Stericycle (SRCL) 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,837,446
Entity Central Index Key	0000861878
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 648.4	$ 653.5	$ 1,974.9	$ 2,007.3
Cost of revenues	404.3	407.8	1,217.9	1,249.5
Gross profit	244.1	245.7	757	757.8
Selling, general and administrative expenses	224.6	217.3	668.1	654.2
Divestiture losses, net and impairments (Note 4)	10.5	4.2	10.5	63.4
Income from operations	9	24.2	78.4	40.2
Interest expense, net	(20.4)	(17.4)	(59.3)	(56.9)
Other income (expense), net	0	0.1	(0.1)	(0.3)
(Loss) income before income taxes	(11.4)	6.9	19	(17)
Income tax expense	(2.3)	(4.8)	(13.6)	(19.1)
Net (loss) income	(13.7)	2.1	5.4	(36.1)
Net income attributable to noncontrolling interests	(0.1)	(0.1)	(0.1)	(0.2)
Net (loss) income attributable to Stericycle, Inc. common shareholders	$ (13.8)	$ 2	$ 5.3	$ (36.3)
(Loss) income per common share attributable to Stericycle, Inc. common shareholders:
Basic (in dollars per share)	$ (0.15)	$ 0.02	$ 0.06	$ (0.39)
Diluted (in dollars per share)	$ (0.15)	$ 0.02	$ 0.06	$ (0.39)
Weighted average number of common shares outstanding:
Basic (in shares)	92.7	92.5	92.6	92.4
Diluted (in shares)	92.7	92.9	93.2	92.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (13.7)	$ 2.1	$ 5.4	$ (36.1)
Other comprehensive income (loss):
Currency translation adjustments	26.6	(21.8)	13.5	(7.8)
Cumulative currency translation loss realized from divestitures	0	1	0	70.6
Total other comprehensive income (loss)	26.6	(20.8)	13.5	62.8
Comprehensive income (loss)	12.9	(18.7)	18.9	26.7
Less: comprehensive income (loss) attributable to noncontrolling interests	0	0.1	0	(2.1)
Comprehensive income (loss) attributable to Stericycle, Inc. common shareholders	$ 12.9	$ (18.8)	$ 18.9	$ 28.8

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 34.3	$ 35.3
Accounts receivable, less allowance for doubtful accounts of $51.6 in 2024 and $44.7 in 2023	605	553.9
Prepaid expenses	36.5	31.6
Other current assets	49	50.7
Assets held-for-sale	112.9	0
Total Current Assets	837.7	671.5
Property, plant and equipment, less accumulated depreciation of $665.9 in 2024 and $675.4 in 2023	727.5	708.3
Operating lease right-of-use assets	531.3	464.3
Goodwill	2,734.9	2,755.6
Intangible assets, less accumulated amortization of $967.4 in 2024 and $925.8 in 2023	584.1	686.5
Other assets	67.9	66.4
Total Assets	5,483.4	5,352.6
Current Liabilities:
Current portion of long-term debt	12	19.6
Bank overdrafts	5.2	1
Accounts payable	186	212.1
Accrued liabilities	209.1	259.5
Operating lease liabilities	113	105.4
Deferred revenues	80.4	72.6
Other current liabilities	53.4	47.8
Liabilities held-for-sale	39.4	0
Total Current Liabilities	698.5	718
Long-term debt, net	1,359.4	1,277.8
Long-term operating lease liabilities	439.1	378.9
Deferred income taxes	397.7	420.5
Other liabilities	33.9	34.5
Total Liabilities	2,928.6	2,829.7
Commitments and contingencies (Note 9)
EQUITY
Common stock (par value $0.01 per share, 120.0 shares authorized, 92.8 and 92.6 issued and outstanding in 2024 and 2023, respectively)	0.9	0.9
Additional paid-in capital	1,329.7	1,316.7
Retained earnings	1,394.7	1,389.4
Accumulated other comprehensive loss	(170.9)	(184.5)
Total Stericycle, Inc.’s Equity	2,554.4	2,522.5
Noncontrolling interests	0.4	0.4
Total Equity	2,554.8	2,522.9
Total Liabilities and Equity	$ 5,483.4	$ 5,352.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 51.6	$ 44.7
Property, plant and equipment, accumulated depreciation	665.9	675.4
Intangible assets, accumulated amortization	$ 967.4	$ 925.8
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	120	120
Common stock, issued (in shares)	92.8	92.6
Common stock, outstanding (in shares)	92.8	92.6

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income (loss)	$ 5.4	$ (36.1)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation	76.6	78.7
Intangible amortization	83.1	84.2
Stock-based compensation expense	15.3	28.2
Deferred income taxes	(13.4)	2.6
Divestiture losses, net and impairments (Note 4)	10.2	63.4
Asset impairments, loss on disposal of property plant and equipment and other charges	0.6	6.2
Other, net	2.2	2.8
Changes in operating assets and liabilities (net of the effects of held-for-sale reclassifications):
Accounts receivable	(75.8)	(63.1)
Prepaid expenses	(4.8)	(8.3)
Accounts payable	(12.8)	(3.2)
Accrued liabilities	(40.6)	(11.6)
Deferred revenues	9.5	57.7
Other assets and liabilities	0.9	(8.2)
Net cash from operating activities	56.4	193.3
INVESTING ACTIVITIES:
Capital expenditures	(108.3)	(102.2)
(Payments) proceeds from (acquisition) divestiture of businesses, net	(13.7)	84.6
Other, net	1.4	2.1
Net cash from investing activities	(120.6)	(15.5)
FINANCING ACTIVITIES:
Repayments of long-term debt and other obligations	(13)	(11.3)
Proceeds from foreign bank debt	0	1.3
Repayments of foreign bank debt	0	(0.3)
Repayments of term loan	(600)	(75)
Proceeds from credit facility	1,626	862.7
Repayments of credit facility	(946.4)	(971)
Proceeds (repayments) of bank overdrafts, net	4.2	(2.9)
Payments of finance lease obligations	(2)	(2)
Proceeds from issuance of common stock, net of (payments of) taxes from withheld shares	(6.4)	(5.2)
Payments to noncontrolling interest	0	(1.5)
Net cash from financing activities	62.4	(205.2)
Effect of exchange rate changes on cash and cash equivalents	0.8	1.1
Net change in cash and cash equivalents	(1)	(26.3)
Cash and cash equivalents at beginning of period	35.3	56
Cash and cash equivalents at end of period	34.3	29.7
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of capitalized interest	75	67.1
Income taxes paid, net	34.8	18.4
Capital expenditures in Accounts payable	$ 20.7	$ 24.6

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - 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, 2022		92.2
Beginning 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 (loss) income	(36.1)			(36.3)		0.2
Currency translation adjustments	(7.8)				(5.5)	(2.3)
Cumulative currency translation loss realized from divestitures	70.6				70.6
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	(1.6)		(1.6)
Stock-based compensation expense	28.2		28.2
Changes in noncontrolling interest	(1.5)					(1.5)
Ending Balance (in shares) at Sep. 30, 2023		92.5
Ending Balance at Sep. 30, 2023	2,476.3	$ 0.9	1,312	1,374.5	(211.8)	0.7
Beginning Balance (in shares) at Jun. 30, 2023		92.5
Beginning Balance at Jun. 30, 2023	2,482.8	$ 0.9	1,299.8	1,372.5	(191)	0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2.1			2		0.1
Currency translation adjustments	(21.8)				(21.8)
Cumulative currency translation loss realized from divestitures	1				1
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares	1.8		1.8
Stock-based compensation expense	10.4		10.4
Ending Balance (in shares) at Sep. 30, 2023		92.5
Ending Balance at Sep. 30, 2023	2,476.3	$ 0.9	1,312	1,374.5	(211.8)	0.7
Beginning Balance (in shares) at Dec. 31, 2023		92.6
Beginning Balance at Dec. 31, 2023	2,522.9	$ 0.9	1,316.7	1,389.4	(184.5)	0.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	5.4			5.3		0.1
Currency translation adjustments	13.5				13.6	(0.1)
Cumulative currency translation loss realized from divestitures	0
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares (in shares)		0.2
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares	(2.3)		(2.3)
Stock-based compensation expense	15.3		15.3
Ending Balance (in shares) at Sep. 30, 2024		92.8
Ending Balance at Sep. 30, 2024	2,554.8	$ 0.9	1,329.7	1,394.7	(170.9)	0.4
Beginning Balance (in shares) at Jun. 30, 2024		92.8
Beginning Balance at Jun. 30, 2024	2,532.5	$ 0.9	1,320.3	1,408.5	(197.6)	0.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13.7)			(13.8)		0.1
Currency translation adjustments	26.6				26.7	(0.1)
Cumulative currency translation loss realized from divestitures	0
Issuance of common stock for incentive stock programs, net of (payments of) taxes from withheld shares	1.7		1.7
Stock-based compensation expense	7.7		7.7
Ending Balance (in shares) at Sep. 30, 2024		92.8
Ending Balance at Sep. 30, 2024	$ 2,554.8	$ 0.9	$ 1,329.7	$ 1,394.7	$ (170.9)	$ 0.4

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited condensed 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 condensed consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenues, 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 condensed consolidated financial statements as “Noncontrolling interests”. The accompanying unaudited condensed consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023, have been prepared pursuant to the rules and regulations of the SEC for interim reporting and, therefore, do not include all information and footnote disclosures normally included in audited financial statements prepared in conformity with U.S. GAAP. In the opinion of management, however, all adjustments, consisting of normal recurring adjustments necessary to present fairly the results of operations, financial position and cash flows have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2023 Form 10-K. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year or any other period. 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. 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, 2024, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Condensed 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 Condensed Consolidated Financial Statements.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2024
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 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue by Service Regulated Waste and Compliance Services $ 438.7 $ 439.9 $ 1,329.0 $ 1,335.9 Secure Information Destruction Services 209.7 213.6 645.9 671.4 Total Revenues $ 648.4 $ 653.5 $ 1,974.9 $ 2,007.3 North America Regulated Waste and Compliance Services $ 369.2 $ 368.0 $ 1,117.8 $ 1,103.1 Secure Information Destruction Services 185.2 189.1 573.4 592.6 Total North America Segment $ 554.4 $ 557.1 $ 1,691.2 $ 1,695.7 International Regulated Waste and Compliance Services $ 69.5 $ 71.9 $ 211.2 $ 232.8 Secure Information Destruction Services 24.5 24.5 72.5 78.8 Total International Segment $ 94.0 $ 96.4 $ 283.7 $ 311.6 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 September 30, 2024 and December 31, 2023, were $80.4 million and $72.6 million, respectively. 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 three months ended September 30, 2024 and 2023, the Company amortized $4.6 million and $4.2 million, respectively, of deferred sales incentives to SG&A. During the nine months ended September 30, 2024 and 2023, the Company amortized $13.4 million and $12.3 million, respectively, of deferred sales incentives to SG&A. Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions September 30, 2024 December 31, 2023 Other current assets $ 17.0 $ 16.1 Other assets 47.1 46.1 Total contract acquisition costs $ 64.1 $ 62.2 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 Nine Months Ended September 30, 2024 2023 Beginning Balance $ 44.7 $ 53.3 Bad debt expense, net of recoveries 21.2 10.1 Write-offs (11.5) (12.2) Other changes (1) (2.8) (4.1) Ending Balance $ 51.6 $ 47.1 (1) Amounts consist primarily of divestiture impacts of $3.9 million in 2024 and $6.4 million in 2023 (principally Brazil) and currency translation adjustments.

ACQUISITION

ACQUISITION	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITION	ACQUISITION The Company acquired a southeastern U.S. based regulated waste business in North America on January 31, 2024, which is considered to be complementary to existing operations and aligns with the Company’s strategic capital allocation strategy. There were no acquisitions in 2023.

RESTRUCTURING, DIVESTITURES, AN

RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS	RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS Restructuring – Operational Optimization: In February 2024, the Company recognized Operational Optimization severance charges of approximately $5.4 million related to a workforce reduction, within our North America and International segments. In October 2023, the Company recognized Operational Optimization charges of approximately $3 million, split between our North America and International segments, related to headcount reduction. Divestitures On October 9, 2024, the Company entered into a definitive agreement to sell its operations in Spain and Portugal for cash consideration of $86.4 million. The sale is expected to close in the fourth quarter of 2024 once applicable regulatory approvals are obtained. On October 6, 2023, the Company exited its operations in Romania for nominal consideration which resulted in a third quarter of 2023 assets-held-for-sale impairment charge of $4.2 million, of which $1.0 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings. The impairment charge is included in Divestiture losses, net and impairments in the Condensed Consolidated Statements of (Loss) Income. On July 25, 2023 and August 10, 2023, the Company exited its dental recycling business in the Netherlands and its SID joint venture in the UAE, respectively, for nominal consideration, which resulted in second quarter 2023 pre-tax charges of $1.5 million. On June 1, 2023, the Company exited its operations in the Republic of Korea for cash proceeds of approximately $109.3 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax gain of $50.8 million, of which $2.7 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings. On May 24, 2023, the Company exited its operations in Australia and Singapore for cash proceeds of approximately $2.9 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax loss of $7.3 million, of which $2.2 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings. On April 20, 2023, the Company exited its operations in Brazil for cash consideration paid to the acquirer of approximately $28.0 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax loss of $96.2 million, of which $70.1 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings. On January 19, 2023, the Company exited its International container manufacturing operations for cash proceeds of approximately $2.2 million. The transaction resulted in a first quarter of 2023 divestiture pre-tax loss of $5.0 million. Impairments Assets and Liabilities Held-For-Sale Impairment In the third quarter of 2024, the Company recognized a non-cash impairment charge of $10.5 million, associated with classifying certain assets and liabilities, associated with its Spain and Portugal operations, as held-for-sale as the carrying value of the net assets held for sale exceeded their fair value less estimated costs to sell. The impairment charge is reported in Divestiture losses, net and impairments on the Condensed Consolidated Statements of (Loss) Income. The cumulative translation adjustment of $12.0 million was included as part of the carrying value of the disposal group when measuring the impairment charge. The Company had the following assets and liabilities classified as held-for-sale: In millions As of September 30, 2024 Total current assets (primarily receivables) $ 30.2 Fixed assets 17.1 Operating lease right-of-use assets 10.5 Intangibles 26.6 Goodwill 28.5 Assets held-for-sale $ 112.9 Total current liabilities $ 22.9 Long-term operating lease liabilities 7.2 Deferred taxes 9.3 Liabilities held-for-sale $ 39.4 There were no assets held-for-sale as of December 31, 2023 . Other Impairments In the three and nine months ended September 30, 2023, the Company recognized an impairment in SG&A of $3.1 million in International associated with certain intangible assets in Spain. In the nine months ended September 30, 2023, the Company recognized an impairment in COR of $3.4 million in International associated with certain long-lived assets, primarily property, plant and equipment in Romania.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s long-term debt consisted of the following: In millions September 30, 2024 December 31, 2023 $1.2 billion Credit Facility, due in 2026 $ 710.8 $ 31.0 $125 million Term Loan, due in 2026 125.0 125.0 $600 million Senior Notes, due in 2024 (redeemed in March 2024) — 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration weighted average maturity of 2.4 years at 2024 and 2.6 years at 2023 21.6 32.9 Obligations under finance leases 19.6 16.3 Total debt 1,377.0 1,305.2 Less: current portion of total debt 12.0 19.6 Less: unamortized debt issuance costs 5.6 7.8 Long-term portion of total debt $ 1,359.4 $ 1,277.8 The estimated fair value of our debt approximate d $1.3 billion and $1.3 billion as of September 30, 2024 and December 31, 2023, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2 in accordance with the fair value measurements accounting guidance. The weighted average interest rates on long-term debt, excluding finance leases, were as follows: Nine Months Ended September 30, 2024 Year Ended December 31, 2023 $1.2 billion Credit Facility, due in 2026 (variable rate) 6.73 % 6.85 % $125 million Term Loan, due in 2026 (variable rate) 6.25 % 6.66 % $600 million Senior Notes, due in 2024 (fixed rate) (redeemed in March 2024) — % 5.38 % $500 million Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.92 % 3.54 % The Credit Agreement contains, among other covenants, a financial covenant requiring maintenance of a maximum Credit Agreement Defined Debt Leverage Ratio of 4.00 to 1.00 which includes, among other provisions, $50.0 million of cash add-backs to EBITDA with respect to any four fiscal quarter period ending on or before December 31, 2023. As of September 30, 2024, the Company was in compliance with its financial covenants. The Credit Agreement Defined Debt Leverage Ratio was 3.48 to 1.00, which was below the allowed maximum ratio of 4.00 to 1.00 as set forth in the amended Credit Agreement. Expiration of the $50.0 million of cash add-backs to EBITDA contributed approximately 30 points of increase to the Credit Agreement Defined Debt Leverage Ratio as of September 30, 2024 compared to December 31, 2023. On February 1, 2024, the Company issued a redemption notice to 2019 Senior Notes holders for redemption of all of the $600 million aggregate principal amount of the outstanding 2019 Senior Notes, and on March 14, 2024 completed the redemption with borrowings from the Credit Facility. The refinancing of the 2019 Senior Notes using the Credit Facility converted the long-term debt from fixed rate to variable rate as of the redemption date. Amounts committed to outstanding letters of credit and the unused portion of the Company's Credit Facility were as follows: In millions September 30, 2024 December 31, 2023 Outstanding letters of credit under Credit Facility $ 56.5 $ 59.0 Unused portion of the Credit Facility 432.7 1,110.0

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company reported income tax expense of $2.3 million and $4.8 million for the three months ended September 30, 2024 and 2023, respectively. The effective tax rates for the three months ended September 30, 2024 and 2023 were (20.2)% and 69.6%, respectively. The effective tax rate for the three months ended September 30, 2024 reflects a loss before tax and additionally (i) the impact from net non-deductible impairment losses, (ii) a non-deductible legal matter, and (iii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances. The effective tax rate for the three months ended September 30, 2023 reflects (i) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, (ii) the impact from net non-deductible losses from divestitures, and (iii) equity-based compensation awards expiring without a tax benefit, partially offset by (iv) the tax benefit associated with the U.S. federal research and development tax credit. The Company reported income tax expense of $13.6 million and $19.1 million for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 71.6% and (112.4)%, respectively. The effective tax rate for the nine months ended September 30, 2024 reflects (i) equity-based compensation awards expiring or vesting without a tax benefit, (ii) a non-deductible legal matter, and (iii) the impact from net non-deductible impairment losses. The effective tax rate for the nine months ended September 30, 2023 reflects a loss before tax and additionally (i) the impact from net non-deductible losses from divestitures, (ii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, and (iii) equity-based compensation awards expiring without a tax benefit.

(LOSS) EARNINGS PER COMMON SHAR

(LOSS) EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2024
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 (loss) earnings per share: In millions of shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average common shares outstanding - basic 92.7 92.5 92.6 92.4 Incremental shares outstanding related to stock-based awards — 0.4 0.6 — Weighted average common shares outstanding - diluted 92.7 92.9 93.2 92.4 Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method include the following: In thousands of shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Option awards — 711 — 780 RSU awards — 98 — 1 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 quarter 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.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
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 following tables show financial information for the Company's reportable segments (see Note 2 – Revenues from Contracts with Customers for segment revenues): In millions Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Adjusted Income from Operations North America $ 139.5 $ 143.5 $ 437.2 $ 460.3 International 8.2 8.9 30.4 27.6 Other Costs (76.3) (82.1) (224.2) (256.9) Total Adjusted Income from Operations $ 71.4 $ 70.3 $ 243.4 $ 231.0 The following table reconciles the Company's primary measure of segment profitability, Adjusted Income from Operations, to Income from operations: In millions Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total Reportable Segment Adjusted Income from Operations $ 71.4 $ 70.3 $ 243.4 $ 231.0 Adjusting Items: ERP and System Modernization (4.1) (4.8) (12.7) (12.9) Intangible Amortization (27.6) (27.9) (83.1) (84.2) Operational Optimization 0.4 — (5.0) — Portfolio Optimization (11.8) (5.0) (13.6) (64.8) Litigation, Settlements and Regulatory Compliance (15.9) (5.3) (39.0) (22.4) Asset Impairments — (3.1) — (6.5) WM Transaction-Related Charges (3.4) — (11.6) — Income from operations $ 9.0 $ 24.2 $ 78.4 $ 40.2

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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. 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 settlements with the DOJ and with the SEC, the Company engaged an independent compliance monitor for two years and will undertake compliance with self-reporting obligations for an additional year. If the Company remains in compliance with the DPA during the remainder of its three-year term, deferred charges against the Company will be dismissed with prejudice. 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 of approximately $10 million. Environmental, 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, the 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 completed a settlement with the DTSC 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 made an accrual in respect of the settlement consistent with its accrual policies described above, and made the settlement payment during July 2024, the amount of which payment is not material. Rancho Cordova, California, Permit Revocation. Separately, on August 15, 2019, the Company received from the DTSC a written Intent to Deny Hazardous Waste Facility Permit Application for the Rancho Cordova facility. Following legal challenges, the 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 and 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 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. The Company has not accrued any amounts in respect of these investigations, as it 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.

PROPOSED PLAN OF MERGER

PROPOSED PLAN OF MERGER	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
PROPOSED PLAN OF MERGER	PROPOSED PLAN OF MERGER On June 3, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Waste Management, Inc., a Delaware corporation (“Parent”) and Stag Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides that, among other things, at the Effective Time (as defined in the Merger Agreement) and subject to the terms and conditions set forth therein, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger (the “Surviving Corporation”) as an indirect wholly-owned subsidiary of Parent. At the Effective Time, each share of the Company's common stock, par value $0.01 (“Stericycle common stock”), issued and outstanding immediately prior to the Effective Time (other than (i) shares held directly by the Company (including shares held in treasury stock), Parent or Merger Sub or any subsidiary of the Company or Parent (collectively, “Excluded Shares”) and (ii) Dissenting Shares (as defined in the Merger Agreement)), will be converted into the right to receive $62.00 in cash, without interest and less applicable withholding taxes (the “Merger Consideration”). The closing of the Merger (the “Closing”) is subject to various conditions, including (i) approval of the proposal to adopt the Merger Agreement by the vote of holders of a majority of the voting power represented by outstanding shares of Stericycle common stock (the “stockholder approval”); (ii) the consummation of the Merger not being restrained, enjoined or prohibited by any order (whether temporary, preliminary or permanent) of any governmental entity of competent jurisdiction and no applicable law having been enacted to prohibit or make illegal the consummation of the Merger, in each case, other than an immaterial order or law; (iii) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder (the “HSR Act”), and all waivers, consents, clearances, approvals and authorizations under certain other applicable competition and foreign investment laws having been obtained (or the expiration or termination of any applicable waiting periods thereunder); and (iv) the accuracy of the representations and warranties of the Company, on the one hand, and of Parent and Merger Sub, on the other hand, contained in the Merger Agreement, subject in some instances to materiality or “material adverse effect” qualifiers, as of the date of the Merger Agreement and as of the Closing, and the performance or compliance in all material respects by the Company, on the one hand, and Parent and Merger Sub, on the other hand, of or with their respective covenants and agreements required to be performed or complied with by them under the Merger Agreement on or before the Closing date. The stockholder approval was obtained on August 14, 2024. The Closing conditions in the Merger Agreement with respect to receipt of approval under antitrust and foreign direct investment laws, including expiration of the waiting period under the HSR Act and receipt of antitrust or foreign investment approval in the U.K., Canada, Spain and Portugal, have been satisfied in accordance with the terms and conditions of the Merger Agreement. In addition, the obligation of Parent and Merger Sub to consummate the Merger is subject to the absence, since the date of the Merger Agreement, of a Company Material Adverse Effect (as defined in the Merger Agreement) that is continuing. The Closing is not subject to a financing condition. Under the terms of the Merger Agreement, consummation of the Merger will occur as soon as possible, but in any event no later than three The Company has incurred and expects to continue to incur certain significant costs relating to the Merger, such as legal, accounting, financial advisory, printing and other professional services fees, as well as other customary payments. During the three and nine months ended, September 30, 2024, in connection with the Merger, Stericycle incurred approximately $3.4 million and $11.6 million, respectively, of transaction-related expenses, reported in SG&A. In the event that the Merger is terminated, the Company may also be required under the Merger Agreement under certain circumstances to pay a termination fee to Parent of $175.0 million, or may be entitled to receive a termination fee of $262.5 million from Parent.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed 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 condensed consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenues, 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 condensed consolidated financial statements as “Noncontrolling interests”. The accompanying unaudited condensed consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023, have been prepared pursuant to the rules and regulations of the SEC for interim reporting and, therefore, do not include all information and footnote disclosures normally included in audited financial statements prepared in conformity with U.S. GAAP. In the opinion of management, however, all adjustments, consisting of normal recurring adjustments necessary to present fairly the results of operations, financial position and cash flows have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2023 Form 10-K. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year or any other period.
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.
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, 2024, with early adoption permitted. The Company is currently evaluating the impact on disclosures in our Notes to Condensed 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 Condensed Consolidated Financial Statements.

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2024
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 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue by Service Regulated Waste and Compliance Services $ 438.7 $ 439.9 $ 1,329.0 $ 1,335.9 Secure Information Destruction Services 209.7 213.6 645.9 671.4 Total Revenues $ 648.4 $ 653.5 $ 1,974.9 $ 2,007.3 North America Regulated Waste and Compliance Services $ 369.2 $ 368.0 $ 1,117.8 $ 1,103.1 Secure Information Destruction Services 185.2 189.1 573.4 592.6 Total North America Segment $ 554.4 $ 557.1 $ 1,691.2 $ 1,695.7 International Regulated Waste and Compliance Services $ 69.5 $ 71.9 $ 211.2 $ 232.8 Secure Information Destruction Services 24.5 24.5 72.5 78.8 Total International Segment $ 94.0 $ 96.4 $ 283.7 $ 311.6
Schedule of Total Contract Acquisition Costs	Total contract acquisition costs, net of accumulated amortization, were classified as follows: In millions September 30, 2024 December 31, 2023 Other current assets $ 17.0 $ 16.1 Other assets 47.1 46.1 Total contract acquisition costs $ 64.1 $ 62.2
Schedule of Allowance for Credit Loss Activity	The changes in allowance for doubtful accounts were reported as follows: In millions Nine Months Ended September 30, 2024 2023 Beginning Balance $ 44.7 $ 53.3 Bad debt expense, net of recoveries 21.2 10.1 Write-offs (11.5) (12.2) Other changes (1) (2.8) (4.1) Ending Balance $ 51.6 $ 47.1 (1) Amounts consist primarily of divestiture impacts of $3.9 million in 2024 and $6.4 million in 2023 (principally Brazil) and currency translation adjustments.

RESTRUCTURING, DIVESTITURES, _2

RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets Held for Sale	The Company had the following assets and liabilities classified as held-for-sale: In millions As of September 30, 2024 Total current assets (primarily receivables) $ 30.2 Fixed assets 17.1 Operating lease right-of-use assets 10.5 Intangibles 26.6 Goodwill 28.5 Assets held-for-sale $ 112.9 Total current liabilities $ 22.9 Long-term operating lease liabilities 7.2 Deferred taxes 9.3 Liabilities held-for-sale $ 39.4

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consisted of the following: In millions September 30, 2024 December 31, 2023 $1.2 billion Credit Facility, due in 2026 $ 710.8 $ 31.0 $125 million Term Loan, due in 2026 125.0 125.0 $600 million Senior Notes, due in 2024 (redeemed in March 2024) — 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration weighted average maturity of 2.4 years at 2024 and 2.6 years at 2023 21.6 32.9 Obligations under finance leases 19.6 16.3 Total debt 1,377.0 1,305.2 Less: current portion of total debt 12.0 19.6 Less: unamortized debt issuance costs 5.6 7.8 Long-term portion of total debt $ 1,359.4 $ 1,277.8
Schedule of Weighted Average Interest Rates on Long Term Debt Excluding Capital Leases	The weighted average interest rates on long-term debt, excluding finance leases, were as follows: Nine Months Ended September 30, 2024 Year Ended December 31, 2023 $1.2 billion Credit Facility, due in 2026 (variable rate) 6.73 % 6.85 % $125 million Term Loan, due in 2026 (variable rate) 6.25 % 6.66 % $600 million Senior Notes, due in 2024 (fixed rate) (redeemed in March 2024) — % 5.38 % $500 million Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.92 % 3.54 %
Schedule of Outstanding Letters of Credit and the Unused Portion of Senior Credit Facility	Amounts committed to outstanding letters of credit and the unused portion of the Company's Credit Facility were as follows: In millions September 30, 2024 December 31, 2023 Outstanding letters of credit under Credit Facility $ 56.5 $ 59.0 Unused portion of the Credit Facility 432.7 1,110.0

(LOSS) EARNINGS PER COMMON SH_2

(LOSS) EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
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 (loss) earnings per share: In millions of shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average common shares outstanding - basic 92.7 92.5 92.6 92.4 Incremental shares outstanding related to stock-based awards — 0.4 0.6 — Weighted average common shares outstanding - diluted 92.7 92.9 93.2 92.4
Schedule of Antidilutive Securities	Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method include the following: In thousands of shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Option awards — 711 — 780 RSU awards — 98 — 1

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Financial Information of Reportable Segments	The following tables show financial information for the Company's reportable segments (see Note 2 – Revenues from Contracts with Customers for segment revenues): In millions Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Adjusted Income from Operations North America $ 139.5 $ 143.5 $ 437.2 $ 460.3 International 8.2 8.9 30.4 27.6 Other Costs (76.3) (82.1) (224.2) (256.9) Total Adjusted Income from Operations $ 71.4 $ 70.3 $ 243.4 $ 231.0
Reconciliation of Company's Primary Measure to Income from Operations	The following table reconciles the Company's primary measure of segment profitability, Adjusted Income from Operations, to Income from operations: In millions Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total Reportable Segment Adjusted Income from Operations $ 71.4 $ 70.3 $ 243.4 $ 231.0 Adjusting Items: ERP and System Modernization (4.1) (4.8) (12.7) (12.9) Intangible Amortization (27.6) (27.9) (83.1) (84.2) Operational Optimization 0.4 — (5.0) — Portfolio Optimization (11.8) (5.0) (13.6) (64.8) Litigation, Settlements and Regulatory Compliance (15.9) (5.3) (39.0) (22.4) Asset Impairments — (3.1) — (6.5) WM Transaction-Related Charges (3.4) — (11.6) — Income from operations $ 9.0 $ 24.2 $ 78.4 $ 40.2

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 648.4	$ 653.5	$ 1,974.9	$ 2,007.3
North America
Disaggregation of Revenue [Line Items]
Revenues	554.4	557.1	1,691.2	1,695.7
International
Disaggregation of Revenue [Line Items]
Revenues	94	96.4	283.7	311.6
Regulated Waste and Compliance Services
Disaggregation of Revenue [Line Items]
Revenues	438.7	439.9	1,329	1,335.9
Regulated Waste and Compliance Services | North America
Disaggregation of Revenue [Line Items]
Revenues	369.2	368	1,117.8	1,103.1
Regulated Waste and Compliance Services | International
Disaggregation of Revenue [Line Items]
Revenues	69.5	71.9	211.2	232.8
Secure Information Destruction Services
Disaggregation of Revenue [Line Items]
Revenues	209.7	213.6	645.9	671.4
Secure Information Destruction Services | North America
Disaggregation of Revenue [Line Items]
Revenues	185.2	189.1	573.4	592.6
Secure Information Destruction Services | International
Disaggregation of Revenue [Line Items]
Revenues	$ 24.5	$ 24.5	$ 72.5	$ 78.8

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenues	$ 80.4		$ 80.4		$ 72.6
Contract acquisition costs, weighted average estimated period			6 years 6 months
Amortized deferred sales incentive cost	$ 4.6	$ 4.2	$ 13.4	$ 12.3

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Total Contract Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total contract acquisition costs	$ 64.1	$ 62.2
Other current assets
Disaggregation of Revenue [Line Items]
Total contract acquisition costs	17	16.1
Other assets
Disaggregation of Revenue [Line Items]
Total contract acquisition costs	$ 47.1	$ 46.1

REVENUES FROM CONTRACTS WITH _6

REVENUES FROM CONTRACTS WITH CUSTOMERS - Allowance for Credit Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 44.7	$ 53.3
Bad debt expense, net of recoveries	21.2	10.1
Write-offs	(11.5)	(12.2)
Other changes	(2.8)	(4.1)
Ending Balance	51.6	47.1
Divestitures	$ 3.9	$ 6.4

ACQUISITION (Details)

ACQUISITION (Details) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) business	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Number of acquisitions | business		0
Goodwill		$ 2,755.6	$ 2,734.9
Southeastern U.S. Regulated Waste
Business Acquisition [Line Items]
Purchase price	$ 15.8
Cash	14
Promissory notes	1.8
Goodwill	8.2
Tangible and intangible assets	$ 6.1

RESTRUCTURING, DIVESTITURES, _3

RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS - Narrative (Details) - USD ($) $ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 09, 2024

Jun. 01, 2023

May 24, 2023

Apr. 20, 2023

Jan. 19, 2023

Feb. 29, 2024

Oct. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Restructuring Cost and Reserve [Line Items]

Operational optimization charges

$ 5.4

$ 3

$ (0.4)

$ 0

$ 5

$ 0

Divestiture losses, net and impairments

(10.5)

(4.2)

(10.5)

(63.4)

Cumulative currency translation gain (loss) realized from divestitures

0

(1)

0

(70.6)

International

Restructuring Cost and Reserve [Line Items]

Impairment

3.1

3.1

Impairment, long-lived assets

$ 3.4

Spain and Portugal Operations | International

Restructuring Cost and Reserve [Line Items]

Divestiture losses, net and impairments

(10.5)

Romania Operations | International

Restructuring Cost and Reserve [Line Items]

Divestiture losses, net and impairments

(4.2)

Cumulative currency translation gain (loss) realized from divestitures

$ (1)

Republic Of Korea | International

Restructuring Cost and Reserve [Line Items]

Cumulative currency translation gain (loss) realized from divestitures

$ 2.7

Australia and Singapore | International

Restructuring Cost and Reserve [Line Items]

Cumulative currency translation gain (loss) realized from divestitures

$ (2.2)

Brazil | International

Restructuring Cost and Reserve [Line Items]

Cumulative currency translation gain (loss) realized from divestitures

$ (70.1)

Disposed of by sale | Spain and Portugal Operations | International

Restructuring Cost and Reserve [Line Items]

Cumulative currency translation gain (loss) realized from divestitures

12

Disposed of by sale | Spain and Portugal Operations | International | Subsequent event

Restructuring Cost and Reserve [Line Items]

Proceeds from divestiture of businesses, net

$ 86.4

Disposed of by sale | Other Businesses | International

Restructuring Cost and Reserve [Line Items]

Divestiture losses, net and impairments

$ (1.5)

Disposed of by sale | Republic Of Korea | International

Restructuring Cost and Reserve [Line Items]

Proceeds from divestiture of businesses, net

109.3

Divestiture losses, net and impairments

$ 50.8

Disposed of by sale | Australia and Singapore | International

Restructuring Cost and Reserve [Line Items]

Proceeds from divestiture of businesses, net

2.9

Divestiture losses, net and impairments

$ (7.3)

Disposed of by sale | Brazil | International

Restructuring Cost and Reserve [Line Items]

Proceeds from divestiture of businesses, net

28

Divestiture losses, net and impairments

$ (96.2)

Disposed of by sale | International Container Manufacturing | International

Restructuring Cost and Reserve [Line Items]

Proceeds from divestiture of businesses, net

$ 2.2

Divestiture losses, net and impairments

$ (5)

Held-for-sale

Restructuring Cost and Reserve [Line Items]

Assets held-for-sale

$ 0

Held-for-sale | Spain and Portugal Operations

Restructuring Cost and Reserve [Line Items]

Assets held-for-sale

$ 112.9

$ 112.9

RESTRUCTURING, DIVESTITURES, _4

RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS - Schedule of Assets Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets (primarily receivables)	$ 112.9	$ 0
Total current liabilities	39.4	0
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held-for-sale		$ 0
Held-for-sale | Spain and Portugal Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets (primarily receivables)	30.2
Fixed assets	17.1
Operating lease right-of-use assets	10.5
Intangibles	26.6
Goodwill	28.5
Assets held-for-sale	112.9
Total current liabilities	22.9
Long-term operating lease liabilities	7.2
Deferred taxes	9.3
Liabilities held-for-sale	$ 39.4

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Obligations under finance leases	$ 19,600,000	$ 16,300,000
Total debt	1,377,000,000	1,305,200,000
Less: current portion of total debt	12,000,000	19,600,000
Less: unamortized debt issuance costs	5,600,000	7,800,000
Long-term portion of total debt	1,359,400,000	1,277,800,000
$600 million Senior Notes, due in 2024 (redeemed in March 2024) | Senior notes
Debt Instrument [Line Items]
Long-term debt, face amount	600,000,000
Long-term debt	0	600,000,000
$500 million Senior Notes, due in 2029 | Senior notes
Debt Instrument [Line Items]
Long-term debt, face amount	500,000,000
Long-term debt	$ 500,000,000	$ 500,000,000
Promissory notes and deferred consideration | Promissory note
Debt Instrument [Line Items]
Long-term debt, maturity	2 years 4 months 24 days	2 years 7 months 6 days
Long-term debt	$ 21,600,000	$ 32,900,000
$1.2 billion Credit Facility, due in 2026 | Credit agreement amended, due in 2026 | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity of line of credit facility	1,200,000,000
Long-term debt	710,800,000	31,000,000
$125 million Term Loan, due in 2026 | Credit agreement amended, due in 2026 | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity of line of credit facility	125,000,000
Long-term debt	$ 125,000,000	$ 125,000,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 14, 2024 USD ($)	Dec. 31, 2023 USD ($)
Credit agreement amended, due in 2026 | Line of credit
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	4
EBITDA requirement amount	$ 50
Leverage ratio	3.48
Leverage ratio, increase	0.30
$600 million Senior Notes, due in 2024 (redeemed in March 2024) | Senior notes
Debt Instrument [Line Items]
Debt redeemed		$ 600
Level 2
Debt Instrument [Line Items]
Estimated fair value of debt	$ 1,300		$ 1,300

DEBT - Schedule of Weighted Ave

DEBT - Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases (Details)	Sep. 30, 2024	Dec. 31, 2023
Credit agreement amended, due in 2026 | Line of credit | $1.2 billion Credit Facility, due in 2026
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate	6.73%	6.85%
Credit agreement amended, due in 2026 | Line of credit | $125 million Term Loan, due in 2026
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate	6.25%	6.66%
$600 million Senior Notes, due in 2024 (redeemed in March 2024) | Senior notes
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate	0%	5.38%
$500 million Senior Notes, due in 2029 | Senior notes
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate	3.88%	3.88%
Promissory notes and deferred consideration | Promissory note
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate	3.92%	3.54%

DEBT - Schedule of Outstanding

DEBT - Schedule of Outstanding Letters of Credit and the Unused Portion of Senior Credit Facility (Details) - Senior credit facility - Line of credit - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding letters of credit under Credit Facility	$ 56.5	$ 59
Unused portion of the Credit Facility	$ 432.7	$ 1,110

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2.3	$ 4.8	$ 13.6	$ 19.1
Effective tax rate	(20.20%)	69.60%	71.60%	(112.40%)

(LOSS) EARNINGS PER COMMON SH_3

(LOSS) EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding - basic (in shares)	92.7	92.5	92.6	92.4
Incremental shares outstanding related to stock-based awards (in shares)	0	0.4	0.6	0
Weighted average common shares outstanding - diluted (in shares)	92.7	92.9	93.2	92.4

(LOSS) EARNINGS PER COMMON SH_4

(LOSS) EARNINGS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from EPS Calculation (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares)	0	711	0	780
RSU awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted earnings (loss) per share (in shares)	0	98	0	1

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Detail)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

SEGMENT REPORTING - Financial I

SEGMENT REPORTING - Financial Information of Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Adjusted Income from Operations	$ 71.4	$ 70.3	$ 243.4	$ 231
Other Costs
Segment Reporting Information [Line Items]
Total Adjusted Income from Operations	(76.3)	(82.1)	(224.2)	(256.9)
North America | Operating Segments
Segment Reporting Information [Line Items]
Total Adjusted Income from Operations	139.5	143.5	437.2	460.3
International | Operating Segments
Segment Reporting Information [Line Items]
Total Adjusted Income from Operations	$ 8.2	$ 8.9	$ 30.4	$ 27.6

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profitability to Income from Operations (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 29, 2024	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Total Reportable Segment Adjusted Income from Operations			$ 71.4	$ 70.3	$ 243.4	$ 231
ERP and System Modernization			(4.1)	(4.8)	(12.7)	(12.9)
Intangible Amortization			(27.6)	(27.9)	(83.1)	(84.2)
Operational Optimization	$ (5.4)	$ (3)	0.4	0	(5)	0
Portfolio Optimization			(11.8)	(5)	(13.6)	(64.8)
Litigation, Settlements and Regulatory Compliance			(15.9)	(5.3)	(39)	(22.4)
Asset Impairments			0	(3.1)	0	(6.5)
WM Transaction-Related Charges			(3.4)	0	(11.6)	0
Income from operations			$ 9	$ 24.2	$ 78.4	$ 40.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Government Investigations $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Compliance monitor period	2 years
Loss contingency accrual	$ 10
Department Of Justice
Loss Contingencies [Line Items]
Deferred prosecution period	3 years

PROPOSED PLAN OF MERGER (Detail

PROPOSED PLAN OF MERGER (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 03, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Merger transaction costs	$ 3.4	$ 0	$ 11.6	$ 0
Stag Merger Sub Inc.
Business Acquisition [Line Items]
Merger, share conversion price (in dollars per share)					$ 62
Merger, threshold days after applicable conditions to close					3 days
Merger transaction costs	$ 3.4		$ 11.6
Merger termination fee, threshold amount payable					$ 175
Merger termination fee, threshold amount receivable					$ 262.5