Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-37556 | ||
Entity Registrant Name | Stericycle, Inc. | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | SRCL | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,267,283,457 | ||
Entity Common Stock, Shares Outstanding | 92,567,104 | ||
Documents Incorporated by Reference | Information required by Items 10, 11, 12, 13 and 14 of Part III of this Report is incorporated by reference from the Registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000861878 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Chicago, Illinois |
CONSOLIDATED STATEMENTS OF (LOS
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 2,659.3 | $ 2,704.7 | $ 2,646.9 |
Cost of revenues | 1,644.7 | 1,679.1 | 1,629.7 |
Gross profit | 1,014.6 | 1,025.6 | 1,017.2 |
Selling, general and administrative expenses | 873.9 | 887.5 | 946.6 |
Divestiture losses (gains), net | 63.4 | (15.6) | (1.7) |
Income from operations | 77.3 | 153.7 | 72.3 |
Interest expense, net | (73.9) | (75.5) | (71.9) |
Other (expense) income, net | (0.1) | 0.7 | 0.3 |
Income before income taxes | 3.3 | 78.9 | 0.7 |
Income tax expense | (24.6) | (22.4) | (27.5) |
Net (loss) income | (21.3) | 56.5 | (26.8) |
Net income attributable to noncontrolling interests | (0.1) | (0.5) | (1) |
Net (loss) income attributable to Stericycle, Inc. common shareholders | $ (21.4) | $ 56 | $ (27.8) |
(Loss) earnings per common share attributable to Stericycle, Inc. common shareholders: | |||
Basic (in dollars per share) | $ (0.23) | $ 0.61 | $ (0.30) |
Diluted (in dollars per share) | $ (0.23) | $ 0.61 | $ (0.30) |
Weighted average number of common shares Outstanding: | |||
Basic (in shares) | 92.4 | 92.1 | 91.8 |
Diluted (in shares) | 92.4 | 92.4 | 91.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (21.3) | $ 56.5 | $ (26.8) |
Other comprehensive income (loss): | |||
Currency translation adjustments | 19.3 | (58.1) | (35.5) |
Cumulative currency translation loss realized from divestitures | 70.6 | 0 | 3.8 |
Total other comprehensive income (loss) | 89.9 | (58.1) | (31.7) |
Comprehensive income (loss) | 68.6 | (1.6) | (58.5) |
Less: comprehensive income attributable to noncontrolling interests | (2.4) | 0.5 | 0.7 |
Comprehensive income (loss) attributable to Stericycle, Inc. common shareholders | $ 71 | $ (2.1) | $ (59.2) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 35.3 | $ 56 |
Accounts receivable, less allowance for doubtful accounts of $44.7 in 2023 and $53.3 in 2022 | 553.9 | 414.5 |
Prepaid expenses | 31.6 | 33.2 |
Other current assets | 50.7 | 55 |
Total Current Assets | 671.5 | 558.7 |
Property, plant and equipment, less accumulated depreciation of $675.4 in 2023 and $657.7 in 2022 | 708.3 | 715.7 |
Operating lease right-of-use assets | 464.3 | 398.9 |
Goodwill | 2,755.6 | 2,784.9 |
Intangible assets, less accumulated amortization of $925.8 in 2023 and $823.3 in 2022 | 686.5 | 811.1 |
Other assets | 66.4 | 64.8 |
Total Assets | 5,352.6 | 5,334.1 |
Current Liabilities: | ||
Current portion of long-term debt | 19.6 | 22.3 |
Bank overdraft | 1 | 2.9 |
Accounts payable | 212.1 | 213.5 |
Accrued liabilities | 259.5 | 244.1 |
Operating lease liabilities | 105.4 | 91.2 |
Deferred revenues | 72.6 | 7.9 |
Other current liabilities | 47.8 | 40 |
Total Current Liabilities | 718 | 621.9 |
Long-term debt, net | 1,277.8 | 1,484 |
Long-term operating lease liabilities | 378.9 | 329 |
Deferred income taxes | 420.5 | 427 |
Long-term tax payable | 6.4 | 11.8 |
Other liabilities | 28.1 | 35.9 |
Total Liabilities | 2,829.7 | 2,909.6 |
Commitments and contingencies | ||
EQUITY | ||
Preferred stock (par value $0.01 per share, 1.0 shares authorized), mandatory convertible preferred stock, Series A, none issued and outstanding in 2023 and 2022 | 0 | 0 |
Common stock (par value $0.01 per share, 120.0 shares authorized, 92.6 and 92.2 issued and outstanding in 2023 and 2022, respectively) | 0.9 | 0.9 |
Additional paid-in capital | 1,316.7 | 1,285.4 |
Retained earnings | 1,389.4 | 1,410.8 |
Accumulated other comprehensive loss | (184.5) | (276.9) |
Total Stericycle, Inc.’s Equity | 2,522.5 | 2,420.2 |
Noncontrolling interests | 0.4 | 4.3 |
Total Equity | 2,522.9 | 2,424.5 |
Total Liabilities and Equity | $ 5,352.6 | $ 5,334.1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 44.7 | $ 53.3 |
Property, plant and equipment, accumulated deprecation | 675.4 | 657.7 |
Intangible assets, accumulated amortization | $ 925.8 | $ 823.3 |
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) | 92,600,000 | 92,600,000 |
Common stock, outstanding (in shares) | 92,200,000 | 92,200,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ (21.3) | $ 56.5 | $ (26.8) |
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
Depreciation | 104.5 | 108.5 | 106 |
Intangible amortization | 112 | 124 | 117.9 |
Stock-based compensation expense | 33.4 | 25.1 | 27.1 |
Deferred income taxes | (2.5) | 20.6 | 29.7 |
Divestiture losses (gains), net | 63.4 | (15.6) | (1.7) |
Asset impairments, loss on disposal of property plant and equipment and other charges | 6.8 | 5.7 | 6.7 |
Other, net | 3.6 | 7.5 | 5.1 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (146.8) | (12.9) | (57.2) |
Prepaid expenses | 0.2 | 12 | 17 |
Accounts payable | 4.9 | (2.6) | 29.7 |
Accrued liabilities | 25.6 | (92.7) | 85.2 |
Deferred revenues | 64.9 | (0.5) | 0.4 |
Other assets and liabilities | (5.4) | (35.4) | (36) |
Net cash from operating activities | 243.3 | 200.2 | 303.1 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (131.3) | (132.2) | (116.9) |
Payment for acquisition | 0 | 0 | (10.5) |
Proceeds from divestitures of businesses, net | 84.6 | 46.7 | 35 |
Other, net | 2.9 | 0.9 | 2.3 |
Net cash from investing activities | (43.8) | (84.6) | (90.1) |
FINANCING ACTIVITIES: | |||
Repayments of long-term debt and other obligations | (11.8) | (12) | (20.4) |
Proceeds from foreign bank debt | 1.2 | 1.6 | 0 |
Repayments of foreign bank debt | (0.3) | (1.8) | (29.6) |
Repayments of term loan | (75) | 0 | (222.5) |
Proceeds from credit facility | 1,068.3 | 1,368.8 | 1,495 |
Repayments of credit facility | (1,191.3) | (1,459.6) | (1,420.2) |
(Repayments) proceeds from bank overdrafts, net | (2.1) | 1.4 | 1.9 |
Payments of finance lease obligations | (2.7) | (3.1) | (3.9) |
Payments of debt issuance costs | 0 | (0.4) | (3.9) |
Proceeds from issuance of common stock, net of (payments of) taxes from withheld shares | (5.2) | (5.6) | (3.4) |
Payments to noncontrolling interests | (1.5) | (0.3) | (0.9) |
Net cash from financing activities | (220.4) | (111) | (207.9) |
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (4.2) | (2.8) |
Net change in cash and cash equivalents | (20.7) | 0.4 | 2.3 |
Cash and cash equivalents at beginning of year | 56 | 55.6 | 53.3 |
Cash and cash equivalents at end of year | 35.3 | 56 | 55.6 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Net issuances of obligations for acquisition | 0 | 0 | 32.9 |
Capital expenditures in accounts payable | 24 | 30.2 | 22.2 |
Interest paid, net of capitalized interest | 70.1 | 72.6 | 57 |
Income taxes paid (refunded) | $ 19.5 | $ (1.1) | $ (7.8) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2020 | 91.6 | |||||
Beginning Balance at Dec. 31, 2020 | $ 2,434.4 | $ 0.9 | $ 1,234 | $ 1,382.6 | $ (187.4) | $ 4.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (26.8) | (27.8) | 1 | |||
Currency translation adjustment | (35.5) | (35.2) | (0.3) | |||
Cumulative currency translation loss realized through divestitures | 3.8 | 3.8 | ||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares (in shares) | 0.3 | |||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares | 0.7 | 0.7 | ||||
Stock-based compensation expense | 27.1 | 27.1 | ||||
Changes to noncontrolling interest | (0.9) | (0.9) | ||||
Ending Balance (in shares) at Dec. 31, 2021 | 91.9 | |||||
Ending Balance at Dec. 31, 2021 | 2,402.8 | $ 0.9 | 1,261.8 | 1,354.8 | (218.8) | 4.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 56.5 | 56 | 0.5 | |||
Currency translation adjustment | (58.1) | (58.1) | ||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares (in shares) | 0.3 | |||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares | (1.5) | (1.5) | ||||
Stock-based compensation expense | 25.1 | 25.1 | ||||
Changes to noncontrolling interest | (0.3) | (0.3) | ||||
Ending Balance (in shares) at Dec. 31, 2022 | 92.2 | |||||
Ending Balance at Dec. 31, 2022 | 2,424.5 | $ 0.9 | 1,285.4 | 1,410.8 | (276.9) | 4.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (21.3) | (21.4) | 0.1 | |||
Currency translation adjustment | 19.3 | 21.8 | (2.5) | |||
Cumulative currency translation loss realized through divestitures | 70.6 | 70.6 | ||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares (in shares) | 0.4 | |||||
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares | (2.1) | (2.1) | ||||
Stock-based compensation expense | 33.4 | 33.4 | ||||
Changes to noncontrolling interest | (1.5) | (1.5) | ||||
Ending Balance (in shares) at Dec. 31, 2023 | 92.6 | |||||
Ending Balance at Dec. 31, 2023 | $ 2,522.9 | $ 0.9 | $ 1,316.7 | $ 1,389.4 | $ (184.5) | $ 0.4 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Incorporated in 1989, Stericycle protects people and brands, promotes health and well-being, safeguards the environment and communities, and reduces risk through highly specialized Regulated Waste and Compliance Services and Secure Information Destruction Services. The Company serves customers in the U.S. and 10 other countries with a concentration on the growing healthcare industry. The Company’s segments (see Note 17 – Segment Reporting) core focus is on Regulated Waste and Compliance Services and Secure Information Destruction Services, and it is a leading provider of these services in terms of both revenue and operational infrastructure. 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”. Additionally, certain prior year amounts have been reclassified for consistency with the current year presentation. The reclassification of the prior period amounts were not material to the previously reported consolidated financial statements. Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP 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 reserves, contingent liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued employee health and welfare benefits, accrued auto and workers’ compensation self-insured claims, leases, acquisition related long-lived assets, goodwill and held for sale impairment valuations. 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 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 goods or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs and SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. 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 Regulated Waste and Secure Information Destruction Services are recognized upon waste collection. The Company’s compliance services revenues are recognized over the contractual service period. The Company records estimated reserves for credits based on customer accommodations, changes in customer circumstances, credit conditions, and historical trends. In 2023, no single customer accounted for more than 1.6% of the Company’s accounts receivable or approximately 2.1% of total revenues. 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, as well as management’s expectation of future economic conditions. If current or expected future 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 collection efforts have been exhausted. The changes in allowance for doubtful accounts were reported as follows: In millions Year Ended December 31, 2023 2022 2021 Balances at beginning of year $ 53.3 $ 43.3 $ 56.2 Bad debt expense, net of recoveries 17.2 24.4 9.0 Write-offs (22.7) (15.3) (20.2) Other changes (1) (3.1) 0.9 (1.7) Balances at end of year $ 44.7 $ 53.3 $ 43.3 (1) Amounts consist primarily of currency translation adjustments, and $6.9 million and $0.7 million relating to divestitures undertaken during 2023 and 2021, respectively. Deferred Revenues: The Company recognizes deferred revenues when cash payments are received or when the Company bills for services in advance of performance and classifies them as current liabilities since the revenues are earned within 12 months and there are no significant financing components. 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 taking into consideration our standard contract terms and conditions and other factors. 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, 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 are capitalized. 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 and Enterprise Resource Planning system 2 to 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, 2023, 2022, and 2021, the Company capitalized interest of $3.7 million, $1.3 million, and $1.3 million, respectively, within property, plant and equipment, net, in the Company's Consolidated Balance Sheets. Goodwill and Other Identifiable Intangible Assets: Goodwill represents the excess of the purchase price over the fair value assigned the net tangible and identifiable intangible assets of businesses acquired. 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. Certain indefinite-lived permits may become subject to amortization to the extent events and circumstances warrant. 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 5.2 Covenants not-to-compete 5 0 Operating permits 1-5 2.0 Tradenames 20-40 19.0 Landfill air rights 5-10 0.5 The useful life of intangible assets is assessed annually, or more frequently if an event occurs or circumstances change, to determine whether a revision to their remaining useful life is warranted. If required, changes are reflected prospectively as the intangible asset is amortized over the revised remaining useful life. In the fourth quarter of 2023, we performed the annual assessment of the useful life of our finite-lived intangibles and made no changes. Impairment of Long-Lived Assets: Property, Plant, 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. The Company performs its annual 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 annually as of October 1, of each year, or more frequently if an event occurs or circumstances change that could reduce the value of a reporting unit below its carrying value. We used a quantitative and qualitative approach to assess goodwill for impairment. As of October 1, 2023, the Company performed a qualitative assessment of its RWCS U.S. reporting unit goodwill, assessing economic, industry and market considerations in addition to the reporting unit's overall financial performance. Key factors used in the qualitative assessment included: macroeconomic conditions, industry and market conditions, expense factors, overall financial performance of the reporting unit, and other relevant reporting unit-specific events. It was determined that the fair value of the RWCS U.S. reporting unit was, more likely than not, greater than the carrying value and a quantitative analysis was not necessary. As of October 1, 2023 the Company performed a quantitative assessment of its Domestic SID and Europe reporting units. The Canadian reporting unit's accumulated goodwill impairment balances equals the goodwill gross balance, or net zero goodwill carrying value). Latin America and Asia Pacific were fully exited in April 2023 and June 2023, respectively, due to divestitures. 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 income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are calculated using management assumptions of revenue growth rates, including long-term revenue growth rates, EBITDA margins, capital expenditures and cost efficiencies. Future acquisitions or divestitures are not included in the expected future cash flows. We use a discount rate based on a calculated weighted average cost of capital which is adjusted for each of our 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. In addition, we analyze differences between the sum of the fair value of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. 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. 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 foreign 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. Acquisitions: The assets acquired and liabilities assumed are recorded on the date of acquisition at their respective estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired recorded as goodwill. We typically use an income method to estimate the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and related customer attrition and profitability) and the discount rate applied to the cash flows. The majority of current assets acquired, and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. Assigning intangible assets useful lives is based on the period of substantial expected benefit derived from the asset. 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, 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. Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. Expense is generally recognized on a straight-line basis over the period during which awards are expected to vest, however, for certain awards expense may be accelerated. Certain awards provide for accelerated or continued vesting in certain circumstances as defined in the 2021 plan and related grant agreements, including upon death, disability, a change in control, termination in connection with a change in control and the retirement of employees who meet certain service and/or age requirements. The Company presents stock-based compensation expense within SG&A based on the classification of the respective employees' cash compensation. The Company records forfeitures as they occur. 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. The Tax Act established GILTI provisions that impose a tax on foreign income in excess of a deemed return on intangible assets of foreign corporations. We recognize the taxes on GILTI as a period expense rather than recognizing deferred taxes for basis differences that are expected to affect the amount of GILTI inclusion upon reversal. 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. 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) income, net, on the Consolidated Statements of (Loss) Income. Recently Adopted Accounting Standards 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”). ASU 2019-12 simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 was effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted ASU 2019-12 on January 1, 2021, and there was no material impact on the Company’s results of operations, cash flows, or financial condition. Accounting Standards Issued But Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Consolidated Financial Statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires greater disaggregation of information in the rate reconciliation and the disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Consolidated Financial Statements. |
REVENUES FROM CONTRACTS WITH CU
REVENUES FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES FROM CONTRACTS WITH CUSTOMERS | REVENUES FROM CONTRACTS WITH CUSTOMERS The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs and SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. 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, e.g., one-time service. Under the contract terms, the Company receives fees based on a monthly, quarterly or annual rate and/or fees based on contractual rates depending upon measures including the volume, weight, and type of waste. 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 Revenue The following table presents revenues disaggregated by service and reportable segments: In millions Year Ended Year Ended December 31, 2023 2022 2021 Revenue by Service Regulated Waste and Compliance Services $ 1,775.8 $ 1,798.2 $ 1,854.0 Secure Information Destruction Services 883.5 906.5 792.9 Total Revenues $ 2,659.3 $ 2,704.7 $ 2,646.9 North America Regulated Waste and Compliance Services $ 1,474.4 $ 1,468.8 $ 1,457.5 Secure Information Destruction Services 781.4 794.3 679.0 Total North America Segment $ 2,255.8 $ 2,263.1 $ 2,136.5 International Regulated Waste and Compliance Services $ 301.4 $ 329.4 $ 396.5 Secure Information Destruction Services 102.1 112.2 113.9 Total International Segment $ 403.5 $ 441.6 $ 510.4 Deferred Revenues Deferred revenues are recognized when cash payments are received or when the Company bills for services in advance of performance. Deferred revenues as of December 31, 2023, and 2022, were $72.6 million and $7.9 million, respectively. Beginning in the third quarter of 2023, the Company advanced billings for certain Regulated Waste services. Deferred revenues are classified within current liabilities since the revenues are earned within 12 months and there are no significant financing components. 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 6.5 years. During the year ended December 31, 2023, 2022, and 2021 the Company amortized to SG&A $16.7 million, $13.9 million, and $12.7 million, respectively. Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions Year Ended December 31, 2023 2022 Other current assets $ 16.1 $ 14.2 Other assets 46.1 40.5 Total contract acquisition costs $ 62.2 $ 54.7 |
ACQUISITION
ACQUISITION | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION | ACQUISITIONS On January 31, 2024, the Company completed an acquisition of a southeastern U.S. regulated waste business for total consideration of approximately $16 million in cash and a promissory note. This acquisition is considered to be complementary to existing operations and aligns with the Company’s portfolio optimization strategy. During the year ended December 31, 2021, the Company acquired a midwest-based regulated waste business in North America. The acquisition was accounted for as a business combination under the applicable guidance. There were no acquisitions in the years ended December 31, 2023, and 2022. For the acquisition in 2021, the purchase price consideration of $42.8 million and the purchase price allocation was finalized in the second quarter of 2022. The final acquisition date fair value of the total consideration transferred included $10.5 million in cash, $21.3 million in promissory notes, and $11.0 million in deferred consideration. The purchase price consideration was allocated to the assets and liabilities based on fair value as of the acquisition date, with the excess of the purchase price consideration over the net assets acquired of $23.7 million recorded as goodwill based on the strategic benefits to be achieved and is deductible for tax purposes. The Company used a third party specialist to determine the fair value of tangible and intangible assets, which primarily consisted of |
RESTRUCTURING, DIVESTITURES, AN
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS | RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS Restructuring – Operational Optimization In February 2024, the Company recognized Operational Optimization severance charges of approximately $6 million, primarily within our North America and International segments, related to workforce reduction. In 2023, the Company recognized Operational Optimization charges of approximately $4.1 million, $2.4 million in COR and $1.7 million in SG&A. The charges were primarily related to severance associated with workforce reduction, split between North America and International segments, and closure of an International facility. Divestitures We evaluate our portfolio of services on an ongoing basis with a country-by-country and service line-by-service line approach to assess long-term potential and identify potential business candidates for divestiture. Divestitures resulting from this evaluation may cause us to record significant charges, including those related to goodwill, other intangible assets, long-lived assets, and cumulative currency translation adjustments. In connection with the divestitures detailed below, the Company provides for indemnifications to the acquirer against certain liabilities, representations, and warranties and enters into certain additional ancillary agreements, including a TSA, for up to 12 months. North America Segment Divestitures: On December 1, 2022, we exited our Communication Solutions business for cash proceeds of approximately $45.0 million. The transaction resulted in a divestiture pre-tax gain of $15.6 million. On December 1, 2021, the Company exited its Environmental Solutions operations in Canada for cash proceeds of $24.4 million. The transaction resulted in a divestiture pre-tax gain of $12.6 million. International Segment Divestitures: On October 6, 2023, the Company exited its operations in Romania for nominal consideration. On July 25, 2023 and August 10, 2023, respectively, the Company exited its dental recycling business in the Netherlands and its SID joint venture in the UAE for nominal consideration. On June 1, 2023, the Company exited its operations in the Republic of Korea, for cash proceeds of approximately $109.3 million . On May 24, 2023, the Company exited its operations in Australia and Singapore, for cash proceeds of approximately $2.9 million . On April 20, 2023, the Company exited its operations in Brazil for cash consideration to the acquirer of approximately $28 million . On January 19, 2023, the Company exited its International container manufacturing joint venture in Spain, for cash proceeds of approximately $2.2 million. On September 1, 2021, the Company exited its operations in Japan for cash proceeds of approximately $11.3 million. The transaction resulted in a divestiture pre-tax loss of $10.9 million, of which $3.8 million related to the reclassification of accumulated currency translation adjustments to earnings. For divestitures in the year ended December 31, 2023, Stericycle recognized the following Divestiture losses (gains), net in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 Loss (gain) - pre-cumulative currency translation Cumulative currency translation loss (gain) realized Total loss (gain) International Segment Romania Operations $ 3.2 $ 1.0 $ 4.2 UAE Joint Venture 0.5 — 0.5 Netherlands Dental Operations 1.0 — 1.0 Republic of Korea Operations (48.1) (2.7) (50.8) Australia and Singapore Operations 5.1 2.2 7.3 Brazil Operations 26.1 70.1 96.2 International Container Manufacturing Operations 5.0 — 5.0 Divestiture losses (gains), net $ (7.2) $ 70.6 $ 63.4 Revenues of the completed divestiture transactions in 2023, each individually contributed less than 1% or in aggregate approximately 3.5% of consolidated revenues in the year ended December 31, 2022. Asset Impairments Stericycle recognized the following asset impairment charges in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 (1) 2022 (2) 2021 (3) North America Asset Impairment - SG&A $ — $ 5.5 $ 2.1 Total North America Segment $ — $ 5.5 $ 2.1 International Asset Impairment - COR $ 3.4 $ — $ — Asset Impairment - SG&A 3.1 — 4.6 Total International Segment $ 6.5 $ — $ 4.6 (1) The Company recognized an impairment in COR in International associated with certain long-lived assets, primarily property, plant and equipment in Romania and an impairment in SG&A in International associated with certain intangible assets in Spain. (2) The Company recognized an impairment in SG&A in North America associated with exiting certain North America office facilities in the U.S. (3) The Company recognized impairments in SG&A in North America associated with a Canada site exit and in International associated with certain customer relationship intangibles in Romania. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: In millions December 31, 2023 2022 Land and improvements $ 43.5 $ 50.7 Building and improvements 243.3 235.7 Machinery and equipment 320.6 325.9 Fleet vehicles 81.5 119.3 Containers 278.3 276.4 Office equipment and furniture 41.7 41.0 Software and Enterprise Resource Planning system 274.9 253.1 Construction in progress 99.9 71.3 Total property, plant and equipment 1,383.7 1,373.4 Less: accumulated depreciation (675.4) (657.7) Property, plant and equipment, net $ 708.3 $ 715.7 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating leases for fleet vehicles, transfer sites, processing facilities, corporate and regional offices, and certain equipment. The components of net lease cost were as follows: In millions Year Ended December 31, 2023 2022 2021 Operating lease cost $ 128.0 $ 110.8 $ 108.2 Finance lease cost: Amortization of leased assets 2.6 3.2 3.4 Interest on lease liabilities 0.9 1.0 1.1 Net lease cost $ 131.5 $ 115.0 $ 112.7 Short-term lease costs were $20.4 million, $25.6 million, and $11.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Variable lease cost and sublease income were not material during the years ended December 31, 2023, and 2022. Supplemental cash flow information related to leases was as follows: In millions Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 126.9 $ 109.7 $ 107.1 Operating cash flows from finance leases (interest) 1.8 1.1 1.1 Financing cash flows from finance leases (principal) 2.7 3.1 3.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 178.2 165.2 96.8 Finance leases 0.7 — 0.5 Finance lease assets, net of accumulated amortization, were $12.8 million and $14.0 million as of December 31, 2023, and 2022, respectively, and are included in Property, Plant and Equipment Information regarding lease terms and discount rates were as follows: In millions December 31, 2023 2022 Weighted average remaining lease term (years): Operating leases 5.6 5.7 Finance leases 16.2 15.6 Weighted average discount rate: Operating leases 6.1 % 5.5 % Finance leases 4.8 % 5.3 % Maturities of lease liabilities as of December 31, 2023, were as follows: In millions Operating Leases Finance Leases 2024 $ 129.4 $ 3.3 2025 110.8 3.0 2026 89.6 2.3 2027 76.1 1.9 2028 62.5 0.7 Thereafter 100.9 17.3 Total lease payments 569.3 28.5 Less: Interest 85.0 12.2 Present value of lease liabilities $ 484.3 $ 16.3 |
LEASES | LEASES The Company has operating leases for fleet vehicles, transfer sites, processing facilities, corporate and regional offices, and certain equipment. The components of net lease cost were as follows: In millions Year Ended December 31, 2023 2022 2021 Operating lease cost $ 128.0 $ 110.8 $ 108.2 Finance lease cost: Amortization of leased assets 2.6 3.2 3.4 Interest on lease liabilities 0.9 1.0 1.1 Net lease cost $ 131.5 $ 115.0 $ 112.7 Short-term lease costs were $20.4 million, $25.6 million, and $11.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Variable lease cost and sublease income were not material during the years ended December 31, 2023, and 2022. Supplemental cash flow information related to leases was as follows: In millions Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 126.9 $ 109.7 $ 107.1 Operating cash flows from finance leases (interest) 1.8 1.1 1.1 Financing cash flows from finance leases (principal) 2.7 3.1 3.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 178.2 165.2 96.8 Finance leases 0.7 — 0.5 Finance lease assets, net of accumulated amortization, were $12.8 million and $14.0 million as of December 31, 2023, and 2022, respectively, and are included in Property, Plant and Equipment Information regarding lease terms and discount rates were as follows: In millions December 31, 2023 2022 Weighted average remaining lease term (years): Operating leases 5.6 5.7 Finance leases 16.2 15.6 Weighted average discount rate: Operating leases 6.1 % 5.5 % Finance leases 4.8 % 5.3 % Maturities of lease liabilities as of December 31, 2023, were as follows: In millions Operating Leases Finance Leases 2024 $ 129.4 $ 3.3 2025 110.8 3.0 2026 89.6 2.3 2027 76.1 1.9 2028 62.5 0.7 Thereafter 100.9 17.3 Total lease payments 569.3 28.5 Less: Interest 85.0 12.2 Present value of lease liabilities $ 484.3 $ 16.3 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill were as follows: In millions North America International Total Balance as of December 31, 2021 $ 2,470.8 $ 344.9 $ 2,815.7 Acquisition 1.7 — 1.7 Changes due to foreign currency fluctuations and other — (32.5) (32.5) Balance as of December 31, 2022 2,472.5 312.4 2,784.9 Divestitures — (43.6) (43.6) Changes due to foreign currency fluctuations and other — 14.3 14.3 Balance as of December 31, 2023 $ 2,472.5 $ 283.1 $ 2,755.6 Accumulated non-cash impairment charges by segment were as follows: In millions December 31, 2023 2022 North America $ 134.8 $ 134.8 International (1) — 175.6 Total $ 134.8 $ 310.4 (1) Change due to International divestitures in 2023. See Note 4 – Restructuring, Divestitures, and Asset Impairments for further information Goodwill Impairment Assessment The Company performed its annual goodwill impairment assessment as of October 1, 2023, 2022, and 2021, respectively, and determined no reporting units' carrying values were in excess of their estimated fair value. The fair value of reporting units, used in both the annual and any interim goodwill impairment assessments in 2023, 2022, and 2021, 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 . Other Intangible Assets The values of other intangible assets were as follows: In millions December 31, 2023 2022 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,230.4 $ 911.9 $ 318.5 $ 1,242.2 $ 807.6 $ 434.6 Covenants not-to-compete 2.6 2.6 — 2.6 2.6 — Operating permits 10.3 10.1 0.2 12.3 11.9 0.4 Tradenames 1.1 0.6 0.5 1.1 0.6 0.5 Other 1.8 0.6 1.2 1.8 0.6 1.2 Indefinite-lived intangibles: Operating permits 58.6 — 58.6 67.2 — 67.2 Tradenames 307.5 — 307.5 307.2 — 307.2 Total $ 1,612.3 $ 925.8 $ 686.5 $ 1,634.4 $ 823.3 $ 811.1 The changes in the carrying amount of intangible assets were as follows: In millions Total Balance as of December 31, 2021 $ 964.5 Acquisition 1.2 Divestitures (12.6) Amortization (124.0) Changes due to foreign currency fluctuations (15.5) Balance as of December 31, 2022 811.1 Divestitures (16.3) Impairments (3.1) Amortization (112.0) Changes due to foreign currency fluctuations 6.8 Balance as of December 31, 2023 $ 686.5 Our estimated intangible asset amortization expense for each of the next five years is as follows for the years ending December 31: In millions 2024 $ 110.3 2025 89.5 2026 28.1 2027 22.7 2028 17.5 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | ACCRUED LIABILITIES Accrued liabilities consisted of the following at December 31: In millions 2023 2022 Compensation $ 81.9 $ 65.0 Self-insurance 80.2 78.8 Taxes 37.1 30.2 Interest 27.2 27.7 Professional fees 7.9 8.3 Disposal and landfill liabilities 2.8 2.0 Contingent liability 9.6 15.7 Other 12.8 16.4 Total accrued liabilities $ 259.5 $ 244.1 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following at December 31: In millions 2023 2022 $1.2 billion Credit Facility, due in 2026 $ 31.0 $ 154.1 $125 million term loan, due in 2026 125.0 200.0 $600 million Senior Notes, due in 2024 600.0 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration, weighted average maturity of 2.6 years and 3.4 years for 2023 and 2022, respectively 32.9 44.7 Foreign bank debt, weighted average maturity of 5.0 years for 2022 — 0.4 Obligations under finance leases (Note 6) 16.3 18.2 Total debt 1,305.2 1,517.4 Less: current portion of total debt 19.6 22.3 Less: unamortized debt issuance costs 7.8 11.1 Long-term portion of total debt $ 1,277.8 $ 1,484.0 Credit Agreement The Company renewed its Credit Agreement, dated as of September 30, 2021, that amended and extended its previous credit agreement dated November 17, 2017. The Credit Agreement provides for a term loan facility under which the Company has outstanding term loans in an aggregate principal amount of $125 million and a revolving credit facility of $1.2 billion. The Term Loan and the Credit Facility will mature on September 30, 2026. The obligations under the Credit Agreement are secured by substantially all of the assets of the Company and all of its material domestic subsidiaries and are guaranteed by certain subsidiaries of the Company, excluding certain excluded subsidiaries pursuant to the Credit Agreement. The Credit Agreement contains a financial covenant requiring maintenance of a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00 and a maximum Credit Agreement defined Consolidated Leverage Ratio of 4.00 to 1.00 for any fiscal quarter ending on or after September 30, 2022, which includes, among other provisions, $50.0 million cash add backs to EBITDA with respect to any four fiscal quarter period ending on or before December 31, 2023. The Credit Agreement contains a financial covenant with a leverage holiday if a permitted acquisition or series of related permitted acquisitions involving aggregate consideration in excess of $200 million (a “Material Acquisition”) occurs during a fiscal quarter. If a Material Acquisition occurs, the Company shall have the right to increase the maximum Consolidated Leverage Ratio covenant to 4.50 to 1.00 during such fiscal quarter and the subsequent three fiscal quarters. As of December 31, 2023, the Company was in compliance with its covenants. The Credit Agreement Defined Debt Leverage Ratio was 2.85 to 1.00, which was below the allowed maximum ratio of 4.00 to 1.00 as set forth in the Credit Agreement. Second Amendment On June 15, 2023, we entered into a Second Amendment to the Credit Agreement. Among other provisions, the Second Amendment modifies the pricing reference from the Eurocurrency Rate Loans (LIBOR) to Term SOFR Loans as defined in the Credit Agreement and allows for higher capital leases now capped at $200 million in the aggregate. Borrowings under the Credit Agreement bear interest at Term SOFR for Term SOFR Loans or the Base Rate, as defined in the Second Amendment, for Base Rate Loans, plus the Applicable Interest Rate, which depends on the Consolidated Leverage Ratio for the Company. The tiered pricing is based on the leverage grid provided in the Credit Agreement. Based on the then current Consolidated Leverage Ratio, the pricing under the Credit Agreement was set at an Applicable Rate of between 1.1% to 1.3% for Eurocurrency Rate/SONIA/SOFR Daily Rate Loans, between 0.1% to 0.3% for Base Rate Loans. The Credit Agreement includes a facility fee set at a rate of between 0.15% to 0.25% times the actual daily amount of the Revolving Credit Facility regardless of usage. The weighted average interest rates on long-term debt, excluding finance leases were as follows: December 31, 2023 2022 $1.2 billion Credit Facility, due in 2026 (variable rate) 6.85 % 5.92 % $125 million term loan, due in 2026 (variable rate) 6.66 % 5.88 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % 5.38 % $500 Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.54 % 3.49 % Foreign bank debt (fixed rate) — % 9.80 % Senior Notes On November 24, 2020, the Company issued $500.0 million at par of aggregate principal amount of Senior Notes, due January 2029, which are unsecured and bear interest at 3.88% per annum, payable on January 15 and July 15 of each year (the “2020 Senior Notes”). The 2020 Senior Notes are fully and unconditionally guaranteed by each of the issuer’s current and, subject to certain exceptions, future domestic subsidiaries that guarantee the issuer’s senior credit facility, term loan facility, or certain other debt of the issuer or the subsidiary guarantors. The 2020 Senior Notes will be redeemable, in whole or in part, at any time, and from time to time, on or after November 15, 2023, at the redemption prices specified under “Description of Notes—Optional Redemption”, plus accrued and unpaid interest, if any, to, but excluding, such redemption date. At any time and from time to time prior to November 15, 2023, the notes may be redeemed, in whole or in part, at a redemption price of 100% of the principal amount thereof, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, the issuer may redeem up to 40% of the notes at any time and from time to time before November 15, 2023, with the net cash proceeds from certain equity offerings at a redemption price equal to 103.88%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In connection with the issuance of the 2020 Senior Notes, the Company incurred $5.8 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 2020 Senior Notes. During 2019, the Company issued $600.0 million at par of aggregate principal amount of Senior Notes, due July 2024, which are unsecured and bear interest at 5.38% per annum, payable on January 15 and July 15 of each year (the “2019 Senior Notes”). The 2019 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 Company has the ability and intent to refinance the 2019 Senior Notes on a long-term basis through available capacity under its Revolving Credit Facility. Therefore, as of December 31, 2023, the 2019 Senior Notes remain classified as long-term debt in the Consolidated Financial Statements. On February 1, 2024, the Company issued a redemption notice to 2019 Senior Notes holders for redemption of all of the $600.0 million aggregate principal amount of the outstanding 2019 Senior Notes with a redemption date of March 14, 2024. The refinancing of the Senior Notes using the Revolving Credit Facility will convert the debt from fixed rate to variable rate. If the Company's 2019 Senior Notes were to remain outstanding 91 days (April 15, 2024) prior to their maturity date (the “Springing Maturity Date”), then the Credit Agreement maturity date will be the Springing Maturity Date. 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 2020 and 2019 Senior Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indentures 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. Other Matters Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility were as follows: In millions December 31, 2023 2022 Outstanding stand-by letters of credit under Senior Credit Facility $ 59.0 $ 60.1 Unused portion of the Revolving Credit Facility 1,110.0 985.7 Payments due on long-term debt, excluding finance lease obligations, during each of the five years subsequent to December 31, 2023, are as follows: In millions 2024 $ 617.1 2025 7.9 2026 163.3 2027 0.6 2028 — Thereafter 500.0 Total $ 1,288.9 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The U.S. and International components of income (loss) before income taxes consisted of the following: In millions Year Ended December 31, 2023 2022 2021 U.S. $ 64.1 $ 84.6 $ (14.0) International (60.8) (5.7) 14.7 Total income before income taxes $ 3.3 $ 78.9 $ 0.7 Significant components of the Company’s income tax (expense) benefit are as follows: In millions Year Ended December 31, 2023 2022 2021 Current U.S. - federal $ (18.6) $ 8.1 $ 4.9 U.S. - state and local (3.8) (2.3) (1.4) International (2.7) (4.6) (6.4) (25.1) 1.2 (2.9) Deferred U.S. - federal 2.4 (23.7) (17.0) U.S. - state and local (3.4) (1.9) (4.6) International 1.5 2.0 (3.0) 0.5 (23.6) (24.6) Total expense $ (24.6) $ (22.4) $ (27.5) A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effect of: State and local taxes, net of federal tax effect 154.5 % 1.9 % 204.2 % International tax rates (63.6 %) (4.2 %) (864.4 %) FCPA Settlement accrual and other penalty matters 15.2 % 3.2 % 3,118.2 % Other Tax Matter (60.6 %) — % (268.4 %) Valuation allowance 163.6 % 11.0 % 1,727.9 % Divestitures 384.8 % (0.8 %) (708.4 %) Stock-based compensation and executive compensation disallowance 221.2 % 9.4 % 908.6 % Statute of limitations lapses (51.5 %) (13.0 %) (584.7 %) Other (39.1 %) (0.1 %) 275.0 % Effective tax rate 745.5 % 28.4 % 3,829.0 % In 2023, the Other Tax Matter refers to the recognition of a $2.0 million tax benefit associated with the conclusion of an examination of pre-acquisition tax years of an acquired business. The comparability of the Company’s current year effective tax rate to the effective tax rates from previous years was impacted by the Company’s low income before taxes in 2023, resulting in a magnification of the percentage point impact for each rate reconciling item, rendering the 2023 effective tax rate not meaningful. Accordingly, the Company has included a reconciliation in both dollars and percentages below. Both the Company’s low income before taxes and the Company’s magnified effective tax rate are driven by net non-deductible losses from divestitures. Year Ended December 31, 2023 2023 Tax Expense (Benefit) Tax Rate U.S. federal statutory income tax rate $ 0.7 21.0 % Effect of: State and local taxes, net of federal tax effect 5.1 154.5 % International tax rates (2.1) (63.6 %) FCPA Settlement accrual and other penalty matters 0.5 15.2 % Other Tax Matter (2.0) (60.6 %) Valuation allowance 5.4 163.6 % Divestitures 12.7 384.8 % Stock-based compensation and executive compensation disallowance 7.3 221.2 % Statute of limitations lapses (1.7) (51.5 %) Other (1.3) (39.1 %) Effective tax rate $ 24.6 745.5 % Deferred tax liabilities and assets were as follows: In millions December 31, 2023 2022 Deferred tax liabilities: Property, plant and equipment $ (93.2) $ (94.4) Goodwill and intangibles (393.9) (400.6) Leases - right of use asset (117.3) (94.8) Other (17.5) (17.3) Total deferred tax liabilities (621.9) (607.1) Deferred tax assets: Accrued liabilities 57.2 59.5 Leases - right of use liability 122.3 100.2 Net operating tax loss carry-forwards 32.0 63.4 Interest expense carry-forward 22.8 23.4 Other 15.5 14.0 Less: valuation allowance (36.8) (67.2) Total deferred tax assets 213.0 193.3 Net deferred tax liabilities $ (408.9) $ (413.8) The valuation allowance decreased $30.4 million, during the year ended December 31, 2023, primarily due to the divestiture of operations with historical non-benefited international losses. 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. As a result of the enactment of the CARES Act, the Company was able to realize a benefit at the higher tax rate in prior years on a portion of the SQ Settlement. In 2020, the Company amended the 2018 tax return to reduce the Section 1341 benefit as a result of discussions with the IRS as part of the PFA program. In 2021, the Company was advised that the IRS completed its review of the 2018 tax return and took no exception to the originally recorded Section 1341 benefit. Consequently, the Company recorded a tax benefit of approximately $5.5 million in 2021, associated with the Section 1341 claim and received the related refund in 2021. As of December 31, 2023 , the Company plans to repatriate any undistributed earnings of its first-tier international subsidiaries back to the U.S. only to the extent that they were previously taxed under the Tax Act, and future repatriations may take the form of distributions from previously taxed earnings and profits and/or return of capital distributions. All other undistributed earnings, to the extent there are any, will remain permanently reinvested to support existing working capital needs in the international subsidiaries. A withholding tax, unrealized foreign exchange gain, and state income tax accrual has been recorded, as applicable. The Company has not provided for deferred taxes on outside basis differences for investments in its international 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, 2023, the NOL carry-forwards from both international and U.S. operations are approximately $115.6 million and certain of these NOL carry-forwards begin to expire in 2024. The tax benefits of these NOLs are approximately $32.0 million at December 31, 2023, on which valuation allowances of $21.7 million were recognized offsetting such tax benefits. The changes in the valuation allowance on deferred tax assets is as follows: Year Ended December 31, 2023 2022 2021 Balances at beginning of period $ 67.2 $ 61.4 $ 52.0 Additions Charged to Income Tax Expense (1) 1.8 6.8 10.5 Reductions Due to Divestitures (2) (34.0) — (2.1) Other Changes to Reserves (3) 1.8 (1.0) 1.0 Balances at end of period $ 36.8 $ 67.2 $ 61.4 (1) 2023 amounts include valuation allowances on business operations (including Spain). 2022 and 2021 amounts include valuation allowances on business operations (including the U.K., Brazil, and Spain). (2) Amounts consist primarily of historical valuation allowances removed upon divestiture of corresponding business operations. (3) Amounts consist primarily of currency translation adjustments. The Company files income tax returns in the U.S., in various states and in certain international jurisdictions. We generally are no longer subject to U.S. federal, state, local, or international 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, including presenting the accrual as a reduction of a deferred tax asset for a tax loss or tax credit carryforward, when such carryforward is available and permitted to be utilized to settle the tax liability. The total amount of unrecognized tax benefit at December 31, 2023, is $5.6 million. The amount of uncertain tax positions that, if recognized, would affect the effective tax rate is approximately $4.3 million. We recognized interest and penalties related to income tax reserves as a benefit in the amount of $0.6 million, a benefit of $1.8 million, and a charge of $0.4 million for the years ended December 31, 2023, 2022, and 2021, respectively, as a component of income tax expense. It is reasonably possible that our unrecognized tax benefits will decrease by as much as $2.0 million to $4.0 million in the next 12 months primarily due to statute lapses and the progress of U.S. federal, state, and international audits. The following table summarizes the aggregate changes in unrecognized tax benefits: In millions Unrecognized tax positions as of December 31, 2021 $ 19.7 Gross decreases - tax positions in prior periods (0.6) Gross increases - current period tax positions 0.6 Settlements (1.4) Lapse of statute of limitations (8.3) Unrecognized tax positions as of December 31, 2022 10.0 Gross decreases - tax positions in prior periods (0.5) Gross increases - current period tax positions — Settlements (0.8) Lapse of statute of limitations (3.1) Unrecognized tax positions as of December 31, 2023 $ 5.6 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 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 years presented. The carrying values of certain financial instruments, primarily including cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, approximate their estimated fair values due to their short-term nature, and are within Level 1 of the fair value hierarchy. 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. Our contingent consideration liabilities are reassessed at the end of every reporting period and are recorded using Level 3 inputs. The amount of $5.3 million is classified as other liabilities as of December 31, 2023 and 2022, respectively. 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, Divestitures, and Asset Impairments for further discussion. These nonrecurring fair values are generated principally using Level 3 inputs. Fair Value of Debt: The estimated fair value of the Company’s debt obligations, using Level 2 inputs, compared to the carrying amount was as follows: In billions December 31, 2023 2022 Fair value of debt obligations $ 1.26 $ 1.43 Carrying value of debt obligations 1.31 1.52 The fair values were estimated using an income approach by applying market interest rates for comparable instruments. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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, 2023, and 2022, the total asset retirement obligation liabilities recognized were $19.0 million and $18.8 million, respectively and were included in Other long-term liabilities on the Consolidated Balance Sheets. Letters of Credit, Surety Bonds and Bank Guarantees As of December 31, 2023, and 2022, the Company had $59.0 million and $60.1 million, respectively, of stand-by letters of credit outstanding against our senior credit facility (see Note 9 – Debt ). In addition, at December 31, 2023, and 2022, we had, $32.8 million and $32.3 million, respectively, of surety bonds and $16.5 million and $18.5 million, respectively, of bank guarantees. The bank guarantees are issued mostly by the Company’s international subsidiaries for various purposes, including leases, seller notes, contracts and permits. The surety bonds are used for performance and financial guarantees. Neither the bank guarantees nor the surety bonds affect the Company’s ability to use its various lines of credit. Indemnifications In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or that are related to events and activities prior to or following a transaction (s ee Note 4 – Restructuring, Divestitures, and Asset Impairments) . If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. Historically, we have not paid material amounts under these provisions and, as of December 31, 2023, these indemnifications obligations were not material. |
RETIREMENT AND OTHER EMPLOYEE B
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | 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, 2023, 2022, and 2021, the Company's contributions were $9.9 million, $10.0 million and $9.2 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, 2023, 2022, and 2021, the Company's total contributions were $3.9 million, $4.4 million and $4.7 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 Multiemployer Pension Plans a withdrawal amount based on the underfunded status of the Multiemployer Pension Plan. Based upon the most recent information available, one of the Multiemployer Pension 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. The following table outlines the Company’s participation in Multiemployer Pension Plans: Pension Protection Act Zone Status (1)(3) FIP/RP Status (2) Company Contributions (4) (in millions) Expiration Date of Collective Bargaining Agreements Plan Employer ID Number Plan # 2023 2022 2023 2022 Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Red/ Implemented $ 0.7 $ 0.6 various dates Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ 0.1 $ 0.1 various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act 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 a Multiemployer Pension Plan 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 2023 and 2022, is for the plans’ year-end December 31, 2022. (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 0% of total contributions to such plan during the plan years ended December 31, 2022. At the date these financial statements were issued, Forms 5500 were not available for the Multiemployer Pension Plans for the year ended December 31, 2023. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The 2021 Plan provides for the grant of ISOs, RSUs and PSUs intended to qualify under Section 422 of the Internal Revenue Code. The 2021 Plan authorizes awards to the Company’s officers, employees and consultants and to the Company’s directors. At December 31, 2023, the Company had reserved a total of 5,320,789 shares for issuance under its 2021 Plan. The exercise price per share of an option granted under the 2021 Plan 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 the 2021 Plan may not exceed 8 or 10 years. New shares are issued upon exercise of stock options. Employee Stock Purchase Plan The ESPP was made effective as of July 1, 2001, and authorizes 1,799,999 shares of our common stock, which substantially all U.S. 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 6 months offering period. An employee's payroll deductions and stock purchase, may not exceed $5,000 during any offering period. During 2023, 2022, and 2021, 87,617 shares, 98,521 shares and 73,471 shares, respectively, were issued through the ESPP. At December 31, 2023, we had 328,096 shares available for issuance under the ESPP. Stock-Based Compensation Expense During 2023, there were no changes to our stock compensation plan 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 classified in SG&A resulting from stock option awards, RSUs, PSUs and ESPP included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 2022 2021 Stock options $ 0.3 $ 0.8 $ 2.0 RSUs 19.7 17.1 14.8 PSUs 12.7 6.5 9.6 ESPP 0.7 0.7 0.7 Total $ 33.4 $ 25.1 $ 27.1 During the years ended December 31, 2023, 2022, and 2021, the impact of forfeitures was a reduction to expense of $1.6 million, $2.4 million, and $3.3 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 was 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, 2023 1,168,670 $ 94.61 Granted — $ — Exercised (1,242) $ 48.59 Forfeited (434) $ 62.04 Cancelled or expired (441,449) $ 113.58 Outstanding as of December 31, 2023 725,545 $ 84.20 1.74 $ 0.3 Exercisable as of December 31, 2023 717,262 $ 84.61 1.72 $ 0.3 The following table sets forth the intrinsic value of options exercised: In millions Year Ended December 31, 2023 2022 2021 Total exercise intrinsic value of options exercised $ — $ — $ 1.1 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). There were no stock options granted in the years ended December 31, 2023 or 2022. 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 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, 2021 547,235 $ 54.96 Granted 253,860 $ 68.71 Vested and Released (186,342) $ 55.26 Forfeited (58,431) $ 28.23 Non-vested as of December 31, 2021 556,322 $ 60.79 Granted 330,920 $ 56.15 Vested and Released (250,064) $ 59.49 Forfeited (53,417) $ 59.26 Non-vested as of December 31, 2022 583,761 $ 58.85 Granted 427,278 $ 42.83 Vested and Released (270,166) $ 58.03 Forfeited (72,199) $ 50.10 Non-vested as of December 31, 2023 668,674 $ 49.68 0.92 $ 33.1 At December 31, 2023, there was $11.8 million of total unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 1.39 years. Performance-Based Restricted Stock Units Our executive officers PSU program was introduced in 2017. PSUs issued to executive officers through 2019 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 represents the right to receive one share of the Company’s common stock at a specified future date. Our PSU program was expanded in 2020 to include employees in additional levels below executive officer. PSUs issued in 2020 and 2021 vest, or not, at the end of the three-year period following the grant date based on the achievement of pre-determined annual earnings per share and annual return on invested capital performance goals as approved by the Compensation Committee. At the end of the three-year period, the results from each of the three years are averaged to calculate one achievement percentage number, and then a relative total shareholder return (rTSR) modifier is applied to that number in order to determine the final share amount, based on Stericycle’s stock’s market performance relative to performance of the S&P MidCap 400 Index. The modifier can adjust the final shares issued by applying a multiplier of 75% - 125%. We use the Monte Carlo simulation model to determine the fair value of PSU's, including the effect of the rTSR modifier, once the related performance criteria have been established. Compensation cost for the PSUs during the performance period is recognized based on the estimated achievement of the performance criteria, which is evaluated on a quarterly basis. Each of the PSU’s granted represent the right to receive one share of the Company’s common stock at a specified future date. PSU activity was as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2021 316,059 $ 57.79 Granted 116,720 $ 57.66 Vested and Released (88,269) $ 57.61 Forfeited (22,168) $ 60.60 Non-vested as of December 31, 2021 322,342 $ 57.79 Granted 151,123 $ 56.30 Vested and Released (74,651) $ 57.08 Forfeited (15,574) $ 57.08 Non-vested as of December 31, 2022 383,240 $ 56.76 Granted 205,009 $ 43.35 Vested and Released (100,250) $ 56.32 Forfeited (1) (37,224) $ 54.98 Non-vested as of December 31, 2023 450,775 $ 50.91 (1) Includes 26,319 shares cancelled in connection with the vesting of awards in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award. The table above reflects the number of shares at target which could be earned upon vesting of the PSU’s for which performance goals have been established. The fair value of units (RSUs and PSUs) that vested during the years ended December 31, 2023, 2022, and 2021 was $16.2 million, $18.0 million, and $18.9 million, respectively. |
(LOSS) EARNINGS PER COMMON SHAR
(LOSS) EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
(LOSS) EARNINGS PER COMMON SHARE | (LOSS) EARNINGS PER COMMON SHARE Basic (loss) earnings per share is computed by dividing Net (loss) income by the number of weighted average common shares outstanding during the reporting period. Diluted (loss) earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, only in the periods in which such effect is dilutive. The following table shows the effect of stock-based awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: In millions, except per share data Year Ended December 31, 2023 2022 2021 Weighted average common shares outstanding - basic 92.4 92.1 91.8 Incremental shares outstanding related to stock-based awards (1) — 0.3 — Weighted average common shares outstanding - diluted 92.4 92.4 91.8 (1) In periods of net loss, stock-based awards are anti-dilutive and therefore excluded from the (loss) earnings per share cal culation. Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method includes the following: In thousands Year Ended December 31, 2023 2022 44561 Option awards 760 1,241 1,897 RSU awards 0 45 63 PSUs are offered to key employees and are subject to achievement of specified performance conditions . Contingently issuable shares are excluded from the computation of diluted (loss) earnings per share based on current period results. The shares would not be issuable if the end of the year were the end of the contingency period. If such goals are not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the changes in the components of accumulated other comprehensive loss: In millions Accumulated Other Comprehensive Loss Balance as of January 1, 2021 $ (187.4) Cumulative currency translation loss realized through divestitures 3.8 Year change - Cumulative currency translation (35.2) Balance as of December 31, 2021 (218.8) Year change - Cumulative currency translation (58.1) Balance as of December 31, 2022 (276.9) Cumulative currency translation loss realized through divestitures 70.6 Year change - Cumulative currency translation 21.8 Balance as of December 31, 2023 $ (184.5) |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company evaluates, oversees and manages the financial performance of two operating and reportable segments – North America and International. Other Costs includes costs (and associated assets and capital expenditures) related to corporate enabling and shared services functions, annual incentive compensation, and stock-based compensation. The North America and International segments offer the following services: RWCS, which provide collection and processing of biohazardous waste, including regulated and specialized waste, sharps waste management and disposal, pharmaceutical waste management and disposal, chemotherapy waste and disposal controlled substance waste and disposal, healthcare hazardous waste, and integrated waste stream solutions (under the Integrated Waste Stream Solutions, Steri-Safe®, MedDrop TM Medication Collection Kiosks, Safe Community Solutions, SafeDrop TM Sharps Mailback Solutions, and Airport and Maritime Waste Services brand names) and SID Services, which provide for the secure information destruction and compliance solutions (including document, hard drive, and specialty destruction services) under the Shred-it® brand name which includes regular scheduled services (and processing onsite and offsite) and one-time services (including select, priority and express). The following table summarizes financial information for the Company's reportable segments: In millions Year Ended December 31, 2023 2022 2021 Revenues North America $ 2,255.8 $ 2,263.1 $ 2,136.5 International 403.5 441.6 510.4 Total $ 2,659.3 $ 2,704.7 $ 2,646.9 Depreciation (1) North America $ 64.7 $ 68.9 $ 73.5 International 15.2 17.2 19.2 Other Costs 24.6 22.4 12.7 Total $ 104.5 $ 108.5 $ 105.4 Intangible Amortization North America $ 97.1 $ 107.6 $ 95.8 International 14.9 16.4 22.1 Total $ 112.0 $ 124.0 $ 117.9 Adjusted Income from Operations North America $ 619.0 $ 607.1 $ 587.6 International 38.2 34.1 53.6 Other Costs (341.7) (317.5) (288.8) Total $ 315.5 $ 323.7 $ 352.4 Total Assets (2) North America $ 4,462.9 $ 4,300.8 $ 4,364.6 International 652.1 785.0 876.4 Other Costs 237.6 248.3 232.1 Total $ 5,352.6 $ 5,334.1 $ 5,473.1 (1) Excludes depreciation of $0.6 million for the year ended December 31, 2021, which is included as part of ERP and system modernization. (2) Includes capital expenditures which are evaluated on a consolidated basis. The following table reconciles the Company's primary measure of segment profitability, Adjusted Income from Operations, to Income from operations: In millions Year Ended December 31, 2023 2022 2021 Total Reportable Segment Adjusted Income from Operations $ 315.5 $ 323.7 $ 352.4 ERP and System Modernization (19.2) (19.2) (59.0) Intangible Amortization (112.0) (124.0) (117.9) Operational Optimization (4.1) — — Portfolio Optimization (65.6) 8.7 (3.3) Litigation, Settlements and Regulatory Compliance (30.8) (30.0) (93.2) Asset Impairments (6.5) (5.5) (6.7) Income from operations $ 77.3 $ 153.7 $ 72.3 |
GEOGRAPHIC AREA
GEOGRAPHIC AREA | 12 Months Ended |
Dec. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
GEOGRAPHIC AREA | GEOGRAPHIC AREA The following table presents consolidated revenues and long-lived assets by geographic region: In millions Year Ended December 31, 2023 2022 2021 Revenues U.S. $ 2,116.1 $ 2,122.2 $ 1,995.2 Europe 384.0 385.9 427.0 Other countries 159.2 196.6 224.7 Total $ 2,659.3 $ 2,704.7 $ 2,646.9 Long-Lived and Indefinite-Lived Assets U.S. $ 3,985.2 $ 3,996.8 $ 4,052.0 Europe 526.0 523.5 589.2 Other countries 103.5 190.3 194.8 Total $ 4,614.7 $ 4,710.6 $ 4,836.0 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | 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 parties reached a settlement agreement, as previously disclosed, which obtained court approval on March 8, 2018. Under the terms of the SQ Settlement, the Company admitted no fault or wrongdoing whatsoever, and it entered into the SQ Settlement to avoid the cost and uncertainty of litigation. Certain class members who have opted out of the SQ Settlement have filed lawsuits against the Company, and the Company has entered into a settlement agreement to resolve the remaining opt out actions. The Company has made an accrual in respect of this settlement consistent with its accrual policies described above, which is not material. Government Investigations. As previously reported, the Company entered into a deferred prosecution agreement (“DPA”) with the DOJ in 2022 in connection with its resolution of investigations by the DOJ, SEC, and various authorities in Brazil relating to the Company’s compliance with the FCPA or other anti-corruption laws with respect to operations in Latin America. Under the DPA, the DOJ agreed to defer criminal prosecution of the Company for a period of three years for charges of conspiring to violate the anti-bribery and books and records provisions of the FCPA. If the Company remains in compliance with the DPA during its three-year term, the deferred charge against the Company will be dismissed with prejudice. In the second quarter of 2023, the Company substantially completed its payment obligations under the settlements. In addition, under the settlements with the DOJ and with the SEC, the Company has engaged an independent compliance monitor for two years and will undertake compliance with self-reporting obligations for an additional year. The Company is cooperating with an investigation by the office of the United States Attorney for the Southern District of New York (“SDNY”) and the United States Environmental Protection Agency into the Company’s historical compliance with federal environmental statutes, including the Resource Conservation and Recovery Act, in connection with the collection, transportation and disposal of hazardous waste by the Company’s former Domestic Environmental Solutions business unit. The Company has made an accrual in respect of this matter consistent with its accrual policies described above, which is not material. The Company understands that the SDNY investigation discussed above also concerned allegations of False Claims Act (“FCA”) violations made in a qui tam action filed under seal in the United States District Court for the Southern District of New York, purportedly on behalf of the United States, California and several other states. On January 26, 2024, before the Company was served with the Complaint, the plaintiff-relator voluntarily dismissed the action with the consent of the United States and the states named in the qui tam action. Environmental and Regulatory and Indemnity Matters. The Company is subject to various federal, state and local laws and regulations. In the ordinary course of business, we are routinely involved in government enforcement proceedings, private lawsuits, and other matters alleging non-compliance by the Company with applicable law. The issues involved in these proceedings generally relate to alleged violations of existing permits or other requirements, or alleged liability due to our current operations, pre-existing conditions at the locations where we operate, and/or successor or predecessor liability associated with our portfolio optimization strategy. 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.. Enviri Indemnification. Effective April 6, 2020, the Company completed the divestiture of its Domestic Environmental Solutions business to Enviri Corporation. Pursuant to the Purchase Agreement, the Company may have liability under certain indemnification claims for matters relating to the Domestic Environmental Solutions business, including potentially with respect to the SDNY investigation described above, the DEA Investigation matter discussed below, and other matters. Consistent with its accrual policies described previously, the Company has made accruals on various of these matters, which are neither individually nor collectively material. Rancho Cordova, California, NOVs . On June 25 and 26, 2018, the California DTSC conducted a Compliance Enforcement Inspection of the Company’s former Domestic Environmental Solutions facility in Rancho Cordova, California. On February 14, 2020, DTSC filed an action in the Superior Court for the State of California, Sacramento County Division, alleging violations of California’s Hazardous Waste Control Law and the facility’s hazardous waste permit arising from the inspection. The Company has reached a settlement in principle with the DTSC, subject to final documentation, with respect to these claims and any potential claims stemming from the search warrant executed in conjunction with the DEA inspection of the Rancho Cordova facility described below. The Company has made an accrual in respect of the settlement consistent with its accrual policies described above, which is not material. Rancho Cordova, California, Permit Revocation . 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. Following legal challenges, that DTSC action became final as of April 8, 2022, triggering an obligation to execute the closure plan set forth in the facility's permit. Consistent with its accrual policies described previously, the Company has made an accrual in the amount of its estimate of closure costs reasonably likely to be incurred and indemnified to Enviri under the Purchase Agreement, which is not material. DEA Investigation. On February 11, 2020, the Company received an administrative subpoena from the DEA, which executed a search warrant at the Company’s former Domestic Environmental Solutions facility at Rancho Cordova, California and an administrative inspection warrant at the Company’s former facility in Indianapolis, Indiana for materials related to the former Domestic Environmental Solutions business of collecting, transporting, and destroying controlled substances from retail customers (the “ESOL Retail Controlled Substances Business”). On that same day, agents from the DTSC executed a separate search warrant at the Rancho Cordova facility. Since that time, the U.S. Attorney’s Office for the Eastern District of California (“USAO EDCA”) has been overseeing criminal and civil investigations of the ESOL Retail Controlled Substances Business. The USAO EDCA has informed the Company that the investigations relate to the Company’s operation and sale of its former ESOL Retail Controlled Substances Business, that the Company and some of its current or former employees may have civil and criminal liability under the Controlled Substances Act and other federal statutes related to that business. The Company is cooperating with the civil and criminal investigations, which are ongoing. The Company has not accrued any amounts in respect of these investigations and cannot estimate the 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. European Retrovirus Investigations. During the Covid-19 pandemic and in conjunction with Europol, governmental authorities of Spain conducted coordinated inspections at a large number of medical waste management facilities, including Stericycle facilities, relating to the transportation, management and disposal of waste that may have been infected with the virus, and related matters. The inspections have resulted in proceedings, in which the Company is vigorously defending itself. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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”. |
Reclassification | Additionally, certain prior year amounts have been reclassified for consistency with the current year presentation. The reclassification of the prior period amounts were not material to the previously reported consolidated financial statements. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP 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 reserves, contingent liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued employee health and welfare benefits, accrued auto and workers’ compensation self-insured claims, leases, acquisition related long-lived assets, goodwill and held for sale impairment valuations. 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: 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 goods or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs and SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. 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 Regulated Waste and Secure Information Destruction Services are recognized upon waste collection. The Company’s compliance services revenues are recognized over the contractual service period. The Company records estimated reserves for credits based on customer accommodations, changes in customer circumstances, credit conditions, and historical trends. |
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, as well as management’s expectation of future economic conditions. If current or expected future 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 collection efforts have been exhausted. |
Deferred Revenues | Deferred Revenues: |
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 taking into consideration our standard contract terms and conditions and other factors. |
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, 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 are capitalized. |
Capitalized Interest | Capitalized Interest: |
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 intangible assets of businesses acquired. 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. Certain indefinite-lived permits may become subject to amortization to the extent events and circumstances warrant. 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 5.2 Covenants not-to-compete 5 0 Operating permits 1-5 2.0 Tradenames 20-40 19.0 Landfill air rights 5-10 0.5 |
Impairment of Long - Lived Assets | Impairment of Long-Lived Assets: Property, Plant, 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. The Company performs its annual 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 annually as of October 1, of each year, or more frequently if an event occurs or circumstances change that could reduce the value of a reporting unit below its carrying value. We used a quantitative and qualitative approach to assess goodwill for impairment. As of October 1, 2023, the Company performed a qualitative assessment of its RWCS U.S. reporting unit goodwill, assessing economic, industry and market considerations in addition to the reporting unit's overall financial performance. Key factors used in the qualitative assessment included: macroeconomic conditions, industry and market conditions, expense factors, overall financial performance of the reporting unit, and other relevant reporting unit-specific events. It was determined that the fair value of the RWCS U.S. reporting unit was, more likely than not, greater than the carrying value and a quantitative analysis was not necessary. As of October 1, 2023 the Company performed a quantitative assessment of its Domestic SID and Europe reporting units. The Canadian reporting unit's accumulated goodwill impairment balances equals the goodwill gross balance, or net zero goodwill carrying value). Latin America and Asia Pacific were fully exited in April 2023 and June 2023, respectively, due to divestitures. 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 income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are calculated using management assumptions of revenue growth rates, including long-term revenue growth rates, EBITDA margins, capital expenditures and cost efficiencies. Future acquisitions or divestitures are not included in the expected future cash flows. We use a discount rate based on a calculated weighted average cost of capital which is adjusted for each of our 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. In addition, we analyze differences between the sum of the fair value of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. 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. |
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 foreign 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. |
Acquisitions | Acquisitions: The assets acquired and liabilities assumed are recorded on the date of acquisition at their respective estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired recorded as goodwill. We typically use an income method to estimate the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and related customer attrition and profitability) and the discount rate applied to the cash flows. The majority of current assets acquired, and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. Assigning intangible assets useful lives is based on the period of substantial expected benefit derived from the asset. |
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, 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. |
Stock-Based Compensation | Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. Expense is generally recognized on a straight-line basis over the period during which awards are expected to vest, however, for certain awards expense may be accelerated. Certain awards provide for accelerated or continued vesting in certain circumstances as defined in the 2021 plan and related grant agreements, including upon death, disability, a change in control, termination in connection with a change in control and the retirement of employees who meet certain service and/or age requirements. The Company presents stock-based compensation expense within SG&A based on the classification of the respective employees' cash compensation. The Company records forfeitures as they occur. |
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. The Tax Act established GILTI provisions that impose a tax on foreign income in excess of a deemed return on intangible assets of foreign corporations. We recognize the taxes on GILTI as a period expense rather than recognizing deferred taxes for basis differences that are expected to affect the amount of GILTI inclusion upon reversal. |
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. 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) income, net, on the Consolidated Statements of (Loss) Income. |
Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards 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”). ASU 2019-12 simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 was effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted ASU 2019-12 on January 1, 2021, and there was no material impact on the Company’s results of operations, cash flows, or financial condition. Accounting Standards Issued But Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Consolidated Financial Statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires greater disaggregation of information in the rate reconciliation and the disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Consolidated Financial Statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Changes in Allowance for Doubtful Accounts | The changes in allowance for doubtful accounts were reported as follows: In millions Year Ended December 31, 2023 2022 2021 Balances at beginning of year $ 53.3 $ 43.3 $ 56.2 Bad debt expense, net of recoveries 17.2 24.4 9.0 Write-offs (22.7) (15.3) (20.2) Other changes (1) (3.1) 0.9 (1.7) Balances at end of year $ 44.7 $ 53.3 $ 43.3 (1) Amounts consist primarily of currency translation adjustments, and $6.9 million and $0.7 million relating to divestitures undertaken during 2023 and 2021, respectively. |
Schedule of 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 and Enterprise Resource Planning system 2 to 10 years |
Schedule 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 5.2 Covenants not-to-compete 5 0 Operating permits 1-5 2.0 Tradenames 20-40 19.0 Landfill air rights 5-10 0.5 |
REVENUES FROM CONTRACTS WITH _2
REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition | The following table presents revenues disaggregated by service and reportable segments: In millions Year Ended Year Ended December 31, 2023 2022 2021 Revenue by Service Regulated Waste and Compliance Services $ 1,775.8 $ 1,798.2 $ 1,854.0 Secure Information Destruction Services 883.5 906.5 792.9 Total Revenues $ 2,659.3 $ 2,704.7 $ 2,646.9 North America Regulated Waste and Compliance Services $ 1,474.4 $ 1,468.8 $ 1,457.5 Secure Information Destruction Services 781.4 794.3 679.0 Total North America Segment $ 2,255.8 $ 2,263.1 $ 2,136.5 International Regulated Waste and Compliance Services $ 301.4 $ 329.4 $ 396.5 Secure Information Destruction Services 102.1 112.2 113.9 Total International Segment $ 403.5 $ 441.6 $ 510.4 |
Schedule of Total Contract Acquisition Costs | Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions Year Ended December 31, 2023 2022 Other current assets $ 16.1 $ 14.2 Other assets 46.1 40.5 Total contract acquisition costs $ 62.2 $ 54.7 |
RESTRUCTURING, DIVESTITURES, _2
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Impairments and Divestiture Losses (Gains) | Stericycle recognized the following Divestiture losses (gains), net in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 Loss (gain) - pre-cumulative currency translation Cumulative currency translation loss (gain) realized Total loss (gain) International Segment Romania Operations $ 3.2 $ 1.0 $ 4.2 UAE Joint Venture 0.5 — 0.5 Netherlands Dental Operations 1.0 — 1.0 Republic of Korea Operations (48.1) (2.7) (50.8) Australia and Singapore Operations 5.1 2.2 7.3 Brazil Operations 26.1 70.1 96.2 International Container Manufacturing Operations 5.0 — 5.0 Divestiture losses (gains), net $ (7.2) $ 70.6 $ 63.4 |
Schedule of Impairments | Stericycle recognized the following asset impairment charges in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 (1) 2022 (2) 2021 (3) North America Asset Impairment - SG&A $ — $ 5.5 $ 2.1 Total North America Segment $ — $ 5.5 $ 2.1 International Asset Impairment - COR $ 3.4 $ — $ — Asset Impairment - SG&A 3.1 — 4.6 Total International Segment $ 6.5 $ — $ 4.6 (1) The Company recognized an impairment in COR in International associated with certain long-lived assets, primarily property, plant and equipment in Romania and an impairment in SG&A in International associated with certain intangible assets in Spain. (2) The Company recognized an impairment in SG&A in North America associated with exiting certain North America office facilities in the U.S. (3) The Company recognized impairments in SG&A in North America associated with a Canada site exit and in International associated with certain customer relationship intangibles in Romania. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following: In millions December 31, 2023 2022 Land and improvements $ 43.5 $ 50.7 Building and improvements 243.3 235.7 Machinery and equipment 320.6 325.9 Fleet vehicles 81.5 119.3 Containers 278.3 276.4 Office equipment and furniture 41.7 41.0 Software and Enterprise Resource Planning system 274.9 253.1 Construction in progress 99.9 71.3 Total property, plant and equipment 1,383.7 1,373.4 Less: accumulated depreciation (675.4) (657.7) Property, plant and equipment, net $ 708.3 $ 715.7 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Net Lease Cost | The components of net lease cost were as follows: In millions Year Ended December 31, 2023 2022 2021 Operating lease cost $ 128.0 $ 110.8 $ 108.2 Finance lease cost: Amortization of leased assets 2.6 3.2 3.4 Interest on lease liabilities 0.9 1.0 1.1 Net lease cost $ 131.5 $ 115.0 $ 112.7 |
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, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 126.9 $ 109.7 $ 107.1 Operating cash flows from finance leases (interest) 1.8 1.1 1.1 Financing cash flows from finance leases (principal) 2.7 3.1 3.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 178.2 165.2 96.8 Finance leases 0.7 — 0.5 |
Schedule of Information Regarding Lease Terms and Discount Rates | Information regarding lease terms and discount rates were as follows: In millions December 31, 2023 2022 Weighted average remaining lease term (years): Operating leases 5.6 5.7 Finance leases 16.2 15.6 Weighted average discount rate: Operating leases 6.1 % 5.5 % Finance leases 4.8 % 5.3 % |
Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2023, were as follows: In millions Operating Leases Finance Leases 2024 $ 129.4 $ 3.3 2025 110.8 3.0 2026 89.6 2.3 2027 76.1 1.9 2028 62.5 0.7 Thereafter 100.9 17.3 Total lease payments 569.3 28.5 Less: Interest 85.0 12.2 Present value of lease liabilities $ 484.3 $ 16.3 |
Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2023, were as follows: In millions Operating Leases Finance Leases 2024 $ 129.4 $ 3.3 2025 110.8 3.0 2026 89.6 2.3 2027 76.1 1.9 2028 62.5 0.7 Thereafter 100.9 17.3 Total lease payments 569.3 28.5 Less: Interest 85.0 12.2 Present value of lease liabilities $ 484.3 $ 16.3 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 International Total Balance as of December 31, 2021 $ 2,470.8 $ 344.9 $ 2,815.7 Acquisition 1.7 — 1.7 Changes due to foreign currency fluctuations and other — (32.5) (32.5) Balance as of December 31, 2022 2,472.5 312.4 2,784.9 Divestitures — (43.6) (43.6) Changes due to foreign currency fluctuations and other — 14.3 14.3 Balance as of December 31, 2023 $ 2,472.5 $ 283.1 $ 2,755.6 |
Summary of Accumulated Non-Cash Impairment Charges by Segment | Accumulated non-cash impairment charges by segment were as follows: In millions December 31, 2023 2022 North America $ 134.8 $ 134.8 International (1) — 175.6 Total $ 134.8 $ 310.4 (1) Change due to International divestitures in 2023. See Note 4 – Restructuring, Divestitures, and Asset Impairments for further information |
Carrying Values of Other Intangible Assets | The values of other intangible assets were as follows: In millions December 31, 2023 2022 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,230.4 $ 911.9 $ 318.5 $ 1,242.2 $ 807.6 $ 434.6 Covenants not-to-compete 2.6 2.6 — 2.6 2.6 — Operating permits 10.3 10.1 0.2 12.3 11.9 0.4 Tradenames 1.1 0.6 0.5 1.1 0.6 0.5 Other 1.8 0.6 1.2 1.8 0.6 1.2 Indefinite-lived intangibles: Operating permits 58.6 — 58.6 67.2 — 67.2 Tradenames 307.5 — 307.5 307.2 — 307.2 Total $ 1,612.3 $ 925.8 $ 686.5 $ 1,634.4 $ 823.3 $ 811.1 |
Changes in Carrying Amount of Intangible Assets | The changes in the carrying amount of intangible assets were as follows: In millions Total Balance as of December 31, 2021 $ 964.5 Acquisition 1.2 Divestitures (12.6) Amortization (124.0) Changes due to foreign currency fluctuations (15.5) Balance as of December 31, 2022 811.1 Divestitures (16.3) Impairments (3.1) Amortization (112.0) Changes due to foreign currency fluctuations 6.8 Balance as of December 31, 2023 $ 686.5 |
Estimated Intangible Asset Amortization Expense | Our estimated intangible asset amortization expense for each of the next five years is as follows for the years ending December 31: In millions 2024 $ 110.3 2025 89.5 2026 28.1 2027 22.7 2028 17.5 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following at December 31: In millions 2023 2022 Compensation $ 81.9 $ 65.0 Self-insurance 80.2 78.8 Taxes 37.1 30.2 Interest 27.2 27.7 Professional fees 7.9 8.3 Disposal and landfill liabilities 2.8 2.0 Contingent liability 9.6 15.7 Other 12.8 16.4 Total accrued liabilities $ 259.5 $ 244.1 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following at December 31: In millions 2023 2022 $1.2 billion Credit Facility, due in 2026 $ 31.0 $ 154.1 $125 million term loan, due in 2026 125.0 200.0 $600 million Senior Notes, due in 2024 600.0 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration, weighted average maturity of 2.6 years and 3.4 years for 2023 and 2022, respectively 32.9 44.7 Foreign bank debt, weighted average maturity of 5.0 years for 2022 — 0.4 Obligations under finance leases (Note 6) 16.3 18.2 Total debt 1,305.2 1,517.4 Less: current portion of total debt 19.6 22.3 Less: unamortized debt issuance costs 7.8 11.1 Long-term portion of total debt $ 1,277.8 $ 1,484.0 |
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 were as follows: December 31, 2023 2022 $1.2 billion Credit Facility, due in 2026 (variable rate) 6.85 % 5.92 % $125 million term loan, due in 2026 (variable rate) 6.66 % 5.88 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % 5.38 % $500 Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.54 % 3.49 % Foreign bank debt (fixed rate) — % 9.80 % |
Schedule of Outstanding Letters of Credit and Unused Portion of Senior Credit Facility | Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility were as follows: In millions December 31, 2023 2022 Outstanding stand-by letters of credit under Senior Credit Facility $ 59.0 $ 60.1 Unused portion of the Revolving Credit Facility 1,110.0 985.7 |
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, 2023, are as follows: In millions 2024 $ 617.1 2025 7.9 2026 163.3 2027 0.6 2028 — Thereafter 500.0 Total $ 1,288.9 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
United States and International Components of Loss before Income Taxes | The U.S. and International components of income (loss) before income taxes consisted of the following: In millions Year Ended December 31, 2023 2022 2021 U.S. $ 64.1 $ 84.6 $ (14.0) International (60.8) (5.7) 14.7 Total income before income taxes $ 3.3 $ 78.9 $ 0.7 |
Significant Components of Income Tax Benefit (Expense) | Significant components of the Company’s income tax (expense) benefit are as follows: In millions Year Ended December 31, 2023 2022 2021 Current U.S. - federal $ (18.6) $ 8.1 $ 4.9 U.S. - state and local (3.8) (2.3) (1.4) International (2.7) (4.6) (6.4) (25.1) 1.2 (2.9) Deferred U.S. - federal 2.4 (23.7) (17.0) U.S. - state and local (3.4) (1.9) (4.6) International 1.5 2.0 (3.0) 0.5 (23.6) (24.6) Total expense $ (24.6) $ (22.4) $ (27.5) |
Reconciliation of Income Tax Provisions | A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effect of: State and local taxes, net of federal tax effect 154.5 % 1.9 % 204.2 % International tax rates (63.6 %) (4.2 %) (864.4 %) FCPA Settlement accrual and other penalty matters 15.2 % 3.2 % 3,118.2 % Other Tax Matter (60.6 %) — % (268.4 %) Valuation allowance 163.6 % 11.0 % 1,727.9 % Divestitures 384.8 % (0.8 %) (708.4 %) Stock-based compensation and executive compensation disallowance 221.2 % 9.4 % 908.6 % Statute of limitations lapses (51.5 %) (13.0 %) (584.7 %) Other (39.1 %) (0.1 %) 275.0 % Effective tax rate 745.5 % 28.4 % 3,829.0 % Year Ended December 31, 2023 2023 Tax Expense (Benefit) Tax Rate U.S. federal statutory income tax rate $ 0.7 21.0 % Effect of: State and local taxes, net of federal tax effect 5.1 154.5 % International tax rates (2.1) (63.6 %) FCPA Settlement accrual and other penalty matters 0.5 15.2 % Other Tax Matter (2.0) (60.6 %) Valuation allowance 5.4 163.6 % Divestitures 12.7 384.8 % Stock-based compensation and executive compensation disallowance 7.3 221.2 % Statute of limitations lapses (1.7) (51.5 %) Other (1.3) (39.1 %) Effective tax rate $ 24.6 745.5 % |
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets were as follows: In millions December 31, 2023 2022 Deferred tax liabilities: Property, plant and equipment $ (93.2) $ (94.4) Goodwill and intangibles (393.9) (400.6) Leases - right of use asset (117.3) (94.8) Other (17.5) (17.3) Total deferred tax liabilities (621.9) (607.1) Deferred tax assets: Accrued liabilities 57.2 59.5 Leases - right of use liability 122.3 100.2 Net operating tax loss carry-forwards 32.0 63.4 Interest expense carry-forward 22.8 23.4 Other 15.5 14.0 Less: valuation allowance (36.8) (67.2) Total deferred tax assets 213.0 193.3 Net deferred tax liabilities $ (408.9) $ (413.8) |
Summary of Valuation Allowance | The changes in the valuation allowance on deferred tax assets is as follows: Year Ended December 31, 2023 2022 2021 Balances at beginning of period $ 67.2 $ 61.4 $ 52.0 Additions Charged to Income Tax Expense (1) 1.8 6.8 10.5 Reductions Due to Divestitures (2) (34.0) — (2.1) Other Changes to Reserves (3) 1.8 (1.0) 1.0 Balances at end of period $ 36.8 $ 67.2 $ 61.4 (1) 2023 amounts include valuation allowances on business operations (including Spain). 2022 and 2021 amounts include valuation allowances on business operations (including the U.K., Brazil, and Spain). (2) Amounts consist primarily of historical valuation allowances removed upon divestiture of corresponding business operations. (3) Amounts consist primarily of currency translation adjustments. |
Summary of Aggregate Changes in Unrecognized Tax benefits | The following table summarizes the aggregate changes in unrecognized tax benefits: In millions Unrecognized tax positions as of December 31, 2021 $ 19.7 Gross decreases - tax positions in prior periods (0.6) Gross increases - current period tax positions 0.6 Settlements (1.4) Lapse of statute of limitations (8.3) Unrecognized tax positions as of December 31, 2022 10.0 Gross decreases - tax positions in prior periods (0.5) Gross increases - current period tax positions — Settlements (0.8) Lapse of statute of limitations (3.1) Unrecognized tax positions as of December 31, 2023 $ 5.6 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
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 was as follows: In billions December 31, 2023 2022 Fair value of debt obligations $ 1.26 $ 1.43 Carrying value of debt obligations 1.31 1.52 |
RETIREMENT AND OTHER EMPLOYEE_2
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [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) FIP/RP Status (2) Company Contributions (4) (in millions) Expiration Date of Collective Bargaining Agreements Plan Employer ID Number Plan # 2023 2022 2023 2022 Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Red/ Implemented $ 0.7 $ 0.6 various dates Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ 0.1 $ 0.1 various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act 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 a Multiemployer Pension Plan 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 2023 and 2022, is for the plans’ year-end December 31, 2022. (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 0% of total contributions to such plan during the plan years ended December 31, 2022. At the date these financial statements were issued, Forms 5500 were not available for the Multiemployer Pension Plans for the year ended December 31, 2023. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [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 classified in SG&A resulting from stock option awards, RSUs, PSUs and ESPP included in the Consolidated Statements of (Loss) Income: In millions Year Ended December 31, 2023 2022 2021 Stock options $ 0.3 $ 0.8 $ 2.0 RSUs 19.7 17.1 14.8 PSUs 12.7 6.5 9.6 ESPP 0.7 0.7 0.7 Total $ 33.4 $ 25.1 $ 27.1 |
Stock Option Activity | Stock option activity was 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, 2023 1,168,670 $ 94.61 Granted — $ — Exercised (1,242) $ 48.59 Forfeited (434) $ 62.04 Cancelled or expired (441,449) $ 113.58 Outstanding as of December 31, 2023 725,545 $ 84.20 1.74 $ 0.3 Exercisable as of December 31, 2023 717,262 $ 84.61 1.72 $ 0.3 |
Intrinsic Value of Options Exercised | The following table sets forth the intrinsic value of options exercised: In millions Year Ended December 31, 2023 2022 2021 Total exercise intrinsic value of options exercised $ — $ — $ 1.1 |
Summary of RSU Activity | RSUs activity was 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, 2021 547,235 $ 54.96 Granted 253,860 $ 68.71 Vested and Released (186,342) $ 55.26 Forfeited (58,431) $ 28.23 Non-vested as of December 31, 2021 556,322 $ 60.79 Granted 330,920 $ 56.15 Vested and Released (250,064) $ 59.49 Forfeited (53,417) $ 59.26 Non-vested as of December 31, 2022 583,761 $ 58.85 Granted 427,278 $ 42.83 Vested and Released (270,166) $ 58.03 Forfeited (72,199) $ 50.10 Non-vested as of December 31, 2023 668,674 $ 49.68 0.92 $ 33.1 |
Summary of PSU Activity | PSU activity was as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2021 316,059 $ 57.79 Granted 116,720 $ 57.66 Vested and Released (88,269) $ 57.61 Forfeited (22,168) $ 60.60 Non-vested as of December 31, 2021 322,342 $ 57.79 Granted 151,123 $ 56.30 Vested and Released (74,651) $ 57.08 Forfeited (15,574) $ 57.08 Non-vested as of December 31, 2022 383,240 $ 56.76 Granted 205,009 $ 43.35 Vested and Released (100,250) $ 56.32 Forfeited (1) (37,224) $ 54.98 Non-vested as of December 31, 2023 450,775 $ 50.91 (1) Includes 26,319 shares cancelled in connection with the vesting of awards in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award. |
(LOSS) EARNINGS PER COMMON SH_2
(LOSS) EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) Earnings Per Share | The following table shows the effect of stock-based awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: In millions, except per share data Year Ended December 31, 2023 2022 2021 Weighted average common shares outstanding - basic 92.4 92.1 91.8 Incremental shares outstanding related to stock-based awards (1) — 0.3 — Weighted average common shares outstanding - diluted 92.4 92.4 91.8 (1) In periods of net loss, stock-based awards are anti-dilutive and therefore excluded from the (loss) earnings per share cal culation. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method includes the following: In thousands Year Ended December 31, 2023 2022 44561 Option awards 760 1,241 1,897 RSU awards 0 45 63 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Accumulated Other Comprehensive Loss Balance as of January 1, 2021 $ (187.4) Cumulative currency translation loss realized through divestitures 3.8 Year change - Cumulative currency translation (35.2) Balance as of December 31, 2021 (218.8) Year change - Cumulative currency translation (58.1) Balance as of December 31, 2022 (276.9) Cumulative currency translation loss realized through divestitures 70.6 Year change - Cumulative currency translation 21.8 Balance as of December 31, 2023 $ (184.5) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information Concerning Company's Reportable Segments | The following table summarizes financial information for the Company's reportable segments: In millions Year Ended December 31, 2023 2022 2021 Revenues North America $ 2,255.8 $ 2,263.1 $ 2,136.5 International 403.5 441.6 510.4 Total $ 2,659.3 $ 2,704.7 $ 2,646.9 Depreciation (1) North America $ 64.7 $ 68.9 $ 73.5 International 15.2 17.2 19.2 Other Costs 24.6 22.4 12.7 Total $ 104.5 $ 108.5 $ 105.4 Intangible Amortization North America $ 97.1 $ 107.6 $ 95.8 International 14.9 16.4 22.1 Total $ 112.0 $ 124.0 $ 117.9 Adjusted Income from Operations North America $ 619.0 $ 607.1 $ 587.6 International 38.2 34.1 53.6 Other Costs (341.7) (317.5) (288.8) Total $ 315.5 $ 323.7 $ 352.4 Total Assets (2) North America $ 4,462.9 $ 4,300.8 $ 4,364.6 International 652.1 785.0 876.4 Other Costs 237.6 248.3 232.1 Total $ 5,352.6 $ 5,334.1 $ 5,473.1 (1) Excludes depreciation of $0.6 million for the year ended December 31, 2021, which is included as part of ERP and system modernization. (2) Includes capital expenditures which are evaluated on a consolidated basis. |
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 Income from Operations, to Income from operations: In millions Year Ended December 31, 2023 2022 2021 Total Reportable Segment Adjusted Income from Operations $ 315.5 $ 323.7 $ 352.4 ERP and System Modernization (19.2) (19.2) (59.0) Intangible Amortization (112.0) (124.0) (117.9) Operational Optimization (4.1) — — Portfolio Optimization (65.6) 8.7 (3.3) Litigation, Settlements and Regulatory Compliance (30.8) (30.0) (93.2) Asset Impairments (6.5) (5.5) (6.7) Income from operations $ 77.3 $ 153.7 $ 72.3 |
GEOGRAPHIC AREA (Tables)
GEOGRAPHIC AREA (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Revenues U.S. $ 2,116.1 $ 2,122.2 $ 1,995.2 Europe 384.0 385.9 427.0 Other countries 159.2 196.6 224.7 Total $ 2,659.3 $ 2,704.7 $ 2,646.9 Long-Lived and Indefinite-Lived Assets U.S. $ 3,985.2 $ 3,996.8 $ 4,052.0 Europe 526.0 523.5 589.2 Other countries 103.5 190.3 194.8 Total $ 4,614.7 $ 4,710.6 $ 4,836.0 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) country | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Capitalized interest | $ | $ 3.7 | $ 1.3 | $ 1.3 |
Other Countries | |||
Significant Accounting Policies [Line Items] | |||
Number of countries served outside the U.S. | country | 10 | ||
Customer Concentration Risk | Zero Customers | Accounts Receivable | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk percentage, no more than | 1.60% | ||
Customer Concentration Risk | Zero Customers | Total Revenues | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk percentage, no more than | 2.10% |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 53.3 | $ 43.3 | $ 56.2 |
Bad debt expense, net of recoveries | 17.2 | 24.4 | 9 |
Write-offs | (22.7) | (15.3) | (20.2) |
Other charges | (3.1) | 0.9 | (1.7) |
Ending balance | 44.7 | $ 53.3 | 43.3 |
Valuation allowances and reserves, related to divestitures | $ 6.9 | $ 0.7 |
BASIS OF PRESENTATION AND SUM_6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Detail) | Dec. 31, 2023 |
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 and Enterprise Resource Planning system | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Software and Enterprise Resource Planning system | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 10 years |
BASIS OF PRESENTATION AND SUM_7
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Finite-Lived Intangible Assets (Details) | Dec. 31, 2023 |
Customer relationships | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Weighted Average Remaining Useful Lives | 5 years 2 months 12 days |
Customer relationships | Minimum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 10 years |
Customer relationships | Maximum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 25 years |
Covenants not-to-compete | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 5 years |
Weighted Average Remaining Useful Lives | 0 years |
Operating permits | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Weighted Average Remaining Useful Lives | 2 years |
Operating permits | Minimum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 1 year |
Operating permits | Maximum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 5 years |
Tradenames | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Weighted Average Remaining Useful Lives | 19 years |
Tradenames | Minimum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 20 years |
Tradenames | Maximum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 40 years |
Landfill air rights | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Weighted Average Remaining Useful Lives | 6 months |
Landfill air rights | Minimum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 5 years |
Landfill air rights | Maximum | |
Schedule Of Intangible Assets By Major Class [Line Items] | |
Estimated Useful Lives | 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,659.3 | $ 2,704.7 | $ 2,646.9 |
Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,775.8 | 1,798.2 | 1,854 |
Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 883.5 | 906.5 | 792.9 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,136.5 | ||
North America | Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,474.4 | 1,468.8 | 1,457.5 |
North America | Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 781.4 | 794.3 | 679 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 510.4 | ||
International | Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 301.4 | 329.4 | 396.5 |
International | Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 102.1 | $ 112.2 | $ 113.9 |
REVENUES FROM CONTRACTS WITH _4
REVENUES FROM CONTRACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenues | $ 72.6 | $ 7.9 | |
Contract acquisition costs weighted average estimated period | 6 years 6 months | ||
Amortized deferred sales incentive cost | $ 16.7 | $ 13.9 | $ 12.7 |
REVENUES FROM CONTRACTS WITH _5
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Total Contract Acquisition Costs (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | $ 62.2 | $ 54.7 |
Other current assets | ||
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | 16.1 | 14.2 |
Other assets | ||
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | $ 46.1 | $ 40.5 |
ACQUISITION (Detail)
ACQUISITION (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2024 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Cash | $ 0 | $ 0 | $ 10.5 | ||
Goodwill | $ 2,755.6 | $ 2,784.9 | $ 2,815.7 | ||
Southeastern U.S. Regulated Waste | Subsequent event | |||||
Business Acquisition [Line Items] | |||||
Purchase price consideration | $ 16 | ||||
Midwest- Based Regulated Waste Business | |||||
Business Acquisition [Line Items] | |||||
Purchase price consideration | $ 42.8 | ||||
Cash | 10.5 | ||||
Promissory notes | 21.3 | ||||
Deferred consideration | 11 | ||||
Goodwill | 23.7 | ||||
Decrease in intangible assets | 2.5 | ||||
Finite-lived intangibles acquired | 0.2 | ||||
Purchase accounting adjustments | 1.7 | ||||
Midwest- Based Regulated Waste Business | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangibles acquired | $ 17.5 |
RESTRUCTURING, DIVESTITURES, _3
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 01, 2023 | May 24, 2023 | Apr. 20, 2023 | Jan. 19, 2023 | Dec. 01, 2022 | Feb. 28, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 01, 2021 | Sep. 01, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Operational optimization charges | $ 4.1 | $ 0 | $ 0 | ||||||||
TSA period agreement | 12 months | ||||||||||
Proceeds from divestitures of businesses, net | $ 84.6 | 46.7 | 35 | ||||||||
Divestiture pre-tax gains (losses), net | (63.4) | 15.6 | 1.7 | ||||||||
Cumulative currency translation gain (loss) realized | $ (70.6) | $ 0 | (3.8) | ||||||||
Subsequent event | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Operational optimization charges | $ 6 | ||||||||||
Maximum | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Revenue of divestiture transactions, individually contribution | 1% | 3.50% | |||||||||
COR | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Operational optimization charges | $ 2.4 | ||||||||||
SG&A | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Operational optimization charges | 1.7 | ||||||||||
North America | Communications Solutions | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | $ 15.6 | ||||||||||
North America | Communications Solutions | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Proceeds from divestitures of businesses, net | $ 45 | ||||||||||
North America | ESOL Canada | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | 12.6 | ||||||||||
North America | ESOL Canada | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Consideration for sale of business | $ 24.4 | ||||||||||
International | Republic of Korea Operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | 50.8 | ||||||||||
Cumulative currency translation gain (loss) realized | 2.7 | ||||||||||
International | Republic of Korea Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Proceeds from divestitures of businesses, net | $ 109.3 | ||||||||||
International | Australia and Singapore Operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | (7.3) | ||||||||||
Cumulative currency translation gain (loss) realized | (2.2) | ||||||||||
International | Australia and Singapore Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Proceeds from divestitures of businesses, net | $ 2.9 | ||||||||||
International | Brazil Operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | (96.2) | ||||||||||
Cumulative currency translation gain (loss) realized | (70.1) | ||||||||||
International | Brazil Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Proceeds from divestitures of businesses, net | $ 28 | ||||||||||
International | International Container Manufacturing Operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | (5) | ||||||||||
Cumulative currency translation gain (loss) realized | $ 0 | ||||||||||
International | International Container Manufacturing Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Proceeds from divestitures of businesses, net | $ 2.2 | ||||||||||
International | Japan Operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Divestiture pre-tax gains (losses), net | (10.9) | ||||||||||
Cumulative currency translation gain (loss) realized | $ (3.8) | ||||||||||
International | Japan Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Consideration for sale of business | $ 11.3 |
RESTRUCTURING, DIVESTITURES, _4
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS - Summary of Divestiture Losses (Gains) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 06, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | $ (7.2) | |||
Cumulative currency translation loss realized from divestitures | 70.6 | $ 0 | $ 3.8 | |
Total (gain) loss | 63.4 | $ (15.6) | $ (1.7) | |
International | Romania Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 3.2 | |||
Cumulative currency translation loss realized from divestitures | $ 1 | |||
Total (gain) loss | $ 4.2 | |||
International | UAE Joint Venture | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 0.5 | |||
Cumulative currency translation loss realized from divestitures | 0 | |||
Total (gain) loss | 0.5 | |||
International | Netherlands Dental Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 1 | |||
Cumulative currency translation loss realized from divestitures | 0 | |||
Total (gain) loss | 1 | |||
International | Republic of Korea Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | (48.1) | |||
Cumulative currency translation loss realized from divestitures | (2.7) | |||
Total (gain) loss | (50.8) | |||
International | Australia and Singapore Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 5.1 | |||
Cumulative currency translation loss realized from divestitures | 2.2 | |||
Total (gain) loss | 7.3 | |||
International | Brazil Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 26.1 | |||
Cumulative currency translation loss realized from divestitures | 70.1 | |||
Total (gain) loss | 96.2 | |||
International | International Container Manufacturing Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Gain) loss - pre-cumulative currency translation | 5 | |||
Cumulative currency translation loss realized from divestitures | 0 | |||
Total (gain) loss | $ 5 |
RESTRUCTURING, DIVESTITURES, _5
RESTRUCTURING, DIVESTITURES, AND ASSET IMPAIRMENTS - Schedule of Asset Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | $ 6.5 | $ 5.5 | $ 6.7 |
North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 0 | 5.5 | 2.1 |
North America | SG&A | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 0 | 5.5 | 2.1 |
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 6.5 | 0 | 4.6 |
International | COR | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 3.4 | 0 | 0 |
International | SG&A | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | $ 3.1 | $ 0 | $ 4.6 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,383.7 | $ 1,373.4 |
Less: accumulated depreciation | (675.4) | (657.7) |
Property, plant and equipment, net | 708.3 | 715.7 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 43.5 | 50.7 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 243.3 | 235.7 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 320.6 | 325.9 |
Fleet vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 81.5 | 119.3 |
Containers | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 278.3 | 276.4 |
Office equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 41.7 | 41 |
Software and Enterprise Resource Planning system | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 274.9 | 253.1 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 99.9 | $ 71.3 |
LEASES - Components of Net Leas
LEASES - Components of Net Lease Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 128 | $ 110.8 | $ 108.2 |
Finance lease cost: | |||
Amortization of leased assets | 2.6 | 3.2 | 3.4 |
Interest on lease liabilities | 0.9 | 1 | 1.1 |
Net lease cost | $ 131.5 | $ 115 | $ 112.7 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Short-term lease cost | $ 20.4 | $ 25.6 | $ 11.8 |
Variable lease cost | 0 | 0 | |
Sublease income | 0 | 0 | |
Finance lease assets, net of accumulated amortization | $ 12.8 | $ 14 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, less accumulated depreciation of $675.4 in 2023 and $657.7 in 2022 | Property, plant and equipment, less accumulated depreciation of $675.4 in 2023 and $657.7 in 2022 |
LEASES - Schedule of Supplement
LEASES - Schedule of Supplemental Cash flow Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 126.9 | $ 109.7 | $ 107.1 |
Operating cash flows from finance leases (interest) | 1.8 | 1.1 | 1.1 |
Financing cash flows from finance leases (principal) | 2.7 | 3.1 | 3.9 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 178.2 | 165.2 | 96.8 |
Finance leases | $ 0.7 | $ 0 | $ 0.5 |
LEASES - Schedule of Informatio
LEASES - Schedule of Information Regarding Lease Terms and Discount Rates (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted average remaining lease term (years): | ||
Operating leases | 5 years 7 months 6 days | 5 years 8 months 12 days |
Finance leases | 16 years 2 months 12 days | 15 years 7 months 6 days |
Weighted average discount rate: | ||
Operating leases | 6.10% | 5.50% |
Finance leases | 4.80% | 5.30% |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 129.4 | |
2025 | 110.8 | |
2026 | 89.6 | |
2027 | 76.1 | |
2028 | 62.5 | |
Thereafter | 100.9 | |
Total lease payments | 569.3 | |
Less: Interest | 85 | |
Present value of lease liabilities | 484.3 | |
Finance Leases | ||
2024 | 3.3 | |
2025 | 3 | |
2026 | 2.3 | |
2027 | 1.9 | |
2028 | 0.7 | |
Thereafter | 17.3 | |
Total lease payments | 28.5 | |
Less: Interest | 12.2 | |
Present value of lease liabilities | $ 16.3 | $ 18.2 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, net | Long-term debt, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2,784.9 | $ 2,815.7 |
Acquisition | 1.7 | |
Divestitures | (43.6) | |
Changes due to foreign currency fluctuations and other | 14.3 | (32.5) |
Ending Balance | 2,755.6 | 2,784.9 |
North America | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,472.5 | 2,470.8 |
Acquisition | 1.7 | |
Divestitures | 0 | |
Changes due to foreign currency fluctuations and other | 0 | 0 |
Ending Balance | 2,472.5 | 2,472.5 |
International | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 312.4 | 344.9 |
Acquisition | 0 | |
Divestitures | (43.6) | |
Changes due to foreign currency fluctuations and other | 14.3 | (32.5) |
Ending Balance | $ 283.1 | $ 312.4 |
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, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill impairment | $ 134.8 | $ 310.4 |
North America | ||
Goodwill [Line Items] | ||
Goodwill impairment | 134.8 | 134.8 |
International | ||
Goodwill [Line Items] | ||
Goodwill impairment | $ 0 | $ 175.6 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Values of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | $ 1,612.3 | $ 1,634.4 | |
Accumulated Amortization | 925.8 | 823.3 | |
Net Value | 686.5 | 811.1 | $ 964.5 |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Indefinite-lived intangibles | 58.6 | 67.2 | |
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Indefinite-lived intangibles | 307.5 | 307.2 | |
Customer relationships | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 1,230.4 | 1,242.2 | |
Accumulated Amortization | 911.9 | 807.6 | |
Net Value, Amortizable intangibles | 318.5 | 434.6 | |
Covenants not-to-compete | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 2.6 | 2.6 | |
Accumulated Amortization | 2.6 | 2.6 | |
Net Value, Amortizable intangibles | 0 | 0 | |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 10.3 | 12.3 | |
Accumulated Amortization | 10.1 | 11.9 | |
Net Value, Amortizable intangibles | 0.2 | 0.4 | |
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 1.1 | 1.1 | |
Accumulated Amortization | 0.6 | 0.6 | |
Net Value, Amortizable intangibles | 0.5 | 0.5 | |
Other | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 1.8 | 1.8 | |
Accumulated Amortization | 0.6 | 0.6 | |
Net Value, Amortizable intangibles | $ 1.2 | $ 1.2 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-lived and Indefinite-lived Intangible Assets [Roll Forward] | |||
Beginning of period | $ 811.1 | $ 964.5 | |
Acquisition | 1.2 | ||
Divestitures | (16.3) | (12.6) | |
Amortization | (112) | (124) | $ (117.9) |
Changes due to foreign currency fluctuations | 6.8 | (15.5) | |
Impairments | (3.1) | ||
End of period | $ 686.5 | $ 811.1 | $ 964.5 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Intangible Asset Amortization Expense (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 110.3 |
2025 | 89.5 |
2026 | 28.1 |
2027 | 22.7 |
2028 | $ 17.5 |
ACCRUED LIABILITIES - Schedule
ACCRUED LIABILITIES - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Compensation | $ 81.9 | $ 65 |
Self-insurance | 80.2 | 78.8 |
Taxes | 37.1 | 30.2 |
Interest | 27.2 | 27.7 |
Professional fees | 7.9 | 8.3 |
Disposal and landfill liabilities | 2.8 | 2 |
Contingent liability | 9.6 | 15.7 |
Other | 12.8 | 16.4 |
Total accrued liabilities | $ 259.5 | $ 244.1 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Obligations under finance leases (Note 6) | $ 16.3 | $ 18.2 |
Total debt | 1,305.2 | 1,517.4 |
Less: current portion of total debt | 19.6 | 22.3 |
Less: unamortized debt issuance costs | 7.8 | 11.1 |
Long-term portion of total debt | 1,277.8 | 1,484 |
Line of credit | $1.2 billion Credit Facility, due in 2026 | Credit agreement amended, due in 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 31 | 154.1 |
Line of credit | $125 million term loan, due in 2026 | Credit agreement amended, due in 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 125 | 200 |
Senior notes | $600 million Senior Notes, due in 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 600 | 600 |
Senior notes | $500 million Senior Notes, due in 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 500 | 500 |
Promissory notes and deferred consideration | Promissory notes and deferred consideration (fixed rate) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 32.9 | 44.7 |
Foreign bank debt | Foreign bank debt (fixed rate) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 0.4 |
DEBT - Schedule of Long-Term _2
DEBT - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 24, 2020 | |
Line of credit | $1.2 billion Credit Facility, due in 2026 | Credit agreement amended, due in 2026 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | $ 1,200,000,000 | ||
Line of credit | $125 million term loan, due in 2026 | Credit agreement amended, due in 2026 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | 125,000,000 | ||
Senior notes | $600 million Senior Notes, due in 2024 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of line of credit facility | 600,000,000 | ||
Senior notes | $500 million Senior Notes, due in 2029 | |||
Debt Instrument [Line Items] | |||
Long-term debt, face amount | $ 500,000,000 | $ 500,000,000 | |
Promissory notes and deferred consideration | Notes weighted average maturity, 2.12 and 2.49 years | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity | 2 years 7 months 6 days | 3 years 4 months 24 days | |
Foreign bank debt | Debt, weighted average maturity, 1.1 and 1.6 years | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity | 5 years |
DEBT - Additional Information (
DEBT - Additional Information (Detail) | 12 Months Ended | ||||||
Nov. 09, 2020 | Dec. 31, 2023 USD ($) | Jun. 15, 2023 USD ($) | Dec. 31, 2022 | Sep. 30, 2022 USD ($) | Nov. 24, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Debt Instrument [Line Items] | |||||||
Repurchase price percentage of principle and interest amount | 101% | ||||||
Revolving credit facility | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 600,000,000 | ||||||
Debt instrument, interest rate | 3.88% | 5.38% | |||||
Credit agreement amended, due in 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Finance lease, maximum amount under debt agreement | $ 200,000,000 | ||||||
Credit agreement amended, due in 2026 | Line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Interest coverage ratio | 3 | ||||||
Maximum consolidated leverage ratio | 4 | ||||||
EBITDA requirement amount | $ 50,000,000 | ||||||
Material acquisition threshold | $ 200,000,000 | ||||||
Leverage ratio | 2.85 | ||||||
Credit agreement amended, due in 2026 | Line of credit | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Facility fee percentage | 0.15% | ||||||
Credit agreement amended, due in 2026 | Line of credit | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 4.50 | ||||||
Facility fee percentage | 0.25% | ||||||
Credit agreement amended, due in 2026 | Line of credit | Eurodollar | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Applicable rate based on variable rate | 1.10% | ||||||
Credit agreement amended, due in 2026 | Line of credit | Eurodollar | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Applicable rate based on variable rate | 1.30% | ||||||
Credit agreement amended, due in 2026 | Line of credit | Base Rate | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Applicable rate based on variable rate | 0.10% | ||||||
Credit agreement amended, due in 2026 | Line of credit | Base Rate | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Applicable rate based on variable rate | 0.30% | ||||||
Credit agreement amended, due in 2026 | $125 million term loan, due in 2026 | Line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity of line of credit facility | $ 125,000,000 | ||||||
$500 million Senior Notes, due in 2029 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | |||||
Debt instrument, interest rate | 3.88% | 3.88% | |||||
Debt instrument, redemption price, percentage | 100% | ||||||
Issuance costs | $ 5,800,000 | ||||||
$500 million Senior Notes, due in 2029 | Senior notes | Equity offering | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 103.88% | ||||||
$500 million Senior Notes, due in 2029 | Senior notes | Equity offering | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% |
DEBT - Schedule of Weighted Ave
DEBT - Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 24, 2020 |
Line of credit | $1.2 billion Credit Facility, due in 2026 | Credit agreement amended, due in 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 6.85% | 5.92% | |
Maximum borrowing capacity of line of credit facility | $ 1,200,000,000 | ||
Line of credit | $125 million term loan, due in 2026 | Credit agreement amended, due in 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 6.66% | 5.88% | |
Maximum borrowing capacity of line of credit facility | $ 125,000,000 | ||
Senior notes | $600 million Senior Notes, due in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 5.38% | 5.38% | |
Maximum borrowing capacity of line of credit facility | $ 600,000,000 | ||
Senior notes | $500 million Senior Notes, due in 2029 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 3.88% | 3.88% | |
Long-term debt, face amount | $ 500,000,000 | $ 500,000,000 | |
Promissory notes and deferred consideration | Promissory notes and deferred consideration (fixed rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 3.54% | 3.49% | |
Foreign bank debt | Foreign bank debt (fixed rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 0% | 9.80% |
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, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Outstanding stand-by letters of credit under Senior Credit Facility | $ 59 | $ 60.1 |
Unused portion of the Revolving Credit Facility | $ 1,110 | $ 985.7 |
DEBT - Payments Due on Long-Ter
DEBT - Payments Due on Long-Term Debt, Excluding Capital Lease Obligations (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 617.1 |
2025 | 7.9 |
2026 | 163.3 |
2027 | 0.6 |
2028 | 0 |
Thereafter | 500 |
Total | $ 1,288.9 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 64.1 | $ 84.6 | $ (14) |
International | (60.8) | (5.7) | 14.7 |
Income before income taxes | $ 3.3 | $ 78.9 | $ 0.7 |
INCOME TAXES - Significant Comp
INCOME TAXES - Significant Components of Income Tax Benefit (Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
U.S. - federal | $ (18.6) | $ 8.1 | $ 4.9 |
U.S. - state and local | (3.8) | (2.3) | (1.4) |
International | (2.7) | (4.6) | (6.4) |
Current income tax expense | (25.1) | 1.2 | (2.9) |
Deferred | |||
U.S. - federal | 2.4 | (23.7) | (17) |
U.S. - state and local | (3.4) | (1.9) | (4.6) |
International | 1.5 | 2 | (3) |
Deferred income tax expense | 0.5 | (23.6) | (24.6) |
Total expense | $ (24.6) | $ (22.4) | $ (27.5) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2023 Tax Expense (Benefit) | |||
U.S. federal statutory income tax rate | $ 0.7 | ||
State and local taxes, net of federal tax effect | 5.1 | ||
International tax rates | (2.1) | ||
FCPA Settlement accrual and other penalty matters | 0.5 | ||
Other Tax Matter | (2) | ||
Valuation allowance | 5.4 | ||
Divestitures | 12.7 | ||
Stock-based compensation and executive compensation disallowance | 7.3 | ||
Statute of limitations lapses | (1.7) | ||
Other | (1.3) | ||
Effective tax rate | $ 24.6 | $ 22.4 | $ 27.5 |
Tax Rate | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
State and local taxes, net of federal tax effect | 154.50% | 1.90% | 204.20% |
International tax rates | (63.60%) | (4.20%) | (864.40%) |
FCPA Settlement accrual and other penalty matters | 15.20% | 3.20% | 3,118.20% |
Other Tax Matter | (60.60%) | 0% | (268.40%) |
Valuation allowance | 163.60% | 11% | 1,727.90% |
Divestitures | 384.80% | (0.80%) | (708.40%) |
Stock-based compensation and executive compensation disallowance | 221.20% | 9.40% | 908.60% |
Statute of limitations lapses | (51.50%) | (13.00%) | (584.70%) |
Other | (39.10%) | (0.10%) | 275% |
Effective tax rate | 745.50% | 28.40% | 3,829% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Effective tax rate reconciliation, other tax matter, benefit | $ 2 | ||
Decrease in valuation allowance | 30.4 | ||
Tax adjustment | $ 5.5 | ||
Net operating loss carry-forwards | 115.6 | ||
Tax benefit of net operating losses | 32 | $ 63.4 | |
Valuation allowance for net operating losses | 21.7 | ||
Unrecognized tax benefit | 5.6 | 10 | 19.7 |
Uncertain tax positions that, if recognized, would affect the effective tax rate | 4.3 | ||
Income tax interest and penalties, charge (benefit) | (0.6) | $ (1.8) | $ 0.4 |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | 2 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | $ 4 |
INCOME TAXES - Deferred Tax Lia
INCOME TAXES - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ (93.2) | $ (94.4) |
Goodwill and intangibles | (393.9) | (400.6) |
Leases - right of use asset | (117.3) | (94.8) |
Other | (17.5) | (17.3) |
Total deferred tax liabilities | (621.9) | (607.1) |
Deferred tax assets: | ||
Accrued liabilities | 57.2 | 59.5 |
Leases - right of use liability | 122.3 | 100.2 |
Net operating tax loss carry-forwards | 32 | 63.4 |
Interest expense carry-forward | 22.8 | 23.4 |
Other | 15.5 | 14 |
Less: valuation allowance | (36.8) | (67.2) |
Total deferred tax assets | 213 | 193.3 |
Net deferred tax liabilities | $ (408.9) | $ (413.8) |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Reductions due to divestitures | $ (34) | $ 0 | $ (2.1) |
Valuation Allowance on Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 67.2 | 61.4 | 52 |
Additions charges to income tax expense | 1.8 | 6.8 | 10.5 |
Other changes to reserves | 1.8 | (1) | 1 |
Balances at end of period | $ 36.8 | $ 67.2 | $ 61.4 |
INCOME TAXES - Summary of Aggre
INCOME TAXES - Summary of Aggregate Changes in Unrecognized Tax benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in Unrecognized Tax Positions [Roll Forward] | ||
Unrecognized tax positions, beginning of year | $ 10 | $ 19.7 |
Gross decreases - tax positions in prior periods | (0.5) | (0.6) |
Gross increases - current period tax positions | 0 | 0.6 |
Settlements | (0.8) | (1.4) |
Lapse of statute of limitations | (3.1) | (8.3) |
Unrecognized tax positions, end of year | $ 5.6 | $ 10 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Level 3 Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liability | $ 5.3 | $ 5.3 |
Level 2 Inputs | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations | 1,260 | 1,430 |
Level 2 Inputs | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations | $ 1,310 | $ 1,520 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total asset retirement obligation liabilities | $ 19 | $ 18.8 |
Surety bonds | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 32.8 | 32.3 |
Bank guarantees | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 16.5 | 18.5 |
Stand-by letters of credit | $1.2 billion Credit Facility, due in 2026 | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 59 | $ 60.1 |
RETIREMENT AND OTHER EMPLOYEE_3
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) plan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | plan | 2 | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of contribution to 401(k) defined contribution retirement savings plan by employer | 50% | ||
Employer 401(k) maximum annual matching contribution to each employee | $ 3,000 | ||
Employer contributions to 401(k) plan | 9,900,000 | $ 10,000,000 | $ 9,200,000 |
Foreign Defined Contribution Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to 401(k) plan | $ 3,900,000 | $ 4,400,000 | $ 4,700,000 |
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, 2023 | Dec. 31, 2022 | |
Multiemployer Plans [Line Items] | ||
Multiemployer plan, surcharge rate | 5% | |
Multiemployer plan, surcharge rate, subsequent periods | 10% | |
Multiemployer plans minimum contribution percentage | 0% | |
Pension Plan Private Sanitation Union, Local 813 IBT | ||
Multiemployer Plans [Line Items] | ||
Company Contributions | $ 0.7 | $ 0.6 |
Nurses And Local 813 IBT Retirement Plan | ||
Multiemployer Plans [Line Items] | ||
Company Contributions | $ 0.1 | $ 0.1 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares reserved for future issuance (in shares) | 5,320,789 | ||
Granted (in shares) | 0 | 0 | |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 1,799,999 | ||
Percentage of market price | 85% | ||
Maximum payroll deductions during the offering period, per employee | $ 5,000 | ||
Stock issued during period (in shares) | 87,617 | 98,521 | 73,471 |
Shares available for issuance (in shares) | 328,096 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage multiplier | 0.75 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage multiplier | 1.25 | ||
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 options and RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction to stock-based compensation expense | $ (1,600,000) | $ (2,400,000) | $ (3,300,000) |
RSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses related to RSUs | $ 11,800,000 | ||
Weighted average period of recognition for unrecognized compensation expenses | 1 year 4 months 20 days | ||
Intrinsic value of units vested | $ 16,200,000 | $ 18,000,000 | $ 18,900,000 |
RSU awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
RSU awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total | $ 33.4 | $ 25.1 | $ 27.1 |
Stock options | SG&A | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total | 0.3 | 0.8 | 2 |
RSUs | SG&A | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total | 19.7 | 17.1 | 14.8 |
PSUs | SG&A | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total | 12.7 | 6.5 | 9.6 |
ESPP | SG&A | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total | $ 0.7 | $ 0.7 | $ 0.7 |
STOCK-BASED COMPENSATION - St_2
STOCK-BASED COMPENSATION - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Outstanding as of beginning of year (in shares) | 1,168,670 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (1,242) | |
Forfeited (in shares) | (434) | |
Cancelled or expired (in shares) | (441,449) | |
Outstanding as of end of year (in shares) | 725,545 | 1,168,670 |
Exercisable as of end of year (in shares) | 717,262 | |
Weighted Average Exercise Price per Share | ||
Outstanding as of beginning of year (in dollars per share) | $ 94.61 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 48.59 | |
Forfeited (in dollars per share) | 62.04 | |
Cancelled or expired (in dollars per share) | 113.58 | |
Outstanding as of end of year (in dollars per share) | 84.20 | $ 94.61 |
Exercisable at end of period (in dollars per share) | $ 84.61 | |
Weighted Average Remaining Contractual Life | ||
Outstanding as of December 31, 2023 | 1 year 8 months 26 days | |
Exercisable as of December 31, 2023 | 1 year 8 months 19 days | |
Total Aggregate Intrinsic Value | ||
Outstanding as of December 31, 2023 | $ 0.3 | |
Exercisable as of December 31, 2023 | $ 0.3 |
STOCK-BASED COMPENSATION - Intr
STOCK-BASED COMPENSATION - Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Total exercise intrinsic value of options exercised | $ 0 | $ 0 | $ 1.1 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of RSU Activity (Detail) - RSU awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Units | |||
Non-vested as of beginning of year (in shares) | 583,761 | 556,322 | 547,235 |
Granted (in shares) | 427,278 | 330,920 | 253,860 |
Vested and Released (in shares) | (270,166) | (250,064) | (186,342) |
Forfeited (in shares) | (72,199) | (53,417) | (58,431) |
Non-vested as of end of year (in shares) | 668,674 | 583,761 | 556,322 |
Weighted Average Grant Date Fair Value | |||
Non-vested as of beginning of year (in dollars per share) | $ 58.85 | $ 60.79 | $ 54.96 |
Granted (in dollars per share) | 42.83 | 56.15 | 68.71 |
Vested and Released (in dollars per share) | 58.03 | 59.49 | 55.26 |
Forfeited (in dollars per share) | 50.10 | 59.26 | 28.23 |
Non-vested as of end of year (in dollars per share) | $ 49.68 | $ 58.85 | $ 60.79 |
Weighted Average Remaining Contractual Life | |||
Non-vested as of December 31, 2023 | 11 months 1 day | ||
Total Aggregate Intrinsic Value | |||
Non-vested as of December 31, 2023 | $ 33.1 |
STOCK-BASED COMPENSATION - Su_2
STOCK-BASED COMPENSATION - Summary of PSU Activity (Detail) - PSUs - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Units | |||
Non-vested as of beginning of year (in shares) | 383,240 | 322,342 | 316,059 |
Granted (in shares) | 205,009 | 151,123 | 116,720 |
Vested and Released (in shares) | (100,250) | (74,651) | (88,269) |
Forfeited (in shares) | (37,224) | (15,574) | (22,168) |
Non-vested as of end of year (in shares) | 450,775 | 383,240 | 322,342 |
Weighted Average Grant Date Fair Value | |||
Non-vested as of beginning of year (in dollars per share) | $ 56.76 | $ 57.79 | $ 57.79 |
Granted (in dollars per share) | 43.35 | 56.30 | 57.66 |
Vested and Released (in dollars per share) | 56.32 | 57.08 | 57.61 |
Forfeited (in dollars per share) | 54.98 | 57.08 | 60.60 |
Non-vested as of end of year (in dollars per share) | $ 50.91 | $ 56.76 | $ 57.79 |
Shares cancelled (in shares) | 26,319 |
(LOSS) EARNINGS PER COMMON SH_3
(LOSS) EARNINGS PER COMMON SHARE- Computation of Basic and Diluted (Loss) Earnings Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding - basic | 92.4 | 92.1 | 91.8 |
Incremental shares outstanding related to stock-based awards | 0 | 0.3 | 0 |
Weighted average common shares outstanding - diluted | 92.4 | 92.4 | 91.8 |
(LOSS) EARNINGS PER COMMON SH_4
(LOSS) EARNINGS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from EPS Calculation (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Option awards | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares) | 760 | 1,241 | 1,897 |
RSU awards | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares) | 0 | 45 | 63 |
(LOSS) EARNINGS PER COMMON SH_5
(LOSS) EARNINGS PER COMMON SHARE - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Option awards | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares) | 760 | 1,241 | 1,897 |
RSU awards | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares) | 0 | 45 | 63 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Total Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 2,424.5 | $ 2,402.8 | $ 2,434.4 |
Ending Balance | 2,522.9 | 2,424.5 | 2,402.8 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (276.9) | (218.8) | (187.4) |
Cumulative currency translation loss realized through divestitures | 70.6 | 3.8 | |
Year change - Cumulative currency translation | 21.8 | (58.1) | (35.2) |
Ending Balance | $ (184.5) | $ (276.9) | $ (218.8) |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 segment | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | 2 | |
Number of reportable segments | 2 | |
Depreciation for business transformation | $ | $ 0.6 |
SEGMENT REPORTING - Financial I
SEGMENT REPORTING - Financial Information Concerning Company's Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,659.3 | $ 2,704.7 | $ 2,646.9 |
Depreciation | 104.5 | 108.5 | 105.4 |
Intangible amortization | 112 | 124 | 117.9 |
Adjusted Income from Operations | 315.5 | 323.7 | 352.4 |
Assets | 5,352.6 | 5,334.1 | 5,473.1 |
Other Costs | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 24.6 | 22.4 | 12.7 |
North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,136.5 | ||
North America | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,255.8 | 2,263.1 | 2,136.5 |
Depreciation | 64.7 | 68.9 | 73.5 |
Intangible amortization | 97.1 | 107.6 | 95.8 |
Adjusted Income from Operations | 619 | 607.1 | 587.6 |
Assets | 4,462.9 | 4,300.8 | 4,364.6 |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 510.4 | ||
International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 403.5 | 441.6 | 510.4 |
Depreciation | 15.2 | 17.2 | 19.2 |
Intangible amortization | 14.9 | 16.4 | 22.1 |
Adjusted Income from Operations | 38.2 | 34.1 | 53.6 |
Assets | 652.1 | 785 | 876.4 |
Other Costs | Other Costs | |||
Segment Reporting Information [Line Items] | |||
Adjusted Income from Operations | (341.7) | (317.5) | (288.8) |
Assets | $ 237.6 | $ 248.3 | $ 232.1 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Total Reportable Segment Adjusted Income from Operations | $ 315.5 | $ 323.7 | $ 352.4 |
ERP and System Modernization | (19.2) | (19.2) | (59) |
Intangible amortization | (112) | (124) | (117.9) |
Operational Optimization | (4.1) | 0 | 0 |
Portfolio Optimization | (65.6) | 8.7 | (3.3) |
Litigation, Settlements and Regulatory Compliance | (30.8) | (30) | (93.2) |
Asset Impairments | (6.5) | (5.5) | (6.7) |
Income from operations | $ 77.3 | $ 153.7 | $ 72.3 |
GEOGRAPHIC AREA - Summary of Co
GEOGRAPHIC AREA - Summary of Consolidated Revenues and Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | $ 2,659.3 | $ 2,704.7 | $ 2,646.9 |
Long-Lived and Indefinite-Lived Assets | 4,614.7 | 4,710.6 | 4,836 |
U.S. | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 2,116.1 | 2,122.2 | 1,995.2 |
Long-Lived and Indefinite-Lived Assets | 3,985.2 | 3,996.8 | 4,052 |
Europe | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 384 | 385.9 | 427 |
Long-Lived and Indefinite-Lived Assets | 526 | 523.5 | 589.2 |
Other countries | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 159.2 | 196.6 | 224.7 |
Long-Lived and Indefinite-Lived Assets | $ 103.5 | $ 190.3 | $ 194.8 |
LEGAL PROCEEDINGS (Detail)
LEGAL PROCEEDINGS (Detail) - Government Investigations | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingencies [Line Items] | |
Compliance monitor period | 2 years |
Department Of Justice | |
Loss Contingencies [Line Items] | |
Deferred prosecution period | 3 years |