9.5 ) Litigation, Settlements and Regulatory Compliance (28.2 ) (93.2 ) (327.7 ) Asset Impairments (22.1 ) (26.5 ) - Goodwill Impairment (228.3 ) (358.7 ) (65.0 ) Other (39.7 ) (29.1 ) (24.8 ) Loss from operations $ (211.9 ) $ (161.1 ) $ (7.6 ) (1) |
GEOGRAPHIC AREA AND SERVICES IN
GEOGRAPHIC AREA AND SERVICES INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segments Geographical Areas [Abstract] | |
GEOGRAPHIC AREA AND SERVICES INFORMATION | NOTE 19 – GEOGRAPHIC AREA AND SERVICES INFORMATION The following table presents consolidated revenues and long-lived assets by geographic region: In millions Year Ended December 31, 2019 2018 2017 Revenues U.S. $ 2,578.0 $ 2,673.6 $ 2,716.9 International: Europe 379.3 415.5 436.2 Other international countries 351.5 396.8 427.6 Total international 730.9 812.3 863.8 Total $ 3,308.9 $ 3,485.9 $ 3,580.7 Long-Lived and Indefinite-Lived Assets U.S. $ 4,696.4 $ 4,501.1 $ 4,821.6 International: Europe 636.5 612.7 711.8 Other international countries 305.2 489.6 603.1 Total international 941.7 1,102.3 1,314.9 Total $ 5,638.1 $ 5,603.4 $ 6,136.5 The following table presents an analysis of consolidated revenues by service: In millions Year Ended December 31, 2019 2018 2017 Regulated Waste and Compliance Services $ 1,892.8 $ 1,932.6 $ 2,023.6 Secure Information Destruction Services 901.9 911.0 823.4 Communication and Related Services 219.2 313.1 382.6 Manufacturing and Industrial Services 295.0 329.2 351.1 Revenues $ 3,308.9 $ 3,485.9 $ 3,580.7 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 20 – LEGAL PROCEEDINGS The Company operates in highly regulated industries and responds to regulatory inquiries or investigations from time to time that may be initiated for a variety of reasons. At any given time, the Company has matters at various stages of resolution with the applicable government authorities. The Company is also routinely involved in actual or threatened legal actions, including those involving alleged personal injuries and commercial, employment, environmental, tax, and other issues. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenue. In accordance with applicable accounting standards, the Company establishes an accrued liability for loss contingencies related to legal and regulatory matters when the loss is both probable and reasonably estimable. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is not probable or a probable loss is not reasonably estimable, no liability is recorded. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. These accruals represent management’s best estimate of probable losses and, in such cases, there may be an exposure to loss in excess of the amounts accrued. Estimates of probable losses resulting from litigation and regulatory proceedings are difficult to predict. Legal and regulatory matters inherently involve significant uncertainties based on, among other factors, the jurisdiction and stage of the proceedings, developments in the applicable facts or law, and the unpredictability of the ultimate determination of the merits of any claim, any defenses the Company may assert against that claim and the amount of any damages that may be awarded. The Company’s accrued liabilities for loss contingencies related to legal and regulatory matters may change in the future as a result of new developments, including, but not limited to, the occurrence of new legal matters, changes in the law or regulatory environment, adverse or favorable rulings, newly discovered facts relevant to the matter, or changes in the strategy for the matter. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Contract Class Action and Opt Out Lawsuits. Beginning on March 12, 2013, the Company was served with several class action complaints filed in federal and state courts in several jurisdictions. These complaints asserted, among other things, that the Company had imposed unauthorized or excessive price increases and other charges on its customers in breach of its contracts and in violation of the Illinois Consumer Fraud and Deceptive Business Practices Act. The complaints sought certification of the lawsuit as a class action and the award to class members of appropriate damages and injunctive relief. These related actions were ultimately transferred to the United States District Court for the Northern District of Illinois for centralized pretrial proceedings (the “MDL Action”). The parties engaged in discussions through and overseen by a mediator regarding a potential resolution of the matter and reached a settlement agreement, as previously disclosed, which settlement agreement obtained court approval on March 8, 2018 (the “Settlement”). Under the terms of the Settlement, the Company admitted no fault or wrongdoing whatsoever, and it entered into the Settlement to avoid the cost and uncertainty of litigation. Certain class members who have opted out of the Final Settlement have filed lawsuits against the Company, and the Company will defend and resolve those actions. The Company has accrued its estimate of the probable loss for these collective matters, which is not material. Securities Class Action and Opt Out Lawsuits. On July 11, 2016, two purported stockholders filed a putative class action complaint in the U.S. District Court for the Northern District of Illinois, which was subsequently amended. As amended, the complaint purported to assert claims on behalf of all purchasers of the Company’s publicly traded securities between February 7, 2013 and February 21, 2018, inclusive, and all those who purchased securities in the Company’s public offering of depositary shares on or around September 15, 2015. The complaint named as defendants the Company, its directors and certain of its current and former officers, and certain of the underwriters in the public offering. The complaint purported to assert claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as SEC Rule 10b-5, promulgated thereunder. The complaint alleged, among other things, that the Company imposed unauthorized or excessive price increases and other charges on its customers in breach of its contracts, and that defendants failed to disclose those alleged practices in public filings and other statements issued during the proposed class period. Defendants filed a motion to dismiss. Before the court had ruled on the pending motion to dismiss, the parties engaged in discussions through and overseen by a mediator regarding a potential resolution of the matter and reached a settlement agreement as previously disclosed (the “Securities Class Action Settlement”). The court held a final fairness hearing on July 22, 2019, at which it granted final approval of the Settlement and took under advisement the amount of attorneys’ fees to be awarded to plaintiffs’ counsel from the settlement fund. Under the terms of the Settlement, the Company admitted no fault or wrongdoing whatsoever, and it entered into the Settlement to avoid the cost and uncertainty of litigation. Certain class members who have opted out of the Final Settlement have filed lawsuits against the Company, and the Company will defend and resolve those actions. The Company has not accrued any amounts in respect of these lawsuits, as it cannot estimate any reasonably possible loss or any range of reasonably possible losses that the Company may incur. Government Investigations. On June 12, 2017, the SEC issued a subpoena to the Company, requesting documents and information relating to the Company’s compliance with the FCPA or other foreign or domestic anti-corruption laws with respect to certain of the Company’s operations in Latin America. In addition, the DOJ has notified the Company that it is investigating this matter in parallel with the SEC. The Company is cooperating with these agencies and certain foreign authorities. The Company is also conducting an internal investigation of these and other matters, including outside of Latin America, under the oversight of the Audit Committee of the Board of Directors and with the assistance of outside counsel, and this investigation has found evidence of improper conduct. As part of the FCPA investigation discussed above, the SEC has requested certain additional information from the Company. On July 29, 2019, the SEC issued a subpoena to the Company requesting documents relating to the Company’s pricing practices concerning small quantity customers, as alleged in the Contract Class Actions and in the Securities Class Action. The Company is cooperating with the SEC’s request. The Company has not accrued any amounts in respect of this matter, as it cannot estimate any reasonably possible loss or any range of reasonably possible losses that the Company may incur. The Company is unable to make such an estimate because, based on what the Company knows now, in the Company’s judgment, the factual and legal issues presented in this matter are sufficiently unique that the Company is unable to identify other circumstances sufficiently comparable to provide guidance in making estimates. Environmental and Regulatory Matters. The Company’s Environmental Solutions business is regulated by federal, state and local laws enacted to regulate the discharge of materials into the environment, the generation, transportation and disposal of waste, and the cleanup of contaminated soil and groundwater and protection of the environment. Because of the highly regulated nature of this business, the Company frequently becomes a party to legal or administrative proceedings involving various governmental authorities and other interested parties. The issues involved in these proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties to which either the Company or the prior owners of certain of its facilities shipped wastes. From time to time, the Company may be subject to fines or penalties in regulatory proceedings relating primarily to waste treatment, storage or disposal facilities. North Salt Lake, Utah. The Company has continued to toll the statute of limitations with the United States Attorney’s Office for the District of Utah (the “USAO”) relating to an investigation by the U.S. Environmental Protection Agency (the “EPA”) into past Clean Air Act emissions and permit requirements, as previously alleged in the notice of violation (the “NOV”) issued by the State of Utah Division of Air Quality (the “DAQ”). The NOV resulted in the Company’s December 2014 settlement with the DAQ, as previously disclosed. The parties have reached agreement in principle, to be documented in the form of a civil consent decree, under which the Company will undertake a Supplemental Environmental Project and pay a civil penalty under the Clean Air Act. The Company has accrued the total amount of the agreement in principle. Tabasco, Mexico. In late 2016, the National Agency for Industrial Security and the Protection of the Environment for the Hydrocarbon Sector in Mexico (“ASEA”) conducted a permit compliance inspection at a hazardous waste treatment facility acquired by one of the Company’s subsidiaries in Dos Bocas, Tabasco, Mexico. ASEA subsequently claimed that the soil treatment process described in the facility’s treatment permit had not been followed properly and issued an order imposing a fine and directing that the facility be closed and that alleged contamination on a certain portion of the facility be remediated. The Company’s subsidiary has engaged a firm of environmental technicians to assess the contamination described in the ASEA order and to conduct a broader environmental assessment of the facility. The Company’s review and assessment of the overall facility is ongoing. In November 2017, ASEA rescinded the prior order imposing the fine. After reassessing the evidence and arguments presented, ASEA issued a new resolution on March 9, 2018, containing a lower, revised fine and including remedial obligations. In March 2018, the Company submitted a proposal for remedial measures. On April 26, 2018, the Company appealed the fines in the most recent order. In December 2018, ASEA approved the Company’s remedial plan for the facility, which will involve an amendment to the facility’s permit to allow for on-site, in-situ remediation of the one treatment cell subject to ASEA’s original order. In June 2018, the Company instituted both civil and criminal legal proceedings in Mexico against the company from which it acquired the relevant facility, seeking to hold the seller liable for any remediation as well as lost profits and damages. The defendants named in the civil complaint filed their answers in September 2018 and evidence is being heard in this matter. The Company has accrued its estimate of the probable loss and costs necessary to comply with the ASEA order and remediate the treatment cell, which are not material. Tacoma, Washington . On October 7, 2019, the State of Washington Department of Ecology (“Washington Ecology”) issued an Administrative Order alleging violations of Washington regulations and the facility operating permit for our hazardous waste facility in Tacoma, Washington during 2018 and ordering compliance with Chapter 70.105 Revised Code of Washington, Hazardous Waste Management Act, Chapter 173-303 Washington Administrative code, Dangerous Waste Regulations, and Dangerous Waste Management Facility Permit WAD020257945 effective March 22, 2012 . The Administrative Order identified certain alleged violations and associated corrective actions for the Tacoma Facility to take upon receipt of the Order. Washington Ecology also issued an associated Notice of Penalty, assessing a fine of $1.9 million. On November 5, 2019, the Company appealed the fine to the state Pollution Control hearings Board. A hearing is scheduled to take place in November, 2020. The Company The Company has accrued its estimate of the probable loss for these collective matters, which is not material. Rancho Cordova, California . On June 25 and 26, 2018, the California Department of Toxic Substances Control (“DTSC”) conducted a Compliance Enforcement Inspection of the Company’s facility in Rancho Cordova, California. On October 7, 2019, the Company learned that DTSC has referred alleged violations of California’s Hazardous Waste Control Law and the facility’s hazardous waste permit arising from the inspection to the Environmental Section of the California Attorney General’s Office for enforcement. Separately, on August 15, 2019, the Company received from DTSC a written Intent to Deny Hazardous Waste Facility Permit application for the Rancho Cordova Facility. A public hearing was held on September 22, 2019, and the public comment period closed on October 25, 2019. The Company entered a written submission as part of that process. Next, DTSC will issue a final permit decision. If DTSC were to deny the permit renewal, the Company has the right to file an administrative appeal. The Company has not accrued any amounts in respect of these alleged violations and cannot estimate the reasonably possible loss or the range of reasonably possible losses that it may incur. The Company is unable to make such an estimate because (i) litigation is by its nature uncertain and unpredictable and (ii) in the Company’s judgment, the factual and legal allegations asserted by plaintiffs are sufficiently unique that it is unable to identify other proceedings with circumstances sufficiently comparable to provide guidance in making estimates. DEA Investigation – Rancho Cordova, California and Indianapolis, Indiana . On February 11, 2020, the Company received an administrative subpoena from the DEA, which executed a search warrant at the Rancho Cordova facility and an administrative inspection warrant at the Company’s facility in Indianapolis, Indiana for materials related to Stericycle’s business of shipping and destroying controlled substances. On that same day, agents from the DTSC executed a separate search warrant at the Rancho Cordova facility. The Company is cooperating fully with the DEA and DTSC in response to their investigations of Stericycle, including with the government’s activity at the Company’s Rancho Cordova and Indianapolis facilities. The Company has not accrued any amounts in respect of these investigations and cannot estimate the reasonably possible loss or the range of reasonably possible losses that it may incur. The Company is unable to make such an estimate because (i) litigation is by its nature uncertain and unpredictable and (ii) in the Company’s judgment, the factual and legal allegations asserted by plaintiffs are sufficiently unique that it is unable to identify other proceedings with circumstances sufficiently comparable to provide guidance in making estimates. The Company intends to vigorously defend itself against these allegations and actions. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | NOTE 21 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes our unaudited consolidated quarterly results of operations as reported for 2019 and 2018: In millions, except per share data First Quarter 2019 Second Quarter 2019 Third Quarter 2019 Fourth Quarter 2019 Year 2019 Revenues $ 830.1 $ 845.8 $ 833.1 $ 799.9 $ 3,308.9 Gross profit 297.1 302.6 295.3 279.5 1,174.5 Goodwill impairment 20.9 - - 207.4 228.3 Divestiture losses, net of (gains) (5.4 ) 0.3 83.2 24.9 103.0 Loss on early extinguishment of debt - 23.1 - - 23.1 Net loss attributable to Stericycle, Inc. common shareholders (37.8 ) (30.5 ) (59.2 ) (219.3 ) (346.8 ) * Basic loss per common share $ (0.42 ) $ (0.33 ) $ (0.65 ) $ (2.41 ) $ (3.81 ) * Diluted loss per common share $ (0.42 ) $ (0.33 ) $ (0.65 ) $ (2.41 ) $ (3.81 ) In millions, except per share data First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Year 2018 Revenues $ 895.0 $ 883.3 $ 854.9 $ 852.7 $ 3,485.9 Gross profit 358.5 353.3 335.5 328.7 1,376.0 Goodwill impairment - - - 358.7 358.7 Divestiture losses, net of (gains) 4.1 7.3 1.6 (0.2 ) 12.8 Net (loss) income attributable to Stericycle, Inc. 22.5 27.7 23.5 (318.4 ) (244.7 ) Preferred stock dividend (8.8 ) (8.3 ) (8.4 ) - (25.5 ) Net (loss) income attributable to Stericycle, Inc. common shareholders 21.0 26.6 17.5 (318.4 ) (253.3 ) * Basic earnings (loss) per common share $ 0.25 $ 0.31 $ 0.20 $ (3.51 ) $ (2.91 ) * Diluted earnings (loss) per common share $ 0.25 $ 0.31 $ 0.20 $ (3.51 ) $ (2.91 ) * EPS calculated on a quarterly basis, and, as such, the amounts may not total the calculated full-year EPS. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | STERICYCLE, INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS In millions Allowance for doubtful accounts Balance Beginning of Period Charges to Expenses Other Charges/ (Reversals) (1) Write-offs/ Payments Balance End of Period 2017 $ 49.6 $ 32.3 $ 2.7 $ (19.4 ) $ 65.2 2018 $ 65.2 $ 24.9 $ (2.1 ) $ (16.1 ) $ 71.9 2019 $ 71.9 $ 25.7 $ (5.8 ) $ (23.9 ) $ 67.9 (1) In millions Valuation Allowance on Deferred Tax Assets Balance Beginning of Period Additions/ (Deductions) Charged to/ (from) Income Tax Expense (1) Other Changes to Reserves (2) Balance End of Period 2017 $ 15.4 $ 4.5 $ (3.8 ) $ 16.1 2018 $ 16.1 $ 20.6 $ (1.4 ) $ 35.3 2019 $ 35.3 $ 13.3 $ (9.2 ) $ 39.4 (1) (2) |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements include the accounts of Stericycle, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenue and expenses of all wholly-owned subsidiaries and majority-owned subsidiaries over which the Company exercises control. Outside stockholders' interests in subsidiaries are shown on the consolidated financial statements as “Noncontrolling interests." |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some areas where the Company makes estimates include allowance for doubtful accounts, credit memo reserve, accrued employee health and welfare benefits, environmental liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued auto and workers’ compensation insurance claims, leases, intangible asset valuations, and long-lived asset and goodwill impairment. Such estimates are based on historical trends and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers: In accordance with ASC 606 , revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these good or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides R egulated Waste and Compliance S ervices, which provide collection and processing of r egulated and specialized waste , including medical, pharmaceutical and hazardous waste, for disposal and compliance programs , Secure Information Destruction Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper , Manufacturing and Industrial Services, which provides collection, processing and disposal of hazardous waste for Manufacturing and Industrial companies, and Communication and Related Services which includes Expert Solutions, and communication services such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN’s . The associated activities for each of these are a series of distinct services that are substantially the same and have the same pattern of transfer over time; therefore, the respective services are treated as a single performance obligation. The Company recognizes revenue by applying the right to invoice practical expedient as the Company’s right to consideration corresponds directly to the value provided to the customer for performance to date. Revenues for the Company’s Medical Waste Management Services and Secure Information Destruction Services are recognized upon waste collection. The Company’s Compliance Program revenues are recognized over the contractual service period. Revenues from Retail and Healthcare Hazardous Waste Solutions, are recognized at the time the waste is received by a facility with an appropriate permit, either the Company’s processing facility or a third party. Revenues from communication services and Expert Solutions are recognized as the services are performed. The Company provides Regulated Waste and Compliance Services, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs, Secure Information Destruction Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper, and Communication and Related Services which includes Expert Solutions, and communication services such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN’s. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable is recorded when billed or when goods or services are provided. The carrying value of the Company’s receivables is presented net of an allowance for doubtful accounts. The Company estimates its allowance for doubtful accounts based on past collection history and specific risks identified among uncollected amounts. If current economic trends, events, or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been exhausted. No single customer accounts for more than approximately 1.2% of the Company’s accounts receivable or approximately 1.4% of total revenues. During the year ended December 31, 2019, 2018, and 2017, bad debt expense was $25.7 million, $24.9 million, and $32.3 million, respectively. |
Contract Liability | Contract Liability: The Company records a contract liability when cash payments are received in advance of the Company’s services being performed which is classified as current in Other current liabilities on the Consolidated Balance Sheets since the amounts are earned within a year. |
Contract Acquisition Costs | Contract Acquisition Costs: Incremental direct costs of obtaining a contract, which primarily represent sales incentives, are deferred and amortized to SG&A over the estimated period of benefit to be derived from the cost. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of less than three months when purchased to be cash equivalents. Cash equivalents are carried at cost. |
Financial Instruments | Financial Instruments: The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and payable, derivatives, and long-term debt. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of accounts receivable. Credit risk on trade receivables is minimized as a result of the large size of the Company’s customer base, low concentration and the performance of ongoing credit evaluations of its customers. The Company also maintains allowances for potential credit losses. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment is stated at cost. Expenditures for software purchases and software developed for internal use are capitalized and included in Software. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized as the costs of computer software developed or obtained for internal use. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements 2 to 40 years Machinery and equipment 2 to 30 years Containers 2 to 20 years Vehicles 2 to 10 years Office equipment and furniture 2 to 20 years Software 2 to 10 years Upon deployment, capitalized costs associated with the ERP system will be amortized over an estimated useful life of 10 years. |
Capitalized Interest | Capitalized Interest: The Company capitalizes interest incurred associated with projects under construction for the duration of the asset construction period. During the years ended December 31, 2019, 2018, and 2017, the Company capitalized interest of $5.4 million, $2.9 million, and $1.6 million, respectively. |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets: Goodwill represents the excess of the purchase price over the fair value assigned the net tangible and identifiable tangibles of business acquired. Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. |
Impairment of Long and Indefinite- Lived Assets | Impairment of Long and Indefinite- Lived Assets: Property and Equipment and Intangible Assets (definite-lives), Net: Long-lived assets, such as property, plant and equipment and amortizing intangible assets are reviewed whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of assets with definite-lives is generally determined by comparing projected undiscounted cash flows expected to be generated by the asset, or asset groups, to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted basis, an impairment is recognized to the extent fair value exceeds carrying value. Determining the extent of impairment, if any, typically requires various estimates and assumptions including cash flows directly attributable to the asset, the useful life of the asset and residual value, if any. When necessary, the Company uses internal cash flow estimates, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates. In addition, the remaining useful life of the impaired asset is revised, if necessary. Intangible Assets (indefinite-lived): Indefinite-lived intangibles consist primarily of permits and tradenames. Indefinite-lived intangibles are assessed for impairment annually as of October 1, or more frequently if an event occurs or circumstances change, using either a qualitative or quantitative approach. The qualitative approach first determines if it is more-likely-than-not that the fair value of the asset is less than the carrying value. If no such determination is made, then the impairment test is complete. If, however, it is determined that there is a likely impairment, a quantitative assessment is performed . T he Company perform s its annua l impairment test on indefinite- lived intangibles, using the qualitative approach for certain assets and the quantitative approach for the remaining assets. Goodwill: Goodwill is assessed for impairment at least annually as of October 1 of each year, or more frequently if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying value. The Company used a quantitative approach to assess goodwill for impairment. The fair value of each reporting unit is calculated using the income approach (including DCF) and validated using a market approach with the involvement of a third-party valuation specialist. The Company's reporting units are: Domestic Healthcare Compliance Services, Domestic Secure Information Destruction, Domestic CRS, Domestic Environmental Solutions, Canada, Europe, Asia Pacific and Latin America. The income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are estimated using management assumptions of growth rates, including long-term growth rates, capital expenditures, and cost efficiencies. Future acquisitions are not included in the expected future cash flows. The Company uses a discount rate based on a calculated weighted average cost of capital which is adjusted for each of its reporting units based on size, country and company specific risk premiums. The market approach compares the valuation multiples of similar companies to that of the associated reporting unit. The Company then reconciles the calculated fair values to its market capitalization. The fair value is then compared to its carrying value including goodwill. If the fair value is in excess of its carrying value, the related goodwill is not impaired. If the fair value is less than carrying value, an impairment charge is recognized, equivalent to the amount that the carrying value exceeds the fair value but not to exceed the carrying value of the goodwill. The use of different assumptions, estimates or judgments in the goodwill impairment testing process may significantly increase or decrease the estimated fair value of a reporting unit. Generally, changes in DCF estimates would have a similar effect on the estimated fair value of the reporting unit. The Company believes that the estimated fair value used in measuring the impairment was based on reasonable assumptions but future changes in the underlying assumptions could differ due to the inherent judgment in making such estimates. Goodwill impairment charges may be recognized in future periods to the extent changes in factors or circumstances occur, including deterioration in the macro-economic environment or in the equity markets, including the market value of the Company’s common shares, deterioration in its performance or its future projections, or changes in its plans for one or more reporting units. For further discussion see Note 7 – Goodwill and Other Intangible Assets |
Assets and Liabilities Held-for-Sale | Assets and Liabilities Held-for-Sale: Long-lived assets or disposal groups are classified as held-for-sale when management having the appropriate authority, generally the Company’s Board of Directors or certain of its Executive Officers, commits to a plan of sale, the disposal group is ready for immediate sale, an active program to locate a buyer has been initiated and the sale is probable and expected to be completed within one year. Once classified as held-for-sale disposal groups are valued at the lower of their carrying amount or fair value less estimated selling costs. Where the disposal group constitutes substantially all of our operations of a country the balance in the cumulative translation adjustment associated with that country is included in the carrying value of the disposal group. If the carrying value, including any amount associated with the cumulative translation adjustment exceeds the fair value less estimated selling costs a held-for-sale impairment charge is recorded to reduce the carrying value. The estimate for fair value is reviewed at the end of every reporting period that the disposal group is classified as held-for-sale and the carrying value adjusted whenever the estimated fair value less costs to sell is less than the carrying value. |
Insurance and Self-Insurance | Insurance and Self-Insurance: The Company’s insurance for workers’ compensation, auto/fleet, general liability, property and employee-related health care benefits is obtained using high deductible insurance policies, if any, meaning that the Company has retained a significant portion of the risks related to the claims associated with these programs. The estimated exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on a calculation performed by a third party actuarial specialist using the Company’s historical claims experience. The accruals for these liabilities could be revised if future occurrences or loss developments significantly differ from the assumptions used. Estimated recoveries associated with insured claims are recognized as assets when the receipt of such amounts is probable. |
Restructuring Charges | Restructuring Charges: Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Costs for one-time termination benefits in which the employee is required to render service beyond a minimum retention period in order to receive the benefits are recognized ratably over the future service period. Contract termination costs are recognized when contracts are terminated or when the Company ceases to use the leased facility and no longer derive economic benefit from the contract. All other exit costs are expensed as incurred. For further discussion, see Note 4 – Restructuring and Divestitures . |
Stock-Based Compensation | Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. The grant-date fair value of stock options is estimated using the Black- Scholes option valuation model. The fair value for restricted stock units and performance stock units is based on the closing price of the Company’s common stock on the date of grant. Expense is generally recognized on a straight-line basis over the service period during which awards are expected to vest. The Company presents stock-based compensation expense within the Consolidated Statements of (Loss) Income based on the classification of the respective employees' cash compensation. For further discussion, see Note 14 – Stock Based Compensation . |
Income Taxes | Income Taxes: The Company is subject to income taxes in both the U.S. and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to reverse. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. Changes in the expectations regarding the realization of deferred tax assets could materially impact income tax expense in future periods. Tax liabilities are recognized when, in management’s judgment, an uncertain tax position does not meet the more likely than not (i.e. a likelihood of more than fifty percent) threshold for recognition. For tax positions that meet the more likely than not threshold, a tax liability may still be recognized depending on management’s assessment of how the tax position will ultimately be settled. The Company records interest and penalties on unrecognized tax benefits in the provision for income taxes. For further discussion, s ee Note 1 0 – Income Taxes . |
Leases | Leases: Operating leases are included in Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities on the Company’s Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current portion of long-term debt, and Long-term debt on the Consolidated Balance Sheets. Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company uses an estimated incremental borrowing rate, which is based on information available at lease commencement. Upon adoption of ASC 842 The Company’s leases generally do not contain material variable lease payments and generally do not contain options to purchase the leased property, any material residual value guarantees, or material restrictive covenants. At commencement, the Operating lease ROU asset is equal to the lease liability and is adjusted for lease incentives and initial direct costs incurred. The Company reviews all options to extend, terminate, or purchase its ROU assets at the commencement of the lease and on an ongoing basis and accounts for these options when they are reasonably certain of being exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, including payments for common area maintenance and vehicle maintenance costs, which are accounted for separately, based on their underlying nature, for each class of underlying assets. In addition, the Company applies the short-term lease recognition exemption for leases with terms at commencement of not greater than 12 months. |
Asset Retirement Obligations | Asset Retirement Obligations: The Company establishes assets and liabilities for the present value of estimated future costs to retire long-lived assets at the termination or expiration of a lease. Such assets are amortized over the lease term, and the recognized liabilities are accreted to the future value of the estimated retirement costs. The related amortization and accretion expenses are presented within COR if the leased asset is used in the delivery of the Company’s services and the remaining expenses are presented within SG&A on the Consolidated Statements of (Loss) Income. |
Foreign Currency | Foreign Currency: Assets and liabilities of foreign affiliates that use the local currency as their functional currency are translated at the exchange rate on the last day of the accounting period, and income statement accounts are translated at the average rates during the period. Related translation adjustments are reported as a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency gains and losses resulting from transactions that are denominated in currencies other than the entity’s functional currency, including foreign currency gains and losses on intercompany balances that are not of a long-term investment nature, are included within Other expense, net on the Consolidated Statements of (Loss) Income. |
Highly Inflationary Economy | Highly Inflationary Economy : Effective July 1, 2018, as a result of the three-year recognized, in Other expense, net, a foreign exchange loss of $ million and $ million , during the year s ended December 31, 2019 and 2018, respectively, arising from the re - measurement of its Argentinian peso denomin ated net monetary assets . Nonmonetary assets, liabilities and related expenses are measured using historical exchange rates and do not fluctuate with changes in the local exchange rate. |
New Accounting Standards | Adoption of New Accounting Standards Leases In February 2016, the FASB issued . The Company elected to apply a package of practical expedients which allowed it to not reassess at transition: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. The standard had a material impact on the Company’s Consolidated Balance Sheets, with the most significant impact being the recognition of ROU assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged (see Note 6 – Leases Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, “ Derivatives and Hedging” (Topic 815): Targeted Improvements to Accounting for Hedging Activities Stranded Tax Effects In February 2018, the FASB issued ASU 2018-02, “ Income Statement - Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Stock Compensation In June 2018, the FASB issued ASU 2018-07, “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Accounting Standards Issued But Not Yet Adopted Financial Instrument Credit Losses In June 2016, the FASB issued ASU 2016-13 associated with the measurement of credit losses on financial instruments. ASU 2016-13 replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The amended guidance is effective for the Company on January 1, 2020. The Company expects to record, upon adoption of ASU 2016-13, an adjustment to its allowance for doubtful accounts, with such adjustment currently estimated to be less than $5.0 million. Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal Use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2019-12 |
Contract Liabilities | Contract Liabilities The contract liability at December 31, 2019 and 2018 was $12.2 million and $15.0 million, respectively. Substantially all of the contract liability as of December 31, 2019 is expected to be recognized as revenue during the year ended December 31, 2020 and substantially all of the balance as of December 31, 2018 was recognized as revenue during the year ended December 31, 2019. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements 2 to 40 years Machinery and equipment 2 to 30 years Containers 2 to 20 years Vehicles 2 to 10 years Office equipment and furniture 2 to 20 years Software 2 to 10 years |
REVENUES FROM CONTRACTS WITH _2
REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition | Amounts are invoiced based on the terms of the underlying contract either on a regular basis, e.g. monthly or quarterly, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed. Disaggregation of Revenues In millions Year Ended December 31, 2019 Reportable Segment North America RWCS International RWCS All Other Revenues by Service: United States Canada EMEA Others U.S. Total Medical Waste and Compliance Services $ 1,127.9 $ 41.8 $ 300.7 $ 101.1 $ - $ 1,571.5 Hazardous Waste Services 321.3 - - - - 321.3 Total RWCS 1,449.2 41.8 300.7 101.1 - 1,892.8 Secure Information Destruction Services 705.1 64.4 132.4 - - 901.9 Manufacturing and Industrial Services 238.3 23.3 3.7 29.7 - 295.0 Communication Services - 12.1 4.4 - 117.3 133.8 Expert Solutions - 10.0 7.3 - 68.1 85.4 Total CRS - 22.1 11.7 - 185.4 219.2 Total Revenues $ 2,392.6 $ 151.6 $ 448.5 $ 130.8 $ 185.4 $ 3,308.9 Reportable Segment Total $ 2,544.2 $ 579.3 $ 185.4 $ 3,308.9 In millions Year Ended December 31, 2018 Reportable Segment North America RWCS International RWCS All Other Revenues by Service: United States Canada EMEA Others U.S. Total Medical Waste and Compliance Services $ 1,142.4 $ 39.6 $ 305.1 $ 131.4 $ - $ 1,618.5 Hazardous Waste Services 314.1 - - - - 314.1 Total RWCS 1,456.5 39.6 305.1 131.4 - 1,932.6 Secure Information Destruction Services 712.6 65.7 132.7 - - 911.0 Manufacturing and Industrial Services 247.8 22.6 16.9 41.9 - 329.2 Communication Services - 17.3 18.4 - 148.4 184.1 Expert Solutions - 12.0 8.7 - 108.3 129.0 Total CRS - 29.3 27.1 - 256.7 313.1 Total Revenues $ 2,416.9 $ 157.2 $ 481.8 $ 173.3 $ 256.7 $ 3,485.9 Reportable Segment Total $ 2,574.1 $ 655.1 $ 256.7 $ 3,485.9 |
Schedule of Total Contract Acquisition Costs | Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions 2019 2018 Other current assets $ 9.5 $ 8.5 Other assets 28.9 23.3 Total contract acquisition costs $ 38.4 $ 31.8 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Location and Services of Acquisitions | The following table summarizes the locations and services of acquisitions by year: 2019 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States 1 - 1 - Total 1 - 1 - 2018 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States 21 2 19 - Total 21 2 19 - 2017 Acquisitions Service Acquisition Locations Total Number of Acquisitions Regulated Waste Secure Information Destruction Communication and Related Services United States and Canada 22 2 19 1 International 8 5 3 - Total 30 7 22 1 |
Summary of Fair Value of Consideration Transferred for Current Period and Prior Year Acquisitions | The following table summarizes the acquisition date fair value of consideration transferred for acquisitions completed during the years ended December 31: In millions 2019 2018 2017 Cash $ 0.2 $ 44.8 $ 52.9 Promissory notes 0.3 30.0 25.3 Deferred consideration 0.6 1.1 Contingent consideration - 0.1 Total purchase price $ 0.5 $ 75.4 $ 79.4 |
Purchase Price Allocation | The following table summarizes the purchase price allocations for current year acquisitions and adjustments to purchase price allocations for prior year acquisitions. As of December 31, 2019, purchase accounting had been completed for all of our acquisitions. In millions Current Year Acquisitions Adjustments to Prior Year Acquisitions Total Fixed assets $ - $ 0.2 $ 0.2 Intangibles 0.5 4.2 4.7 Goodwill - (4.3 ) (4.3 ) Other assets and liabilities, net - (0.1 ) (0.1 ) Total purchase price allocation $ 0.5 $ 0.0 $ 0.5 |
RESTRUCTURING AND DIVESTITURES
RESTRUCTURING AND DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Operational Optimization Restructuring Charges by Segment Expenses | 2019 Actions Operational Optimization restructuring charges by segment were as follows: In millions Year Ended December 31, 2019 North America RWCS International RWCS All Other Total Included in COR Exit costs - employee termination $ - $ 0.2 $ 0.4 $ 0.6 Closure and exit costs - other - 1.1 - 1.1 Impairment of property, plant and equipment 2.0 3.6 - 5.6 Total non-cash charges 2.0 3.6 - 5.6 Total included in COR 2.0 4.9 0.4 7.3 Included in SG&A Exit costs - employee termination 0.4 0.7 0.6 1.7 Closure and exit costs - other - 1.3 - 1.3 Impairment of property, plant and equipment - 0.4 - 0.4 Impairment of intangibles - 0.9 0.4 1.3 Total non-cash charges - 1.3 0.4 1.7 Total included in SG&A 0.4 3.3 1.0 4.7 Total charges $ 2.4 $ 8.2 $ 1.4 $ 12.0 In millions Year Ended December 31, 2018 North America RWCS International RWCS All Other Total Included in SG&A Exit costs - employee termination $ - $ 0.2 $ 1.1 $ 1.3 Closure and exit costs - other 4.2 5.9 3.7 13.8 Impairment and accelerated depreciation of property, plant and equipment 1.0 4.7 - 5.7 Impairment of intangibles - 6.6 - 6.6 Total non-cash charges 1.0 11.3 - 12.3 Total included in SG&A 5.2 17.4 4.8 27.4 Total charges $ 5.2 $ 17.4 $ 4.8 $ 27.4 |
Summary of Divestiture Losses, Net of (Gains) Included in the Consolidated Statements of (Loss) Income | The Company incurred the following divestiture losses, net of (gains), which are included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2019 2018 2017 North America RWCS Segment CRS businesses $ 6.5 $ - $ - U.S. clean room business - 6.9 - Total North America RWCS charges 6.5 6.9 - International RWCS Segment Mexico operations 43.2 - - Chile operations 19.0 - - U.K. TextAnywhere business (5.1 ) - - U.K. hazardous waste business 0.7 5.9 6.8 U.K. patient transport business (0.3 ) - 5.7 South Africa operations - - (3.0 ) Total International RWCS charges, net 57.5 5.9 9.5 All Other CRS businesses 39.0 - - Total $ 103.0 $ 12.8 $ 9.5 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31: In millions 2019 2018 Land and improvements $ 66.0 $ 63.8 Building and improvements 263.3 243.5 Machinery and equipment 342.4 345.4 Vehicles 177.9 178.9 Containers 246.6 296.6 Office equipment and furniture 111.5 126.8 Software and Enterprise Resource Planning system 84.3 65.1 Construction in progress 174.3 101.5 Total property, plant and equipment 1,466.3 1,421.6 Less: accumulated depreciation (667.8 ) (678.1 ) Property, plant and equipment, net $ 798.5 $ 743.5 |
Summary of Non-cash Impairment Charges by Reportable Segments | 2019 Impairments Non-cash impairment charges related to software and other property plant and equipment by reportable segment were as follows: In millions Year Ended December 31, 2019 North America RWCS International RWCS All Other Total Included in COR Software $ - $ 0.3 $ 1.3 $ 1.6 Other property, plant and equipment 2.0 7.2 - 9.2 Total included in COR 2.0 7.5 1.3 10.8 Included in SG&A Software - - - - Other property, plant and equipment 0.5 0.4 - 0.9 Total included in SGA 0.5 0.4 - 0.9 Total impairments $ 2.5 $ 7.9 $ 1.3 $ 11.7 2018 Impairments Non-cash impairment charges related to software and other property plant and equipment by reportable segment were as follows: In millions Year Ended December 31, 2018 North America RWCS International RWCS All Other Total Included in COR Software $ 7.4 $ - $ 17.6 $ 25.0 Other property, plant and equipment 0.3 - - 0.3 Total included in COR 7.7 - 17.6 25.3 Included in SG&A Software 1.0 - 1.4 2.4 Other property, plant and equipment 0.3 5.1 5.4 Total included in SG&A 1.3 5.1 1.4 7.8 Total impairments $ 9.0 $ 5.1 $ 19.0 $ 33.1 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Net Lease Cost | The components of net lease cost were as follows: In millions Year Ended December 31, 2019 Operating lease cost $ 117.2 Finance lease cost: Amortization of leased assets 3.5 Interest on lease liabilities 1.0 Net lease cost $ 121.7 |
Schedule of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases was as follows: In millions Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 122.4 Operating cash flows from finance leases 0.9 Financing cash flows from finance leases 4.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases 203.8 Finance leases 17.0 |
Schedule Of Information Regarding Lease Terms and Discount Rates | Information regarding lease terms and discount rates is as follows: In millions December 31, 2019 Weighted average remaining lease term (years): Operating leases 6.4 Finance leases 15.3 Weighted average discount rate: Operating leases 4.11 % Finance leases 5.34 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2019, were as follows: In millions Operating leases Finance leases 2020 $ 112.6 $ 6.5 2021 95.6 7.4 2022 77.3 3.1 2023 62.4 2.9 2024 51.3 2.6 Thereafter 109.0 12.0 Total lease payments 508.2 34.5 Less: Interest 57.3 4.1 Present value of lease liabilities $ 450.9 $ 30.4 |
Schedule of Future Minimum Payments Under Operating Leases and Capital Leases | As of December 31, 2018, prior to the adoption of ASC 842, future minimum payments under operating leases having initial or non-cancelable lease terms in excess of one year, including leases with an inception date but not yet commenced, and payments due under capital leases were as follows: In millions Operating leases Capital Leases 2019 $ 107.0 $ 5.4 2020 88.7 5.6 2021 72.7 2.6 2022 54.8 2.3 2023 40.0 2.1 Thereafter 128.7 5.9 Total lease payments $ 491.9 23.9 Less amounts representing interest (3.6 ) Total lease payments $ 20.3 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows: In millions North America RWCS International RWCS All Other Total Balance as of January 1, 2018 $ 2,850.2 $ 466.8 $ 287.0 $ 3,604.0 Goodwill acquired during year 32.2 - - 32.2 Purchase accounting adjustments (16.9 ) - (0.7 ) (17.6 ) Impairments during the year (72.4 ) (286.3 ) (358.7 ) Impairments related to divestitures (Note 4) (5.8 ) - - (5.8 ) Changes due to foreign currency fluctuations (11.3 ) (20.6 ) - (31.9 ) Balance as of December 31, 2018 2,848.4 373.8 - 3,222.2 Purchase accounting adjustments (Note 3) (4.3 ) - - (4.3 ) Impairments during the year (207.4 ) (20.9 ) - (228.3 ) Impairments related to divestitures (Note 4) (2.4 ) (6.2 ) - (8.6 ) Changes due to foreign currency fluctuations and other (2.7 ) 3.9 - 1.2 Balance as of December 31, 2019 $ 2,631.6 $ 350.6 $ - $ 2,982.2 |
Summary of Accumulated Non-Cash Impairment Charges by Segment | Accumulated non-cash impairment charges by segment as of December 31, 2019 and 2018 were as follows: In millions 2019 2018 North America RWCS $ 215.6 $ 5.8 International RWCS 171.6 144.5 All Other 286.3 286.3 Total $ 673.5 $ 436.6 |
Carrying Values of Other Intangible Assets | At December 31, the values of other intangible assets were as follows: In millions 2019 2018 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,460.8 $ 575.8 $ 885.0 $ 1,591.5 $ 492.0 $ 1,099.5 Covenants not-to-compete 4.9 3.8 1.1 5.1 3.2 1.9 Operating permits 4.1 1.6 2.5 - - - Tradenames 3.6 1.1 2.5 3.9 1.2 2.7 Other 8.6 2.6 6.0 12.3 3.5 8.8 Indefinite-lived intangibles: Operating permits 211.1 - 211.1 212.5 - 212.5 Tradenames 314.2 - 314.2 312.3 - 312.3 Total $ 2,007.3 $ 584.9 $ 1,422.4 $ 2,137.6 $ 499.9 $ 1,637.7 |
Changes in Carrying Amount of Intangible Assets | The changes in the carrying amount of intangible assets since January 1, 2018 were as follows: In millions Total Balance as of January 1, 2018 $ 1,791.5 Intangible assets acquired during the year 34.0 Purchase accounting adjustments for prior year acquisitions 10.2 Divestitures (Note 4) (14.4 ) Impairments during the year (16.0 ) Amortization during the year (130.3 ) Changes due to foreign currency fluctuations (37.3 ) Balance as of December 31, 2018 1,637.7 Intangible assets acquired during the year 0.5 Reclassification of capitalized permit costs 7.7 Purchase accounting adjustments for prior year acquisitions (Note 3) 4.2 Divestitures (Note 4) (67.5 ) Impairments during the year (17.7 ) Amortization during the year (145.2 ) Changes due to foreign currency fluctuations 2.7 Balance as of December 31, 2019 $ 1,422.4 |
Summary of Non-Cash Impairment Charges Recognized in Reportable Segments | The Company recognized non-cash impairment charges relating to customer lists, permits and tradenames in the following reportable segments: In millions 2019 2018 2017 North America RWCS $ - $ 0.5 $ 3.1 International RWCS 17.3 15.5 12.1 All Other 0.4 - 5.8 $ 17.7 $ 16.0 $ 21.0 |
Summary of Finite-lived Intangible Assets | Finite-lived intangible assets are amortized over their estimated useful lives using the straight-line method with each category having weighted average remaining useful lives as follows: In years Estimated useful lives Weighted average remaining useful lives Customer relationships 10-25 8.5 Covenants not-to-compete 5-14 2.4 Tradenames 15-40 17.6 Landfill air rights 5-26 14.4 |
Estimated Intangible Asset Amortization Expense | Our estimated intangible asset amortization expense for each of the next five years (based upon foreign exchange rates as of December 31, 2019) is as follows for the years ended December 31: In millions 2020 $ 131.6 2021 125.0 2022 123.4 2023 120.9 2024 118.3 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following at December 31: In millions 2019 2018 Compensation $ 68.6 $ 80.0 Self-insurance 74.7 72.8 Taxes 50.7 42.3 Interest 21.3 14.7 Professional fees 22.1 40.1 Disposal and landfill liabilities 18.8 15.9 Other 40.4 75.0 Total accrued liabilities $ 296.6 $ 340.8 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consisted of the following at December 31: In millions 2019 2018 Contingent consideration $ 7.4 $ 7.5 Environmental liabilities 27.2 28.2 Asset retirement obligations 19.4 19.1 Other long-term liabilities 10.2 15.9 Total other long-term liabilities $ 64.2 $ 70.7 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following at December 31: In millions 2019 2018 $1.2 billion senior credit facility, due in 2022 $ 758.7 $ 583.3 $1.3 billion term loan, due in 2022 1,172.2 902.5 $600 million Senior Notes, due in 2024 600.0 - $125 million private placement notes, due in 2019 (repaid in June 2019, see below) - 125.0 $225 million private placement notes, due in 2020 (repaid in June 2019, see below) - 225.0 $150 million private placement notes, due in 2021 (repaid in June 2019, see below) - 150.0 $125 million private placement notes, due in 2022 (repaid in June 2019, see below) - 125.0 $200 million private placement notes, due in 2022 (repaid in June 2019, see below) - 200.0 $100 million private placement notes, due in 2023 (repaid in June 2019, see below) - 100.0 $150 million private placement notes, due in 2023 (repaid in June 2019, see below) - 150.0 Promissory notes and deferred consideration, weighted average maturity of 2.49 and 2.74 years for 2019 and 2018 73.1 120.9 Foreign bank debt, weighted average maturity of 1.6 years for 2019 and 1.9 years for 2018 42.2 76.7 Obligations under finance leases (Note 6) 30.4 20.3 Total debt 2,676.6 2,778.7 Less: current portion of total debt 103.1 104.3 Less: unamortized debt issuance costs 14.2 10.5 Long-term portion of total debt $ 2,559.3 $ 2,663.9 |
Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases | The weighted average interest rates on long-term debt, excluding finance leases, as of December 31, 2019 and 2018 were as follows: 2019 2018 $1.2 billion senior credit facility, due in 2022 (variable rate based on LIBOR) 3.57 % 3.77 % $1.3 billion term loan, due in 2022 (variable rate based on LIBOR) 3.44 % 4.07 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % – $125 million private placement notes, due in 2019 – 3.43 % $225 million private placement notes, due in 2020 – 5.22 % $150 million private placement notes, due in 2021 – 3.64 % $125 million private placement notes, due in 2022 – 4.01 % $200 million private placement notes, due in 2022 – 3.47 % $100 million private placement notes, due in 2023 – 3.54 % $150 million private placement notes, due in 2023 – 3.93 % Promissory notes and deferred consideration (fixed rate) 1.81 % 1.79 % Foreign bank debt (variable rate) 4.43 % 5.81 % |
Schedule of Outstanding Letters of Credit and Unused Portion of Senior Credit Facility | Other Matters Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility at December 31 were as follows: In millions 2019 2018 Outstanding letters of credit under Senior Credit Facility $ 33.0 $ 63.1 Unused portion of the Revolving Credit Facility 408.3 553.6 |
Payments due on Long-Term Debt, Excluding Finance Lease Obligations | Payments due on long-term debt, excluding finance lease obligations, during each of the five years subsequent to December 31, 2019 are as follows: In millions 2020 $ 98.0 2021 126.7 2022 1,809.9 2023 5.1 2024 605.2 Thereafter 1.3 Total $ 2,646.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
United States and International Components of Loss before Income Taxes | The U.S. and International components of loss before income taxes consisted of the following for the years ended, December 31: In millions 2019 2018 2017 United States $ (150.5 ) $ (189.1 ) $ (9.6 ) Foreign (212.3 ) (86.3 ) (98.3 ) Total loss before income taxes $ (362.8 ) $ (275.4 ) $ (107.9 ) |
Significant Components of Income Tax Benefit (Expense) | Significant components of the Company’s income tax benefit (expense) for the years ended December 31, are as follows: In millions 2019 2018 2017 Current United States - federal $ - $ - $ (107.0 ) United States - state and local (10.7 ) (0.4 ) (10.0 ) Foreign (6.4 ) (8.5 ) (7.1 ) (17.1 ) (8.9 ) (124.1 ) Deferred United States - federal 23.9 24.4 256.1 United States - state and local 8.0 11.2 9.8 Foreign 2.0 3.1 9.1 33.9 38.7 275.0 Total benefit $ 16.8 $ 29.8 $ 150.9 |
Reconciliation of Income Tax Provision Computed at Federal Statutory Rate to Effective Tax Rate | A reconciliation of the income tax provision computed at the federal statutory rate to the effective tax rate for the years ended December 31, are as follows: 2019 2018 2017 Federal statutory income tax rate 21.0 % 21.0 % 35.0 % Effect of: State and local taxes, net of federal tax effect 1.2 % 4.2 % 3.9 % Foreign tax rates 5.1 % 4.2 % (2.7 %) Permanent - other items (4.2 %) 0.5 % (2.1 %) Permanent - goodwill impairment (14.1 %) (9.1 %) (12.0 %) Tax Act - (3.2 %) 120.3 % Valuation allowance (1.2 %) (7.5 %) (4.6 %) Divestitures 1.2 % - - Stock-based compensation (1.0 %) 1.2 % (0.6 %) Other (3.4 %) (0.5 %) 2.7 % Effective tax rate 4.6 % 10.8 % 139.9 % |
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets at December 31, were as follows: In millions 2019 2018 Deferred tax liabilities: Property, plant and equipment $ (68.1 ) $ (68.9 ) Goodwill and intangibles (417.9 ) (395.1 ) Leases - right of use asset (84.5 ) - Other (10.9 ) (22.7 ) Total deferred tax liabilities (581.4 ) (486.7 ) Deferred tax assets: Accrued liabilities 87.8 84.4 Leases - right of use liability 88.7 - Net operating tax loss carry-forwards 116.2 88.9 Interest expense carry-forward 31.2 13.4 Other 11.4 39.9 Less: valuation allowance (39.4 ) (35.3 ) Total deferred tax assets 295.9 191.3 Net deferred tax liabilities $ (285.5 ) $ (295.4 ) |
Summary of Net Tax Benefit Recognized Related to Tax Act | The net tax benefit recognized during the year ended December 31, 2017, related to the Tax Act was as follows: In millions Remeasurement of net deferred tax liabilities due to enacted rate reduction $ 167.7 Section 965 transition tax on foreign earnings (24.3 ) Foreign withholding taxes on such earnings (13.6 ) Net tax benefit from the Tax Act $ 129.8 |
Summary of Aggregate Changes in Unrecognized Tax benefits | The following table summarizes the aggregate changes in unrecognized tax benefits during the years ended December 31, 2019 and 2018: In millions Unrecognized tax positions as of January 1, 2018 $ 27.4 Gross increases - tax positions in prior periods 1.1 Gross increases - current period tax positions 43.5 Settlement (2.0 ) Lapse of statute of limitations (5.3 ) Unrecognized tax positions as of December 31, 2018 64.7 Gross increases (decreases) - tax positions in prior periods 1.2 Gross increases - current period tax positions 4.6 Settlement (0.2 ) Lapse of statute of limitations (7.6 ) Unrecognized tax positions as of December 31, 2019 $ 62.7 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Contingent Consideration Liabilities Recorded Using Level 3 Inputs, Amounts Classified as Either Other Current Liabilities or Other Liabilities | Our contingent consideration liabilities are reassessed at the end of every reporting period and are recorded using Level 3 inputs. The amounts are classified as either Other current liabilities or Other liabilities and are presented as follows as of December 31: In millions 2019 2018 Other current liabilities $ 0.6 $ 2.8 Other liabilities (see Note 8) 7.4 7.5 Total contingent consideration $ 8.0 $ 10.3 |
Estimated Fair Value of Company's Debt Obligations, Using Level 2 Inputs, Compared to Carrying Amount | Fair Value of Debt: The estimated fair value of the Company’s debt obligations, using Level 2 inputs, compared to the carrying amount at December 31 was as follows: In billions 2019 2018 Fair value of debt obligations $ 2.73 $ 2.75 Carrying value of debt obligations 2.68 2.78 |
Contingent Consideration Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Changes to Contingent Consideration | Changes to contingent consideration are reflected in the table below: In millions Contingent consideration as of January 1, 2018 $ 12.4 Purchase accounting adjustments (0.4 ) Decrease due to payments (1.3 ) Change in fair value reflected in SG&A 0.2 Other (0.6 ) Contingent consideration as of December 31, 2018 10.3 Decrease due to payments (2.3 ) Contingent consideration as of December 31, 2019 $ 8.0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Environmental Remediation Liabilities | Environmental remediation liabilities in total at December 31 were presented as follows: In millions 2019 2018 Accrued liabilities - other (Note 8) $ 4.7 $ 5.3 Other long term liabilities (Note 8) 27.2 28.2 Total environmental liabilities $ 31.9 $ 33.5 |
Schedule of Future Payments under Contractual Obligations Not Recognized in Consolidated Balance Sheets | As of December 31, 2019, future payments under these contractual obligations, which are not recognized on the Consolidated Balance Sheets, were as follows: In millions 2020 $ 159.1 2021 29.7 2022 22.9 2023 9.3 2024 8.3 Thereafter - $ 229.3 |
RETIREMENT AND OTHER EMPLOYEE_2
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Defined Benefit Pension Plans | The following table outlines the Company’s participation in Multiemployer Pension Plans Pension Protection Act Zone Status (1), (3) Company Contributions (4) (in millions) Plan Employer ID Number Plan # 2019 2018 FIP/RP Status (2) 2019 2018 Expiration Date of Collective Bargaining Agreements Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Critical Red/ Critical Implemented $ 0.6 $ 0.6 3/31/2020 and 6/30/2022 Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ - $ - various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act of 2006 and represents the level at which the plan is funded. Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by the pension plans actuary. (2) The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending. The most recent Pension Protection Act zone status available in 2019 and 2018 is for the plans’ year-end December 31, 2018 and 2017, respectively. (3) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (4) The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense Resulting from Stock Option Awards, RSUs, PSUs, and ESPP and Canada ESPP | The following table presents the total stock-based compensation expense resulting from stock option awards, RSUs, PSUs, and the ESPP and Canada ESPP included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2019 2018 2017 Selling, general and administrative - stock option plans $ 8.0 $ 10.8 $ 14.7 Selling, general and administrative - RSUs 7.8 7.2 5.2 Selling, general and administrative - PSUs 0.5 5.1 0.2 Selling, general and administrative - ESPP and Canada ESPP 0.8 1.0 1.2 Total pre-tax expense $ 17.1 $ 24.1 $ 21.3 |
Stock Option Activity | Stock option activity for the year ended December 31, 2019 is summarized as follows: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Outstanding as of January 1, 2019 4,896,386 $ 95.85 Granted 340,652 $ 49.01 Exercised (337,069 ) $ 51.94 Forfeited (453,662 ) $ 86.51 Cancelled or expired (478,882 ) $ 98.99 Outstanding as of December 31, 2019 3,967,425 $ 96.32 3.00 $ 5.9 Exercisable as of December 31, 2019 3,192,394 $ 101.61 2.32 $ 0.8 |
Intrinsic Value of Options Exercised | The following table sets forth the intrinsic value of options exercised for the years ended December 31: In millions 2019 2018 2017 Total exercise intrinsic value of options exercised $ 2.1 $ 4.7 $ 4.8 |
Assumptions Used in Black-Scholes Option Pricing Model | The estimated fair value of stock options at the time of grant using the Black-Scholes option pricing model was as follows: Year Ended December 31, 2019 2018 2017 Stock options granted (shares) 340,652 430,337 456,424 Weighted average fair value at grant date $ 14.41 $ 16.79 $ 19.46 Assumptions: Expected term (in years) 4.40 4.89 4.82 Expected volatility 30.99 % 25.52 % 22.68 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk free interest rate 2.35 % 2.64 % 1.90 % |
Summary of RSU Activity | RSUs activity during the year ended December 31, 2019, is as follows: Number of Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Non-vested as of January 1, 2019 429,810 $ 72.02 Granted 266,033 $ 48.68 Vested and Released (109,142 ) $ 72.83 Forfeited (147,621 ) $ 67.27 Non-vested as of December 31, 2019 439,080 $ 59.09 1.35 $ 28.0 |
Summary of PSU Activity | PSUs activity during the year ended December 31, 2019, is as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2019 115,508 $ 63.77 Granted 157,451 $ 48.59 Vested and Released (65,095 ) $ 63.38 Forfeited (including performance goal not achieved) (91,815 ) $ 57.37 Non-vested as of December 31, 2019 116,049 $ 48.46 |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Repurchases of Depository Shares of Series A Preferred Stock | The following table provides information about the Company’s repurchases of depository shares of Series A Preferred stock, prior to the conversion referenced above, during the year ended December 31, 2018: In millions, except share and per share data Number of Depository Shares Repurchased Amount Paid for Repurchases Average Price Paid per Share January 1 - January 31, 2018 - $ - $ - February 1 - February 28 , 2018 151,900 7.4 49.05 March 1 - March 31 , 2018 - - - April 1 - April 30 , 2018 - - - May 1 - May 31 , 2018 150,000 7.4 49.24 June 1 - June 30 , 2018 - - - July 1 - July 31 , 2018 - - - August 1 - August 31 , 2018 50,000 2.4 47.05 September 1 - September 30 , 2018 - - - October 1 - October 31 , 2018 - - - November 1 - November 30 , 2018 - - - December 1 - December 31, 2018 - - - Total 351,900 $ 17.2 $ 48.85 |
(LOSS) EARNINGS PER COMMON SH_2
(LOSS) EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) Earnings Per Share | The following table sets forth the computation of basic and diluted (loss) earnings per share: In millions, except per share data Year Ended December 31, 2019 2018 2017 Numerator: Net (loss) income attributable to Stericycle, Inc. $ (346.8 ) $ (244.7 ) $ 42.4 Mandatory convertible preferred stock dividend - (25.5 ) (36.3 ) Gain on repurchase of preferred stock - 16.9 17.3 Numerator for basic (loss) earnings per share attributable to Stericycle, Inc. common shareholders $ (346.8 ) $ (253.3 ) $ 23.4 Denominator: Denominator for basic (loss) earnings per share - weighted average shares (1) 91.0 87.1 85.3 Effect of dilutive securities: Stock-based compensation awards (2) - - 0.3 Mandatory convertible preferred stock (3) - - - Denominator for diluted (loss) earnings per share - adjusted weighted average shares and after assumed exercises 91.0 87.1 85.6 (Loss) earnings per share – Basic $ (3.81 ) $ (2.91 ) $ 0.27 (Loss) earnings per share – Diluted $ (3.81 ) $ (2.91 ) $ 0.27 (1) (2) (3) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Total Comprehensive Loss | The following table sets forth the changes in the components of accumulated other comprehensive loss: In millions Currency Translation (Loss) Income Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance as of January 1, 2017 $ (362.3 ) $ (5.3 ) $ (367.6 ) Period change 79.3 1.3 80.6 Balance as of December 31, 2017 (283.0 ) (4.0 ) (287.0 ) Period change (79.3 ) 1.0 (78.3 ) Balance as of December 31, 2018 (362.3 ) (3.0 ) (365.3 ) Accelerated amortization of interest rate lock premiums - 2.3 2.3 Cumulative currency translation loss realized through disposition of Mexico operations 18.9 - 18.9 Cumulative currency translation loss realized through disposition of Chile operations 16.8 - 16.8 Period change 8.5 0.7 9.2 Balance as of December 31, 2019 $ (318.1 ) $ - $ (318.1 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information Concerning Company's Reportable Segments | The Company’s measure of segment profitability is Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA is Income from operations excluding certain specified items, Depreciation and Intangible Amortization. The following tables show financial information for the Company's reportable segments: In millions Year Ended December 31, 2019 2018 2017 Revenues North America RWCS $ 2,544.2 $ 2,574.1 $ 2,551.9 International RWCS 579.3 655.1 707.6 All Other 185.4 256.7 321.2 Total $ 3,308.9 $ 3,485.9 $ 3,580.7 Depreciation North America RWCS $ 77.2 $ 72.5 $ 80.3 International RWCS 27.8 29.7 30.9 All Other 20.8 23.4 19.9 Total (1) $ 125.8 $ 125.6 $ 131.1 Intangible Amortization North America RWCS $ 103.1 $ 96.7 $ 87.6 International RWCS 34.1 25.3 22.7 All Other 8.0 8.3 8.1 Total $ 145.2 $ 130.3 $ 118.4 Adjusted EBITDA North America RWCS $ 643.2 $ 782.4 $ 809.5 International RWCS 99.0 95.6 93.7 All Other (164.4 ) (133.4 ) (91.2 ) Total $ 577.8 $ 744.6 $ 812.0 Total Assets North America RWCS $ 5,085.2 $ 5,062.5 $ 4,995.0 International RWCS 988.8 1,110.4 1,333.1 All Other 363.0 282.6 660.2 Total $ 6,437.0 $ 6,455.5 $ 6,988.3 |
Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations | The following table reconciles the Company's primary measure of segment profitability (Adjusted EBITDA) to Loss from operations: In millions Year Ended December 31, 2019 2018 2017 Total Reportable Segment Adjusted EBITDA $ 577.8 $ 744.6 $ 812.0 Depreciation (1) (125.8 ) (125.6 ) (131.1 ) Intangible Amortization (145.2 ) (130.3 ) (118.4 ) Business Transformation (67.7 ) (82.6 ) (31.3 ) Acquisition and Integration (3.5 ) (9.8 ) (40.7 ) Operational Optimization (14.5 ) (29.4 ) (71.1 ) Divestitures (including Divestiture Losses, net of Gains) (114.7 ) (20.5 ) (9.5 ) Litigation, Settlements and Regulatory Compliance (28.2 ) (93.2 ) (327.7 ) Asset Impairments (22.1 ) (26.5 ) - Goodwill Impairment (228.3 ) (358.7 ) (65.0 ) Other (39.7 ) (29.1 ) (24.8 ) Loss from operations $ (211.9 ) $ (161.1 ) $ (7.6 ) (1) |
GEOGRAPHIC AREA AND SERVICES _2
GEOGRAPHIC AREA AND SERVICES INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segments Geographical Areas [Abstract] | |
Summary of Consolidated Revenues and Long-lived Assets by Geographic Region | The following table presents consolidated revenues and long-lived assets by geographic region: In millions Year Ended December 31, 2019 2018 2017 Revenues U.S. $ 2,578.0 $ 2,673.6 $ 2,716.9 International: Europe 379.3 415.5 436.2 Other international countries 351.5 396.8 427.6 Total international 730.9 812.3 863.8 Total $ 3,308.9 $ 3,485.9 $ 3,580.7 Long-Lived and Indefinite-Lived Assets U.S. $ 4,696.4 $ 4,501.1 $ 4,821.6 International: Europe 636.5 612.7 711.8 Other international countries 305.2 489.6 603.1 Total international 941.7 1,102.3 1,314.9 Total $ 5,638.1 $ 5,603.4 $ 6,136.5 |
Summary of Revenues Details by Service Line | The following table presents an analysis of consolidated revenues by service: In millions Year Ended December 31, 2019 2018 2017 Regulated Waste and Compliance Services $ 1,892.8 $ 1,932.6 $ 2,023.6 Secure Information Destruction Services 901.9 911.0 823.4 Communication and Related Services 219.2 313.1 382.6 Manufacturing and Industrial Services 295.0 329.2 351.1 Revenues $ 3,308.9 $ 3,485.9 $ 3,580.7 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Consolidated Quarterly Results of Operations | The following table summarizes our unaudited consolidated quarterly results of operations as reported for 2019 and 2018: In millions, except per share data First Quarter 2019 Second Quarter 2019 Third Quarter 2019 Fourth Quarter 2019 Year 2019 Revenues $ 830.1 $ 845.8 $ 833.1 $ 799.9 $ 3,308.9 Gross profit 297.1 302.6 295.3 279.5 1,174.5 Goodwill impairment 20.9 - - 207.4 228.3 Divestiture losses, net of (gains) (5.4 ) 0.3 83.2 24.9 103.0 Loss on early extinguishment of debt - 23.1 - - 23.1 Net loss attributable to Stericycle, Inc. common shareholders (37.8 ) (30.5 ) (59.2 ) (219.3 ) (346.8 ) * Basic loss per common share $ (0.42 ) $ (0.33 ) $ (0.65 ) $ (2.41 ) $ (3.81 ) * Diluted loss per common share $ (0.42 ) $ (0.33 ) $ (0.65 ) $ (2.41 ) $ (3.81 ) In millions, except per share data First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Year 2018 Revenues $ 895.0 $ 883.3 $ 854.9 $ 852.7 $ 3,485.9 Gross profit 358.5 353.3 335.5 328.7 1,376.0 Goodwill impairment - - - 358.7 358.7 Divestiture losses, net of (gains) 4.1 7.3 1.6 (0.2 ) 12.8 Net (loss) income attributable to Stericycle, Inc. 22.5 27.7 23.5 (318.4 ) (244.7 ) Preferred stock dividend (8.8 ) (8.3 ) (8.4 ) - (25.5 ) Net (loss) income attributable to Stericycle, Inc. common shareholders 21.0 26.6 17.5 (318.4 ) (253.3 ) * Basic earnings (loss) per common share $ 0.25 $ 0.31 $ 0.20 $ (3.51 ) $ (2.91 ) * Diluted earnings (loss) per common share $ 0.25 $ 0.31 $ 0.20 $ (3.51 ) $ (2.91 ) * EPS calculated on a quarterly basis, and, as such, the amounts may not total the calculated full-year EPS. |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | Feb. 06, 2020USD ($) | Dec. 31, 2019USD ($)Country | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Significant Accounting Policies [Line Items] | ||||
Bad debt expense | $ 25.7 | $ 24.9 | $ 32.3 | |
Capitalized interest | $ 5.4 | 2.9 | $ 1.6 | |
ERP System | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Customer Concentration Risk | Accounts Receivable | ||||
Significant Accounting Policies [Line Items] | ||||
Customer concentration risk percentage, no more than | 1.20% | |||
Customer Concentration Risk | Total Revenues | ||||
Significant Accounting Policies [Line Items] | ||||
Customer concentration risk percentage, no more than | 1.40% | |||
ESOL Disposal Group | Subsequent Event | ||||
Significant Accounting Policies [Line Items] | ||||
Purchase price for transaction | $ 462.5 | |||
Other Countries | ||||
Significant Accounting Policies [Line Items] | ||||
Number of countries, diverse customer base served | Country | 18 | |||
Argentina | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation period | 3 years | |||
Argentina | Other Expense, Net | ||||
Significant Accounting Policies [Line Items] | ||||
Foreign exchange loss | $ 3.3 | $ 3.8 | ||
Argentina | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation rate | 100.00% |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Building and improvements | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Building and improvements | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and equipment | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Machinery and equipment | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Containers | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Containers | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Vehicles | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Vehicles | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office equipment and furniture | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Office equipment and furniture | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Software | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Software | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 10 years |
REVENUES FROM CONTRACTS WITH _3
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | $ 799.9 | $ 833.1 | $ 845.8 | $ 830.1 | $ 852.7 | $ 854.9 | $ 883.3 | $ 895 | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 2,578 | 2,673.6 | 2,716.9 | ||||||||
Medical Waste and Compliance Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 1,571.5 | 1,618.5 | |||||||||
Hazardous Waste Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 321.3 | 314.1 | |||||||||
Regulated Waste and Compliance Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 1,892.8 | 1,932.6 | 2,023.6 | ||||||||
Secure Information Destruction Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 901.9 | 911 | 823.4 | ||||||||
Manufacturing and Industrial Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 295 | 329.2 | 351.1 | ||||||||
Communication Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 133.8 | 184.1 | |||||||||
Expert Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 85.4 | 129 | |||||||||
Communication Related Services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 219.2 | 313.1 | |||||||||
North America RWCS | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 2,544.2 | 2,574.1 | 2,551.9 | ||||||||
North America RWCS | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 2,392.6 | 2,416.9 | |||||||||
North America RWCS | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 151.6 | 157.2 | |||||||||
North America RWCS | Medical Waste and Compliance Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 1,127.9 | 1,142.4 | |||||||||
North America RWCS | Medical Waste and Compliance Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 41.8 | 39.6 | |||||||||
North America RWCS | Hazardous Waste Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 321.3 | 314.1 | |||||||||
North America RWCS | Regulated Waste and Compliance Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 1,449.2 | 1,456.5 | |||||||||
North America RWCS | Regulated Waste and Compliance Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 41.8 | 39.6 | |||||||||
North America RWCS | Secure Information Destruction Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 705.1 | 712.6 | |||||||||
North America RWCS | Secure Information Destruction Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 64.4 | 65.7 | |||||||||
North America RWCS | Manufacturing and Industrial Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 238.3 | 247.8 | |||||||||
North America RWCS | Manufacturing and Industrial Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 23.3 | 22.6 | |||||||||
North America RWCS | Communication Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 12.1 | 17.3 | |||||||||
North America RWCS | Expert Solutions | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 10 | 12 | |||||||||
North America RWCS | Communication Related Services | CANADA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 22.1 | 29.3 | |||||||||
International RWCS | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 579.3 | 655.1 | |||||||||
International RWCS | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 448.5 | 481.8 | |||||||||
International RWCS | Others | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 130.8 | 173.3 | |||||||||
International RWCS | Medical Waste and Compliance Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 300.7 | 305.1 | |||||||||
International RWCS | Medical Waste and Compliance Services | Others | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 101.1 | 131.4 | |||||||||
International RWCS | Regulated Waste and Compliance Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 300.7 | 305.1 | |||||||||
International RWCS | Regulated Waste and Compliance Services | Others | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 101.1 | 131.4 | |||||||||
International RWCS | Secure Information Destruction Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 132.4 | 132.7 | |||||||||
International RWCS | Manufacturing and Industrial Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 3.7 | 16.9 | |||||||||
International RWCS | Manufacturing and Industrial Services | Others | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 29.7 | 41.9 | |||||||||
International RWCS | Communication Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 4.4 | 18.4 | |||||||||
International RWCS | Expert Solutions | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 7.3 | 8.7 | |||||||||
International RWCS | Communication Related Services | EMEA | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 11.7 | 27.1 | |||||||||
All Other | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 185.4 | 256.7 | $ 321.2 | ||||||||
All Other | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 185.4 | 256.7 | |||||||||
All Other | Communication Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 117.3 | 148.4 | |||||||||
All Other | Expert Solutions | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 68.1 | 108.3 | |||||||||
All Other | Communication Related Services | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | $ 185.4 | $ 256.7 |
REVENUES FROM CONTRACTS WITH _4
REVENUES FROM CONTRACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | ||
Contract liability | $ 12.2 | $ 15 |
Contract acquisition costs weighted average estimated period | 6 years 3 months 18 days | |
Amortized deferred sales incentive cost | $ 9.1 | $ 6.9 |
REVENUES FROM CONTRACTS WITH _5
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Total Contract Acquisition Costs (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Total contract acquisition costs | $ 38.4 | $ 31.8 |
Other Current Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Total contract acquisition costs | 9.5 | 8.5 |
Other Noncurrent Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Total contract acquisition costs | $ 28.9 | $ 23.3 |
ACQUISITIONS - Additional Infor
ACQUISITIONS - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Entity | Dec. 31, 2018USD ($)Entity | Dec. 31, 2017Entity | |
Business Acquisition [Line Items] | |||
Number of acquisitions | Entity | 1 | 21 | 30 |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets | $ | $ 0.5 | $ 4.2 | |
Acquired finite-lived intangible assets, useful life | 10 years |
ACQUISITIONS - Summary of Acqui
ACQUISITIONS - Summary of Acquisitions Location and Services (Detail) - Entity | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | 21 | 30 |
Regulated Waste | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 2 | 7 | |
Secure Information Destruction | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | 19 | 22 |
Communication and Related Services | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | ||
United States | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | 21 | |
United States | Regulated Waste | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 2 | ||
United States | Secure Information Destruction | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | 19 | |
United States and Canada | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 22 | ||
United States and Canada | Regulated Waste | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 2 | ||
United States and Canada | Secure Information Destruction | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 19 | ||
United States and Canada | Communication and Related Services | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 1 | ||
International | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 8 | ||
International | Regulated Waste | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 5 | ||
International | Secure Information Destruction | |||
Business Acquisition [Line Items] | |||
Number of acquisitions | 3 |
ACQUISITIONS - Aggregate Purcha
ACQUISITIONS - Aggregate Purchase Price Paid for Acquisitions and Other Adjustments to Consideration (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Cash | $ 0.2 | $ 44.7 | $ 52.5 |
Series of individual business acquisitions for Year 2019, 2018 and 2017 | |||
Business Acquisition [Line Items] | |||
Cash | 0.2 | 44.8 | 52.9 |
Promissory notes | 0.3 | 30 | 25.3 |
Deferred consideration | 0.6 | 1.1 | |
Contingent consideration | 0.1 | ||
Total purchase price | $ 0.5 | $ 75.4 | $ 79.4 |
ACQUISITIONS - Purchase Price A
ACQUISITIONS - Purchase Price Allocation (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |
Fixed assets | $ 0.2 |
Intangibles | 4.7 |
Goodwill | (4.3) |
Other assets and liabilities, net | (0.1) |
Total purchase price allocation | 0.5 |
Current Period Acquisitions | |
Business Acquisition [Line Items] | |
Intangibles | 0.5 |
Total purchase price allocation | 0.5 |
Adjustments to Prior Year Acquisitions | |
Business Acquisition [Line Items] | |
Fixed assets | 0.2 |
Intangibles | 4.2 |
Goodwill | (4.3) |
Other assets and liabilities, net | (0.1) |
Total purchase price allocation | $ 0 |
RESTRUCTURING AND DIVESTITURE_2
RESTRUCTURING AND DIVESTITURES - Additional Information (Detail) - USD ($) $ in Millions | Feb. 06, 2020 | Aug. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | $ 12 | $ 27.4 | ||||||||||||
Non-cash impairment charges | 9.1 | $ 2.4 | ||||||||||||
Employee termination | 11.5 | |||||||||||||
Payments for restructuring liability | $ 2.2 | |||||||||||||
Gain (loss) on divestiture of business | $ (24.9) | $ (83.2) | $ (0.3) | $ 5.4 | $ 0.2 | $ (1.6) | $ (7.3) | $ (4.1) | (103) | (12.8) | (9.5) | |||
Proceeds from sale of business | $ 86.6 | 25.2 | 1.2 | |||||||||||
ESOL Disposal Group | Subsequent Event | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Purchase price for transaction | $ 462.5 | |||||||||||||
United Kingdom | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | (5.7) | |||||||||||||
Proceeds from sale of business | 1.2 | |||||||||||||
South Africa | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | 3 | |||||||||||||
Proceeds from sale of business | 7.3 | |||||||||||||
TAS | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
TSA period | 15 months | |||||||||||||
Allocated and deferred amount | 5.1 | $ 5.1 | ||||||||||||
TAS | North America | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Consideration for sale of business | 36.4 | 36.4 | ||||||||||||
Gain (loss) on divestiture of business | (45.5) | |||||||||||||
Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 3.7 | |||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | $ 4.7 | 27.4 | ||||||||||||
Restructuring charges approximate paid over period | 2 years | |||||||||||||
Restructuring charges future payments accrued | $ 3 | $ 3 | ||||||||||||
Non-cash impairment charges | 0.9 | 7.8 | 7.3 | |||||||||||
Employee termination | 1.7 | 1.3 | ||||||||||||
Selling, General and Administrative Expenses | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 2.4 | |||||||||||||
Selling, General and Administrative Expenses | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 5.5 | |||||||||||||
Cost of Revenues | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 7.3 | |||||||||||||
Non-cash impairment charges | 10.8 | 25.3 | ||||||||||||
Employee termination | 0.6 | |||||||||||||
Cost of Revenues | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 1.6 | 25 | ||||||||||||
International RWCS | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 8.2 | 17.4 | ||||||||||||
International RWCS | United Kingdom | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Consideration for sale of business | $ 11.5 | 11.5 | ||||||||||||
Gain (loss) on divestiture of business | 5.1 | |||||||||||||
Proceeds from sale of business | 8.2 | |||||||||||||
Impairment charges and subsequent loss on disposal | 16.5 | |||||||||||||
Consideration from business sale held in escrow | $ 3 | |||||||||||||
Impairment charges | $ 3.8 | |||||||||||||
International RWCS | United Kingdom | Patient Transport Business | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | 0.3 | |||||||||||||
International RWCS | United Kingdom | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | 5.1 | |||||||||||||
Proceeds from sale of business | 14.8 | |||||||||||||
International RWCS | Mexico | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Impairment charges and subsequent loss on disposal | 43.2 | |||||||||||||
Cumulative foreign currency translation adjustment | 18.9 | |||||||||||||
International RWCS | Chile | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | (19) | |||||||||||||
Proceeds from sale of business | 30.7 | |||||||||||||
Cumulative foreign currency translation adjustment | 16.8 | |||||||||||||
International RWCS | South Africa | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | 3 | |||||||||||||
International RWCS | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 0.3 | 3.3 | ||||||||||||
International RWCS | Selling, General and Administrative Expenses | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 3.3 | 17.4 | ||||||||||||
Non-cash impairment charges | 0.4 | 5.1 | ||||||||||||
Employee termination | 0.7 | 0.2 | ||||||||||||
International RWCS | Selling, General and Administrative Expenses | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 0.7 | |||||||||||||
International RWCS | Cost of Revenues | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 4.9 | |||||||||||||
Non-cash impairment charges | 7.5 | |||||||||||||
Employee termination | 0.2 | |||||||||||||
International RWCS | Cost of Revenues | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 0.3 | |||||||||||||
North America RWCS | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 2.4 | 5.2 | ||||||||||||
North America RWCS | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Proceeds from sale of business | 17 | |||||||||||||
Impairment charges and subsequent loss on disposal | 6.9 | |||||||||||||
North America RWCS | TAS | North America | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | (6.5) | |||||||||||||
North America RWCS | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 3 | 5.5 | ||||||||||||
North America RWCS | Selling, General and Administrative Expenses | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 0.4 | 5.2 | ||||||||||||
Non-cash impairment charges | 0.5 | 1.3 | ||||||||||||
Employee termination | 0.4 | |||||||||||||
North America RWCS | Selling, General and Administrative Expenses | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 1 | |||||||||||||
North America RWCS | Cost of Revenues | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 2 | |||||||||||||
Non-cash impairment charges | 2 | 7.7 | ||||||||||||
North America RWCS | Cost of Revenues | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 7.4 | |||||||||||||
North America RWCS | Cost of Revenues | Other Long-term Assets | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 0.3 | |||||||||||||
All Other | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 1.4 | 4.8 | ||||||||||||
All Other | TAS | North America | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Gain (loss) on divestiture of business | (39) | |||||||||||||
All Other | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 0.4 | $ 5.1 | ||||||||||||
All Other | Selling, General and Administrative Expenses | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 1 | 4.8 | ||||||||||||
Non-cash impairment charges | 1.4 | |||||||||||||
Employee termination | 0.6 | 1.1 | ||||||||||||
All Other | Selling, General and Administrative Expenses | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | 1.4 | |||||||||||||
All Other | Selling, General and Administrative Expenses | Employee Severance | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 4.8 | |||||||||||||
All Other | Cost of Revenues | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Restructuring charges | 0.4 | |||||||||||||
Non-cash impairment charges | 1.3 | 17.6 | ||||||||||||
Employee termination | 0.4 | |||||||||||||
All Other | Cost of Revenues | Software | ||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||
Non-cash impairment charges | $ 1.3 | $ 17.6 |
RESTRUCTURING AND DIVESTITURE_3
RESTRUCTURING AND DIVESTITURES - Schedule of Operational Optimization Restructuring Charges by Segment Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | $ 11.5 | ||
Closure and exit costs - other | $ 67.7 | $ 82.6 | 31.3 |
Impairment of Intangibles | 17.7 | 16 | 21 |
Total charges | 12 | 27.4 | |
Cost of Revenues | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.6 | ||
Closure and exit costs - other | 1.1 | ||
Impairment and accelerated depreciation of property, plant and equipment | 5.6 | ||
Total non-cash charges | 5.6 | ||
Total charges | 7.3 | ||
Selling, General and Administrative Expenses | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 1.7 | 1.3 | |
Closure and exit costs - other | 1.3 | 13.8 | |
Impairment and accelerated depreciation of property, plant and equipment | 0.4 | 5.7 | |
Impairment of Intangibles | 1.3 | 6.6 | |
Total non-cash charges | 1.7 | 12.3 | |
Total charges | 4.7 | 27.4 | |
North America RWCS | |||
Restructuring Cost And Reserve [Line Items] | |||
Impairment of Intangibles | 0.5 | 3.1 | |
Total charges | 2.4 | 5.2 | |
North America RWCS | Cost of Revenues | |||
Restructuring Cost And Reserve [Line Items] | |||
Impairment and accelerated depreciation of property, plant and equipment | 2 | ||
Total non-cash charges | 2 | ||
Total charges | 2 | ||
North America RWCS | Selling, General and Administrative Expenses | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.4 | ||
Closure and exit costs - other | 4.2 | ||
Impairment and accelerated depreciation of property, plant and equipment | 1 | ||
Total non-cash charges | 1 | ||
Total charges | 0.4 | 5.2 | |
International RWCS | |||
Restructuring Cost And Reserve [Line Items] | |||
Impairment of Intangibles | 17.3 | 15.5 | 12.1 |
Total charges | 8.2 | 17.4 | |
International RWCS | Cost of Revenues | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.2 | ||
Closure and exit costs - other | 1.1 | ||
Impairment and accelerated depreciation of property, plant and equipment | 3.6 | ||
Total non-cash charges | 3.6 | ||
Total charges | 4.9 | ||
International RWCS | Selling, General and Administrative Expenses | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.7 | 0.2 | |
Closure and exit costs - other | 1.3 | 5.9 | |
Impairment and accelerated depreciation of property, plant and equipment | 0.4 | 4.7 | |
Impairment of Intangibles | 0.9 | 6.6 | |
Total non-cash charges | 1.3 | 11.3 | |
Total charges | 3.3 | 17.4 | |
All Other | |||
Restructuring Cost And Reserve [Line Items] | |||
Impairment of Intangibles | 0.4 | $ 5.8 | |
Total charges | 1.4 | 4.8 | |
All Other | Cost of Revenues | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.4 | ||
Total charges | 0.4 | ||
All Other | Selling, General and Administrative Expenses | |||
Restructuring Cost And Reserve [Line Items] | |||
Exit costs - employee termination | 0.6 | 1.1 | |
Closure and exit costs - other | 3.7 | ||
Impairment of Intangibles | 0.4 | ||
Total non-cash charges | 0.4 | ||
Total charges | $ 1 | $ 4.8 |
RESTRUCTURING AND DIVESTITURE_4
RESTRUCTURING AND DIVESTITURES - Summary of Divestiture Losses, Net of (Gains) Included in the Consolidated Statements of (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Total | $ 103 | $ 12.8 | $ 9.5 | ||||||||
Divestiture losses, net of gains | $ 24.9 | $ 83.2 | $ 0.3 | $ (5.4) | $ (0.2) | $ 1.6 | $ 7.3 | $ 4.1 | 103 | 12.8 | 9.5 |
North America RWCS | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Total | 6.5 | 6.9 | |||||||||
International RWCS | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Total | 57.5 | 5.9 | 9.5 | ||||||||
International RWCS | United Kingdom | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Divestiture losses, net of gains | (5.1) | ||||||||||
International RWCS | South Africa | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Divestiture losses, net of gains | (3) | ||||||||||
Mexico Operations | International RWCS | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 43.2 | ||||||||||
Chile Operations | International RWCS | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 19 | ||||||||||
Communication Related Services | North America RWCS | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 6.5 | ||||||||||
Communication Related Services | All Other | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 39 | ||||||||||
Clean Room Business | North America RWCS | United States | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 6.9 | ||||||||||
Hazardous Waste Business | International RWCS | United Kingdom | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | 0.7 | $ 5.9 | 6.8 | ||||||||
Patient Transport Business | International RWCS | United Kingdom | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Non-cash impairment charges | (0.3) | $ 5.7 | |||||||||
Divestiture losses, net of gains | $ (0.3) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,466.3 | $ 1,421.6 |
Less: accumulated depreciation | (667.8) | (678.1) |
Property, plant and equipment, net | 798.5 | 743.5 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 66 | 63.8 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 263.3 | 243.5 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 342.4 | 345.4 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 177.9 | 178.9 |
Containers | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 246.6 | 296.6 |
Office equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 111.5 | 126.8 |
Software and Enterprise Resource Planning system | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 84.3 | 65.1 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 174.3 | $ 101.5 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 127.6 | $ 125.6 | $ 131.1 |
Non-cash impairment charges | 9.1 | 2.4 | |
Brazil | |||
Property, Plant and Equipment [Line Items] | |||
Non-cash impairment charges | 3.6 | ||
COR | |||
Property, Plant and Equipment [Line Items] | |||
Non-cash impairment charges | 10.8 | 25.3 | |
COR | Brazil | |||
Property, Plant and Equipment [Line Items] | |||
Non-cash impairment charges | 3.6 | ||
Selling, General and Administrative Expenses | |||
Property, Plant and Equipment [Line Items] | |||
Non-cash impairment charges | $ 0.9 | $ 7.8 | $ 7.3 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Summary of Non-cash Impairment Charges by Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | $ 9.1 | $ 2.4 | |
Software, Restructuring Related and Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | $ 11.7 | 33.1 | |
Cost of Revenues | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 10.8 | 25.3 | |
Cost of Revenues | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 1.6 | 25 | |
Cost of Revenues | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 9.2 | 0.3 | |
Selling, General and Administrative Expenses | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.9 | 7.8 | $ 7.3 |
Selling, General and Administrative Expenses | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 2.4 | ||
Selling, General and Administrative Expenses | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.9 | 5.4 | |
North America RWCS | Software, Restructuring Related and Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 2.5 | 9 | |
North America RWCS | Cost of Revenues | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 2 | 7.7 | |
North America RWCS | Cost of Revenues | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 7.4 | ||
North America RWCS | Cost of Revenues | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 2 | 0.3 | |
North America RWCS | Selling, General and Administrative Expenses | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.5 | 1.3 | |
North America RWCS | Selling, General and Administrative Expenses | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 1 | ||
North America RWCS | Selling, General and Administrative Expenses | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.5 | 0.3 | |
International RWCS | Software, Restructuring Related and Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 7.9 | 5.1 | |
International RWCS | Cost of Revenues | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 7.5 | ||
International RWCS | Cost of Revenues | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.3 | ||
International RWCS | Cost of Revenues | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 7.2 | ||
International RWCS | Selling, General and Administrative Expenses | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.4 | 5.1 | |
International RWCS | Selling, General and Administrative Expenses | Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 0.4 | 5.1 | |
All Other | Software, Restructuring Related and Other Property Plant and Equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 1.3 | 19 | |
All Other | Cost of Revenues | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 1.3 | 17.6 | |
All Other | Cost of Revenues | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | $ 1.3 | 17.6 | |
All Other | Selling, General and Administrative Expenses | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | 1.4 | ||
All Other | Selling, General and Administrative Expenses | Software | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Total Impairments | $ 1.4 |
LEASES - Components of Net Leas
LEASES - Components of Net Lease Cost (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 117.2 |
Finance lease cost: | |
Amortization of leased assets | 3.5 |
Interest on lease liabilities | 1 |
Net lease cost | $ 121.7 |
LEASES - Schedule of Supplement
LEASES - Schedule of Supplemental Cash flow Information Related to Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 122.4 |
Operating cash flows from finance leases | 0.9 |
Financing cash flows from finance leases | 4.3 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 203.8 |
Finance leases | $ 17 |
LEASES - Additional Information
LEASES - Additional Information (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Line Items] | |
Finance lease assets, net of accumulated amortization | $ 30.1 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Operating lease, not yet commenced, liability | $ 14 |
Minimum | |
Leases [Line Items] | |
Operating leases, not yet commenced, lease term | 3 years |
Maximum | |
Leases [Line Items] | |
Operating leases, not yet commenced, lease term | 15 years |
LEASES - Schedule of Informatio
LEASES - Schedule of Information Regarding Lease Terms and Discount Rates (Detail) | Dec. 31, 2019 |
Weighted average remaining lease term (years): | |
Operating leases | 6 years 4 months 24 days |
Finance leases | 15 years 3 months 18 days |
Weighted average discount rate: | |
Operating leases | 4.11% |
Finance leases | 5.34% |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Lease Liabilities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Operating leases | |
2020 | $ 112.6 |
2021 | 95.6 |
2022 | 77.3 |
2023 | 62.4 |
2024 | 51.3 |
Thereafter | 109 |
Total lease payments | 508.2 |
Less: Interest | 57.3 |
Present value of lease liabilities | 450.9 |
Finance leases | |
2020 | 6.5 |
2021 | 7.4 |
2022 | 3.1 |
2023 | 2.9 |
2024 | 2.6 |
Thereafter | 12 |
Total lease payments | 34.5 |
Less: Interest | 4.1 |
Present value of lease liabilities | $ 30.4 |
LEASES - Schedule of Future Min
LEASES - Schedule of Future Minimum Payments Under Operating Leases and Capital Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 107 |
2020 | 88.7 |
2021 | 72.7 |
2022 | 54.8 |
2023 | 40 |
Thereafter | 128.7 |
Total lease payments | 491.9 |
2019 | 5.4 |
2020 | 5.6 |
2021 | 2.6 |
2022 | 2.3 |
2023 | 2.1 |
Thereafter | 5.9 |
Total lease payments | 23.9 |
Less amounts representing interest | (3.6) |
Total lease payments | $ 20.3 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||||||
Beginning Balance | $ 3,222.2 | $ 3,222.2 | $ 3,604 | |||
Goodwill acquired during year | 32.2 | |||||
Purchase accounting adjustments | (4.3) | (17.6) | ||||
Impairments during the year | $ (207.4) | (20.9) | $ (358.7) | (228.3) | (358.7) | $ (65) |
Impairments related to divestitures (Note 4) | (8.6) | (5.8) | ||||
Changes due to foreign currency fluctuations and other | 1.2 | (31.9) | ||||
Ending Balance | 2,982.2 | 3,222.2 | 2,982.2 | 3,222.2 | 3,604 | |
North America RWCS | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 2,848.4 | 2,848.4 | 2,850.2 | |||
Goodwill acquired during year | 32.2 | |||||
Purchase accounting adjustments | (4.3) | (16.9) | ||||
Impairments during the year | (207.4) | |||||
Impairments related to divestitures (Note 4) | (2.4) | (5.8) | ||||
Changes due to foreign currency fluctuations and other | (2.7) | (11.3) | ||||
Ending Balance | 2,631.6 | 2,848.4 | 2,631.6 | 2,848.4 | 2,850.2 | |
International RWCS | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | $ 373.8 | 373.8 | 466.8 | |||
Impairments during the year | (20.9) | (72.4) | ||||
Impairments related to divestitures (Note 4) | (6.2) | |||||
Changes due to foreign currency fluctuations and other | 3.9 | (20.6) | ||||
Ending Balance | $ 350.6 | $ 373.8 | $ 350.6 | 373.8 | 466.8 | |
All Other | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 287 | |||||
Purchase accounting adjustments | (0.7) | |||||
Impairments during the year | $ (286.3) | |||||
Ending Balance | $ 287 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Accumulated Non-Cash Impairment Charges by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Total accumulated non-cash impairment charges by segment | $ 673.5 | $ 436.6 |
North America RWCS | ||
Goodwill [Line Items] | ||
Total accumulated non-cash impairment charges by segment | 215.6 | 5.8 |
International RWCS | ||
Goodwill [Line Items] | ||
Total accumulated non-cash impairment charges by segment | 171.6 | 144.5 |
All Other | ||
Goodwill [Line Items] | ||
Total accumulated non-cash impairment charges by segment | $ 286.3 | $ 286.3 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets By Major Class [Line Items] | ||||||
Goodwill impairment | $ 207,400,000 | $ 20,900,000 | $ 358,700,000 | $ 228,300,000 | $ 358,700,000 | $ 65,000,000 |
Goodwill, net of accumulated impairments | 2,982,200,000 | $ 3,222,200,000 | 2,982,200,000 | 3,222,200,000 | 3,604,000,000 | |
Assets impairment charges | 17,700,000 | 16,000,000 | 21,000,000 | |||
Non-cash impairment charge | 9,100,000 | 2,400,000 | ||||
Intangible amortization | 145,200,000 | 130,300,000 | 118,400,000 | |||
Brazilian Operations | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Non-cash impairment charge | 3,600,000 | |||||
Customer Lists, Permits and Tradenames | Brazilian Operations | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Assets impairment charges | 14,700,000 | |||||
Customer Relationship and Permit Intangibles | EMEA, LATAM and North America | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Assets impairment charges | 3,000,000 | |||||
Customer Relationship and Permit Intangibles | LATAM | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Assets impairment charges | 10,300,000 | |||||
Domestic Environmental Solutions | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Goodwill impairment | 80,800,000 | |||||
Canada | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Goodwill impairment | 126,600,000 | |||||
Latin America | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Goodwill impairment | 20,900,000 | 72,400,000 | $ 65,000,000 | |||
Goodwill, net of accumulated impairments | $ 0 | $ 0 | ||||
Domestic CRS [Membe] | ||||||
Intangible Assets By Major Class [Line Items] | ||||||
Goodwill impairment | $ 286,300,000 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Values of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | $ 2,007.3 | $ 2,137.6 | |
Accumulated Amortization | 584.9 | 499.9 | |
Net Value | 1,422.4 | 1,637.7 | $ 1,791.5 |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Carrying Amount, Indefinite Lived Intangible Assets | 211.1 | 212.5 | |
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Carrying Amount, Indefinite Lived Intangible Assets | 314.2 | 312.3 | |
Customer relationships | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | 1,460.8 | 1,591.5 | |
Accumulated Amortization | 575.8 | 492 | |
Net Value | 885 | 1,099.5 | |
Covenants not-to-compete | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | 4.9 | 5.1 | |
Accumulated Amortization | 3.8 | 3.2 | |
Net Value | 1.1 | 1.9 | |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | 4.1 | ||
Accumulated Amortization | 1.6 | ||
Net Value | 2.5 | ||
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | 3.6 | 3.9 | |
Accumulated Amortization | 1.1 | 1.2 | |
Net Value | 2.5 | 2.7 | |
Other | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | 8.6 | 12.3 | |
Accumulated Amortization | 2.6 | 3.5 | |
Net Value | $ 6 | $ 8.8 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived and Indefinite-lived Intangible Assets [Roll Forward] | |||
Beginning of period | $ 1,637.7 | $ 1,791.5 | |
Intangible assets acquired during the year | 0.5 | 34 | |
Reclassification of permit prepaid | 7.7 | ||
Purchase accounting adjustments for prior year acquisitions | 4.2 | 10.2 | |
Divestitures (Note 4) | (67.5) | (14.4) | |
Impairments during the year | (17.7) | (16) | $ (21) |
Amortization during the year | (145.2) | (130.3) | (118.4) |
Changes due to foreign currency fluctuations | 2.7 | (37.3) | |
End of period | $ 1,422.4 | $ 1,637.7 | $ 1,791.5 |
GOODWILL AND OTHER INTANGIBLE_8
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Non-Cash Impairment Charges Recognized in Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets By Major Class [Line Items] | |||
Non-cash impairment charges | $ 17.7 | $ 16 | $ 21 |
North America RWCS | |||
Intangible Assets By Major Class [Line Items] | |||
Non-cash impairment charges | 0.5 | 3.1 | |
International RWCS | |||
Intangible Assets By Major Class [Line Items] | |||
Non-cash impairment charges | 17.3 | $ 15.5 | 12.1 |
All Other | |||
Intangible Assets By Major Class [Line Items] | |||
Non-cash impairment charges | $ 0.4 | $ 5.8 |
GOODWILL AND OTHER INTANGIBLE_9
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Finite-Lived Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Customer relationships | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 8 years 6 months |
Customer relationships | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 10 years |
Customer relationships | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 25 years |
Covenants not-to-compete | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 2 years 4 months 24 days |
Covenants not-to-compete | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 5 years |
Covenants not-to-compete | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 14 years |
Tradenames | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 17 years 7 months 6 days |
Tradenames | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 15 years |
Tradenames | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 40 years |
Landfill air rights | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 14 years 4 months 24 days |
Landfill air rights | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 5 years |
Landfill air rights | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 26 years |
GOODWILL AND OTHER INTANGIBL_10
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Intangible Asset Amortization Expense (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 | $ 131.6 |
2021 | 125 |
2022 | 123.4 |
2023 | 120.9 |
2024 | $ 118.3 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Compensation | $ 68.6 | $ 80 |
Self-insurance | 74.7 | 72.8 |
Taxes | 50.7 | 42.3 |
Interest | 21.3 | 14.7 |
Professional fees | 22.1 | 40.1 |
Disposal and landfill liabilities | 18.8 | 15.9 |
Other | 40.4 | 75 |
Total accrued liabilities | $ 296.6 | $ 340.8 |
ACCRUED LIABILITIES AND OTHER_4
ACCRUED LIABILITIES AND OTHER LONG TERM LIABILITIES - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Contingent consideration | $ 7.4 | $ 7.5 |
Environmental liabilities | 27.2 | 28.2 |
Asset retirement obligations | 19.4 | 19.1 |
Other long-term liabilities | 10.2 | 15.9 |
Total other long-term liabilities | $ 64.2 | $ 70.7 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 14, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Total debt | $ 2,676.6 | $ 2,778.7 | |
Less: current portion of total debt | 103.1 | 104.3 | |
Less: unamortized debt issuance costs | 14.2 | $ 7.1 | 10.5 |
Long-term portion of total debt | 2,559.3 | 2,663.9 | |
Line of credit | $1.2 billion senior credit facility, due in 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 758.7 | 583.3 | |
Term Loan | $1.3 billion Term Loan, due in 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 1,172.2 | 902.5 | |
Senior Notes | $600 million Senior Notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Total debt | 600 | ||
Private placement notes | $125 million private placement notes, due in 2019 | |||
Debt Instrument [Line Items] | |||
Total debt | 125 | ||
Private placement notes | $225 million private placement notes, due in 2020 | |||
Debt Instrument [Line Items] | |||
Total debt | 225 | ||
Private placement notes | $150 million private placement notes, due in 2021 | |||
Debt Instrument [Line Items] | |||
Total debt | 150 | ||
Private placement notes | $125 million private placement notes, due in 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 125 | ||
Private placement notes | $200 million private placement notes, due in 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 200 | ||
Private placement notes | $100 million private placement notes, due in 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 100 | ||
Private placement notes | $150 million private placement notes, due in 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 150 | ||
Promissory notes and deferred consideration | Notes weighted average maturity 2.49 and 2.74 years | |||
Debt Instrument [Line Items] | |||
Total debt | 73.1 | 120.9 | |
Foreign bank debt | Debt weighted average maturity 1.6 years and 1.9 years | |||
Debt Instrument [Line Items] | |||
Total debt | 42.2 | 76.7 | |
Obligations under finance leases | |||
Debt Instrument [Line Items] | |||
Total debt | $ 30.4 | $ 20.3 |
DEBT - Schedule of Long-Term _2
DEBT - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 14, 2019 | |
Line of credit | $1.2 billion senior credit facility, due in 2022 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | $ 1,200,000,000 | ||
Term Loan | $1.3 billion term loan, due in 2022 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | 1,300,000,000 | ||
Senior Notes | $600 million Senior Notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | $ 600,000,000 | ||
Long-term debt, face amount | $ 600,000,000 | ||
Private placement notes | $125 million private placement notes, due in 2019 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | $ 125,000,000 | ||
Private placement notes | $225 million private placement notes, due in 2020 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | 225,000,000 | ||
Private placement notes | $150 million private placement notes, due in 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | 150,000,000 | ||
Private placement notes | $125 million private placement notes, due in 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | 125,000,000 | ||
Private placement notes | $200 million private placement notes, due in 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | 200,000,000 | ||
Private placement notes | $100 million private placement notes, due in 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | 100,000,000 | ||
Private placement notes | $150 million private placement notes, due in 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | $ 150,000,000 | ||
Promissory notes and deferred consideration | Notes weighted average maturity 2.49 and 2.74 years | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity | 2 years 5 months 26 days | 2 years 8 months 26 days | |
Foreign bank debt | Debt weighted average maturity 1.6 years and 1.9 years | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity | 1 year 7 months 6 days | 1 year 10 months 24 days |
DEBT - Schedule of Weighted Ave
DEBT - Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Line of credit | $1.2 billion senior credit facility, due in 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.57% | 3.77% |
Term Loan | $1.3 billion term loan, due in 2022 (variable rate based on LIBOR) | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.44% | 4.07% |
Senior Notes | $600 million Senior Notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 5.38% | |
Private placement notes | $125 million private placement notes, due in 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.43% | |
Private placement notes | $225 million private placement notes, due in 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 5.22% | |
Private placement notes | $150 million private placement notes, due in 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.64% | |
Private placement notes | $125 million private placement notes, due in 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 4.01% | |
Private placement notes | $200 million private placement notes, due in 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.47% | |
Private placement notes | $100 million private placement notes, due in 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.54% | |
Private placement notes | $150 million private placement notes, due in 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 3.93% | |
Promissory notes and deferred consideration | Notes weighted average maturity 2.49 and 2.74 years (fixed rate) | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.81% | 1.79% |
Foreign bank debt | Debt weighted average maturity 1.6 years and 1.9 years (variable rate) | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 4.43% | 5.81% |
DEBT - Additional Information (
DEBT - Additional Information (Detail) - USD ($) | Feb. 25, 2020 | Jun. 14, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Nov. 17, 2017 |
Debt Instrument [Line Items] | |||||||
Expected debt modification fees in connection with amendment to Credit Agreement | $ 2,000,000 | ||||||
Repurchase price percentage of principle and interest amount | 101.00% | ||||||
Less: unamortized debt issuance costs | $ 7,100,000 | $ 14,200,000 | $ 10,500,000 | ||||
Repayments of private placement notes | 1,075,000,000 | $ 175,000,000 | |||||
Loss on early extinguishment of debt | $ 23,100,000 | $ 23,100,000 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | ||||||
Debt instrument, redemption, description | The Senior Notes will be redeemable, at the option of the Company, in whole or in part, at any time on or after July 15, 2021, at the redemption prices specified in the Indenture along with accrued interest. At any time prior to July 15, 2021, the Senior Notes may be redeemed, at the option of the Company, in whole or in part, at a redemption price of 100% of the principal amount thereof, plus a “make-whole” premium and accrued and unpaid interest. In addition, the Company may redeem up to 40% of the Senior Notes at any time before July 15, 2021, with the net cash proceeds from certain equity offerings at a redemption price equal to 105.375%, plus accrued and unpaid interest. | ||||||
Senior Notes | Equity Offering | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 105.375% | ||||||
Private placement notes | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of private placement notes | $ 1,075,000,000 | ||||||
Loss on early extinguishment of debt | 23,100,000 | ||||||
Premiums payable | 20,400,000 | ||||||
Write-off of unamortized debt issuance costs | 2,700,000 | ||||||
Interest expense | $ 3,400,000 | ||||||
Maximum | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 40.00% | ||||||
Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Increase in pricing tier percent based on leverage ratio of greater than 4.50 to 1.00 | 0.125% | ||||||
Subsequent Event | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 4.75% | ||||||
Subsequent Event | Maximum | ESOL Group | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 4.25% | ||||||
Until Any Quarter Ending Before March 31, 2022 | Subsequent Event | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 5.00% | ||||||
Fiscal Quarter After March 31, 2022 and Thereafter | Subsequent Event | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 4.50% | ||||||
Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity of line of credit facility | $ 950,000,000 | ||||||
Term Loan Facility | Period Through December 31, 2020 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Allowed additional cash back to EBITDA | $ 200,000,000 | ||||||
Term Loan Facility | Period until December 31, 2021 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Allowed additional cash back to EBITDA | 100,000,000 | ||||||
Term Loan Facility | Period Thereafter | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Allowed additional cash back to EBITDA | $ 0 | ||||||
Term Loan Facility | Debt weighted average maturity 1.6 years and 1.9 years | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 5.00% | 4.45% | |||||
Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity of line of credit facility | $ 1,200,000,000 | ||||||
Senior Notes, due July 2024 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity of line of credit facility | $ 600,000,000 | ||||||
Aggregate principal amount | $ 600,000,000 | ||||||
Debt instrument, interest rate | 5.375% | ||||||
Debt Instrument, frequency of periodic payment | payable on January 15 and July 15 of each year. |
DEBT - Schedule of Outstanding
DEBT - Schedule of Outstanding Letters of Credit and Unused Portion of Senior Credit Facility (Detail) - Senior credit facility - Line of credit - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Outstanding letters of credit under Senior Credit Facility | $ 33 | $ 63.1 |
Unused portion of the Revolving Credit Facility | $ 408.3 | $ 553.6 |
DEBT - Payments Due on Long-Ter
DEBT - Payments Due on Long-Term Debt, Excluding Capital Lease Obligations (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 98 |
2021 | 126.7 |
2022 | 1,809.9 |
2023 | 5.1 |
2024 | 605.2 |
Thereafter | 1.3 |
Total | $ 2,646.2 |
INCOME TAXES - United States an
INCOME TAXES - United States and International Components of Loss before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (150.5) | $ (189.1) | $ (9.6) |
Foreign | (212.3) | (86.3) | (98.3) |
Total loss before income taxes | $ (362.8) | $ (275.4) | $ (107.9) |
INCOME TAXES - Significant Comp
INCOME TAXES - Significant Components of Income Tax Benefit (Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
United States - federal | $ (107) | ||
United States - state and local | $ (10.7) | $ (0.4) | (10) |
Foreign | (6.4) | (8.5) | (7.1) |
Current income tax expense | (17.1) | (8.9) | (124.1) |
Deferred | |||
United States - federal | 23.9 | 24.4 | 256.1 |
United States - state and local | 8 | 11.2 | 9.8 |
Foreign | 2 | 3.1 | 9.1 |
Deferred income tax expense | 33.9 | 38.7 | 275 |
Total benefit | $ 16.8 | $ 29.8 | $ 150.9 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Provision Computed at Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State and local taxes, net of federal tax effect | 1.20% | 4.20% | 3.90% |
Foreign tax rates | 5.10% | 4.20% | (2.70%) |
Permanent - other items | (4.20%) | 0.50% | (2.10%) |
Permanent - goodwill impairment | (14.10%) | (9.10%) | (12.00%) |
Tax Act | (3.20%) | 120.30% | |
Valuation allowance | (1.20%) | (7.50%) | (4.60%) |
Divestitures | 1.20% | ||
Stock-based compensation | (1.00%) | 1.20% | (0.60%) |
Other | (3.40%) | (0.50%) | 2.70% |
Effective tax rate | 4.60% | 10.80% | 139.90% |
INCOME TAXES - Deferred Tax Lia
INCOME TAXES - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ (68.1) | $ (68.9) |
Goodwill and intangibles | (417.9) | (395.1) |
Leases - right of use asset | (84.5) | |
Other | (10.9) | (22.7) |
Total deferred tax liabilities | (581.4) | (486.7) |
Deferred tax assets: | ||
Accrued liabilities | 87.8 | 84.4 |
Leases - right of use liability | 88.7 | |
Net operating tax loss carry-forwards | 116.2 | 88.9 |
Interest expense carry-forward | 31.2 | 13.4 |
Other | 11.4 | 39.9 |
Less: valuation allowance | (39.4) | (35.3) |
Total deferred tax assets | 295.9 | 191.3 |
Net deferred tax liabilities | $ (285.5) | $ (295.4) |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Increase in valuation allowance | $ 4.1 | |||
Federal corporate tax rate | 21.00% | 21.00% | 35.00% | |
Recognized income tax (benefit) associated with provisional estimate of tax impact | $ (129.8) | $ (129.8) | ||
Net charge to income tax provision | $ 8.8 | |||
Net operating loss carry-forwards | $ 379.4 | |||
Tax benefit of net operating losses | 116.2 | 88.9 | ||
Valuation allowance for net operating losses | 30.8 | |||
Unrecognized tax benefit | $ 27.4 | 62.7 | 64.7 | 27.4 |
Uncertain tax positions that, if recognized, would affect the effective tax rate | 61.3 | |||
Interest and penalties recognized related to income tax reserves | $ (0.7) | $ 0.8 | $ 0.3 |
INCOME TAXES - Summary of Net T
INCOME TAXES - Summary of Net Tax Benefit Recognized Related to Tax Act (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Remeasurement of net deferred tax liabilities due to enacted rate reduction | $ 167.7 | |
Section 965 transition tax on foreign earnings | (24.3) | |
Foreign withholding taxes on such earnings | (13.6) | |
Net tax benefit from the Tax Act | $ 129.8 | $ 129.8 |
INCOME TAXES - Summary of Aggre
INCOME TAXES - Summary of Aggregate Changes in Unrecognized Tax benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Unrecognized Tax Positions [Roll Forward] | ||
Unrecognized tax positions, beginning of year | $ 64.7 | $ 27.4 |
Gross increases - tax positions in prior periods | 1.2 | 1.1 |
Gross increases - current period tax positions | 4.6 | 43.5 |
Settlement | (0.2) | (2) |
Lapse of statute of limitations | (7.6) | (5.3) |
Unrecognized tax positions, end of year | $ 62.7 | $ 64.7 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Maximum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Maximum aggregate contingent liability if financial performance measures were fully met | $ 10,700,000 | |
Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative asset | $ 300,000 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Contingent Consideration Liabilities Recorded Using Level 3 Inputs, Amounts Classified as Either Other Current Liabilities or Other Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other liabilities (see Note 8) | $ 7.4 | $ 7.5 |
Level 3 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other current liabilities | 0.6 | 2.8 |
Other liabilities (see Note 8) | 7.4 | 7.5 |
Total contingent consideration | $ 8 | $ 10.3 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes to Contingent Consideration (Detail) - Contingent Consideration Liability - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
Contingent consideration, Beginning Balance | $ 10.3 | $ 12.4 |
Purchase accounting adjustments | (0.4) | |
Decrease due to payments | (2.3) | (1.3) |
Change in fair value reflected in SG&A | 0.2 | |
Other | (0.6) | |
Contingent consideration, Ending Balance | $ 8 | $ 10.3 |
FAIR VALUE MEASUREMENTS - Estim
FAIR VALUE MEASUREMENTS - Estimated Fair Value of Company'S Debt Obligations, Using Level 2 Inputs, Compared to Carrying Amount (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of debt obligations | $ 2,676.6 | $ 2,778.7 |
Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of debt obligations | 2,730 | 2,750 |
Carrying value of debt obligations | $ 2,680 | $ 2,780 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Environmental Remediation Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Total environmental liabilities | $ 31.9 | $ 33.5 |
Other Liabilities | ||
Loss Contingencies [Line Items] | ||
Total environmental liabilities | 27.2 | 28.2 |
Accrued Liabilities | ||
Loss Contingencies [Line Items] | ||
Total environmental liabilities | $ 4.7 | $ 5.3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Environmental remediation liabilities, projection term | 30 years | |
Total asset retirement obligation liabilities | $ 19.4 | $ 19.1 |
Surety bonds | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 72.3 | 63.7 |
Bank guarantees | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 19.3 | 19.5 |
Stand-by letters of credit | $1.2 billion senior credit facility, due in 2022 | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 33 | 63.1 |
Stand-by letters of credit | Another facility | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 52.3 | 52.2 |
Other Long Term Liabilities | ||
Loss Contingencies [Line Items] | ||
Total asset retirement obligation liabilities | $ 19.4 | $ 19.1 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Schedule of Future Payments under Contractual Obligations Not Recognized in Consolidated Balance Sheets (Detail) - Technology Products And Services $ in Millions | Dec. 31, 2019USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | $ 159.1 |
2021 | 29.7 |
2022 | 22.9 |
2023 | 9.3 |
2024 | 8.3 |
Future payments under contractual obligations | $ 229.3 |
RETIREMENT AND OTHER EMPLOYEE_3
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plan, description | The Company participates in two trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for employees who are covered by collective bargaining agreements. The risks of participating in these Multiemployer Pension Plans are different from single-employer plans in that (i) assets contributed to the Multiemployer Pension Plan by one employer may be used to provide benefits to employees or former employees of other participating employers; (ii) if a participating employer stops contributing to the Multiemployer Pension Plans, the unfunded obligations of the Multiemployer Pension Plan may be required to be assumed by the remaining participating employers and (iii) if the Company chooses to stop participating in any of its Multiemployer Pension Plans or if any event should significantly reduce or eliminate the need to participate (such as employee layoffs or closure of a location), the Company may be required to pay those plans a withdrawal amount based on the underfunded status of the plan. Based upon the most recent information available, one of the plans the Company participates in is in “critical” status due to an accumulated funding deficiency and has adopted a rehabilitation plan to address the funding deficiency position. | ||
Domestic Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of contribution to 401(k) defined contribution retirement savings plan by employer | 50.00% | ||
Employer 401(k) maximum annual matching contribution to each employee | $ 3,000 | ||
Employer contributions to 401(k) plan | 11,000,000 | $ 10,600,000 | $ 8,900,000 |
Foreign Defined Contribution Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to 401(k) plan | $ 5,000,000 | $ 3,100,000 | $ 3,400,000 |
RETIREMENT AND OTHER EMPLOYEE_4
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Schedule of Multiemployer Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Multiemployer Plans [Line Items] | |||
Plan Employer ID Number | 36-3640402 | ||
Pension Plan Private Sanitation Union, Local 813 IBT | |||
Multiemployer Plans [Line Items] | |||
Plan Employer ID Number | 13-1975659 | ||
Plan # | 001 | ||
Pension Protection Act Zone Status | [1],[2] | Red | Red |
FIP/RP Status | [3] | Implemented | |
Company Contributions | [4] | $ 0.6 | $ 0.6 |
Expiration Date of Collective Bargaining Agreements, First | Mar. 31, 2020 | ||
Expiration Date of Collective Bargaining Agreements, Last | Jun. 30, 2022 | ||
Nurses and Local 813 IBT Retirement Plan | |||
Multiemployer Plans [Line Items] | |||
Plan Employer ID Number | 13-3628926 | ||
Plan # | 001 | ||
Pension Protection Act Zone Status | [1],[2] | Green | Green |
FIP/RP Status | [3] | NA | |
Expiration Date of Collective Bargaining Agreement | various dates | ||
[1] | A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. | ||
[2] | Zone status is defined by the Department of Labor and the Pension Protection Act of 2006 and represents the level at which the plan is funded. Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by the pension plans actuary. | ||
[3] | The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending. The most recent Pension Protection Act zone status available in 2019 and 2018 is for the plans’ year-end December 31, 2018 and 2017, respectively. | ||
[4] | The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% |
RETIREMENT AND OTHER EMPLOYEE_5
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Schedule of Multiemployer Defined Benefit Pension Plans (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Multiemployer plan, Surcharge rate description | the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. | ||
Statutory surcharge rate for the first twelve months | 5.00% | ||
Statutory surcharge rate after twelve months | 10.00% | ||
Multiemployer plans minimum contribution percentage | 5.00% | 5.00% | |
Red | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, funded status | Less than 65 percent | ||
Green | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, funded status | At least 80 percent |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($) | May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares reserved for future issuance | 3,043,981 | |||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,299,999 | |||
Percentage of market price | 85.00% | |||
Term of offering period | 6 months | |||
Maximum payroll deductions during the offering period, per employee | $ 5,000 | |||
Shares available for issuance (in shares) | 63,703 | |||
Stock issued during period (in shares) | 97,669 | 131,959 | 109,762 | |
Amended to the ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of additional shares authorized | 300,000 | |||
Canadian ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 100,000 | |||
Percentage of market price | 95.00% | |||
Term of offering period | 6 months | |||
Maximum payroll deductions during the offering period, per employee | $ 5,000 | |||
Shares available for issuance (in shares) | 94,122 | |||
Stock issued during period (in shares) | 1,073 | 2,283 | 1,766 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses related to stock options | $ 8,900,000 | |||
Weighted average period of recognition for unrecognized compensation expenses | 2 years 2 months 12 days | |||
Stock Options | Non-Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Stock Options | Officers And Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Stock Options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum term of an option granted under any plan | 8 years | |||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum term of an option granted under any plan | 10 years | |||
Stock Option Plans and RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reduction to stock-based compensation expense | $ (6,700,000) | $ (3,500,000) | $ (1,800,000) | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period of recognition for unrecognized compensation expenses | 2 years 6 months | |||
Award granted | 266,033 | |||
Unrecognized compensation expenses related to RSUs | $ 18,200,000 | |||
Fair value of units vested (in shares) | $ 5,300,000 | $ 4,200,000 | $ 2,900,000 | |
Restricted Stock Units (RSUs) | 2008, 2011, and 2014 Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of share reserve related to RSUs granted | 200.00% | |||
Restricted Stock Units (RSUs) | 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of share reserve related to RSUs granted | 100.00% | |||
Restricted Stock Units (RSUs) | 2005 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award granted | 0 | |||
Restricted Stock Units (RSUs) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Restricted Stock Units (RSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Performance-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award granted | 157,451 | |||
Additional shares expected to vest | 213,000 |
STOCK BASED COMPENSATION - Stoc
STOCK BASED COMPENSATION - Stock-Based Compensation Expense Resulting from Stock Option Awards, RSUs, PSUs and ESPP (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 17.1 | $ 24.1 | $ 21.3 |
Stock Options | Selling, General and Administrative Expenses | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8 | 10.8 | 14.7 |
Restricted Stock Units (RSUs) | Selling, General and Administrative Expenses | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 7.8 | 7.2 | 5.2 |
Performance-Based Restricted Stock Units | Selling, General and Administrative Expenses | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0.5 | 5.1 | 0.2 |
ESPP and Canada ESPP | Selling, General and Administrative Expenses | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 0.8 | $ 1 | $ 1.2 |
STOCK BASED COMPENSATION - St_2
STOCK BASED COMPENSATION - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Options | |||
Outstanding as of beginning of year | 4,896,386 | ||
Granted | 340,652 | 430,337 | 456,424 |
Exercised | (337,069) | ||
Forfeited | (453,662) | ||
Cancelled or expired | (478,882) | ||
Outstanding as of December 31, 2019 | 3,967,425 | 4,896,386 | |
Exercisable as of December 31, 2019 | 3,192,394 | ||
Weighted Average Exercise Price per Share | |||
Outstanding as of beginning of year | $ 95.85 | ||
Granted | 49.01 | ||
Exercised | 51.94 | ||
Forfeited | 86.51 | ||
Cancelled or expired | 98.99 | ||
Outstanding as of December 31, 2019 | 96.32 | $ 95.85 | |
Exercisable as of December 31, 2019 | $ 101.61 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding as of December 31, 2019 | 3 years | ||
Exercisable as of December 31, 2019 | 2 years 3 months 25 days | ||
Total Aggregate Intrinsic Value | |||
Outstanding as of December 31, 2019 | $ 5.9 | ||
Exercisable as of December 31, 2019 | $ 0.8 |
STOCK BASED COMPENSATION - Intr
STOCK BASED COMPENSATION - Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total exercise intrinsic value of options exercised | $ 2.1 | $ 4.7 | $ 4.8 |
STOCK BASED COMPENSATION - Assu
STOCK BASED COMPENSATION - Assumptions Used in Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock options granted (shares) | 340,652 | 430,337 | 456,424 |
Weighted average fair value at grant date | $ 14.41 | $ 16.79 | $ 19.46 |
Expected term (in years) | 4 years 4 months 2 days | 4 years 10 months 20 days | 4 years 9 months 25 days |
Expected volatility | 30.99% | 25.52% | 22.68% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk free interest rate | 2.35% | 2.64% | 1.90% |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Units | |
Non-vested as of January 1, 2019 | shares | 429,810 |
Granted | shares | 266,033 |
Vested and Released | shares | (109,142) |
Forfeited | shares | (147,621) |
Non-vested as of December 31, 2019 | shares | 439,080 |
Weighted Average Grant Date Fair Value Per Share | |
Non-vested as of January 1, 2019 | $ / shares | $ 72.02 |
Granted | $ / shares | 48.68 |
Vested and Released | $ / shares | 72.83 |
Forfeited | $ / shares | 67.27 |
Non-vested as of December 31, 2019 | $ / shares | $ 59.09 |
Weighted Average Remaining Contractual Life | |
Non-vested as of December 31, 2019 | 1 year 4 months 6 days |
Total Aggregate Intrinsic Value | |
Non-vested as of December 31, 2019 | $ | $ 28 |
STOCK BASED COMPENSATION - Su_2
STOCK BASED COMPENSATION - Summary of PSU Activity (Detail) - Performance-Based Restricted Stock Units | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Units | |
Non-vested as of January 1, 2019 | shares | 115,508 |
Granted | shares | 157,451 |
Vested and Released | shares | (65,095) |
Forfeited (including performance goal not achieved) | shares | (91,815) |
Non-vested as of December 31, 2019 | shares | 116,049 |
Weighted Average Grant Date Fair Value Per Share | |
Non-vested as of January 1, 2019 | $ / shares | $ 63.77 |
Granted | $ / shares | 48.59 |
Vested and Released | $ / shares | 63.38 |
Forfeited (including performance goal not achieved) | $ / shares | 57.37 |
Non-vested as of December 31, 2019 | $ / shares | $ 48.46 |
PREFERRED STOCK - Additional In
PREFERRED STOCK - Additional Information (Detail) $ / shares in Units, $ in Millions | Sep. 14, 2018shares | Sep. 15, 2015USD ($)$ / sharesshares | Aug. 31, 2018shares | May 31, 2018shares | Feb. 28, 2018shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2019$ / sharesshares |
Class of Stock [Line Items] | ||||||||
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | ||||||
Preferred stock, issued (in shares) | 638,190 | 0 | 0 | |||||
Preferred stock, outstanding (in shares) | 0 | 0 | ||||||
Depositary shares (in shares) | 7,700,000 | |||||||
Each depository share represents number of preferred shares | 0.1 | |||||||
Preferred stock, dividend rate | 5.25% | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Gross proceeds from issuance of preferred stock | $ | $ 770 | |||||||
Conversion of preferred stock to common stock conversion ratio | 7.3394 | |||||||
Conversion of preferred stock to common stock, (in shares) | 4,700,000 | |||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 1,000 | |||||||
Depositary Shares, Liquidation Preference Per Share | $ / shares | 100 | |||||||
Dividends paid on mandatory convertible preferred shareholders | $ | $ 25.5 | $ 36.3 | ||||||
Increase to retained earnings on repurchase of depository shares | $ | $ 16.9 | $ 17.3 | ||||||
Depositary shares repurchased during period (in shares) | 50,000 | 150,000 | 151,900 | 351,900 | ||||
Depository shares equivalent to preferred stock units (in shares) | 35,190 | |||||||
Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of preferred stock (in dollars per share) | $ / shares | $ 100 | |||||||
Conversion of preferred stock to common stock, (in shares) | (600,000) |
PREFERRED STOCK - Repurchases o
PREFERRED STOCK - Repurchases of Depository Shares of Series A Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | |
Equity [Abstract] | ||||
Number of Depository Shares Repurchased | 50,000 | 150,000 | 151,900 | 351,900 |
Amount Paid for Repurchases | $ 2.4 | $ 7.4 | $ 7.4 | $ 17.2 |
Average Price Paid per Share | $ 47.05 | $ 49.24 | $ 49.05 | $ 48.85 |
(LOSS) EARNINGS PER COMMON SH_3
(LOSS) EARNINGS PER COMMON SHARE - Computation of Basic and Diluted (Loss) Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net (loss) income attributable to Stericycle, Inc. | $ (318.4) | $ 23.5 | $ 27.7 | $ 22.5 | $ (346.8) | $ (244.7) | $ 42.4 | ||||
Mandatory convertible preferred stock dividend | (8.4) | (8.3) | (8.8) | (25.5) | (36.3) | ||||||
Gain on repurchase of preferred stock | 16.9 | 17.3 | |||||||||
Net (loss) income attributable to Stericycle, Inc. common shareholders | $ (219.3) | $ (59.2) | $ (30.5) | $ (37.8) | $ (318.4) | $ 17.5 | $ 26.6 | $ 21 | $ (346.8) | $ (253.3) | $ 23.4 |
Denominator: | |||||||||||
Denominator for basic (loss) earnings per share-weighted average shares (in shares) | 91 | 87.1 | 85.3 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock-based compensation awards | 0.3 | ||||||||||
Denominator for diluted (loss) earnings per share - adjusted weighted average shares and after assumed exercises | 91 | 87.1 | 85.6 | ||||||||
(Loss) earnings per share - Basic (in dollars per share) | $ (2.41) | $ (0.65) | $ (0.33) | $ (0.42) | $ (3.51) | $ 0.20 | $ 0.31 | $ 0.25 | $ (3.81) | $ (2.91) | $ 0.27 |
(Loss) earnings per share - Diluted (in dollars per share) | $ (2.41) | $ (0.65) | $ (0.33) | $ (0.42) | $ (3.51) | $ 0.20 | $ 0.31 | $ 0.25 | $ (3.81) | $ (2.91) | $ 0.27 |
(LOSS) EARNINGS PER COMMON SH_4
(LOSS) EARNINGS PER COMMON SHARE - Computation of Basic and Diluted (Loss) Earnings Per Share (Parenthetical) (Detail) - shares shares in Thousands | Sep. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Antidilutive shares excluded from computation of diluted earnings per share | ||||
Number of shares representing the weighted impact of Series A conversion | 4,700 | |||
Series A Mandatory Convertible Preferred Stock | ||||
Antidilutive shares excluded from computation of diluted earnings per share | ||||
Number of shares representing the weighted impact of Series A conversion | 1,400 | |||
Antidilutive shares excluded from computation of diluted (loss) earnings per share (in shares) | 3,367 | 5,104 | ||
Stock Options | ||||
Antidilutive shares excluded from computation of diluted earnings per share | ||||
Shares and awards excluded from computation of diluted (loss) earnings per share due to net loss incurred | 74 | 124 | ||
Antidilutive shares excluded from computation of diluted (loss) earnings per share (in shares) | 4,507 | 4,664 | 4,724 |
(LOSS) EARNINGS PER COMMON SH_5
(LOSS) EARNINGS PER COMMON SHARE - Additional Information (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Shares excluded from computation of diluted (loss) earnings per share | 4,507 | 4,664 | 4,724 |
Shares excluded from computation of diluted (loss) earnings per share, exercise price, lower range limit (in dollars per share) | $ 44.01 | $ 47.52 | $ 62.50 |
Shares excluded from computation of diluted (loss) earnings per share, exercise price, upper range limit (in dollars per share) | $ 141.56 | $ 141.56 | $ 141.56 |
Restricted Stock Units (RSUs) | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Shares excluded from computation of diluted (loss) earnings per share | 98 | 169 | 218 |
Performance-Based Restricted Stock Units | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Shares excluded from computation of diluted (loss) earnings per share | 116 | 116 | 11 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Total Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 2,597.1 | $ 2,908.6 | $ 2,816.4 |
Accelerated amortization of interest rate lock premiums | (2.3) | ||
Ending Balance | 2,334.7 | 2,597.1 | 2,908.6 |
Mexico Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | 18.9 | ||
Chile Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | 16.8 | ||
Currency Translation (Loss) Income Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (362.3) | (283) | (362.3) |
Period change | 8.5 | (79.3) | 79.3 |
Ending Balance | (318.1) | (362.3) | (283) |
Currency Translation (Loss) Income Adjustments | Mexico Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | 18.9 | ||
Currency Translation (Loss) Income Adjustments | Chile Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | 16.8 | ||
Unrealized Gains (Losses) on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (3) | (4) | (5.3) |
Accelerated amortization of interest rate lock premiums | 2.3 | ||
Period change | 0.7 | 1 | 1.3 |
Ending Balance | (3) | (4) | |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (365.3) | (287) | (367.6) |
Accelerated amortization of interest rate lock premiums | 2.3 | ||
Period change | 9.2 | (78.3) | 80.6 |
Ending Balance | (318.1) | $ (365.3) | $ (287) |
Accumulated Other Comprehensive (Loss) Income | Mexico Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | 18.9 | ||
Accumulated Other Comprehensive (Loss) Income | Chile Operations | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Cumulative currency translation loss realized through disposition | $ 16.8 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
SEGMENT REPORTING - Financial I
SEGMENT REPORTING - Financial Information Concerning Company's Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 799.9 | $ 833.1 | $ 845.8 | $ 830.1 | $ 852.7 | $ 854.9 | $ 883.3 | $ 895 | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
Depreciation | 125.8 | 125.6 | 131.1 | ||||||||
Intangible Amortization | 145.2 | 130.3 | 118.4 | ||||||||
Adjusted EBITDA | 577.8 | 744.6 | 812 | ||||||||
Total Assets | 6,437 | 6,455.5 | 6,437 | 6,455.5 | 6,988.3 | ||||||
North America RWCS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,544.2 | 2,574.1 | 2,551.9 | ||||||||
Depreciation | 77.2 | 72.5 | 80.3 | ||||||||
Intangible Amortization | 103.1 | 96.7 | 87.6 | ||||||||
Adjusted EBITDA | 643.2 | 782.4 | 809.5 | ||||||||
Total Assets | 5,085.2 | 5,062.5 | 5,085.2 | 5,062.5 | 4,995 | ||||||
International RWCS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 579.3 | 655.1 | 707.6 | ||||||||
Depreciation | 27.8 | 29.7 | 30.9 | ||||||||
Intangible Amortization | 34.1 | 25.3 | 22.7 | ||||||||
Adjusted EBITDA | 99 | 95.6 | 93.7 | ||||||||
Total Assets | 988.8 | 1,110.4 | 988.8 | 1,110.4 | 1,333.1 | ||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 185.4 | 256.7 | 321.2 | ||||||||
Depreciation | 20.8 | 23.4 | 19.9 | ||||||||
Intangible Amortization | 8 | 8.3 | 8.1 | ||||||||
Adjusted EBITDA | (164.4) | (133.4) | (91.2) | ||||||||
Total Assets | $ 363 | $ 282.6 | $ 363 | $ 282.6 | $ 660.2 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | ||||||
Total Reportable Segment Adjusted EBITDA | $ 577.8 | $ 744.6 | $ 812 | |||
Depreciation | (125.8) | (125.6) | (131.1) | |||
Intangible Amortization | (145.2) | (130.3) | (118.4) | |||
Business Transformation | (67.7) | (82.6) | (31.3) | |||
Acquisition and Integration | (3.5) | (9.8) | (40.7) | |||
Operational Optimization | (14.5) | (29.4) | (71.1) | |||
Divestitures (including Divestiture Losses, net of Gains) | (114.7) | (20.5) | (9.5) | |||
Litigation, Settlements and Regulatory Compliance | (28.2) | (93.2) | (327.7) | |||
Asset Impairments | (22.1) | (26.5) | ||||
Impairments during the year | $ (207.4) | $ (20.9) | $ (358.7) | (228.3) | (358.7) | (65) |
Other | (39.7) | (29.1) | (24.8) | |||
(Loss) income from operations | $ (211.9) | $ (161.1) | $ (7.6) |
SEGMENT REPORTING - Reconcili_2
SEGMENT REPORTING - Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |
Depreciation for business transformation | $ 1.8 |
GEOGRAPHIC AREA AND SERVICES _3
GEOGRAPHIC AREA AND SERVICES INFORMATION - Summary of Consolidated Revenues and Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 799.9 | $ 833.1 | $ 845.8 | $ 830.1 | $ 852.7 | $ 854.9 | $ 883.3 | $ 895 | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
Long-Lived and Indefinite-Lived Assets | 5,638.1 | 5,603.4 | 5,638.1 | 5,603.4 | 6,136.5 | ||||||
United States | |||||||||||
Revenues and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,578 | 2,673.6 | 2,716.9 | ||||||||
Long-Lived and Indefinite-Lived Assets | 4,696.4 | 4,501.1 | 4,696.4 | 4,501.1 | 4,821.6 | ||||||
Europe | |||||||||||
Revenues and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 379.3 | 415.5 | 436.2 | ||||||||
Long-Lived and Indefinite-Lived Assets | 636.5 | 612.7 | 636.5 | 612.7 | 711.8 | ||||||
Other International Countries | |||||||||||
Revenues and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 351.5 | 396.8 | 427.6 | ||||||||
Long-Lived and Indefinite-Lived Assets | 305.2 | 489.6 | 305.2 | 489.6 | 603.1 | ||||||
International | |||||||||||
Revenues and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 730.9 | 812.3 | 863.8 | ||||||||
Long-Lived and Indefinite-Lived Assets | $ 941.7 | $ 1,102.3 | $ 941.7 | $ 1,102.3 | $ 1,314.9 |
GEOGRAPHIC AREA AND SERVICES _4
GEOGRAPHIC AREA AND SERVICES INFORMATION - Summary of Revenues Details by Service Line (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Revenues | $ 799.9 | $ 833.1 | $ 845.8 | $ 830.1 | $ 852.7 | $ 854.9 | $ 883.3 | $ 895 | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
Regulated Waste and Compliance Services | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Revenues | 1,892.8 | 1,932.6 | 2,023.6 | ||||||||
Secure Information Destruction Services | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Revenues | 901.9 | 911 | 823.4 | ||||||||
Communication And Related Services | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Revenues | 219.2 | 313.1 | 382.6 | ||||||||
Manufacturing and Industrial Services | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Revenues | $ 295 | $ 329.2 | $ 351.1 |
LEGAL PROCEEDINGS - Additional
LEGAL PROCEEDINGS - Additional Information (Detail) $ in Millions | Oct. 07, 2019USD ($) |
Washington Ecology | |
Loss Contingencies [Line Items] | |
Environmental issued associated notice of penalty, assessing fine | $ 1.9 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 799.9 | $ 833.1 | $ 845.8 | $ 830.1 | $ 852.7 | $ 854.9 | $ 883.3 | $ 895 | $ 3,308.9 | $ 3,485.9 | $ 3,580.7 |
Gross profit | 279.5 | 295.3 | 302.6 | 297.1 | 328.7 | 335.5 | 353.3 | 358.5 | 1,174.5 | 1,376 | 1,462.5 |
Goodwill impairment | 207.4 | 20.9 | 358.7 | 228.3 | 358.7 | 65 | |||||
Divestiture losses, net of gains | 24.9 | 83.2 | 0.3 | (5.4) | (0.2) | 1.6 | 7.3 | 4.1 | 103 | 12.8 | 9.5 |
Loss on early extinguishment of debt | 23.1 | 23.1 | |||||||||
Net (loss) income attributable to Stericycle, Inc. | (318.4) | 23.5 | 27.7 | 22.5 | (346.8) | (244.7) | 42.4 | ||||
Preferred stock dividend | (8.4) | (8.3) | (8.8) | (25.5) | (36.3) | ||||||
Net (loss) income attributable to Stericycle, Inc. common shareholders | $ (219.3) | $ (59.2) | $ (30.5) | $ (37.8) | $ (318.4) | $ 17.5 | $ 26.6 | $ 21 | $ (346.8) | $ (253.3) | $ 23.4 |
(Loss) earnings per share - Basic (in dollars per share) | $ (2.41) | $ (0.65) | $ (0.33) | $ (0.42) | $ (3.51) | $ 0.20 | $ 0.31 | $ 0.25 | $ (3.81) | $ (2.91) | $ 0.27 |
(Loss) earnings per share - Diluted (in dollars per share) | $ (2.41) | $ (0.65) | $ (0.33) | $ (0.42) | $ (3.51) | $ 0.20 | $ 0.31 | $ 0.25 | $ (3.81) | $ (2.91) | $ 0.27 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Period | $ 71.9 | $ 65.2 | $ 49.6 |
Additions/ (Deductions) Charged to/ (from) Expense | 25.7 | 24.9 | 32.3 |
Other Charges/(Reversals)/Changes to Reserves | (5.8) | (2.1) | 2.7 |
Write-offs/ Payments and Other Changes | (23.9) | (16.1) | (19.4) |
Balance End of Period | 67.9 | 71.9 | 65.2 |
Valuation Allowance on Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Period | 35.3 | 16.1 | 15.4 |
Additions/ (Deductions) Charged to/ (from) Expense | 13.3 | 20.6 | 4.5 |
Other Charges/(Reversals)/Changes to Reserves | (9.2) | (1.4) | (3.8) |
Balance End of Period | $ 39.4 | $ 35.3 | $ 16.1 |
SCHEDULE II - VALUATION AND Q_3
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation allowances and reserves, related to divestitures | $ 4.1 |