Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 09, 2021 | Jun. 30, 2020 | |
Document Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-34370 | ||
Entity Registrant Name | WASTE CONNECTIONS, INC. | ||
Entity Incorporation, State or Country Code | A6 | ||
Entity Tax Identification Number | 98-1202763 | ||
Entity Address, Address Line One | 610 Applewood Crescent, 2nd Floor | ||
Entity Address, City or Town | Vaughan | ||
Entity Address, State or Province | ON | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | L4K 0E3 | ||
City Area Code | (905) | ||
Local Phone Number | 532-7510 | ||
Title of 12(b) Security | Common Shares, no par value | ||
Trading Symbol | WCN | ||
Security Exchange Name | NYSE | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 24,588,674,819 | ||
Entity Common Stock, Shares Outstanding | 262,233,072 | ||
Entity Central Index Key | 0001318220 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and equivalents | $ 617,294 | $ 326,738 |
Accounts receivable, net of allowance for credit losses of $19,380 and $16,432 at December 31, 2020 and 2019, respectively | 630,264 | 662,808 |
Prepaid expenses and other current assets | 160,714 | 141,052 |
Total current assets | 1,408,272 | 1,130,598 |
Restricted cash | 97,095 | 96,483 |
Restricted investments | 57,516 | 51,179 |
Property and equipment, net | 5,284,506 | 5,516,347 |
Operating lease right-of-use assets | 170,923 | 183,220 |
Goodwill | 5,726,650 | 5,510,851 |
Intangible assets, net | 1,155,079 | 1,163,063 |
Other assets, net | 92,323 | 85,954 |
Total assets | 13,992,364 | 13,737,695 |
Current liabilities: | ||
Accounts payable | 290,820 | 436,970 |
Book overdraft | 17,079 | 15,954 |
Accrued liabilities | 404,923 | 280,808 |
Current portion of operating lease liabilities | 30,671 | 29,929 |
Current portion of contingent consideration | 43,297 | 26,659 |
Deferred revenue | 233,596 | 216,443 |
Current portion of long-term debt and notes payable | 8,268 | 465 |
Total current liabilities | 1,028,654 | 1,007,228 |
Long-term portion of debt and notes payable | 4,708,678 | 4,353,782 |
Long-term portion of operating lease liabilities | 147,223 | 160,033 |
Long-term portion of contingent consideration | 28,439 | 42,825 |
Deferred income taxes | 760,044 | 818,622 |
Other long-term liabilities | 455,888 | 416,851 |
Total liabilities | 7,128,926 | 6,799,341 |
Commitments and contingencies (Note 12) | ||
Equity: | ||
Common shares: 262,899,174 shares issued and 262,824,990 shares outstanding at December 31, 2020; 263,699,675 shares issued and 263,618,161 shares outstanding at December 31, 2019 | 4,030,368 | 4,135,343 |
Additional paid-in capital | 170,555 | 154,917 |
Accumulated other comprehensive loss | (651) | (10,963) |
Treasury shares: 74,184 and 81,514 shares at December 31, 2020 and 2019, respectively | ||
Retained earnings | 2,659,001 | 2,654,207 |
Total Waste Connections' equity | 6,859,273 | 6,933,504 |
Noncontrolling interest in subsidiaries | 4,165 | 4,850 |
Total equity | 6,863,438 | 6,938,354 |
Total liabilities and shareholders' equity | $ 13,992,364 | $ 13,737,695 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for credit losses | $ 19,380 | $ 16,432 |
Common shares, shares issued | 262,899,174 | 263,699,675 |
Common shares, shares outstanding | 262,824,990 | 263,618,161 |
Treasury shares | 74,184 | 81,514 |
Consolidated Statements of Net
Consolidated Statements of Net Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 5,445,990 | $ 5,388,679 | $ 4,922,941 |
Operating expenses: | |||
Cost of operations | 3,276,808 | 3,198,757 | 2,865,704 |
Selling, general and administrative | 537,632 | 546,278 | 524,388 |
Depreciation | 621,102 | 618,396 | 572,708 |
Amortization of intangibles | 131,302 | 125,522 | 107,779 |
Impairments and other operating items | 466,718 | 61,948 | 20,118 |
Operating income | 412,428 | 837,778 | 832,244 |
Interest expense | (162,375) | (147,368) | (132,104) |
Interest income | 5,253 | 9,777 | 7,170 |
Other income (expense), net | (1,392) | 5,704 | (170) |
Income before income tax provision | 253,914 | 705,891 | 707,140 |
Income tax provision | (49,922) | (139,210) | (159,986) |
Net income | 203,992 | 566,681 | 547,154 |
Plus (Less): Net loss (income) attributable to noncontrolling interests | 685 | 160 | (283) |
Net income attributable to Waste Connections | $ 204,677 | $ 566,841 | $ 546,871 |
Earnings per common share attributable to Waste Connections' common shareholders: | |||
Basic | $ 0.78 | $ 2.15 | $ 2.07 |
Diluted | $ 0.78 | $ 2.14 | $ 2.07 |
Shares used in the per share calculations: | |||
Basic | 263,189,699 | 263,792,693 | 263,650,155 |
Diluted | 263,687,539 | 264,526,561 | 264,395,618 |
Cash dividends per common share | $ 0.760 | $ 0.665 | $ 0.580 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 203,992 | $ 566,681 | $ 547,154 |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustment | 50,653 | 101,970 | (175,233) |
Other comprehensive income (loss), before tax | (4,233) | 50,070 | (185,995) |
Income tax benefit related to items of other comprehensive income (loss) | 14,545 | 13,753 | 2,796 |
Other comprehensive income (loss), net of tax | 10,312 | 63,823 | (183,199) |
Comprehensive income | 214,304 | 630,504 | 363,955 |
Plus (less): Comprehensive loss (income) attributable to noncontrolling interests | 685 | 160 | (283) |
Comprehensive income attributable to Waste Connections | 214,989 | 630,664 | 363,672 |
Interest Rate Swap [Member] | |||
Other comprehensive income (loss), before tax: | |||
Amounts reclassified, gross | 9,778 | (8,027) | (5,669) |
Change in fair value, gross | $ (64,664) | $ (43,873) | (1,213) |
Fuel [Member] | Commodity Contract [Member] | |||
Other comprehensive income (loss), before tax: | |||
Amounts reclassified, gross | (6,531) | ||
Change in fair value, gross | $ 2,651 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Deferred Compensation Plan [Member]Common Stock [Member] | Performance Shares [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,187,568 | $ 115,743 | $ 108,413 | $ 1,856,946 | $ 5,400 | $ 6,274,070 | |||||
Beginning Balances at Dec. 31, 2017 | $ 4,187,568 | 115,743 | 108,413 | 1,856,946 | 5,400 | 6,274,070 | |||||
Beginning Balances, shares at Dec. 31, 2017 | 263,494,670 | ||||||||||
Beginning Balance, treasury shares at Dec. 31, 2017 | 166,133 | ||||||||||
Sale of common shares held in trust | $ 2,667 | 2,667 | |||||||||
Sale of common shares held in trust, shares | 36,244 | (36,244) | |||||||||
Vesting of restricted share units (shares) | 5,069 | 154,181 | 483,232 | ||||||||
Fair value adjustment for common shares in deferred compensation plan exchanged for other investment options | (1,734) | (1,734) | |||||||||
Tax withholdings related to net share settlements of equity-based compensation | (15,032) | (15,032) | |||||||||
Tax withholdings related to net share settlements of equity-based compensation, shares | (217,850) | ||||||||||
Equity-based compensation | 34,600 | 34,600 | |||||||||
Exercise of warrants, shares | 17,571 | ||||||||||
Repurchase of common shares | $ (58,928) | $ (58,928) | |||||||||
Repurchase of common shares, shares | (831,704) | (831,704) | |||||||||
Cash dividends on common shares | (152,550) | $ (152,550) | |||||||||
Amounts reclassified into earnings, net of taxes | (9,071) | (9,071) | |||||||||
Changes in fair value of cash flow hedges, net of taxes | 1,105 | 1,105 | |||||||||
Foreign currency translation adjustment | (175,233) | (175,233) | |||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,131,307 | 133,577 | (74,786) | $ 13,243 | 2,264,510 | 5,580 | $ 13,243 | 6,460,188 | |||
Distributions to noncontrolling interests | (103) | (103) | |||||||||
Net income (loss) | 546,871 | 283 | 547,154 | ||||||||
Ending Balances at Dec. 31, 2018 | $ 4,131,307 | 133,577 | (74,786) | 13,243 | 2,264,510 | 5,580 | 13,243 | 6,460,188 | |||
Ending Balances, Shares at Dec. 31, 2018 | 263,141,413 | ||||||||||
Ending Balance, treasury shares at Dec. 31, 2018 | 129,889 | ||||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,131,307 | 133,577 | (74,786) | 13,243 | 2,264,510 | 5,580 | 13,243 | 6,460,188 | |||
Sale of common shares held in trust | $ 4,036 | 4,036 | |||||||||
Sale of common shares held in trust, shares | 48,375 | (48,375) | |||||||||
Vesting of restricted share units (shares) | 16,375 | 180,258 | 416,691 | ||||||||
Tax withholdings related to net share settlements of equity-based compensation | (17,660) | (17,660) | |||||||||
Tax withholdings related to net share settlements of equity-based compensation, shares | (210,018) | ||||||||||
Equity-based compensation | 39,000 | $ 39,000 | |||||||||
Exercise of warrants, shares | 25,067 | ||||||||||
Repurchase of common shares, shares | 0 | ||||||||||
Cash dividends on common shares | (175,067) | $ (175,067) | |||||||||
Amounts reclassified into earnings, net of taxes | (5,900) | (5,900) | |||||||||
Changes in fair value of cash flow hedges, net of taxes | (32,247) | (32,247) | |||||||||
Foreign currency translation adjustment | 101,970 | 101,970 | |||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,135,343 | 154,917 | (10,963) | (2,077) | 2,654,207 | 4,850 | (2,077) | 6,460,188 | |||
Distributions to noncontrolling interests | (570) | (570) | |||||||||
Net income (loss) | 566,841 | (160) | 566,681 | ||||||||
Ending Balances at Dec. 31, 2019 | $ 4,135,343 | 154,917 | (10,963) | (2,077) | 2,654,207 | 4,850 | (2,077) | $ 6,938,354 | |||
Ending Balances, Shares at Dec. 31, 2019 | 263,618,161 | 263,618,161 | |||||||||
Ending Balance, treasury shares at Dec. 31, 2019 | 81,514 | 81,514 | |||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,135,343 | 154,917 | (10,963) | (2,077) | 2,654,207 | 4,850 | (2,077) | $ 6,938,354 | |||
Sale of common shares held in trust | $ 679 | 679 | |||||||||
Sale of common shares held in trust, shares | 7,330 | (7,330) | |||||||||
Vesting of restricted share units (shares) | 23,857 | 281,186 | 377,006 | ||||||||
Fair value adjustment for common shares in deferred compensation plan exchanged for other investment options | (678) | (678) | |||||||||
Tax withholdings related to net share settlements of equity-based compensation | (23,446) | (23,446) | |||||||||
Tax withholdings related to net share settlements of equity-based compensation, shares | (230,698) | ||||||||||
Equity-based compensation | 39,762 | 39,762 | |||||||||
Exercise of warrants, shares | 20,125 | ||||||||||
Repurchase of common shares | $ (105,654) | $ (105,654) | |||||||||
Repurchase of common shares, shares | (1,271,977) | (1,271,977) | |||||||||
Cash dividends on common shares | (199,883) | $ (199,883) | |||||||||
Amounts reclassified into earnings, net of taxes | 7,187 | 7,187 | |||||||||
Changes in fair value of cash flow hedges, net of taxes | (47,528) | (47,528) | |||||||||
Foreign currency translation adjustment | 50,653 | 50,653 | |||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,030,368 | 170,555 | (651) | $ (2,077) | 2,659,001 | 4,165 | $ (2,077) | 6,938,354 | |||
Net income (loss) | 204,677 | (685) | 203,992 | ||||||||
Ending Balances at Dec. 31, 2020 | $ 4,030,368 | 170,555 | (651) | 2,659,001 | 4,165 | $ 6,863,438 | |||||
Ending Balances, Shares at Dec. 31, 2020 | 262,824,990 | 262,824,990 | |||||||||
Ending Balance, treasury shares at Dec. 31, 2020 | 74,184 | 74,184 | |||||||||
Cumulative effect adjustment from adoption of new accounting pronouncement | $ 4,030,368 | $ 170,555 | $ (651) | $ 2,659,001 | $ 4,165 | $ 6,863,438 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 203,992 | $ 566,681 | $ 547,154 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss on disposal of assets and impairments | 445,647 | 60,592 | 10,193 |
Depreciation | 621,102 | 618,396 | 572,708 |
Amortization of intangibles | 131,302 | 125,522 | 107,779 |
Deferred income taxes, net of acquisitions | (50,487) | 54,637 | 77,859 |
Amortization of debt issuance costs | 7,509 | 5,001 | 4,158 |
Share-based compensation | 45,751 | 42,671 | 43,803 |
Interest accretion | 17,205 | 16,426 | 14,861 |
Payment of contingent consideration recorded in earnings | (10,371) | (11) | |
Adjustments to contingent consideration | 18,418 | 1,498 | 349 |
Other | 2,426 | (2,240) | 943 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable, net | 46,841 | (22,933) | (37,724) |
Prepaid expenses and other current assets | (17,749) | 9,135 | 39,758 |
Accounts payable | (148,362) | 71,147 | 16,135 |
Deferred revenue | 14,981 | 19,156 | 17,916 |
Accrued liabilities | 88,612 | (22,938) | 1,314 |
Capping, closure and post-closure expenditures | (6,484) | (5,062) | (2,702) |
Other long-term liabilities | (1,812) | 2,858 | (3,258) |
Net cash provided by operating activities | 1,408,521 | 1,540,547 | 1,411,235 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payments for acquisitions, net of cash acquired | (388,789) | (736,610) | (830,091) |
Capital expenditures for property and equipment | (597,053) | (634,406) | (546,145) |
Capital expenditure for undeveloped landfill property | (67,508) | (31,683) | |
Investment in noncontrolling interest | (25,000) | ||
Proceeds from disposal of assets | 19,084 | 3,566 | 5,385 |
Other | (11,777) | (1,873) | (969) |
Net cash used in investing activities | (1,046,043) | (1,426,006) | (1,371,820) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 1,815,625 | 1,575,795 | 1,022,737 |
Principal payments on notes payable and long-term debt | (1,542,958) | (1,470,711) | (970,773) |
Payment of contingent consideration recorded at acquisition date | (12,566) | (3,200) | (6,127) |
Change in book overdraft | 1,096 | (2,564) | (839) |
Payments for repurchase of common shares | (105,654) | (58,928) | |
Payments for cash dividends | (199,883) | (175,067) | (152,550) |
Tax withholdings related to net share settlements of equity-based compensation | (23,446) | (17,660) | (15,032) |
Debt issuance costs | (11,117) | (5,953) | (8,630) |
Proceeds from sale of common shares held in trust | 679 | 4,036 | 2,667 |
Distributions to noncontrolling interests | (570) | (103) | |
Net cash used in financing activities | (78,224) | (95,894) | (187,578) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 6,914 | 608 | (1,290) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 291,168 | 19,255 | (149,453) |
Cash, cash equivalents and restricted cash at beginning of year | 423,221 | 403,966 | 553,227 |
Cash, cash equivalents and restricted cash at end of year | 714,389 | 423,221 | 403,966 |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH TRANSACTIONS: | |||
Plus: change in cash held for sale | 192 | ||
Cash paid for income taxes | 104,618 | 81,049 | 52,464 |
Cash paid for interest | 142,310 | 139,694 | 124,338 |
Changes in accrued capital expenditures for property and equipment | (10,940) | (7,528) | 1,825 |
In connection with its acquisitions, the Company assumed liabilities as follows: | |||
Fair value of assets acquired | 514,234 | 913,793 | 1,100,880 |
Payments for acquisitions, net of cash acquired | (388,789) | (736,610) | (830,091) |
Change in open working capital settlements at year end | (1,505) | (5,272) | 8,507 |
Liabilities assumed and notes payable issued to sellers of businesses acquired | $ 123,940 | $ 171,911 | $ 279,296 |
Business
Business | 12 Months Ended |
Dec. 31, 2020 | |
Business [Abstract] | |
Business | 1. BUSINESS The financial statements presented in this report represent the consolidation of Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada, and its wholly-owned and majority-owned subsidiaries. When the terms the “Company” or “Waste Connections” are used in this document, those terms refer to Waste Connections, Inc. and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, along with recycling and resource recovery, in mostly exclusive and secondary markets in the U.S. and Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services (“E&P”) in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest The challenges posed by the pandemic of coronavirus disease 2019 (“COVID-19”) on the global economy persisted through the fourth quarter of 2020 and continue to impact the demand for the Company’s services to varying degrees and in varying ways across the U.S. and Canada and across a variety of lines of business, including commercial collection and solid waste and E&P waste disposal. In response to the COVID-19 pandemic, national and local governments around the world have instituted certain measures, including travel bans, prohibitions on group events and gatherings, shutdowns of certain businesses, curfews, shelter-in-place orders and recommendations to practice social distancing. In some markets where a portion of these measures have been curtailed, the impact to demand for the Company’s services has decreased as activity levels have increased. The impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition and cash flows in future periods will depend largely on future developments, including the duration and spread of the outbreak in the U.S. and Canada, its severity, the actions to contain the novel coronavirus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume, all of which are uncertain and cannot be predicted at this time. |
New Accounting Standards and Re
New Accounting Standards and Reclassifications | 12 Months Ended |
Dec. 31, 2020 | |
New Accounting Standards and Reclassifications [Abstract] | |
New Accounting Standards and Reclassifications | 2. NEW ACCOUNTING STANDARDS AND RECLASSIFICATIONS Accounting Standards Adopted Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . In June 2016, the Financial Accounting Standards Board, (“FASB”) issued guidance introducing a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables , that requires entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. The standard became effective for public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers for annual periods beginning after December 15, 2019 and interim periods within those years. SEC streamlines some Regulation S-K disclosure requirements and adds new requirement Accounting Standards Pending Adoption Income Taxes – Simplifying the Accounting for Income Taxes . In December 2019, the FASB issued guidance that simplifies the accounting for income taxes as part of its overall initiative to reduce complexity in applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments include removal of certain exceptions to the general principles of income taxes, and simplification in several other areas such as accounting for a franchise tax that is partially based on income. The standard is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. The Company adopted the new standard as of January 1, 2021. Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In March 2020, the FASB issued guidance to provide temporary optional expedients and exceptions to the guidance in U.S. generally accepted accounting principles (“GAAP”) on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), anticipated to be phased out by the end of 2021, and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Under the new guidance, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Under the guidance, entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. It may also be applied to modifications of existing contracts made earlier in the interim period that includes the effective date. The guidance on hedging is applied to eligible hedging relationships existing as of the beginning of the interim period that includes the effective date and to new eligible hedging relationships entered into after the beginning of that interim period. The relief is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, certain optional expedients can be applied to hedging relationships evaluated in periods after December 31, 2022. The Company is currently assessing the potential impact of implementing this new guidance on its consolidated financial statements To the extent that the transition away from the use of LIBOR might affect the Company’s ability to maintain cash flow hedge accounting as described in Note 3, the relief is expected to permit the Company to maintain that cash flow hedge accounting. SEC amends MD&A and other Regulation S-K disclosure requirements Reclassification As disclosed within other notes to the financial statements, segment information reported in the Company’s prior year periods has been reclassified to conform with the 2020 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Currency The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company’s Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company’s consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company’s consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at purchase to be cash equivalents. As of December 31, 2020 and 2019, cash equivalents consisted of demand money market accounts. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted cash, restricted investments and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted cash and restricted investments are invested primarily in money market accounts, bank time deposits, U.S. government and agency securities and Canadian bankers’ acceptance notes. The Company has not experienced any losses related to its cash and equivalents, restricted cash or restricted investment accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for credit losses based on the expected collectability of accounts receivable. Revenue Recognition and Accounts Receivable The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, E&P services, and intermodal services. The following table disaggregates the Company’s revenues by service line for the periods indicated: Years Ended December 31, 2020 2019 2018 Commercial $ 1,610,313 $ 1,593,217 $ 1,452,831 Residential 1,528,217 1,380,763 1,189,148 Industrial and construction roll off 833,148 841,173 768,687 Total collection 3,971,678 3,815,153 3,410,666 Landfill 1,146,732 1,132,935 1,063,243 Transfer 777,754 771,316 670,129 Recycling 86,389 64,245 92,634 E&P 159,438 271,887 256,262 Intermodal and other 118,396 121,137 139,896 Intercompany (814,397) (787,994) (709,889) Total $ 5,445,990 $ 5,388,679 $ 4,922,941 The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided. See Note 16 for additional information regarding revenue by reportable segment. Revenue by Service Line Solid Waste Collection The Company’s solid waste collection business involves the collection of waste from residential, commercial and industrial customers for transport to transfer stations, or directly to landfills or recycling centers. Solid waste collection services include both recurring and temporary customer relationships. The services are performed under service agreements, municipal contracts or franchise agreements with governmental entities. Existing franchise agreements and most of the existing municipal contracts give the Company the exclusive right to provide specified waste services in the specified territory during the contract term. These exclusive arrangements are awarded, at least initially, on a competitive bid basis and subsequently on a bid or negotiated basis. The standard customer service agreements generally range from one In general, residential collection fees are billed monthly or quarterly in advance. Substantially all of the deferred revenue recognized as of September 30, 2020 was recognized as revenue during the three months ended December 31, 2020 when the service was performed. Commercial customers are typically billed on a monthly basis based on the nature of the services provided during the period. Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of waste collected. In addition, certain contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception. Solid waste collection revenue from sources other than customer contracts primarily relates to lease revenue associated with compactors. Revenue from these leasing arrangements was not material and represented an insignificant amount of total revenue for each of the reported periods. Landfill and Transfer Station Revenue at landfills is primarily generated by charging tipping fees on a per ton and/or per yard basis to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility. Revenue at transfer stations is primarily generated by charging tipping or disposal fees on a per ton and/or per yard basis. The fees charged to third parties are based primarily on the market, type and volume or weight of the waste accepted, the distance to the disposal facility and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted at the transfer facility. Many of the Company’s landfill and transfer station customers have entered into one Solid Waste Recycling Solid waste recycling revenues result from the sale of recycled commodities, which are generated by offering residential, commercial, industrial and municipal customers recycling services for a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals. The Company owns and operates recycling operations and markets collected recyclable materials to third parties for processing before resale. In some instances, the Company utilizes a third party to market recycled materials. In certain instances, the Company issues recycling rebates to municipal or commercial customers, which can be based on the price it receives upon the sale of recycled commodities, a fixed contractual rate or other measures. The Company also receives rebates when it disposes of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these agreements is variable in nature based on the volume of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception. E&P Waste Treatment, Recovery and Disposal E&P revenue is primarily generated through the treatment, recovery and disposal of non-hazardous exploration and production waste from vertical and horizontal drilling, hydraulic fracturing, production and clean-up activity, as well as other services. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted or processed during the period. Intermodal and Other Intermodal revenue is primarily generated through providing intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. The fees received for intermodal services are based on negotiated rates and vary depending on volume commitments by the shipper and destination. In general, fees are billed and revenue is recognized upon delivery. Other revenues consist primarily of the sale of methane gas generated from the Company’s MSW landfills. Revenue Recognition Service obligations of a long-term nature, e.g., solid waste collection service contracts, are satisfied over time, and revenue is recognized based on the value provided to the customer during the period. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of waste collected, transported and disposed, and the nature of the waste accepted. The Company does not disclose the value of unsatisfied performance obligations for these contracts as its right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations. Additionally, certain elements of long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, fuel recovery fee programs and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue is recognized once the index is established for the period. Accounts Receivable Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value. The allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The following is a rollforward of the Company’s allowance for credit losses from January 1, 2020 to December 31, 2020: Beginning balance $ 16,432 Current period provision for expected credit losses 15,509 Write-offs charged against the allowance (18,318) Recoveries collected 5,720 Impact of changes in foreign currency 37 Ending balance $ 19,380 Contract Acquisition Costs The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company’s Consolidated Balance Sheet, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one Property and Equipment Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter. The estimated useful lives are as follows: Buildings 10 Leasehold and land improvements 3 Machinery and equipment 3 Rolling stock 3 Containers 3 Landfill Accounting The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill. - Landfill development costs - Final capping, closure and post-closure obligations of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company. The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting current market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing 2020 and 2019 “layers” for final capping, closure and post-closure obligations was 4.75% for both years, which reflects the Company’s long-term credit adjusted risk free rate. The Company’s inflation rate assumption was 2.5% for the years ended December 31, 2020 and 2019. In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately 1 to 203 years, with an average remaining life of approximately 32 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes. The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2018 to December 31, 2020: Final capping, closure and post-closure liability at December 31, 2018 $ 251,782 Liability adjustments 19,846 Accretion expense associated with landfill obligations 14,251 Closure payments (5,059) Assumption of closure liabilities from acquisitions 8,707 Foreign currency translation adjustment 1,947 Final capping, closure and post-closure liability at December 31, 2019 291,474 Liability adjustments 2,490 Accretion expense associated with landfill obligations 14,874 Closure payments (6,488) Assumption of closure liabilities from acquisitions 2,136 Disposition of closure liabilities from divested operations (3,413) Foreign currency translation adjustment 823 Final capping, closure and post-closure liability at December 31, 2020 $ 301,896 Liability adjustments of $2,490 and $19,846 for the years ended December 31, 2020 and 2019, respectively, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. The final capping, closure and post-closure liability is included in Other long-term liabilities in the Consolidated Balance Sheets. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. - Disposal capacity 1) whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; 2) whether total development costs, final capping costs, and closure/post-closure costs have been determined; 3) whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; 4) whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and 5) whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion). It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired. Cell Processing Reserves The Company records a cell processing reserve related to its E&P segment for certain locations in Louisiana and Texas for the estimated amount of expenses to be incurred upon the treatment and excavation of oilfield waste received. The cell processing reserve is the future cost to properly treat and dispose of existing waste within the cells at the various facilities. The reserve generally covers estimated costs to be incurred over a period of time up to 24 months, with the current portion representing costs estimated to be incurred in the next 12 months. The estimate is calculated based on current estimated volume in the cells, estimated percentage of waste treated, and historical average costs to treat and excavate the waste. The processing reserve represents the estimated costs to process the volumes of oilfield waste on-hand for which revenue has been recognized. At December 31, 2020 and 2019, the current portion of cell processing reserves was $3,344 and $3,518, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2020 and 2019, the long-term portion of cell processing reserves was $1,364 and $1,270, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. Business Combination Accounting The Company accounts for business combinations as follows: ● ● Finite-Lived Intangible Assets The amounts assigned to franchise agreements, contracts, customer lists, permits and other agreements are being amortized over the expected term of the related agreements (ranging from 1 Goodwill and Indefinite-Lived Intangible Assets The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories and to operate E&P waste treatment and disposal facilities. The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below. Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In addition, the Company evaluates its reporting units for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include, but are not limited to, the following: ● ● ● ● ● As part of the Company’s goodwill impairment test, the Company estimates the fair value of each of its reporting units using discounted cash flow analyses. At December 31, 2019 and 2018, the Company’s reporting units consisted of its five geographic solid waste operating segments and its E&P segment. As of July 1, 2020, the Company combined all operations of its E&P segment into the Southern segment, based on the Company’s determination that the two operating segments met the aggregation criteria, and eliminated the E&P segment. The Company’s former E&P segment had $0 of goodwill at each of June 30, 2020 and December 31, 2019 and 2018. The Company compares the fair value of each reporting unit with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than its carrying value, an impairment charge is recorded for the amount by which the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. During the Company’s annual impairment analysis of its solid waste operations, the Company determined the fair value of each of its five geographic operating segments at December 31, 2020, 2019 and 2018 and each indefinite-lived intangible asset within those segments using discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows, growth rates and income tax rates. The cash flows employed in the Company’s 2020 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2021 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2020 results and perpetual revenue growth rates of 4.0%. The Company’s discount rate assumptions are based on an assessment of the market participant rate which approximated 5.3%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market capitalization. The Company did not record an impairment charge to any of its five geographic operating segments as a result of its annual goodwill and indefinite-lived intangible assets impairment tests for the years ended December 31, 2020, 2019 or 2018. Impairments of Property and Equipment and Finite-Lived Intangible Assets Property, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and other agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Typical indicators that an asset may be impaired include, but are not limited to, the following: ● ● ● ● ● If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below. The demand for the Company’s E&P waste services depends on the continued demand for, and production of, oil and natural gas. Crude oil and natural gas prices historically have been volatile. Macroeconomic and geopolitical conditions, including a significant decline in oil prices driven by both surplus production and supply, as well as the decrease in demand caused by factors including the COVID-19 pandemic, have resulted in decreased levels of oil and natural gas exploration and production activity and a corresponding decrease in demand for the Company’s E&P waste services. During the year ended December 31, 2020, total E&P revenue declined $112,114, compared to the prior year period, on rig count declines of 56% in certain basins. The most impacted basins include the Williston Basin in North Dakota, the Eagle Ford Basin in Texas and the Powder River Basin in Wyoming, all of which have relatively high costs associated with drilling, making them less attractive than other basins, including the Permian Basin in Texas and New Mexico. Additionally, across the industry there is uncertainty regarding future demand for oil and related services, as noted by several energy companies, many of whom are customers of the Company’s E&P segment. These companies have written down the values of their oil and gas assets in anticipation of the potential for the decarbonization of their energy product mix given an increased global focus on reducing greenhouse gases and addressing climate change. Such uncertainty regarding global demand has had a significant impact on the investment and operating plans of the Company’s E&P waste customers in the basins where the Company operates. The decrease in exploration and production activity, together with market expectations of a likely slow recovery in oil prices, reduced the expected future period cash flows of the Company’s E&P operations. Based on these events, the Company concluded that a triggering event occurred which required the Company to perform an impairment test of the property and equipment and intangible assets of its E&P operations as of June 30, 2020 using July 2020 industry projections for drilling activity by basin as the basis for expectations about future activity. Based upon the results of the impairment test, the Company concluded that the carrying value exceeded the projected undiscounted cash flows of four E&P landfills. The next step was to calculate the fair value of these four landfills using an income approach employing a discounted cash flow (“DCF”) model over the lesser of 40 years or the remaining life of each landfill. Additional key assumptions used in the DCF model included a discount rate of 12% applied to the cash flows, annual revenue projections based on E&P waste resulting from projected levels of oil and natural gas exploration and production activity during the forecast period at each location, gross margins based on estimated operating expense requirements during the forecast period, estimated capital expenditures over the forecast period and income taxes based on the estimated federal and state income tax rates applicable during the cash flow periods, all of which were classified as Level 3 in the fair value hierarchy. For each of the four landfills, the carrying value exceeded the calculated discounted fair value, resulting in the recording of an impairment charge of $417,384 to Impairments and other operating items in the Consolidated Statements of Net Incom |
Use of Estimates and Assumption
Use of Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2020 | |
Use of Estimates and Assumptions [Abstract] | |
Use of Estimates and Assumptions | 4. USE OF ESTIMATES AND ASSUMPTIONS In preparing the Company’s consolidated financial statements, several estimates and assumptions are made that affect the accounting for and recognition of assets, liabilities, revenues and expenses. These estimates and assumptions must be made because certain of the information that is used in the preparation of the Company’s consolidated financial statements is dependent on future events, cannot be calculated with a high degree of precision from data available or is simply not capable of being readily calculated based on generally accepted methodologies. In some cases, these estimates are particularly difficult to determine and the Company must exercise significant judgment. The most difficult, subjective and complex estimates and the assumptions that deal with the greatest amount of uncertainty are related to the Company’s accounting for landfills, self-insurance accruals, income taxes, allocation of acquisition purchase price, contingent consideration accruals and asset impairments, which are discussed in Note 3. An additional area that involves estimation is when the Company estimates the amount of potential exposure it may have with respect to litigation, claims and assessments in accordance with the accounting guidance on contingencies. Actual results for all estimates could differ materially from the estimates and assumptions that the Company uses in the preparation of its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | 5. ACQUISITIONS The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, the Company will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once the Company receives the information it was seeking; however, this period will not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected prospectively in the period the adjustment is identified in the consolidated financial statements. The Company recognizes acquisition-related costs as expense. The Company acquired 21 individually immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses during the year ended December 31, 2020. The total acquisition-related costs incurred during the year ended December 31, 2020 for these acquisitions was $9,803. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. The Company acquired 21 individually immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses during the year ended December 31, 2019. The purchase consideration recorded during this period for five of the acquired businesses included contingent consideration based upon the achievement of certain targets, including future asset and revenue growth. The fair value of the total contingent consideration recorded during the year ended December 31, 2019 of $14,038 was determined using probability assessments of the expected future cash flows over a one The Company acquired 20 individually immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses during the year ended December 31, 2018. The purchase price for one of these acquisitions included recording an initial estimate for contingent consideration of $11,593, representing the fair value of up to $12,582 of amounts payable to the former owners based on the achievement of certain operating targets specified in the asset purchase agreement. The fair value of the contingent consideration was determined using probability assessments of the expected future cash flows over the three-year period in which the obligation is expected to be settled, and applying a discount rate of 2.7%. As of December 31, 2020, the fair value of the obligation increased to $33,674, based on updated estimates of the operating targets that are expected to be achieved. The increase in the fair value of the contingent consideration was charged to expense and any subsequent changes will be charged to or credited to expense until the contingency is settled. The total acquisition-related costs incurred during the year ended December 31, 2018 for these acquisitions was $8,607. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. The results of operations of the acquired businesses have been included in the Company’s consolidated financial statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses. The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Acquisitions Acquisitions Acquisitions Fair value of consideration transferred: Cash $ 388,789 $ 736,610 $ 830,091 Debt assumed 91,349 95,809 210,461 Change in open working capital settlements at year end 1,505 5,272 (8,507) 481,643 837,691 1,032,045 Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: Accounts receivable 13,759 25,220 23,682 Prepaid expenses and other current assets 4,509 4,970 4,614 Operating lease right-of-use assets 5,247 3,616 — Property and equipment 173,394 294,037 437,914 Long-term franchise agreements and contracts 59,149 78,312 10,888 Indefinite-lived intangibles 13,465 — — Customer lists 48,512 52,422 133,387 Permits and other intangibles 10,507 48,141 23,935 Other assets 389 7 19 Accounts payable and accrued liabilities (14,174) (19,209) (25,005) Current portion of operating lease liabilities (509) (658) — Deferred revenue (1,821) (17,245) (16,238) Contingent consideration (4,688) (14,038) (11,669) Long-term portion of operating lease liabilities (4,738) (2,958) — Other long-term liabilities (2,136) (8,707) (15,532) Deferred income taxes (4,525) (13,287) (391) Total identifiable net assets 296,340 430,623 565,604 Goodwill $ 185,303 $ 407,068 $ 466,441 Goodwill acquired in 2020 totaling $169,147 is expected to be deductible for tax purposes. Goodwill acquired in 2019 totaling $266,310 is expected to be deductible for tax purposes. Goodwill acquired in 2018 totaling $455,283 is expected to be deductible for tax purposes. The fair value of acquired working capital related to 11 individually immaterial acquisitions completed during the year ended December 31, 2020, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the working capital for these 11 acquisitions are not expected to be material to the Company’s financial position. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2020, was $13,854, of which $95 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2019, was $27,297, of which $2,077 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2018, was $27,795, of which $4,113 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 6. INTANGIBLE ASSETS, NET Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2020: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 600,674 $ (234,972) $ — $ 365,702 Customer lists 636,035 (382,020) — 254,015 Permits and other 378,952 (79,277) — 299,675 1,615,661 (696,269) — 919,392 Indefinite-lived intangible assets: Solid waste collection and transportation permits 172,056 — — 172,056 Material recycling facility permits 42,283 — — 42,283 E&P facility permits 59,855 — (38,507) 21,348 274,194 — (38,507) 235,687 Intangible assets, exclusive of goodwill $ 1,889,855 $ (696,269) $ (38,507) $ 1,155,079 The weighted-average amortization period of long-term franchise agreements and contracts acquired during the year ended December 31, 2020 was 13.9 years. The weighted-average amortization period of customer lists acquired during the year ended December 31, 2020 was 11.0 years. The weighted-average amortization period of finite-lived permits and other acquired during the year ended December 31, 2020 was 40.0 years. Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2019: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 550,340 $ (192,462) $ — $ 357,878 Customer lists 587,562 (308,427) — 279,135 Permits and other 367,127 (63,299) — 303,828 1,505,029 (564,188) — 940,841 Indefinite-lived intangible assets: Solid waste collection and transportation permits 158,591 — — 158,591 Material recycling facility permits 42,283 — — 42,283 E&P facility permits 59,855 — (38,507) 21,348 260,729 — (38,507) 222,222 Intangible assets, exclusive of goodwill $ 1,765,758 $ (564,188) $ (38,507) $ 1,163,063 Estimated future amortization expense for the next five years relating to finite-lived intangible assets is as follows: For the year ending December 31, 2021 $ 126,602 For the year ending December 31, 2022 $ 107,747 For the year ending December 31, 2023 $ 91,747 For the year ending December 31, 2024 $ 78,852 For the year ending December 31, 2025 $ 66,620 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: December 31, 2020 2019 Landfill site costs $ 4,205,968 $ 4,334,562 Rolling stock 2,227,951 2,011,283 Land, buildings and improvements 1,147,358 1,079,420 Containers 845,386 764,607 Machinery and equipment 820,533 749,557 Construction in progress 41,668 23,739 9,288,864 8,963,168 Less accumulated depreciation and depletion (4,004,358) (3,446,821) $ 5,284,506 $ 5,516,347 Machinery and equipment included $3,754 and $0, at December 31, 2020 and 2019, respectively, of equipment assets accounted for as finance leases. The Company’s landfill depletion expense, recorded in Depreciation in the Consolidated Statements of Net Income, for the years ended December 31, 2020, 2019 and 2018, was $200,374, $225,687 and $206,404, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | 8. LEASES The Company rents certain equipment and facilities under short-term agreements, non-cancelable operating lease agreements and finance leases. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. The lease guidance requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease liability comprise fixed payments or variable lease payments. The variable lease payments take into account annual changes in the consumer price index and common area maintenance charges, if known. ROU assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company did not recognize an impairment charge for any of its ROU assets during the years ended December 31, 2020 and 2019. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset. The Company did not recognize any significant remeasurements during the years ended December 31, 2020 and 2019. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company has elected to apply the short-term lease recognition and measurement exemption allowed for in the lease accounting standard. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. The Company initially entered into finance leases in December 2020 and the assets under these leases went into service on December 31, 2020. Lease cost for operating leases for the years ended December 31, 2020 and 2019 were as follows: Years Ended December 31, 2020 2019 Operating lease cost $ 39,411 $ 38,710 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows: Years Ended December 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 39,212 $ 38,226 Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities - operating leases $ 15,117 $ 17,774 Right-of-use assets obtained in exchange for lease liabilities - finance leases $ 3,754 $ — Weighted-average remaining lease term and discount rate for the Company’s leases are as follows: Years Ended December 31, 2020 2019 Weighted average remaining lease term - operating leases 8.6 years 8.7 years Weighted average remaining lease term - finance leases 5.4 years Not applicable Weighted average discount rate - operating leases 3.86 % 3.99 % Weighted average discount rate - finance leases 1.89 % Not applicable As of December 31, 2020, future minimum lease payments, as calculated under the new lease guidance and reconciled to the operating lease liability, are as follows: Operating Leases Finance Leases 2021 $ 36,581 $ 718 2022 34,259 718 2023 30,770 718 2024 23,124 718 2025 17,311 718 Thereafter 68,860 359 Minimum lease payments 210,905 3,949 Less: imputed interest (33,011) (195) Present value of minimum lease payments 177,894 3,754 Less: current portion of operating lease liabilities (30,671) (654) Long-term portion of operating lease liabilities $ 147,223 $ 3,100 A summary of rent expense for both short-term agreements and non-cancelable operating lease agreements for the year ended December 31, 2018 was as follows: 2018 Rent expense $ 42,646 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 9. ACCRUED LIABILITIES Accrued liabilities consist of the following: December 31, 2020 2019 Insurance claims $ 140,182 $ 127,029 Payroll and payroll-related 139,887 71,593 Interest payable 29,580 17,286 Unrealized cash flow hedge losses 20,023 3,680 Final capping, closure and post-closure liability 19,925 7,707 Cell processing reserve 3,344 3,518 Environmental remediation reserve 2,300 2,314 Share-based compensation plan liability 868 930 Other 48,814 46,751 $ 404,923 $ 280,808 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 10. LONG-TERM DEBT The following table presents the Company’s long-term debt as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 Revolver under Credit Agreement, bearing interest ranging from 1.35% to 1.66% (a) $ 203,927 $ 916,247 Term loan under Credit Agreement, bearing interest at 1.35% (a) 650,000 700,000 4.64% Senior Notes due 2021 100,000 100,000 2.39% Senior Notes due 2021 150,000 150,000 3.09% Senior Notes due 2022 125,000 125,000 2.75% Senior Notes due 2023 200,000 200,000 3.24% Senior Notes due 2024 150,000 150,000 3.41% Senior Notes due 2025 375,000 375,000 3.03% Senior Notes due 2026 400,000 400,000 3.49% Senior Notes due 2027 250,000 250,000 4.25% Senior Notes due 2028 500,000 500,000 3.50% Senior Notes due 2029 500,000 500,000 2.60% Senior Notes due 2030 600,000 — 3.05% Senior Notes due 2050 500,000 — Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2021 to 2036 (a) 43,131 9,638 Finance leases, bearing interest at 1.89% with a lease expiration date of 2026 (a) 3,754 — 4,750,812 4,375,885 Less – current portion (8,268) (465) Less – unamortized debt discount and issuance costs (33,866) (21,638) $ 4,708,678 $ 4,353,782 (a) Interest rates represent the interest rates incurred at December 31, 2020. Credit Agreement The Company has a revolving credit and term loan agreement (the “Credit Agreement”) with Bank of America, N.A., acting through its Canada Branch, as global agent, the swing line lender and letter of credit issuer, Bank of America, N.A., as the U.S. Agent and a letter of credit issuer, the lenders (the “Lenders”) and any other financial institutions from time to time party thereto. There are no subsidiary guarantors under the Credit Agreement. The Credit Agreement has a scheduled maturity date of March 21, 2023. Details of the Credit Agreement are as follows: December 31, December 31, 2020 2019 Revolver under Credit Agreement Available $ 1,238,937 $ 538,642 Letters of credit outstanding $ 119,636 $ 107,611 Total amount drawn, as follows: $ 203,927 $ 916,247 Amount drawn - U.S. LIBOR rate loan $ 200,000 $ 897,000 Interest rate applicable - U.S. LIBOR rate loan 1.35 % 2.90 % Interest rate margin - U.S. LIBOR rate loan 1.20 % 1.10 % Amount drawn – Canadian bankers’ acceptance $ 3,927 $ 19,247 Interest rate applicable – Canadian bankers’ acceptance 1.66 % 3.18 % Interest rate acceptance fee – Canadian bankers’ acceptance 1.20 % 1.10 % Commitment – rate applicable 0.15 % 0.12 % Term loan under Credit Agreement Amount drawn – U.S. based LIBOR loan $ 650,000 $ 700,000 Interest rate applicable – U.S. based LIBOR loan 1.35 % 2.90 % Interest rate margin – U.S. based LIBOR loan 1.20 % 1.10 % Pursuant to the terms and conditions of the Credit Agreement, the Lenders provide a $2,212,500 credit facility to the Company, consisting of (i) revolving advances up to an aggregate principal amount of $1,562,500 at any one time outstanding, and (ii) a term loan in an aggregate principal amount of $650,000. As part of the aggregate commitments under the revolving advances, the Credit Agreement provides for letters of credit to be issued at the request of the Company in an aggregate amount not to exceed $320,000 and for swing line loans to be issued at the request of the Company in an aggregate amount not to exceed the lessor of $75,000 and the aggregate commitments under the revolving advances. Both the letter of credit sublimit and the swing line sublimit are part of, and not in addition to, the aggregate commitments under the revolving advances. Subject to certain specified conditions and additional deliveries, the Company has the option to request increases in the aggregate commitments for revolving advances and one or more additional term loans, provided that (i) the aggregate principal amount of such requests does not exceed $500,000 and (ii) the aggregate principal amount of commitments and term loans under the credit facility does not exceed $2,712,500. The Company has $2,695 of debt issuance costs related to the Credit Agreement recorded in Other assets, net in the Consolidated Balance Sheets at December 31, 2020, which are being amortized through the maturity date, or March 21, 2023. Advances are available under the Credit Agreement in U.S. dollars and Canadian dollars. Interest accrues on the term loan at a LIBOR rate or a base rate, at the Company’s option, plus an applicable margin. Interest accrues on revolving advances, at the Company’s option, (i) at a LIBOR rate or a base rate for U.S. dollar borrowings, plus an applicable margin, and (ii) at the Canadian prime rate for Canadian dollar borrowings, plus an applicable margin. Canadian dollar borrowings are also available by way of bankers’ acceptances or BA equivalent loans (“BA loans”), subject to the payment of a drawing fee. The fees for letters of credit in US dollars and Canadian dollars are also based on the applicable margin. The applicable margin used in connection with interest rates and fees is based on the Company’s Leverage Ratio (as defined below). The applicable margin for LIBOR rate loans, drawing fees for bankers’ acceptance and BA loans and letter of credit fees ranges from 1.00% to 1.50%, and the applicable margin for base rate loans, Canadian prime rate loans and swing line loans ranges from 0.00% to 0.50%. The Company will also pay a fee based on its Leverage Ratio (as defined below) on the actual daily unused amount of the aggregate revolving commitments. The borrowings under the Credit Agreement are unsecured. The Credit Agreement contains customary representations, warranties, covenants and events of default, including, among others, a change of control event of default and limitations on the incurrence of indebtedness and liens, new lines of business, mergers, transactions with affiliates and burdensome agreements. During the continuance of an event of default, the Lenders may take a number of actions, including, among others, declaring the entire amount then outstanding under the Credit Agreement to be due and payable. The Credit Agreement includes a financial covenant limiting, as of the last day of each fiscal quarter, the ratio of (a) (i) Consolidated Total Funded Debt (as defined in the Credit Agreement) as of such date less (ii) the sum of cash and cash equivalents of the Company and its subsidiaries on a dollar-for-dollar basis as of such date in excess of $50,000 up to a maximum of $200,000 (such that the maximum amount of reduction pursuant to this calculation does not exceed $150,000) to (b) Consolidated EBITDA (as defined in the Credit Agreement), measured for the preceding 12 months (the “Leverage Ratio”), to not more than 3.50 to 1.00 (or 3.75 to 1.00 during material acquisition periods, subject to certain limitations). The Credit Agreement also includes a financial covenant requiring the ratio of Consolidated EBIT (as defined in the Credit Agreement) to Consolidated Total Interest Expense (as defined in the Credit Agreement), in each case, measured for the preceding 12 months, (the “Interest Coverage Ratio”) to be not less than 2.75 to 1.00. As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the Credit Agreement. In addition to the $119,636 of letters of credit at December 31, 2020 issued under the Credit Agreement, the Company has issued letters of credit totaling $6,634 under facilities other than the Credit Agreement. 2016 Master Note Purchase Agreement On June 1, 2016, the Company entered into a Master Note Purchase Agreement (as supplemented by the First Supplement dated as of February 13, 2017 (the “2016 First Supplement”) and as amended, restated, amended and restated, assumed, supplemented or modified from time to time, the “2016 NPA”) with certain accredited institutional investors. On April 20, 2017, pursuant to the 2016 NPA, and the 2016 First Supplement, the Company issued and sold to certain accredited institutional investors $400,000 aggregate principal amount of senior unsecured notes consisting of $150,000 aggregate principal amount, which will mature on April 20, 2024, with an annual interest rate of 3.24% (the “2024 Senior Notes”) and $250,000 aggregate principal amount, which will mature on April 20, 2027, with an annual interest rate of 3.49% (the “2027 Senior Notes” and collectively with the 2024 Senior Notes, the “2017A Senior Notes”) in a private placement. On March 21, 2018, the Company entered into that certain Amendment No. 1 to Master Note Purchase Agreement (the “2016 NPA First Amendment”), with each of the holders party thereto, which amended the 2016 NPA. The 2016 NPA First Amendment, among other things, provided for certain amendments to the 2016 NPA to facilitate (i) certain conforming changes to align certain provisions of the 2016 NPA, the 2008 NPA (as defined below) and the Credit Agreement and (ii) the release of all subsidiary guarantors in relation to obligations under the 2016 NPA and the 2016 NPA Notes (as defined below) (the “2016 Release”). Pursuant to the terms and conditions of the 2016 NPA, the Company has outstanding senior unsecured notes (the “2016 NPA Notes”) at December 31, 2020 consisting of (i) $150,000 of 2.39% senior notes due June 1, 2021 (the “New 2021 Senior Notes”), (ii) $200,000 of 2.75% senior notes due June 1, 2023 (the “2023 Senior Notes”), (iii) $400,000 of 3.03% senior notes due June 1, 2026 (the “2026 Senior Notes”) and (iv) $400,000 of the 2017A Senior Notes. The New 2021 Senior Notes, the 2023 Senior Notes, the 2026 Senior Notes and the 2017A Senior Notes bear interest at fixed rates with interest payable in arrears semi-annually, and on the respective maturity dates, until the principal thereunder becomes due and payable. The Company is amortizing the $9,011 of debt issuance costs through the maturity dates of the respective notes. Under the terms and conditions of the 2016 NPA, the Company is authorized to issue and sell notes in the aggregate principal amount of $1,500,000, inclusive of the outstanding $1,150,000 aggregate principal amount of 2016 NPA Notes that have been issued and sold by the Company, provided that the purchasers of the 2016 NPA Notes shall not have any obligation to purchase any additional notes issued pursuant to the 2016 NPA. The 2016 NPA Notes are unsecured obligations and rank pari passu The 2016 NPA Notes are subject to representations, warranties, covenants and events of default customary for a private placement of senior unsecured notes. Upon the occurrence of an event of default, payment of the 2016 NPA Notes may be accelerated by the holders of the 2016 NPA Notes. The 2016 NPA Notes may also be prepaid by the Company at par plus a make-whole amount determined by the amount of the excess, if any, of the discounted value of the remaining scheduled payments with respect to the called principal of such 2016 NPA Notes minus the amount of such called principal, provided that the make whole shall in no event be less than zero. The discounted value is determined using market-based discount rates. In addition, the Company will be required to offer to prepay the 2016 NPA Notes upon certain changes in control. The 2016 NPA also contemplates certain offers of prepayments for specified tax reasons or certain noteholder sanctions events. The 2016 NPA requires that the Company comply with the specified quarterly leverage ratio and interest coverage ratio, in each case, as of the last day of each fiscal quarter. The required leverage ratio cannot exceed 3.75 to 1.00. The required interest coverage ratio must not be less than 2.75 to 1.00. As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the 2016 NPA. 2008 Master Note Purchase Agreement In July 2008, the Company, certain subsidiaries of the Company (together with the Company, the “Obligors”) and certain accredited institutional investors entered into that certain Master Note Purchase Agreement, dated July 15, 2008 (as amended, restated, assumed, supplemented or otherwise modified from time to time, the “2008 NPA”). On March 21, 2018, the Company entered into that certain Amendment No. 7 to the 2008 NPA (the “2008 NPA Seventh Amendment”), with each of the holders party thereto, which amended the 2008 NPA. The 2008 NPA Seventh Amendment, among other things, provided certain amendments to the 2008 NPA to facilitate (i) certain conforming changes to align the provisions of the 2008 NPA, the 2016 NPA and the Credit Agreement and (ii) the release of all subsidiary guarantors in relation to obligations under the 2008 NPA and the 2008 NPA Notes (the “2008 Release”). Pursuant to the terms and conditions of the 2008 NPA, the Company has outstanding senior unsecured notes (the “2008 NPA Notes”) at December 31, 2020 consisting of (i) $100,000 of 4.64% senior notes due 2021 (the “2021 Senior Notes”), (ii) $125,000 of 3.09% senior notes due 2022 (the “2022 Senior Notes”) and (iii) $375,000 of 3.41% senior notes due 2025 (the “2025 Senior Notes”). The 2021 Senior Notes, the 2022 Senior Notes and the 2025 Senior Notes bear interest at fixed rates with interest payable in arrears semi-annually, and on the respective maturity dates, until the principal thereunder becomes due and payable. The Company is amortizing the $3,803 of debt issuance costs through the maturity dates of the respective notes. The Company repaid at maturity its $175,000 of 5.25% senior notes due 2019 (the “2019 Senior Notes”) in November 2019. Under the terms and conditions of the 2008 NPA, the Company is authorized to issue and sell notes in the aggregate principal amount of $1,250,000, provided that the purchasers of the 2008 NPA Notes shall not have any obligation to purchase any additional notes issued pursuant to the 2008 NPA. The 2008 NPA Notes are unsecured obligations and rank pari passu The 2008 NPA Notes are subject to representations, warranties, covenants and events of default customary for a private placement of senior unsecured notes. Upon the occurrence of an event of default, payment of the 2008 NPA Notes may be accelerated by the holders of the 2008 NPA Notes. The 2008 NPA Notes may also be prepaid by the Company at par plus a make-whole amount determined by the amount of excess, if any, of the discounted value of the remaining scheduled payments with respect to the called principal of such 2008 NPA Notes minus the amount of such called principal, provided that the make whole shall in no event be less than zero. The discounted value is determined using market-based discount rates. In addition, the Company will be required to offer to prepay the 2008 NPA Notes upon certain changes in control; however, no such prepayment offer was accepted in connection with the Progressive Waste acquisition. The 2008 NPA also contemplates certain offers of prepayments for specified tax reasons or certain noteholder sanctions events. The 2008 NPA requires that the Company comply with the specified quarterly leverage ratio and interest coverage ratio, in each case, as of the last day of each fiscal quarter. The required leverage ratio cannot exceed 3.75 to 1.00. The required interest coverage ratio must not be less than 2.75 to 1.00. As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the 2008 NPA. Senior Notes due 2028, 2029, 2030 and 2050 On November 16, 2018, the Company completed an underwritten public offering of $500,000 aggregate principal amount of its 4.25% Senior Notes due 2028 (the “2028 Senior Notes”). The 2028 Senior Notes were issued under the Indenture, dated as of November 16, 2018 (the “Base Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 16, 2018. The Company will pay interest on the 2028 Senior Notes semi-annually in arrears and the 2028 Senior Notes will mature on December 1, 2028. The 2028 Senior Notes are the Company’s senior unsecured obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt. The 2028 Senior Notes are not guaranteed by any of the Company’s subsidiaries. The Company is amortizing the $5,792 of debt issuance costs through the maturity date. The Company may redeem some or all of the 2028 Senior Notes at its option prior to September 1, 2028 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the 2028 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2028 Senior Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Commencing on September 1, 2028 (three months before the maturity date), the Company may redeem some or all of the 2028 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2028 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. On April 16, 2019, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 3.50% Senior Notes due 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued under the Base Indenture, as supplemented by the Second Supplemental Indenture, dated as of April 16, 2019. The Company will pay interest on the 2029 Senior Notes semi-annually in arrears and the 2029 Senior Notes will mature on May 1, 2029. The 2029 Senior Notes are senior unsecured obligations, ranking equally in right of payment with the Company’s other existing and future unsubordinated debt and senior to any of the Company’s future subordinated debt. The 2029 Senior Notes are not guaranteed by any of the Company’s subsidiaries. The Company is amortizing the $5,954 of debt issuance costs through the maturity date. The Company may redeem some or all of the 2029 Senior Notes at its option prior to February 1, 2029 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the 2029 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2029 Senior Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Commencing on February 1, 2029 (three months before the maturity date), the Company may redeem some or all of the 2029 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2029 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. On January 23, 2020, the Company completed an underwritten public offering of $600,000 aggregate principal amount of 2.60% Senior Notes due 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued under the Base Indenture, as supplemented by the Third Supplemental Indenture, dated as of January 23, 2020. The Company will pay interest on the 2030 Senior Notes semi-annually in arrears and the 2030 Senior Notes will mature on February 1, 2030. The 2030 Senior Notes are senior unsecured obligations, ranking equally in right of payment with the Company’s other existing and future unsubordinated debt and senior to any of the Company’s future subordinated debt. The 2030 Senior Notes are not guaranteed by any of the Company’s subsidiaries. The Company is amortizing $5,435 of debt issuance costs through the maturity date. The Company may redeem some or all of the 2030 Senior Notes at its option prior to November 1, 2029 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the 2030 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2030 Senior Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Commencing on November 1, 2029 (three months before the maturity date), the Company may redeem some or all of the 2030 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2030 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. On March 13, 2020, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 3.05% Senior Notes due 2050 (the “2050 Senior Notes”). The 2050 Senior Notes were issued under the Base Indenture, as supplemented by the Fourth Supplemental Indenture, dated as of March 13, 2020. The Company will pay interest on the 2050 Senior Notes semi-annually in arrears and the 2050 Senior Notes will mature on April 1, 2050. The 2050 Senior Notes are senior unsecured obligations, ranking equally in right of payment with the Company’s other existing and future unsubordinated debt and senior to any of the Company’s future subordinated debt. The 2050 Senior Notes are not guaranteed by any of the Company’s subsidiaries. The Company is amortizing a $7,375 debt discount and $5,682 of debt issuance costs through the maturity date. The Company may redeem some or all of the 2050 Senior Notes at its option prior to October 1, 2049 (six months before the maturity date) at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the 2050 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2050 Senior Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Commencing on October 1, 2049 (six months before the maturity date), the Company may redeem some or all of the 2050 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2050 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. Under certain circumstances, the Company may become obligated to pay additional amounts (the “Additional Amounts”) with respect to the 2028, 2029, 2030 and/or 2050 Senior Notes (collectively, the “Notes”) to ensure that the net amounts received by each holder of the Notes will not be less than the amount such holder would have received if withholding taxes or deductions were not incurred on a payment under or with respect to the Notes. If such payment of Additional Amounts is a result of a change in the laws or regulations, including a change in any official position, the introduction of an official position or a holding by a court of competent jurisdiction, of any jurisdiction from or through which payment is made by or on behalf of the Notes having power to tax, and the Company cannot avoid such payments of Additional Amounts through reasonable measures, then the Company may redeem the applicable series of the Notes then outstanding at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). If the Company experiences certain kinds of changes of control, each holder of the Notes may require the Company to repurchase all or a portion of the Notes for cash at a price equal to 101% of the aggregate principal amount of such Notes, plus any accrued but unpaid interest to, but excluding, the date of repurchase. The covenants in the Base Indenture (as supplemented from time to time, the “Indenture”) include limitations on liens, sale-leaseback transactions and mergers and sales of all or substantially all of the Company’s assets. The Indenture also includes customary events of default with respect to the Notes. As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the Indenture. Upon an event of default, the principal of and accrued and unpaid interest on all the Notes may be declared to be due and payable by the Trustee or the holders of not less than 25% in principal amount of the outstanding Notes of the applicable series. Upon such a declaration, such principal and accrued interest on all of the applicable series of the Notes will be due and payable immediately. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding series of the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of the applicable series of the Notes. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes of any series may rescind any such acceleration with respect to the Notes of that series and its consequences. Tax-Exempt Bonds In January 2019, the Company gave notice to redeem its LeMay Washington Bond with a remaining principal balance of $15,930 prior to the April 1, 2033 maturity date. The Company paid in full the principal and accrued interest on this bond on March 6, 2019. The Company has no further tax-exempt bond financings. As of December 31, 2020, aggregate contractual future principal payments by calendar year on long-term debt are due as follows: 2021 (a), (b) $ 8,268 2022 129,387 2023 1,308,428 2024 154,623 2025 379,750 Thereafter 2,763,179 $ 4,743,635 (a) The Company has recorded the 2021 Senior Notes in the 2023 category in the table above as the Company has the intent and ability to redeem the 2021 Senior Notes on April 1, 2021 using borrowings under the Credit Agreement. (b) The Company has recorded the New 2021 Senior Notes in the 2023 category in the table above as the Company has the intent and ability to redeem the New 2021 Senior Notes on June 1, 2021 using borrowings under the Credit Agreement . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 11. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments. At December 31, 2020 and 2019, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps. The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. For the Company’s interest rate swaps, the Company also considers the Company’s creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the counterparties’ creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company’s restricted cash and investments are valued at quoted market prices in active markets for similar assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted cash and investments measured at fair value are invested primarily in money market accounts, bank time deposits, U.S. government and agency securities and Canadian bankers’ acceptance notes. The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019, were as follows: Fair Value Measurement at December 31, 2020 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net liability position $ (94,689) $ — $ (94,689) $ — Restricted cash and investments $ 155,176 $ — $ 155,176 $ — Contingent consideration $ (71,736) $ — $ — $ (71,736) Fair Value Measurement at December 31, 2019 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net liability position $ (39,802) $ — $ (39,802) $ — Restricted cash and investments $ 147,318 $ — $ 147,318 $ — Contingent consideration $ (69,484) $ — $ — $ (69,484) See Note 3 – “Impairments of Property and Equipment and Finite-Lived Intangible Assets” regarding non-recurring fair value measurements. The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Beginning balance $ 69,484 $ 55,115 Contingent consideration recorded at acquisition date 4,688 14,038 Payment of contingent consideration recorded at acquisition date (12,566) (3,200) Payment of contingent consideration recorded in earnings (10,371) — Adjustments to contingent consideration 18,418 1,498 Interest accretion expense 2,006 1,852 Foreign currency translation adjustment 77 181 Ending balance $ 71,736 $ 69,484 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES COMMITMENTS Financial Surety Bonds The Company uses financial surety bonds for a variety of corporate guarantees. The two largest uses of financial surety bonds are for municipal contract performance guarantees and asset closure and retirement requirements under certain environmental regulations. Environmental regulations require demonstrated financial assurance to meet final capping, closure and post-closure requirements for landfills. In addition to surety bonds, these requirements may also be met through alternative financial assurance instruments, including insurance, letters of credit and restricted cash and investment deposits. At December 31, 2020 and 2019, the Company had provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $727,361 and $661,593, respectively, to secure its asset closure and retirement requirements and $482,262 and $419,259, respectively, to secure performance under collection contracts and landfill operating agreements. The Company owns a 9.9% interest in a company that, among other activities, issues financial surety bonds to secure landfill final capping, closure and post-closure obligations for companies operating in the solid waste industry. The Company accounts for this investment under the cost method of accounting. There have been no identified events or changes in circumstances that may have a significant adverse effect on the carrying value of the investment. This investee company and the parent company of the investee have written financial surety bonds for the Company, of which $413,970 and $392,592 were outstanding as of December 31, 2020 and 2019, respectively. The Company’s reimbursement obligations under these bonds are secured by a pledge of its stock in the investee company. Unconditional Purchase Obligations At December 31, 2020, the Company’s unconditional purchase obligations consist of multiple fixed-price fuel purchase contracts under which it has 52.5 million gallons remaining to be purchased for a total of $132,047. These fuel purchase contracts expire on or before December 31, 2023. During the years ended December 31, 2020, 2019 and 2018, the Company paid $93,813, $73,269 and $41,949, respectively, under the respective fuel purchase contracts then outstanding. As of December 31, 2020, future minimum purchase commitments, by calendar year, are as follows: 2021 $ 92,029 2022 40,018 $ 132,047 CONTINGENCIES Environmental Risks The Company expenses costs incurred to investigate and remediate environmental issues unless they extend the economic useful lives of the related assets. The Company records liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. The remediation reserves cover anticipated costs, including remediation of environmental damage that waste facilities may have caused to neighboring landowners or residents as a result of contamination of soil, groundwater or surface water, including damage resulting from conditions existing prior to the Company’s acquisition of such facilities. The Company’s estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. The Company does not discount remediation obligations. At December 31, 2020 and 2019, the current portion of remediation reserves was $2,300 and $2,314, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2020 and 2019, the long-term portion of remediation reserves was $19,121 and $18,770, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. Any substantial increase in the liabilities for remediation of environmental damage incurred by the Company could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Legal Proceedings In the normal course of its business and as a result of the extensive governmental regulation of the solid waste and E&P waste industries, the Company is subject to various judicial and administrative proceedings involving Canadian regulatory authorities as well as U.S. federal, state and local agencies. In these proceedings, an agency may subpoena the Company for records, or seek to impose fines on the Company or revoke or deny renewal of an authorization held by the Company, including an operating permit. From time to time, the Company may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills, transfer stations, and E&P waste treatment, recovery and disposal operations, or alleging environmental damage or violations of the permits and licenses pursuant to which the Company operates. The Company uses $1,000 as a threshold (up from the previously required threshold of $300) for disclosing environmental matters involving potential monetary sanctions. In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the Company’s business. Except as noted in the matters described below, as of December 31, 2020, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows. Lower Duwamish Waterway Superfund Site Allocation Process In November 2012, the Company’s subsidiary, Northwest Container Services, Inc. (“NWCS”), was named by the U.S. Environmental Protection Agency, Region 10 (the “EPA”) as a potentially responsible party (“PRP”), along with more than 100 others, under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA” or the “Superfund” law) with respect to the Lower Duwamish Waterway Superfund Site (the “LDW Site”). Listed on the National Priorities List in 2001, the LDW Site is a five-mile stretch of the Duwamish River flowing into Elliott Bay in Seattle, Washington. A group of PRPs known as the Lower Duwamish Working Group (“LDWG”) and consisting of the City of Seattle, King County, the Port of Seattle, and Boeing Company conducted a Remedial Investigation/Feasibility Study for the LDW Site. On December 2, 2014, the EPA issued its Record of Decision (the “ROD”) describing the selected clean-up remedy, and therein estimated that clean-up costs (in present value dollars as of November 2014) would total approximately $342,000. However, it is possible that additional costs could be incurred based upon various factors. The EPA estimates that it will take seven years to implement the clean-up. The ROD also requires ten years of monitoring following the clean-up, and provides that if clean-up goals have not been met by the end of this period, then additional clean-up activities, at additional cost, may be required at that time. Implementation of the clean-up will not begin until after the ongoing Early Action Area (“EAA”) clean-ups have been completed. Typically, costs for monitoring may be in addition to those expended for the clean-up. While three of the EAA clean-ups have been completed to date, some work remains to be done on three other EAAs. Implementation of the clean-up also must await additional baseline sampling throughout the LDW Site and the preparation of a remedial design for performing the clean-up. On April 27, 2016, the LDWG entered into a third amendment of its Administrative Order on Consent with the EPA (the “AOC 3”) in which it agreed to perform the additional baseline sediment sampling and certain technical studies needed to prepare the actual remedial design. The LDWG and the EPA entered into a fourth amendment to the AOC in July 2018 primarily addressing development of a proposed remedy for the upper reach of the LDW Site, river mile 3 to river mile 5. At the April 24, 2019 stakeholders meeting the LDWG projected completion of the remedial design for the upper reach could be completed by August 2024. In late September 2020, the EPA informed attorneys for several PRPs that the work may be completed by late 2023 or early 2024. On August 16, 2016, the EPA sent individual letters to each of the PRPs for the LDW Site, including NWCS, stating that it expected to initiate negotiations with all PRPs in early 2018 relating to a Remedial Design/Remedial Action (“RD/RA”) Consent Decree. An RD/RA Consent Decree provides for the cleanup of the entire site and is often referred to as a “global settlement.” In August 2014, NWCS entered into an Alternative Dispute Resolution Memorandum of Agreement with several dozen other PRPs and a neutral allocator to conduct a confidential and non-binding allocation of certain past response costs allegedly incurred at the LDW Site as well as the anticipated future response costs associated with the clean-up. In March 2017, the PRPs provided the EPA with notice that the allocation was not scheduled to conclude until mid-2019. Later extensions pushed the allocation conclusion date first to early 2020 and then to July 2020. The EPA was informed of those changes. The allocator’s most recent projection is that the preliminary allocation report will not be issued before March 2021. The final allocation report will be issued only after the allocator considers comments of the parties on the preliminary report. In September 2020, the EPA informed attorneys for several PRPs that the EPA intends to initiate settlement negotiations in 2021, and the EPA was informed of the delay in the issuance of the preliminary allocation report. More recently, the EPA indicated that the start of settlement negotiations will be further delayed. NWCS is defending itself vigorously in this confidential allocation process. At this point, the Company is not able to determine the likelihood of the allocation process being completed as intended by the participating PRPs, its specific allocation, or the likelihood of the parties then negotiating a global settlement with the EPA. Thus, NWCS cannot reasonably determine the likelihood of any outcome in this matter, including its potential liability. On February 11, 2016, NWCS received a letter (the “Letter”) from the United States Department of Commerce, National Oceanic and Atmospheric Administration (“NOAA”), describing certain investigatory activities conducted by the Elliott Bay Trustee Council (the “Council”). The Council consists of all of the natural resources trustees for the LDW Site as well as two nearby Superfund sites, the Harbor Island site and the Lockheed West site. The members of the Council include the United States, on behalf of the U.S. National Oceanic and Atmospheric Administration and the U.S. Department of the Interior, the Washington State Department of Ecology, and the Suquamish and Muckleshoot Indian Tribes (together, the “Trustees”). The Letter appears to allege that NWCS may be a potentially liable party that allegedly contributed to the release of hazardous substances that have injured natural resources at the LDW Site. Damages to natural resources are in addition to clean-up costs. The Letter, versions of which NWCS believes were sent to all or a group of the PRPs for the LDW Site, also notified its recipients of their opportunity to participate in the Trustees’ development of an Assessment Plan and the performance of a Natural Resources Damages Assessment (“NRDA”) in accordance with the Assessment Plan for both the LDW Site and the east and west waterways of the Harbor Island site. NWCS timely responded with correspondence to the NOAA Office of General Counsel, in which it declined the invitation at that time. NWCS does not know how other PRPs responded to the Letter, and has not received any further communication from NOAA or the Trustees. The Trustees have not responded to NWCS’ letter. The Trustees released their Assessment Plan in March 2019. The Assessment Plan does not set forth a timeline for implementation. At this point, the Company is not able to determine the likelihood or amount of an assessment of natural resource damages against NWCS in connection with this matter. Los Angeles County, California Landfill Expansion Litigation A. Chiquita Canyon, LLC Lawsuit Against Los Angeles County In October 2004, the Company’s subsidiary, Chiquita Canyon, LLC (“CCL”), then under prior ownership, filed an application (the “Application”) with the County of Los Angeles (the “County”) Department of Regional Planning (“DRP”) for a conditional use permit (the “CUP”) to authorize the continued operation and expansion of the Chiquita Canyon Landfill (the “Landfill”). The Landfill has operated since 1972, and as a regional landfill, accepted approximately two million tons of materials for disposal and beneficial use in 2018. The Application requested expansion of the existing waste footprint on CCL’s contiguous property, an increase in maximum elevation, creation of a new entrance and new support facilities, construction of a facility for the County or another third-party operator to host household hazardous waste collection events, designation of an area for mixed organics/composting, and other modifications. After many years of reviews and delays, upon the recommendation of County staff, the County’s Regional Planning Commission (the “Commission”) approved the Application on April 19, 2017, but imposed operating conditions, fees and exactions that substantially reduce the historical landfill operations and represent a large increase in aggregate taxes and fees. CCL objected to many of the requirements imposed by the Commission. Current estimates for new costs imposed on CCL under the CUP are in excess of $300,000. CCL appealed the Commission’s decision to the County Board of Supervisors, but the appeal was not successful. At a subsequent hearing, on July 25, 2017, the Board of Supervisors approved the CUP. On October 20, 2017, CCL filed in the Superior Court of California, County of Los Angeles a verified petition for writ of mandate and complaint against the County and the County Board of Supervisors captioned Chiquita Canyon, LLC v. County of Los Angeles, No. BS171262 (Los Angeles Co. Super Ct.) (the “Complaint”). The Complaint challenges the terms of the CUP in 13 counts generally alleging that the County violated multiple California and federal statutes and California and federal constitutional protections. CCL seeks the following relief: (a) an injunction and writ of mandate against certain of the CUP’s operational restrictions, taxes and fees, (b) a declaration that the challenged conditions are unconstitutional and in violation of state and federal statutes, (c) reimbursement for any such illegal fees paid under protest, (d) damages, (e) an award of just compensation for a taking, (f) attorney fees, and (g) all other appropriate legal and equitable relief. On December 6, 2017, the County filed a demurrer to and motion to strike regarding portions of the Complaint, arguing that the Complaint was legally insufficient to proceed. After full briefing, the hearing on the demurrer and motion to strike regarding CCL’s First Amended Complaint took place on July 17, 2018. The Superior Court sustained the demurrer and granted the motion to strike. The effect of the Court’s rulings was to bar CCL from proceeding with its challenges to 14 of the 29 CUP conditions at issue in the litigation, including 13 operational conditions and CCL’s challenge to the $11,600 B&T Fee discussed below. The Superior Court granted CCL leave to amend its Complaint if CCL chose to pay the $11,600 B&T fee to allow a challenge to the B&T fee to proceed under the Mitigation Fee Act. CCL paid the $11,600 B&T fee on August 10, 2018 and filed its Second Amended Complaint on August 16, 2018, reflecting that the B&T fee had been paid under protest and allowing the challenges to the B&T fee to go forward. On September 14, 2018, CCL sought discretionary review by the California Court of Appeal of the Superior Court’s July 17, 2018 decision barring the challenge to 13 operational conditions. The Court of Appeal agreed to hear CCL’s appeal and on February 25, 2019, the Court of Appeal issued its decision, reversing the trial court orders that granted the County’s motion to strike and demurrer. The Court of Appeal ruled that CCL had adequately pled a claim that the County was equitably estopped from contending that CCL had forfeited its rights to challenge the legality of the 13 operational conditions. CCL’s Complaint sets forth that CCL relied on representations made by the County in 2017 that CCL could reserve its legal rights to challenge the CUP in a separate reservation of rights letter rather than the affidavit of acceptance of the CUP that the County compelled Chiquita to file. The Superior Court set an evidentiary hearing on the equitable estoppel issues for November 12, 2019. Discovery occurred on these issues in July through September 2019. Following full briefing and oral argument on November 12, 2019, the Superior Court issued its decision on November 13, 2019, finding that the County was estopped from contending that CCL has waived its rights to challenge the legality of the 13 operational conditions. The County sought interlocutory review of the Superior Court’s decision in the Court of Appeal, which denied the County’s petition on February 7, 2020. Following full briefing and oral argument on June 22, 2020 on six of CCL’s causes of action, the Superior Court issued its decision on July 2, 2020, granting CCL’s petition for writ of mandate in part and denying it in part. CCL prevailed with respect to 12 of the challenged conditions, many of which imposed new fees and exactions on the Landfill. Before entry of final judgment, the Superior Court will hear CCL’s remaining causes of action. A cause of action for a taking under the Fifth Amendment of the U.S. Constitution is the subject of a pending motion for leave to amend the Complaint. CCL is awaiting assignment to an individual calendar court for its remaining causes of action. Once the Superior Court has entered final judgment, CCL and the County will be permitted to appeal any adverse ruling to the California Court of Appeal. After entry of final judgment and resolution of any appeals, the Superior Court will issue a writ directing the County Board of Supervisors to set aside its decision on the permit with respect to 12 of the challenged conditions. The Board will be allowed to make additional findings to support four of those conditions and reconsider its permit decision in light of the Superior Court’s writ. CCL will continue to vigorously prosecute the lawsuit. However, at this point, the Company is not able to determine the likelihood of any outcome in this matter. B. CEQA Lawsuit Against Los Angeles County Challenging Environmental Review for Landfill Expansion A separate lawsuit involving CCL and the Landfill was filed on August 24, 2017 by community activists alleging that the environmental review underlying the CUP was inadequate under state law. The Val Verde Civic Association, Citizens for Chiquita Canyon Landfill Compliance, and the Santa Clarita Organization for Planning and the Environment filed a petition for writ of mandate in the Superior Court of California, County of Los Angeles against the County, naming CCL as the real party in interest. The lawsuit seeks to overturn the County’s approval of the CUP for the expansion of the Landfill and the certification of the final Environmental Impact Report, arguing that the report violates the California Environmental Quality Act. Pursuant to Condition No. 6 of the CUP, which requires CCL to defend, indemnify, and hold harmless the County, its agents, officers, and employees from any claim or proceeding against the County brought by any third party to attack, set aside, void, or annul the CUP approval, CCL agreed to reimburse the County for its legal costs associated with defense of the lawsuit. As the real party in interest, CCL has a right to notice and an opportunity to be heard in opposition to the petition for writ of mandate. Initial briefs were filed in 2018 and a trial date was set in February 2019, which was later rescheduled and held in August 2019. The court issued a final ruling on October 10, 2019 and a final judgment on December 4, 2019, denying the writ petition in full. One petitioner, Santa Clarita Organization for Planning and the Environment, appealed the judgment. All interested parties filed their briefs by July 1, 2020 and the County did not file an opposition brief. No amicus or “friend of the court” briefs were filed, so the case was fully briefed on July 1, 2020. The court heard oral argument on November 18, 2020. The court issued its opinion on February 10, 2021, upholding the trial court’s ruling in full and rejecting the petitioner’s appeal. The court’s decision becomes final on March 12, 2021. The petitioner may file a Petition for Review to the California Supreme Court within 10 days of the decision becoming final. C. December 11, 2017 Notice of Violation Regarding Certain CUP Conditions. The County, through its DRP, issued a Notice of Violation, dated December 11, 2017 (the “NOV”), alleging that CCL violated certain conditions of the CUP, including Condition 79(B)(6) of the CUP by failing to pay an $11,600 Bridge & Thoroughfare Fee (“B&T Fee”) that was purportedly due on July 25, 2017. The alleged B&T fee was ostensibly to fund the construction of transportation infrastructure in the area of the Landfill. At the time the NOV was issued, CCL had already contested the legality of the B&T fee in the October 20, 2017 Complaint filed against the County in Los Angeles County Superior Court. On January 12, 2018, CCL filed an appeal of the alleged violations in the NOV. Subsequently, CCL filed additional legal arguments and exhibits contesting the NOV. On March 6, 2018, a DRP employee designated as hearing officer sustained the NOV, including the $11,600 B&T fee, and imposed an administrative penalty in the amount of $83 and a noncompliance fee of $0.75. A written decision memorializing the hearing officer’s findings and order, dated July 10, 2018, was received by CCL on July 12, 2018. On April 13, 2018, CCL filed in the Superior Court of California, County of Los Angeles a Petition for Writ of Administrative Mandamus against the County seeking to overturn the decision sustaining the NOV, contending that the NOV and decision are not supported by the facts or law. On June 22, 2018, Chiquita filed a Motion for Stay seeking to halt enforcement of the B&T fee and penalty and the accrual of any further penalties pending the resolution of the Petition for Writ of Mandamus. The motion was heard and denied by the Court on July 17, 2018. As explained above, the Court granted CCL leave to pay the $11,600 B&T fee and to amend its Complaint to reflect the payment under protest, allowing the challenge to the B&T fee and to amend its Complaint to reflect the payment under protest, allowing the challenge to the B&T fee to proceed. CCL paid the B&T fee on August 10, 2018, and also paid on that date the administrative penalty of $83 and a noncompliance fee of $0.75. As directed by the Court, CCL amended its Complaint in a Second Amended Complaint filed in the CUP action on August 16, 2018. The Court indicated that the NOV case would likely be tried in conjunction with the CUP case, set for June 18, 2019, and that the cases would be coordinated. At the May 28, 2019 trial setting conference referenced above where the trial of the CUP case was set for April 23, 2020, the Superior Court set the trial for the B&T fee/NOV case for June 25, 2020. However, following the rescheduling of the trial date for the CUP case, the Superior Court agreed to continue the trial date for the B&T fee/NOV case to October 20, 2020. At an August 20, 2020 status conference, the Superior Court again continued the trial date for the B&T fee/NOV case to January 14, 2021. The County and CCL filed a request for a new hearing date to accommodate continued prosecution of the lawsuit challenging the CUP, and the trial date was continued again to September 14, 2021. The Superior Court’s July 2, 2020 decision in the CUP case upheld the B&T fee and addressed two other conditions that were also the subject of the NOV, which may impact the scope of the B&T fee/NOV case. CCL will continue to vigorously prosecute the lawsuit. However, at this point, the Company is not able to determine the likelihood of any outcome in this matter. Town of Colonie, New York Landfill Expansion Litigation On April 16, 2014, the Town of Colonie (the “Town”) filed an application with the New York State Department of Environmental Conservation (“DEC”) to modify the Town’s then-current Solid Waste Management Facility Permit and for other related permits to authorize the development and operation of Area 7 of the Town of Colonie Landfill (the “Landfill”), which is located in Albany County, New York. DEC issued the requested permits on April 5, 2018 (the “Permits”). The Company’s subsidiary, Capital Region Landfills, Inc. (“CRL”), has been the sole operator of the Landfill since September 2011 pursuant to an operating agreement between CRL and the Town. On May 7, 2018, the Town of Halfmoon, New York, and five of its residents, commenced an Article 78 special proceeding in the Supreme Court of the State of New York, Saratoga County, against DEC, the Town, CRL, and the Company (the “Halfmoon Proceeding”). On that same date, the Town of Waterford, New York, and eleven of its residents, also commenced an Article 78 special proceeding in the Supreme Court of the State of New York, Saratoga County, against the same respondents (the “Waterford Proceeding”). On June 4, 2018, the Town and CRL filed Verified Answers, including motions to dismiss the petitions, and the Company separately moved to dismiss the petitions. The Waterford Petitioners stipulated to removing the Company as a respondent when they filed an Amended Verified Petition on June 15, 2018. The Halfmoon Petitioners served an Amended Verified Petition on July 5, 2018, retaining all originally named parties, including the Company. The Petitioners alleged that, in granting the Permits, DEC failed to comply with the procedural and substantive requirements of New York’s Environmental Conservation Law and State Environmental Quality Review Act, and their implementing regulations. The Petitioners asked the court to: annul the Permits and invalidate DEC’s Findings Statement, enjoin the Town and CRL from taking any action authorized by the Permits, require an issues conference and possibly an adjudicatory hearing before DEC can re-consider the Town’s permit application; remand all regulatory issues to a DEC Administrative Law Judge; and award costs and disbursements. The Waterford Petitioners also requested reasonable attorneys’ fees. On July 13, 2018, the Honorable Ann C. Crowell granted a venue change motion filed by DEC, and ordered that the Halfmoon Proceeding and the Waterford Proceeding be transferred to the Supreme Court, Albany County. CRL’s opposition submissions, including its responsive pleadings, Memorandum of Law, and supporting Affidavits, were filed and served on or before July 25, 2018. On August 28, 2018, the Towns of Waterford and Halfmoon filed a motion seeking an order preliminarily enjoining during the pendency of the proceedings all activities relating to the expansion of the Landfill which are authorized by the Permits. On September 18, 2018, CRL and the Company filed and served Memoranda of Law in opposition to the preliminary injunction motion, with supporting Affidavits, and, on September 24, 2018, the Towns of Waterford and Halfmoon filed a Reply Memorandum of Law in further support of their injunctive motion. The Honorable Debra J. Young denied the Petitioners’ motion for preliminary injunction on November 30, 2018. On January 23, 2019, the court held that the Petitioners lacked standing to maintain the proceedings and dismissed both the Waterford and Halfmoon Amended Verified Petitions in their entirety. In late February and early March 2019, the Waterford and Halfmoon Petitioners filed notices of appeal to the Appellate Division, Third Department, of both Judge Crowell’s decision to transfer the proceedings to Albany County and of Judge Young’s dismissal of the Amended Verified Petitions. On March 7, 2019, the Waterford Petitioners moved, with consent of the Halfmoon Petitioners, to consolidate the appeals. Respondents opposed the consolidation motion to the extent that it may result in inequitable briefing under the Appellate Division rules. On April 4, 2019, the Appellate Division, Third Department granted the consolidation motion “to the extent that the appeals shall be heard together and may be perfected upon a joint record on appeal.” On April 26, 2019, the Waterford Petitioners filed a motion with the Appellate Division, Third Department, seeking an order preliminarily enjoining construction activities or the acceptance of waste at the Landfill. The Company, CRL, and the Town of Colonie opposed the motion, which was summarily denied by the Third Department, Appellate Division on June 20, 2019. On June 25, 2019, the Waterford Petitioners filed their appellate brief and the joint record on appeal. The Halfmoon Petitioners filed their appellate brief on August 21, 2019. The Company, CRL, and the Town filed their joint appellee brief and supplemental appendix on November 20, 2019. On February 24, 2020, after receiving multiple filing extensions, DEC filed its appellee brief and supplemental appendix. The Waterford and Halfmoon Petitioners filed their reply briefs on March 10, 2020 and March 13, 2020, respectively. The Appellate Division, Third Department, held virtual oral argument in the appeals on September 14, 2020. On October 29, 2020, the Third Department issued its Memorandum and Order. While the Third Department held that certain Petitioners appeared to have standing, it declined to remand the proceedings to the trial court, and instead denied Petitioners’ claims on the merits. Accordingly, the Third Department dismissed the appeals in their entirety and affirmed judgment in favor of Respondents. Petitioners did not have an automatic right of appeal to the Court of Appeals of New York and they did not seek leave to appeal the Third Department’s Memorandum and Order. As such, the proceedings have formally concluded. Collective Bargaining Agreements Seventeen of the Company’s collective bargaining agreements have expired or are set to expire in 2021. The Company does not expect any significant disruption in its overall business in 2021 as a result of labor negotiations, employee strikes or organizational efforts. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 13. SHAREHOLDERS’ EQUITY Employee Share Purchase Plan On May 15, 2020, the Company’s shareholders approved the ESPP. Under the ESPP, qualified employees may elect to have payroll deductions withheld from their eligible compensation on each payroll date in amounts equal to or greater than one percent (1%) but not in excess of ten percent (10%) of eligible compensation in order to purchase the Company’s common shares under certain terms and subject to certain restrictions set forth in the ESPP. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period; provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the TSX over the final five trading days of such offering period. The maximum number of shares that may be issued under the ESPP is 1,000,000. As of December 31, 2020, none of the Company’s common shares have been purchased under the ESPP. Cash Dividend The Board of Directors of the Company authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis. In October 2020, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $0.02, from $0.185 to $0.205 per Company common share. Cash dividends of $199,883, $175,067 and $152,550 were paid during the years ended December 31, 2020, 2019 and 2018, respectively. Normal Course Issuer Bid On July 23, 2020, the Board of Directors of the Company approved, subject to receipt of regulatory approvals, the annual renewal of the Company’s normal course issuer bid (the “NCIB”) to purchase up to 13,144,773 of the Company’s common shares during the period of August 10, 2020 to August 9, 2021 or until such earlier time as the NCIB is completed or terminated at the option of the Company. The renewal followed the conclusion of the Company’s NCIB that expired August 7, 2020. The Company received TSX approval for its annual renewal of the NCIB on August 5, 2020. Under the NCIB, the Company may make share repurchases only in the open market, including on the NYSE, the TSX, and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction. In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems is limited to a maximum of 112,638 common shares, which represents 25% of the average daily trading volume on the TSX of 450,555 common shares for the period from February 1, 2020 to July 31, 2020. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares that can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases. The timing and amounts of any repurchases pursuant to the NCIB will depend on many factors, including the Company’s capital structure, the market price of the common shares and overall market conditions. All common shares purchased under the NCIB will be immediately cancelled following their repurchase. For the year ended December 31, 2020, the Company repurchased 1,271,977 common shares pursuant to the NCIB at an aggregate cost of $105,654. For the year ended December 31, 2019, the Company did not repurchase any common shares pursuant to the normal course issuer bid in effect during that period. For the year ended December 31, 2018, the Company repurchased 831,704 common shares pursuant to the normal course issuer bid in effect during that period at an aggregate cost of $58,928. As of December 31, 2020, the remaining maximum number of shares available for repurchase under the NCIB was 11,912,497. Common Shares The Company is authorized to issue an unlimited number of common shares, that have no par value, and uses reserved but unissued common shares to satisfy its obligations under its equity-based compensation plans. As of December 31, 2020, the Company has reserved the following common shares for issuance: For outstanding RSUs, PSUs and warrants 1,874,691 For future grants under the 2016 Incentive Award Plan 4,831,779 For future grants under the Employee Share Purchase Plan 1,000,000 7,706,470 Common Shares Held in Trust Common shares held in trust at December 31, 2020 consist of 74,184 shares of the Company held in a trust that were acquired by Progressive Waste prior to June 1, 2016 for the benefit of its U.S. and Canadian employees participating in certain share-based compensation plans. A total of 735,171 common shares were held in the trust on June 1, 2016 when it was acquired by the Company in the Progressive Waste acquisition. Common shares held in trust are classified as treasury shares in the Company’s Consolidated Balance Sheets. The Company will sell shares out of the trust and remit cash or shares to employees and non-employee directors as restricted share units vest and deferred share units settle, under the Progressive Waste share-based compensation plans that were continued by the Company. During the years ended December 31, 2020, 2019 and 2018, the Company sold 7,330, 48,375 and 36,244 common shares held in the trust, respectively, to settle vested restricted share units and deferred share units. Special Shares The Company is authorized to issue an unlimited number of special shares. Holders of special shares are entitled to one vote in matters of the Company for each special share held. The special shares carry no right to receive dividends or to receive the remaining property or assets of the Company upon dissolution or wind-up. At December 31, 2020, 2019 and 2018, no special shares were issued. Preferred Shares The Company is authorized to issue an unlimited number of preferred shares, issuable in series. Each series of preferred shares issued shall have rights, privileges, restrictions and conditions as determined by the Board of Directors prior to their issuance. Preferred shareholders are not entitled to vote, but take preference over the common shareholders rights in the remaining property and assets of the Company in the event of dissolution or wind-up. At December 31, 2020, 2019 and 2018, no preferred shares were issued. Restricted Share Units, Performance-Based Restricted Share Units, Share Options and Share Purchase Warrants In connection with the Progressive Waste acquisition, each Waste Connections US, Inc. restricted stock unit award, deferred restricted stock unit award and warrant outstanding immediately prior to the Progressive Waste acquisition was automatically converted into a restricted share unit award, deferred restricted share unit award or warrant, as applicable, relating to an equal number of common shares of the Company, on the same terms and conditions as were applicable immediately prior to the Progressive Waste acquisition under such equity award. Such conversion of equity awards was approved by the Company’s shareholders at its shareholder meeting as part of the shareholders’ approval of the Progressive Waste acquisition. At its meeting on June 1, 2016, the Company’s Board of Directors approved the assumption by the Company of the Waste Connections US, Inc. 2014 Incentive Plan Award (the “2014 Plan”), the Waste Connections US, Inc. Third Amended and Restated 2004 Equity Incentive Plan (the “2004 Plan”), and the Waste Connections US, Inc. Consultant Incentive Plan (the “Consultant Plan,” and, together with the 2014 Plan and the 2004 Plan, the “Assumed Plans”) for the purposes of administering the Assumed Plans and the awards issued thereunder. No additional awards will be made under any of the Assumed Plans. Upon the vesting, expiration, exercise in accordance with their terms or other settlement of all of the awards made pursuant to an Assumed Plan, such Assumed Plan shall automatically terminate. Participation in the 2004 Plan was limited to employees, officers, directors and consultants. Restricted share units (“RSUs”) granted under the 2004 Plan generally vest in installments pursuant to a vesting schedule set forth in each agreement. The Board of Directors authorized the granting of awards under the 2004 Plan, and determined the employees and consultants to whom such awards were to be granted, the number of shares subject to each award, and the exercise price, term, vesting schedule and other terms and conditions of each award. RSU awards granted under the plan did not require any cash payment from the participant to whom an award was made. No grants have been made under the 2004 Plan since May 16, 2014 pursuant to the approval by the stockholders of the 2014 Plan on such date. The 2014 Plan also authorized the granting of RSUs, as well as performance awards payable in the form of the Company’s common shares or cash, including equity awards and incentive cash bonuses that may have been intended to qualify as “performance-based compensation” under Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”). Participation in the 2014 Plan was limited to employees and consultants of the Company and its subsidiaries and non-employee directors. The 2014 Plan is administered by the Company’s Board of Directors with respect to awards to non-employee directors and by its Compensation Committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of the Company’s directors and/or officers, subject to certain limitations (collectively, the “administrator”). RSUs granted under the 2014 Plan generally vest in installments pursuant to a vesting schedule set forth in each award agreement. RSU awards under the 2014 plan do not require any cash payment from the participant to whom an award was made. The vesting of performance awards, including performance-based restricted share units (“PSUs”), was dependent on one or more performance criteria determined by the administrator on a specific date or dates or over any period or periods determined by the administrator. On June 1, 2016, the Company’s Board of Directors adopted the 2016 Incentive Award Plan (the “2016 Plan”), which was approved by Progressive Waste’s shareholders on May 26, 2016. On each of July 24, 2017 and 2018, the Board of Directors approved certain housekeeping amendments to the 2016 Plan. The 2016 Plan, as amended, is administered by the Company’s Compensation Committee and provides that the aggregate number of common shares which may be issued from treasury pursuant to awards made under the 2016 Plan is 7,500,000 common shares. Awards under the 2016 Plan may be made to employees, consultants and non-employee directors and may be made in the form of options, warrants, restricted shares, restricted share units, performance awards (which may be paid in cash, common shares, or a combination thereof), dividend equivalent awards (representing a right of the holder thereof to receive the equivalent value (which may be paid in cash or common shares) of dividends paid on common shares), and share payments (a payment in the form of common shares or an option or other right to purchase common shares as part of a bonus, defined compensation or other arrangement). Non-employee directors are also eligible to receive deferred share units, which represent the right to receive a cash payment or its equivalent in common shares (or a combination of cash and common shares), or which may at the time of grant be expressly limited to settlement only in cash and not in common shares. Restricted Share Units A summary of the Company’s RSU activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted share units granted $ 101.79 $ 81.24 $ 69.22 Total fair value of restricted share units vested $ 23,742 $ 21,136 $ 18,795 A summary of activity related to RSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Unvested Shares Value Per Share Outstanding at December 31, 2019 861,012 $ 68.47 Granted 330,209 $ 101.79 Forfeited (41,590) $ 83.11 Vested and issued (377,006) $ 62.97 Outstanding at December 31, 2020 772,625 $ 84.61 Recipients of the Company’s RSUs who participate in the Company’s Nonqualified Deferred Compensation Plan may have elected in years prior to 2015 to defer some or all of their RSUs as they vest until a specified date or dates they choose. At the end of the deferral periods, unless a qualified participant makes certain other elections, the Company issues to recipients who deferred their RSUs common shares of the Company underlying the deferred RSUs. At December 31, 2020, 2019 and 2018, the Company had 177,760, 247,999 and 264,374 vested deferred RSUs outstanding, respectively. Performance-Based Restricted Share Units A summary of the Company’s PSU activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of PSUs granted $ 87.19 $ 80.85 $ 68.77 Total fair value of PSUs vested $ 15,628 $ 7,683 $ 5,886 A summary of activity related to PSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Unvested Shares Value Per Share Outstanding at December 31, 2019 504,484 $ 65.59 Granted 211,987 $ 87.19 Forfeited (727) $ 68.58 Vested and issued (281,186) $ 55.58 Outstanding at December 31, 2020 434,558 $ 82.60 During the year ended December 31, 2020, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2022. During the same period, the Company’s Compensation Committee also granted PSUs with a one-year performance-based metric that the Company must meet before those awards may be earned, with the awards then subject to time-based vesting for the remaining three years of their four-year vesting period. During the year ended December 31, 2019, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2021. During the same period, the Company’s Compensation Committee also granted PSUs with a one-year performance-based metric that the Company was required to meet before those awards were earned, with the awards then subject to time-based vesting for the remaining three years of their four-year vesting period. During the year ended December 31, 2018, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company was required to meet before those awards were earned, and the performance period for those grants ended on December 31, 2020. During the same period, the Company’s Compensation Committee also granted PSUs with a one-year performance-based metric that the Company was required to meet before those awards were earned, with the awards then subject to time-based vesting for the remaining three years of their four-year vesting period. The Compensation Committee determines the achievement of performance results and corresponding vesting of PSUs for each performance period. Share Purchase Warrants The Company has outstanding share purchase warrants issued under the 2014 Plan and the 2016 Plan. Warrants to purchase the Company’s common shares were issued to certain consultants to the Company. Warrants issued were fully vested and exercisable at the date of grant. Warrants outstanding at December 31, 2020, expire between 2021 and 2025. A summary of warrant activity during the year ended December 31, 2020, is presented below: Weighted-Average Warrants Exercise Price Outstanding at December 31, 2019 378,424 $ 77.81 Granted 164,890 $ 97.78 Forfeited (33,441) $ 68.44 Exercised (20,125) $ 47.75 Outstanding at December 31, 2020 489,748 $ 86.41 The following table summarizes information about warrants outstanding as of December 31, 2020 and 2019: Fair Value of Warrants Warrants Outstanding at December 31, Grant Date Issued Exercise Price Issued 2020 2019 Throughout 2015 136,768 $28.30 to $36.32 1,333 — 21,515 Throughout 2016 15,666 $42.22 to $51.55 189 7,158 7,158 Throughout 2017 35,382 $53.65 to $69.96 595 33,551 35,382 Throughout 2018 163,995 $70.91 to $80.90 2,591 133,141 163,361 Throughout 2019 151,008 $74.25 to $95.61 2,634 151,008 151,008 Throughout 2020 164,890 $72.65 to $104.89 3,140 164,890 — 489,748 378,424 Deferred Share Units A summary of the Company’s deferred share units (“DSUs”) activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of DSUs granted $ 103.81 $ 83.80 $ 70.47 Total fair value of DSUs awarded $ 272 $ 319 $ 285 The DSUs consist of a combination of DSU grants outstanding under the Progressive Waste share-based compensation plans that were continued by the Company following the Progressive Waste acquisition and DSUs granted by the Company since the Progressive Waste acquisition. A summary of activity related to DSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Vested Shares Value Per Share Outstanding at December 31, 2019 18,970 $ 53.19 Granted 2,616 $ 103.81 Outstanding at December 31, 2020 21,586 $ 59.32 Other Restricted Share Units RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition and allow for the issuance of shares or cash settlement to employees upon vesting. A summary of activity related to Progressive Waste RSUs during the year ended December 31, 2020, is presented below: Outstanding at December 31, 2019 73,884 Cash settled (7,330) Outstanding at December 31, 2020 66,554 No RSUs under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016. All remaining RSUs were vested as of December 31, 2019. Share Based Options Share based options outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition and allow for the issuance of shares or cash settlement to employees upon vesting. A summary of activity related to Progressive Waste share based options during the year ended December 31, 2020, is presented below: Outstanding at December 31, 2019 126,161 Cash settled (74,961) Outstanding at December 31, 2020 51,200 No share based options under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016. All outstanding share based options were vested as of December 31, 2017. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 14. OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) includes changes in the fair value of interest rate swaps and fuel hedges that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the years ended December 31, 2020, 2019 and 2018, are as follows: Year Ended December 31, 2020 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ 9,778 $ (2,591) $ 7,187 Changes in fair value of interest rate swaps (64,664) 17,136 (47,528) Foreign currency translation adjustment 50,653 — 50,653 $ (4,233) $ 14,545 $ 10,312 Year Ended December 31, 2019 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (8,027) $ 2,127 $ (5,900) Changes in fair value of interest rate swaps (43,873) 11,626 (32,247) Foreign currency translation adjustment 101,970 — 101,970 $ 50,070 $ 13,753 $ 63,823 Year Ended December 31, 2018 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (5,669) $ 1,502 $ (4,167) Fuel hedge amounts reclassified into cost of operations (6,531) 1,627 (4,904) Changes in fair value of interest rate swaps (1,213) 321 (892) Changes in fair value of fuel hedges 2,651 (654) 1,997 Foreign currency translation adjustment (175,233) — (175,233) $ (185,995) $ 2,796 $ (183,199) A roll forward of the amounts included in AOCIL, net of taxes, is as follows: Foreign Accumulated Currency Other Interest Translation Comprehensive Rate Swaps Adjustment Income (Loss) Balance at December 31, 2018 $ 8,892 $ (83,678) $ (74,786) Amounts reclassified into earnings (5,900) — (5,900) Changes in fair value (32,247) — (32,247) Foreign currency translation adjustment — 101,970 101,970 Balance at December 31, 2019 (29,255) 18,292 (10,963) Amounts reclassified into earnings 7,187 — 7,187 Changes in fair value (47,528) — (47,528) Foreign currency translation adjustment — 50,653 50,653 Balance at December 31, 2020 $ (69,596) $ 68,945 $ (651) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES The Company’s operations are conducted through its various subsidiaries in countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. Income before provision for income taxes consists of the following: Years Ended December 31, 2020 2019 2018 U.S. $ 22,349 $ 477,203 $ 491,506 Non – U.S. 231,565 228,688 215,634 Income before income taxes $ 253,914 $ 705,891 $ 707,140 The provision for income taxes consists of the following: Years Ended December 31, 2020 2019 2018 Current: U.S. Federal $ 65,143 $ 45,475 $ 37,419 State 28,325 27,528 27,057 Non – U.S. 6,941 11,570 17,651 100,409 84,573 82,127 Deferred: U.S. Federal (36,659) 58,291 85,926 State (8,762) 6,331 1,991 Non – U.S. (5,066) (9,985) (10,058) (50,487) 54,637 77,859 Provision for income taxes $ 49,922 $ 139,210 $ 159,986 The Company is organized under the laws of Ontario, Canada; however, since the proportion of U.S. revenues, assets, operating income and associated tax provisions is significantly greater than any other single taxing jurisdiction within the worldwide group, the reconciliation of the differences between the Company’s income tax provision as presented in the accompanying Consolidated Statements of Net Income and income tax provision computed at the federal statutory rate is presented on the basis of the U.S. federal statutory income tax rate of 21%, as opposed to the Canadian statutory rate of approximately 27% to provide a more meaningful insight into those differences. The items shown in the following table are a percentage of pre-tax income: Years Ended December 31, 2020 2019 2018 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.5 4.4 4.4 Deferred income tax liability adjustments 1.6 0.6 (0.2) Effect of international operations (7.0) (6.3) (3.9) Deferred tax on undistributed earnings — — 0.9 Other (0.4) — 0.4 19.7 % 19.7 % 22.6 % The comparability of the Company’s income tax provision for the reported periods has been affected by variations in its income before income taxes. The effects of international operations are primarily due to a portion of the Company’s income from internal financing that is taxed at effective rates substantially lower than the U.S. federal statutory rate. Additionally, for the year ended December 31, 2020, the Company’s income tax provision included a $27,358 expense associated with certain 2019 inter-entity payments no longer being deductible for tax purposes due to the finalization of tax regulations on April 7, 2020 under Internal Revenue Code section 267A and a $4,148 expense related to an increase in the Company’s deferred income tax liabilities resulting from the impairment of certain assets within its E&P operations which impacted the geographical apportionment of its state income taxes. Additionally, for the year ended December 31, 2019, a reduction in deferred income tax assets primarily related to compensation of executive officers no longer deemed deductible for tax purposes resulted in an increase to tax expense of $3,805. For the year ended December 31, 2018, the restructuring of the Company’s internal refinancing in conjunction with the Tax Cuts and Jobs Act (“Tax Act”) resulted in an increase to tax expense of $5,572. Additionally, the Company recorded a deferred income tax expense of $6,429 associated with refinements to the prior year estimate of its U.S. earnings no longer permanently reinvested in conjunction with the Tax Act. Further, a reduction in the Company’s deferred income tax liabilities due to enacted state legislation and changes in the Company’s geographical apportionment due to acquisition activity resulted in a tax benefit of $3,057. The significant components of deferred income tax assets and liabilities, reduced by valuation allowances as applicable, are presented below. December 31, 2020 2019 Deferred income tax assets: Accrued expenses $ 26,600 $ 23,536 Compensation 18,150 17,532 Contingent liabilities 17,652 15,228 Tax credits and loss carryforwards 24,044 18,693 Interest rate and fuel hedges 25,093 10,548 Gross deferred income tax assets 111,539 85,537 Less: Valuation allowance — — Total deferred income tax assets 111,539 85,537 Deferred income tax liabilities: Goodwill and other intangibles (332,097) (311,404) Property and equipment (440,019) (497,768) Landfill closure/post-closure (13,846) (12,159) Prepaid expenses (14,990) (8,542) Investment in subsidiaries (69,391) (69,597) Other (1,240) (4,689) Total deferred income tax liabilities (871,583) (904,159) Net deferred income tax liability $ (760,044) $ (818,622) The Company has $40,706 of Canadian tax loss carryforwards with a 20-year carryforward period which will begin to expire in 2034, as well as various U.S. state tax losses with carryforward periods up to 20 years. As of December 31, 2020, the Company had undistributed earnings of approximately $2,448,840 for which income taxes have not been provided on permanently reinvested earnings of approximately $1,273,840. Additionally, the Company has not recorded deferred taxes on the amount of financial reporting basis in excess of tax basis of approximately $319,523 attributable to the Company’s non-U.S. subsidiaries which are permanently reinvested. It is not practical to estimate the additional tax that may become payable upon the eventual repatriation of these amounts; however, the tax impacts could result in a material increase to the Company’s effective tax rate. The Company and its subsidiaries are subject to U.S. federal and Canadian income tax, which are its principal operating jurisdictions. The Company has concluded all U.S. federal income tax matters for years through 2016, except for the Progressive Waste U.S. federal income tax jurisdiction, which remains open for years subsequent to 2007. Additionally, the reassessment period for the Company has expired for all Canadian income tax matters for years through 2015. The Company did not have any unrecognized tax benefits recorded at December 31, 2020, 2019 or 2018. The Company does not anticipate the total amount of unrecognized tax benefits will significantly change by December 31, 2021. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. SEGMENT REPORTING The Company’s revenues are generated from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented. Prior to July 2020, the Company managed its operations through five geographic solid waste operating segments and its E&P segment, which were also its reportable segments. As of July 2020, the Company’s chief operating decision maker determined that the Company’s E&P and Southern operating segments met all the aggregation criteria and eliminated the E&P segment by combining all operations of the E&P segment into the Southern segment. After giving effect to this combination, the Company’s reportable segments consist of its five geographic operating segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. In the first quarter of 2019, the Company moved two districts from the Eastern segment to the Central segment because their locations in Iowa were closer in proximity to operations in the Company’s Central segment. The segment information presented herein reflects the realignment of these districts. Segment results for the 2019 and 2018 periods reflected in this report have been reclassified to reflect the realignment of the Company’s reportable segments for comparison with the same period in 2020. Under the current orientation, the Company’s Southern segment services customers located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, New Mexico, North Dakota, southern Oklahoma, western Tennessee, Texas, Wyoming and along the Gulf of Mexico; the Company’s Eastern segment services customers located in Delaware, northern Illinois, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, eastern Tennessee, Vermont, Virginia and Wisconsin; the Company’s Western segment services customers located in Alaska, California, Idaho, Montana, Nevada, Oregon, Washington and western Wyoming; the Company’s Central segment services customers located in Arizona, Colorado, southern Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, western Texas, Utah and eastern Wyoming; and the Company’s Canada segment services customers located in the state of Michigan and in the provinces of Alberta, British Columbia, Manitoba, Ontario, Québec and Saskatchewan. The Company’s Chief Operating Decision Maker evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. The Company defines segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items, and other income (expense). Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies. The Company’s management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments. A reconciliation of segment EBITDA to Income before income tax provision is included at the end of this Note 16. Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2020, 2019 and 2018, is shown in the following tables: Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2020 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,552,687 $ (183,107) $ 1,369,580 $ 369,445 $ 189,726 $ 131,831 $ 3,402,081 Eastern 1,601,980 (266,115) 1,335,865 343,446 222,934 181,787 3,134,462 Western 1,291,882 (142,120) 1,149,762 364,790 115,151 132,344 1,861,079 Central 1,008,081 (127,758) 880,323 313,033 113,004 102,966 2,160,246 Canada 805,757 (95,297) 710,460 256,119 103,334 109,886 2,544,379 Corporate (a), (d) — — — (15,283) 8,255 5,747 890,117 $ 6,260,387 $ (814,397) $ 5,445,990 $ 1,631,550 $ 752,404 $ 664,561 $ 13,992,364 Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2019 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,623,614 $ (174,614) $ 1,449,000 $ 441,425 $ 208,967 $ 178,127 $ 3,952,449 Eastern 1,524,648 (255,684) 1,268,964 330,578 204,221 154,218 3,099,283 Western 1,234,669 (135,820) 1,098,849 338,563 102,067 147,893 1,718,015 Central 958,139 (119,555) 838,584 292,111 106,391 116,831 1,885,468 Canada 835,603 (102,321) 733,282 256,405 113,944 61,119 2,490,291 Corporate (a), (d) — — — (15,438) 8,328 7,901 592,189 $ 6,176,673 $ (787,994) $ 5,388,679 $ 1,643,644 $ 743,918 $ 666,089 $ 13,737,695 Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2018 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,526,116 $ (157,860) $ 1,368,256 $ 406,616 $ 198,098 $ 123,379 $ 3,862,802 Eastern 1,296,823 (224,833) 1,071,990 295,016 166,715 136,214 2,673,316 Western 1,170,382 (126,454) 1,043,928 318,401 95,400 125,112 1,596,129 Central 815,520 (103,966) 711,554 259,794 89,001 91,646 1,506,326 Canada 823,989 (96,776) 727,213 261,233 124,155 66,319 2,412,971 Corporate (a), (d) — — — (8,211) 7,118 3,475 575,785 $ 5,632,830 $ (709,889) $ 4,922,941 $ 1,532,849 $ 680,487 $ 546,145 $ 12,627,329 (a) The majority of Corporate expenses are allocated to the five operating segments. Direct acquisition expenses and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the five operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented. For the year ended December 31, 2018, amounts also include Progressive Waste integration-related expenses. (b) Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (c) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in Note 3. (d) Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment. (e) Goodwill is included within total assets for each of the Company’s five operating segments. The following table shows changes in goodwill during the years ended December 31, 2019 and 2020, by reportable segment: Southern Eastern Western Central Canada Total Balance as of December 31, 2018 $ 1,517,610 $ 1,126,486 $ 398,174 $ 540,435 $ 1,448,980 $ 5,031,685 Goodwill acquired 11,460 204,694 1,863 189,035 16 407,068 Goodwill divested (845) — — — — (845) Impact of changes in foreign currency — — — — 72,943 72,943 Balance as of December 31, 2019 $ 1,528,225 $ 1,331,180 $ 400,037 $ 729,470 $ 1,521,939 $ 5,510,851 Goodwill acquired 3,990 43,397 42,825 94,883 208 185,303 Goodwill divested — — — (149) — (149) Impact of changes in foreign currency — — — — 30,645 30,645 Balance as of December 31, 2020 $ 1,532,215 $ 1,374,577 $ 442,862 $ 824,204 $ 1,552,792 $ 5,726,650 Property and equipment, net relating to operations in the United States and Canada are as follows: December 31, 2020 2019 United States $ 4,589,144 $ 4,862,557 Canada 695,362 653,790 Total $ 5,284,506 $ 5,516,347 A reconciliation of the Company’s primary measure of segment profitability (segment EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows: Years ended December 31, 2020 2019 2018 Southern segment EBITDA $ 369,445 $ 441,425 $ 406,616 Eastern segment EBITDA 343,446 330,578 295,016 Western segment EBITDA 364,790 338,563 318,401 Central segment EBITDA 313,033 292,111 259,794 Canada segment EBITDA 256,119 256,405 261,233 Subtotal reportable segments 1,646,833 1,659,082 1,541,060 Unallocated corporate overhead (15,283) (15,438) (8,211) Depreciation (621,102) (618,396) (572,708) Amortization of intangibles (131,302) (125,522) (107,779) Impairments and other operating items (466,718) (61,948) (20,118) Interest expense (162,375) (147,368) (132,104) Interest income 5,253 9,777 7,170 Other income (expense), net (1,392) 5,704 (170) Income before income tax provision $ 253,914 $ 705,891 $ 707,140 |
Net Income Per Share Informatio
Net Income Per Share Information | 12 Months Ended |
Dec. 31, 2020 | |
Net Income Per Share Information [Abstract] | |
Net Income Per Share Information | 17. NET INCOME PER SHARE INFORMATION The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Numerator: Net income attributable to Waste Connections for basic and diluted earnings per share $ 204,677 $ 566,841 $ 546,871 Denominator: Basic shares outstanding 263,189,699 263,792,693 263,650,155 Dilutive effect of equity-based awards 497,840 733,868 745,463 Diluted shares outstanding 263,687,539 264,526,561 264,395,618 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 18. EMPLOYEE BENEFIT PLANS Retirement Savings Plans: Certain of Waste Connections’ subsidiaries also have voluntary savings and investment plans in the U.S. (the “401(k) Plans”). The 401(k) Plans are available to all eligible U.S. employees of Waste Connections and its subsidiaries. Waste Connections and its subsidiaries make matching contributions under the 401(k) Plans of 100% of every dollar of a participating employee’s pre-tax contributions until the employee’s contributions equal 5% of the employee’s eligible compensation, subject to certain limitations imposed by the U.S. Internal Revenue Code. The Company’s matching contributions under the 401(k) Plans were suspended from June 1, 2020 to December 31, 2020. The Company reinstated its matching contributions effective January 1, 2021. Total employer expenses, including employer matching contributions, for the DPSP and 401(k) Plans were $16,350, $26,111 and $12,055, respectively, during the years ended December 31, 2020, 2019 and 2018. These amounts include matching contributions Waste Connections made under the Deferred Compensation Plan, described below. Multiemployer Pension Plans: its collective bargaining agreements. The Company’s participation in multiemployer pension plans is summarized as follows: Expiration EIN/Pension Plan Date of Number/ Pension Protection Act FIP/RP Collective Registration Zone Status (a) Status Company Contributions (d) Bargaining Plan Name Number 2020 2019 (b),(c) 2020 2019 2018 Agreement Local 731, I.B. of T., Private Scavengers, Garage Attendants, and Textile Maintenance Pension Trust Fund 36-6513567 - 001 Green for the plan year beginning 10/1/2019 Green for the plan year ended 9/30/2019 Not applicable $ 4,628 $ 4,570 $ 4,600 9/30/2023 Western Conference of Teamsters Pension Trust 91-6145047 - 001 Green Green Not applicable 4,841 4,550 4,399 4/30/2021 to 12/31/2024 Suburban Teamsters of Northern Illinois Pension Fund 36-6155778 - 001 Green for the plan year beginning 1/1/2019 Green for the plan year beginning 1/1/2019 Not applicable 2,080 1,844 1,569 2/29/2024 Teamster Local 301 Pension Fund 36-6492992 - 001 Green Green Not applicable 673 624 581 9/30/2023 Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund 36-6042061 - 001 Green Yellow Implemented 457 492 484 12/31/2022 Midwest Operating Engineers Pension Plan 36-6140097 - 001 Green for the plan year beginning 4/1/2020 Green for the plan year beginning 4/1/2019 Not applicable 316 339 289 10/31/2025 Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan 91-6028571 - 001 Green Green Not applicable 298 290 284 11/16/2022 Local 813 Pension Trust Fund 13-1975659 - 001 Critical Critical Implemented 183 281 165 11/30/2022 IAM National Pension Fund 51-6031295 - 002 Critical Green Implemented 310 256 240 12/31/2022 International Union of Operating Engineers Pension Trust 85512-1 Green as of 4/30/2018 Green as of 4/30/2017 Not applicable 279 238 224 3/31/2021 to 3/31/2024 Multi-Sector Pension Plan 1085653 Green as of 1/1/2020 Green as of 1/1/2019 Not applicable 196 202 191 12/31/2018 Contributions to other multiemployer plans 10 — — $ 14,271 $ 13,686 $ 13,026 (a) Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2020 and 2019 is for the plans’ years ended December 31, 2019 and 2018, respectively. (b) The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) has been implemented. (c) A multiemployer defined benefit 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. The Company was not required to pay a surcharge to these plans during the years ended December 31, 2020 and 2019. (d) Of the Multiemployer Pension Plans considered to be individually significant, the Company was listed in the Form 5500 of the Local 731, I.B. of T., Private Scavengers, Garage Attendants, and Textile Maintenance Pension Trust Fund as providing more than 5% of the total contributions for plan years ending September 30, 2019, 2018 and 2017. The Company was also listed in the Form 5500 of the Teamster Local 301 Pension Fund as providing more than 5% of the total contributions for plan years ending December 31, 2019, 2018 and 2017. The status is based on information that the Company received from the pension plans and is certified by the pension plans’ actuary. Plans with “green” status are at least 80% funded. Plans with “yellow” status are less than 80% funded. Plans with “critical” status are less than 65% funded. Under current law regarding multiemployer benefit plans, a plan’s termination, the Company’s voluntary withdrawal, or the withdrawal of all contributing employers from any under-funded multiemployer pension plan would require the Company to make payments to the plan for its proportionate share of the multiemployer plan’s unfunded vested liabilities. The Company could have adjustments to its estimates for these matters in the near term that could have a material effect on its consolidated financial condition, results of operations or cash flows. Deferred Compensation Plan: will be distributed to them in cash, except for amounts credited with respect to deferred restricted share unit grants, which will be distributed in the Company’s common shares pursuant to the 2004 Plan. In addition to the amount of participants’ contributions, the Company will pay participants an amount reflecting a deemed return based on the returns of various mutual funds or measurement funds selected by the participants, except in the case of restricted share units that were deferred and not subsequently exchanged into a measurement fund pursuant to the terms of the Deferred Compensation Plan, which will be credited to their accounts as Company common shares. The measurement funds are used only to determine the amount of return the Company pays to participants and participant funds are not actually invested in the measurement fund, nor are any Company common shares acquired under the Deferred Compensation Plan. The Company’s matching contributions to the Deferred Compensation plan were suspended from June 1, 2020 to December 31, 2020. The Company reinstated its matching contributions effective January 1, 2021. During the period from January 1, 2020 through May 31, 2020 and for the year ended December 31, 2019, the Company also made matching contributions to the Deferred Compensation Plan of 100% of every dollar of a participating employee’s pre-tax eligible contributions until the employee’s contributions equaled 5% of the employee’s eligible compensation, less the amount of any match the Company made on behalf of the employee under the Waste Connections 401(k) Plan, and subject to certain deferral limitations imposed by the U.S. Internal Revenue Code on 401(k) plans, except that the Company’s matching contributions under the Deferred Compensation Plan were 100% vested when made. During the year ended December 31, 2018, the Company also made matching contributions to the Deferred Compensation Plan of 50% of every dollar of a participating employee’s pre-tax eligible contributions until the employee’s contributions equaled 6% of the employee’s eligible compensation, less the amount of any match the Company made on behalf of the employee under the Waste Connections 401(k) Plan, and subject to certain deferral limitations imposed by the U.S. Internal Revenue Code on 401(k) plans, except that the Company’s matching contributions under the Deferred Compensation Plan were 100% vested when made. The Company’s total liability for deferred compensation at December 31, 2020 and 2019 was $43,069 and $37,707, respectively, which was recorded in Other long-term liabilities in the Consolidated Balance Sheets. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 19. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the Company’s unaudited consolidated quarterly results of operations for 2020: First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,352,404 $ 1,305,782 $ 1,389,552 $ 1,398,251 Operating income (loss) $ 216,963 $ (232,357) $ 230,679 $ 197,144 Net income (loss) $ 142,893 $ (227,467) $ 157,991 $ 130,574 Net income (loss) attributable to Waste Connections $ 143,035 $ (227,072) $ 158,049 $ 130,664 Basic income (loss) per common share attributable to Waste Connections’ common shareholders $ 0.54 $ (0.86) $ 0.60 $ 0.50 Diluted income (loss) per common share attributable to Waste Connections’ common shareholders $ 0.54 $ (0.86) $ 0.60 $ 0.50 During the second quarter of 2020, the Company recorded an impairment charge of $417,384 as the carrying value of four landfills in the Company’s E&P operations exceeded their calculated discounted fair value and recorded $16,718 of expenses associated with adjusting the carrying value of liabilities for contingent consideration associated with acquisitions closed in prior periods. During the fourth quarter of 2020, the Company recorded $13,255 of charges to adjust the carrying values of certain long-lived assets acquired in the Progressive Waste acquisition. The following table summarizes the Company’s unaudited consolidated quarterly results of operations for 2019: First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,244,637 $ 1,369,639 $ 1,412,444 $ 1,361,960 Operating income $ 184,860 $ 222,134 $ 236,600 $ 194,184 Net income $ 125,577 $ 148,839 $ 159,074 $ 133,191 Net income attributable to Waste Connections $ 125,622 $ 148,848 $ 159,109 $ 133,262 Basic income per common share attributable to Waste Connections’ common shareholders $ 0.48 $ 0.56 $ 0.60 $ 0.51 Diluted income per common share attributable to Waste Connections’ common shareholders $ 0.48 $ 0.56 $ 0.60 $ 0.50 During the first quarter of 2019, the Company recorded $12,230 of charges to terminate or write off the carrying cost of certain contracts, primarily acquired in the Progressive Waste acquisition, that were not, or are not expected to be, renewed prior to their original estimated termination date. During the third quarter of 2019, the Company recorded $8,000 resulting from the abandonment of a landfill development project at the Company’s E&P segment. During the fourth quarter of 2019, the Company recorded $25,798 of charges associated with the write-down of an operating permit and equipment at a non-strategic materials recovery facility that was disposed of by sale on January 2, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENT On February 17, 2021, the Company announced that its Board of Directors approved a regular quarterly cash dividend of $0.205 per Company common share. The dividend will be paid on March 17, 2021, to shareholders of record on the close of business on March 3, 2021. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | WASTE CONNECTIONS, INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2020, 2019 and 2018 (in thousands of U.S. dollars) Additions Deductions Balance at Charged to Charged to (Write-offs, Beginning of Costs and Other Net of Balance at End Description Year Expenses Accounts Collections) of Year Allowance for Credit Losses: Year Ended December 31, 2020 $ 16,432 $ 15,546 $ — $ (12,598) $ 19,380 Year Ended December 31, 2019 $ 16,760 $ 11,973 $ — $ (12,301) $ 16,432 Year Ended December 31, 2018 $ 17,154 $ 13,814 $ — $ (14,208) $ 16,760 |
New Accounting Standards and _2
New Accounting Standards and Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
New Accounting Standards and Reclassifications [Abstract] | |
Reclassification | Reclassification As disclosed within other notes to the financial statements, segment information reported in the Company’s prior year periods has been reclassified to conform with the 2020 presentation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Business [Abstract] | |
Reporting Currency | Reporting Currency The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company’s Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company’s consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company’s consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at purchase to be cash equivalents. As of December 31, 2020 and 2019, cash equivalents consisted of demand money market accounts. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted cash, restricted investments and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted cash and restricted investments are invested primarily in money market accounts, bank time deposits, U.S. government and agency securities and Canadian bankers’ acceptance notes. The Company has not experienced any losses related to its cash and equivalents, restricted cash or restricted investment accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for credit losses based on the expected collectability of accounts receivable. |
Revenue Recognition | Revenue Recognition and Accounts Receivable The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, E&P services, and intermodal services. The following table disaggregates the Company’s revenues by service line for the periods indicated: Years Ended December 31, 2020 2019 2018 Commercial $ 1,610,313 $ 1,593,217 $ 1,452,831 Residential 1,528,217 1,380,763 1,189,148 Industrial and construction roll off 833,148 841,173 768,687 Total collection 3,971,678 3,815,153 3,410,666 Landfill 1,146,732 1,132,935 1,063,243 Transfer 777,754 771,316 670,129 Recycling 86,389 64,245 92,634 E&P 159,438 271,887 256,262 Intermodal and other 118,396 121,137 139,896 Intercompany (814,397) (787,994) (709,889) Total $ 5,445,990 $ 5,388,679 $ 4,922,941 The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided. See Note 16 for additional information regarding revenue by reportable segment. Revenue by Service Line Solid Waste Collection The Company’s solid waste collection business involves the collection of waste from residential, commercial and industrial customers for transport to transfer stations, or directly to landfills or recycling centers. Solid waste collection services include both recurring and temporary customer relationships. The services are performed under service agreements, municipal contracts or franchise agreements with governmental entities. Existing franchise agreements and most of the existing municipal contracts give the Company the exclusive right to provide specified waste services in the specified territory during the contract term. These exclusive arrangements are awarded, at least initially, on a competitive bid basis and subsequently on a bid or negotiated basis. The standard customer service agreements generally range from one In general, residential collection fees are billed monthly or quarterly in advance. Substantially all of the deferred revenue recognized as of September 30, 2020 was recognized as revenue during the three months ended December 31, 2020 when the service was performed. Commercial customers are typically billed on a monthly basis based on the nature of the services provided during the period. Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of waste collected. In addition, certain contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception. Solid waste collection revenue from sources other than customer contracts primarily relates to lease revenue associated with compactors. Revenue from these leasing arrangements was not material and represented an insignificant amount of total revenue for each of the reported periods. Landfill and Transfer Station Revenue at landfills is primarily generated by charging tipping fees on a per ton and/or per yard basis to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility. Revenue at transfer stations is primarily generated by charging tipping or disposal fees on a per ton and/or per yard basis. The fees charged to third parties are based primarily on the market, type and volume or weight of the waste accepted, the distance to the disposal facility and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted at the transfer facility. Many of the Company’s landfill and transfer station customers have entered into one Solid Waste Recycling Solid waste recycling revenues result from the sale of recycled commodities, which are generated by offering residential, commercial, industrial and municipal customers recycling services for a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals. The Company owns and operates recycling operations and markets collected recyclable materials to third parties for processing before resale. In some instances, the Company utilizes a third party to market recycled materials. In certain instances, the Company issues recycling rebates to municipal or commercial customers, which can be based on the price it receives upon the sale of recycled commodities, a fixed contractual rate or other measures. The Company also receives rebates when it disposes of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these agreements is variable in nature based on the volume of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception. E&P Waste Treatment, Recovery and Disposal E&P revenue is primarily generated through the treatment, recovery and disposal of non-hazardous exploration and production waste from vertical and horizontal drilling, hydraulic fracturing, production and clean-up activity, as well as other services. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted or processed during the period. Intermodal and Other Intermodal revenue is primarily generated through providing intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. The fees received for intermodal services are based on negotiated rates and vary depending on volume commitments by the shipper and destination. In general, fees are billed and revenue is recognized upon delivery. Other revenues consist primarily of the sale of methane gas generated from the Company’s MSW landfills. Revenue Recognition Service obligations of a long-term nature, e.g., solid waste collection service contracts, are satisfied over time, and revenue is recognized based on the value provided to the customer during the period. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of waste collected, transported and disposed, and the nature of the waste accepted. The Company does not disclose the value of unsatisfied performance obligations for these contracts as its right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations. Additionally, certain elements of long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, fuel recovery fee programs and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue is recognized once the index is established for the period. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value. The allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The following is a rollforward of the Company’s allowance for credit losses from January 1, 2020 to December 31, 2020: Beginning balance $ 16,432 Current period provision for expected credit losses 15,509 Write-offs charged against the allowance (18,318) Recoveries collected 5,720 Impact of changes in foreign currency 37 Ending balance $ 19,380 |
Contract Acquisition Costs | Contract Acquisition Costs The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company’s Consolidated Balance Sheet, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter. The estimated useful lives are as follows: Buildings 10 Leasehold and land improvements 3 Machinery and equipment 3 Rolling stock 3 Containers 3 |
Landfill Accounting | Landfill Accounting The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill. - Landfill development costs - Final capping, closure and post-closure obligations of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company. The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting current market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing 2020 and 2019 “layers” for final capping, closure and post-closure obligations was 4.75% for both years, which reflects the Company’s long-term credit adjusted risk free rate. The Company’s inflation rate assumption was 2.5% for the years ended December 31, 2020 and 2019. In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately 1 to 203 years, with an average remaining life of approximately 32 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes. The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2018 to December 31, 2020: Final capping, closure and post-closure liability at December 31, 2018 $ 251,782 Liability adjustments 19,846 Accretion expense associated with landfill obligations 14,251 Closure payments (5,059) Assumption of closure liabilities from acquisitions 8,707 Foreign currency translation adjustment 1,947 Final capping, closure and post-closure liability at December 31, 2019 291,474 Liability adjustments 2,490 Accretion expense associated with landfill obligations 14,874 Closure payments (6,488) Assumption of closure liabilities from acquisitions 2,136 Disposition of closure liabilities from divested operations (3,413) Foreign currency translation adjustment 823 Final capping, closure and post-closure liability at December 31, 2020 $ 301,896 Liability adjustments of $2,490 and $19,846 for the years ended December 31, 2020 and 2019, respectively, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. The final capping, closure and post-closure liability is included in Other long-term liabilities in the Consolidated Balance Sheets. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. - Disposal capacity 1) whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; 2) whether total development costs, final capping costs, and closure/post-closure costs have been determined; 3) whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; 4) whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and 5) whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion). It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired. |
Cell Processing Reserves | Cell Processing Reserves The Company records a cell processing reserve related to its E&P segment for certain locations in Louisiana and Texas for the estimated amount of expenses to be incurred upon the treatment and excavation of oilfield waste received. The cell processing reserve is the future cost to properly treat and dispose of existing waste within the cells at the various facilities. The reserve generally covers estimated costs to be incurred over a period of time up to 24 months, with the current portion representing costs estimated to be incurred in the next 12 months. The estimate is calculated based on current estimated volume in the cells, estimated percentage of waste treated, and historical average costs to treat and excavate the waste. The processing reserve represents the estimated costs to process the volumes of oilfield waste on-hand for which revenue has been recognized. At December 31, 2020 and 2019, the current portion of cell processing reserves was $3,344 and $3,518, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2020 and 2019, the long-term portion of cell processing reserves was $1,364 and $1,270, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. |
Business Combination Accounting | Business Combination Accounting The Company accounts for business combinations as follows: ● ● |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets The amounts assigned to franchise agreements, contracts, customer lists, permits and other agreements are being amortized over the expected term of the related agreements (ranging from 1 |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories and to operate E&P waste treatment and disposal facilities. The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below. Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In addition, the Company evaluates its reporting units for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include, but are not limited to, the following: ● ● ● ● ● As part of the Company’s goodwill impairment test, the Company estimates the fair value of each of its reporting units using discounted cash flow analyses. At December 31, 2019 and 2018, the Company’s reporting units consisted of its five geographic solid waste operating segments and its E&P segment. As of July 1, 2020, the Company combined all operations of its E&P segment into the Southern segment, based on the Company’s determination that the two operating segments met the aggregation criteria, and eliminated the E&P segment. The Company’s former E&P segment had $0 of goodwill at each of June 30, 2020 and December 31, 2019 and 2018. The Company compares the fair value of each reporting unit with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than its carrying value, an impairment charge is recorded for the amount by which the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. During the Company’s annual impairment analysis of its solid waste operations, the Company determined the fair value of each of its five geographic operating segments at December 31, 2020, 2019 and 2018 and each indefinite-lived intangible asset within those segments using discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows, growth rates and income tax rates. The cash flows employed in the Company’s 2020 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2021 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2020 results and perpetual revenue growth rates of 4.0%. The Company’s discount rate assumptions are based on an assessment of the market participant rate which approximated 5.3%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market capitalization. The Company did not record an impairment charge to any of its five geographic operating segments as a result of its annual goodwill and indefinite-lived intangible assets impairment tests for the years ended December 31, 2020, 2019 or 2018. |
Impairments of Property and Equipment and Finite-Lived Intangible Assets | Impairments of Property and Equipment and Finite-Lived Intangible Assets Property, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and other agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Typical indicators that an asset may be impaired include, but are not limited to, the following: ● ● ● ● ● If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below. The demand for the Company’s E&P waste services depends on the continued demand for, and production of, oil and natural gas. Crude oil and natural gas prices historically have been volatile. Macroeconomic and geopolitical conditions, including a significant decline in oil prices driven by both surplus production and supply, as well as the decrease in demand caused by factors including the COVID-19 pandemic, have resulted in decreased levels of oil and natural gas exploration and production activity and a corresponding decrease in demand for the Company’s E&P waste services. During the year ended December 31, 2020, total E&P revenue declined $112,114, compared to the prior year period, on rig count declines of 56% in certain basins. The most impacted basins include the Williston Basin in North Dakota, the Eagle Ford Basin in Texas and the Powder River Basin in Wyoming, all of which have relatively high costs associated with drilling, making them less attractive than other basins, including the Permian Basin in Texas and New Mexico. Additionally, across the industry there is uncertainty regarding future demand for oil and related services, as noted by several energy companies, many of whom are customers of the Company’s E&P segment. These companies have written down the values of their oil and gas assets in anticipation of the potential for the decarbonization of their energy product mix given an increased global focus on reducing greenhouse gases and addressing climate change. Such uncertainty regarding global demand has had a significant impact on the investment and operating plans of the Company’s E&P waste customers in the basins where the Company operates. The decrease in exploration and production activity, together with market expectations of a likely slow recovery in oil prices, reduced the expected future period cash flows of the Company’s E&P operations. Based on these events, the Company concluded that a triggering event occurred which required the Company to perform an impairment test of the property and equipment and intangible assets of its E&P operations as of June 30, 2020 using July 2020 industry projections for drilling activity by basin as the basis for expectations about future activity. Based upon the results of the impairment test, the Company concluded that the carrying value exceeded the projected undiscounted cash flows of four E&P landfills. The next step was to calculate the fair value of these four landfills using an income approach employing a discounted cash flow (“DCF”) model over the lesser of 40 years or the remaining life of each landfill. Additional key assumptions used in the DCF model included a discount rate of 12% applied to the cash flows, annual revenue projections based on E&P waste resulting from projected levels of oil and natural gas exploration and production activity during the forecast period at each location, gross margins based on estimated operating expense requirements during the forecast period, estimated capital expenditures over the forecast period and income taxes based on the estimated federal and state income tax rates applicable during the cash flow periods, all of which were classified as Level 3 in the fair value hierarchy. For each of the four landfills, the carrying value exceeded the calculated discounted fair value, resulting in the recording of an impairment charge of $417,384 to Impairments and other operating items in the Consolidated Statements of Net Income during the year ended December 31, 2020. The four landfills had $0 of intangible assets at June 30, 2020; therefore, no impairment charge was attributable to intangible assets. The impairment charge reduced the carrying value of property and equipment by $417,384. If the estimated annual cash flows in the DCF model for each asset or asset group tested was changed by 10%, the resulting impairment charge would change by approximately $3,000. The aforementioned impairment charges were partially offset by a $4,145 adjustment to reduce the fair value of an amount payable in 2021 under a liability-classified contingent consideration arrangement calculated on future earnings and cash flows associated with the acquisition of an E&P business in 2014. Based upon the outlook for E&P waste services in the market where the acquired business operates, the payment of the contingent consideration was deemed unlikely and the carrying value was reduced to $0 as of June 30, 2020, resulting in a credit to Impairments and other operating items in the Consolidated Statements of Net Income. During the year ended December 31, 2019, the Company recorded an $8,000 impairment charge, which is included in Impairments and other operating items in the Consolidated Statements of Net Income, for property and equipment associated with a landfill development project in its E&P segment that the Company is no longer pursuing. During the year ended December 31, 2018, the Company did not record an impairment charge for property and equipment. There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion projects. A regulator or court may deny or overturn a landfill development or landfill expansion permit application before the development or expansion permit is ultimately granted. Management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry. |
Restricted Cash and Restricted Investments | Restricted Cash and Restricted Investments Restricted cash and restricted investments consist of the following: December 31, 2020 December 31, 2019 Restricted Restricted Restricted Restricted Cash Investments Cash Investments Settlement of insurance claims $ 78,335 $ — $ 77,680 $ — Landfill closure and post-closure obligations 12,533 54,833 12,324 48,590 Other financial assurance requirements 6,227 2,683 6,479 2,589 $ 97,095 $ 57,516 $ 96,483 $ 51,179 See Note 11 for further information on restricted cash and restricted investments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations, interest rate swaps and fuel hedges. As of December 31, 2020 and 2019, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of December 31, 2020 and 2019, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2020 and 2019, are as follows: Carrying Value at Fair Value* at December 31, December 31, December 31, December 31, 2020 2019 2020 2019 4.64% Senior Notes due 2021 $ 100,000 $ 100,000 $ 100,850 $ 102,654 2.39% Senior Notes due 2021 $ 150,000 $ 150,000 $ 150,695 $ 149,823 3.09% Senior Notes due 2022 $ 125,000 $ 125,000 $ 128,482 $ 126,884 2.75% Senior Notes due 2023 $ 200,000 $ 200,000 $ 206,204 $ 201,121 3.24% Senior Notes due 2024 $ 150,000 $ 150,000 $ 158,140 $ 153,804 3.41% Senior Notes due 2025 $ 375,000 $ 375,000 $ 403,025 $ 389,127 3.03% Senior Notes due 2026 $ 400,000 $ 400,000 $ 424,874 $ 406,768 3.49% Senior Notes due 2027 $ 250,000 $ 250,000 $ 271,198 $ 259,789 4.25% Senior Notes due 2028 $ 500,000 $ 500,000 $ 597,050 $ 562,050 3.50% Senior Notes due 2029 $ 500,000 $ 500,000 $ 570,450 $ 533,500 2.60% Senior Notes due 2030 $ 600,000 $ — $ 644,520 $ — 3.05% Senior Notes due 2050 $ 500,000 $ — $ 540,050 $ — * For details on the fair value of the Company’s interest rate swaps, fuel hedges, restricted cash and investments and contingent consideration, see Note 11. |
Derivative Financial Instruments | Derivative Financial Instruments The Company recognizes all derivatives on the balance sheet at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other comprehensive income (loss) (“AOCIL”) and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the statement of cash flows. One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Credit Agreement (defined below). The Company’s strategy to achieve that objective involves entering into interest rate swaps. The interest rate swaps outstanding at December 31, 2020 were specifically designated to the Credit Agreement and accounted for as cash flow hedges. At December 31, 2020, the Company’s derivative instruments included six interest rate swap agreements as follows: Fixed Variable Notional Interest Interest Rate Expiration Date Entered Amount Rate Paid* Received Effective Date Date August 2017 $ 100,000 1.900 % 1-month LIBOR July 2019 July 2022 August 2017 $ 200,000 2.200 % 1-month LIBOR October 2020 October 2025 August 2017 $ 150,000 1.950 % 1-month LIBOR February 2020 February 2023 June 2018 $ 200,000 2.925 % 1-month LIBOR October 2020 October 2025 June 2018 $ 200,000 2.925 % 1-month LIBOR October 2020 October 2025 December 2018 $ 200,000 2.850 % 1-month LIBOR July 2022 July 2027 * Plus applicable margin. On September 28, 2020, the Company terminated four of its interest rate swaps with notional amounts of $150,000, $150,000, $50,000 and $50,000, each of which would have expired in January 2021. As a result of terminating these interest rate swaps, the Company made total cash payments of $853 to the counterparties of the swap agreements. Another of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the price of diesel fuel. The Company’s strategy to achieve that objective involves periodically entering into fuel hedges that are specifically designated to certain forecasted diesel fuel purchases and accounted for as cash flow hedges. At December 31, 2020 and 2019, the Company had no fuel hedge agreements in place. The fair values of derivative instruments designated as cash flow hedges as of December 31, 2020, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ — Accrued liabilities (a) $ (20,023) Other long-term liabilities (74,666) Total derivatives designated as cash flow hedges $ — $ (94,689) (a) Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2020 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. The fair values of derivative instruments designated as cash flow hedges as of December 31, 2019, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 2,845 Accrued liabilities $ (3,680) Other long-term liabilities (38,967) Total derivatives designated as cash flow hedges $ 2,845 $ (42,647) The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the years ended December 31, 2020, 2019 and 2018: Derivatives Statement of Amount of (Gain) or Loss Reclassified Designated as Cash Amount of Gain or (Loss) Recognized Net Income from AOCIL into Earnings, Flow Hedges as AOCIL on Derivatives, Net of Tax (a) Classification Net of Tax (b), (c) Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Interest rate swaps $ (47,528) $ (32,247) $ (892) Interest expense $ 7,187 $ (5,900) $ (4,167) Fuel hedges — — 1,997 Cost of operations — — (4,904) Total $ (47,528) $ (32,247) $ 1,105 $ 7,187 $ (5,900) $ (9,071) (a) In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps and fuel hedges have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL. Because changes in the actual price of diesel fuel and changes in the DOE index price did not offset exactly each reporting period, the Company assessed whether the fuel hedges were highly effective using the cumulative dollar offset approach. (b) Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. (c) Amounts reclassified from AOCIL into earnings related to realized gains and losses on the fuel hedges are recognized when settlement payments or receipts occur related to the hedge contracts, which correspond to when the underlying fuel is consumed. See Note 14 for further discussion on the impact of the Company’s hedge accounting to its consolidated comprehensive income (loss) and AOCIL. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records valuation allowances to reduce net deferred tax assets to the amount considered more likely than not to be realized. The Company is required to evaluate whether the tax positions taken on its income tax returns will more likely than not be sustained upon examination by the appropriate taxing authority. If the Company determines that such tax positions will not be sustained, it records a liability for the related unrecognized tax benefits. The Company classifies its liability for unrecognized tax benefits as a current liability to the extent it anticipates making a payment within one year. |
Share-Based Compensation | Share-Based Compensation Under the 2020 Employee Share Purchase Plan (the “ESPP”) , participants will be granted an option to purchase Company common shares on the first business day of each offering period, with such option to be automatically exercised on the last business day of such offering period to purchase a whole number of the Company’s common shares determined by dividing the accumulated payroll deductions in the participant’s notional account on such exercise date by the applicable exercise price. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period; provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the Toronto Stock Exchange (the “TSX”) over the final five trading days of the offering period. The fair value of restricted share unit (“RSU”) awards is determined based on the number of RSUs granted and the closing price of the common shares in the capital of the Company adjusted for future dividends. The fair value of deferred share unit (“DSU”) awards is determined based on the number of DSUs granted and the closing price of the common shares in the capital of the Company. Compensation expense associated with outstanding performance-based restricted share unit (“PSU”) awards is measured using the fair value of the Company’s common shares adjusted for future dividends and is based on the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends, recognized ratably over the performance period. Compensation expense is only recognized for those awards that the Company expects to vest, which it estimates based upon an assessment of the probability that the performance criteria will be achieved. All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award adjusted for future dividends, and is recognized on a straight-line basis as expense over the employee’s requisite service period. T he Company recognizes gross share compensation expense with actual forfeitures as they occur. Warrants are valued using the Black-Scholes pricing model with a contractual life of five years, a risk free interest rate based on the 5-year U.S. treasury yield curve and expected volatility. The Company uses the historical volatility of its common shares over a period equivalent to the contractual life of the warrants to estimate the expected volatility. The fair market value of warrants issued to consultants for acquisitions are recorded immediately as share-based compensation expense. Share-based compensation expense recognized during the years ended December 31, 2020, 2019 and 2018, was $45,751 ($34,197 net of taxes), $42,671 ($31,926 net of taxes) and $43,803 ($32,774 net of taxes), respectively. This share-based compensation expense includes RSUs, PSUs, DSUs, share option and warrant expense. The share-based compensation expense totals include amounts associated with the Progressive Waste share-based compensation plans, continued by the Company following the Progressive Waste acquisition, which allow for the issuance of shares or cash settlement to employees upon vesting. The Company records share-based compensation expense in Selling, general and administrative expenses in the Consolidated Statements of Net Income. The total unrecognized compensation cost at December 31, 2020, related to unvested RSU awards was $42,677 and this future expense will be recognized over the remaining vesting period of the RSU awards, which extends to 2024. The weighted average remaining vesting period of the RSU awards is 1.1 years. The total unrecognized compensation cost at December 31, 2020, related to unvested PSU awards was $12,276 and this future expense will be recognized over the remaining vesting period of the PSU awards, which extends to 2024. The weighted average remaining vesting period of PSU awards is 1.1 years. Other Restricted Share Units As of December 31, 2020, 2019 and 2018, the Company had a liability of $7,237, $7,178 and $9,799, respectively, representing the December 31, 2020, 2019 and 2018 fair values, respectively, of outstanding Progressive Waste restricted share units which are expected to be cash settled. For the years ended December 31, 2020 and 2019, the fair value was calculated using the number of shares granted and the closing price of the common shares in the capital of the Company. All remaining unvested Progressive Waste restricted share units vested during the year ended December 31, 2019. Other Share Based Options The fair value of the Progressive Waste share based options outstanding was calculated using a Black-Scholes pricing model with the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Expected remaining life 0.50 to 1.00 years 1.50 years 2.50 years Share volatility 17.72% to 33.54% 16.14% 14.86% Discount rate 0.06% to 0.12% 1.61% 2.51% Annual dividend rate 0.80% 0.82% 0.86% All remaining unvested Progressive Waste share based options vested during the year ended December 31, 2017. As of December 31, 2020, 2019 and 2018, the Company had a liability of $3,556, $8,559 and $8,812, respectively, representing the December 31, 2020, 2019 and 2018 fair value, respectively, of outstanding Progressive Waste share based options which are expected to be cash settled. |
Per Share Information | Per Share Information Basic net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common shares outstanding and vested and unissued restricted share units deferred for issuance into the deferred compensation plan. Diluted net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common and potential common shares outstanding. Potential common shares are excluded from the computation if their effect is anti-dilutive. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2020, 2019 and 2018, was $4,870, $5,410 and $5,029, respectively, which is included in Selling, general and administrative expense in the Consolidated Statements of Net Income. |
Insurance Liabilities | Insurance Liabilities As a result of its insurance policies, the Company is effectively self-insured for automobile liability, general liability, employer’s liability, environmental liability, cyber liability, employment practices liability, and directors’ and officers’ liability as well as for employee group health insurance, property and workers’ compensation. The Company’s insurance accruals are based on claims filed and estimates of claims incurred but not reported and are developed by the Company’s management with assistance from its third-party actuary and its third-party claims administrator. The insurance accruals are influenced by the Company’s past claims experience factors and by published industry development factors. At December 31, 2020 and 2019, the Company’s total accrual for self-insured liabilities was $140,182 and $127,029, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $164,099, $155,748 and $146,940, respectively, of self-insurance expense which is included in Cost of operations and Selling, general and administrative expense in the Consolidated Statements of Net Income. |
Leases (Policy)
Leases (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | The Company rents certain equipment and facilities under short-term agreements, non-cancelable operating lease agreements and finance leases. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. The lease guidance requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease liability comprise fixed payments or variable lease payments. The variable lease payments take into account annual changes in the consumer price index and common area maintenance charges, if known. ROU assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company did not recognize an impairment charge for any of its ROU assets during the years ended December 31, 2020 and 2019. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset. The Company did not recognize any significant remeasurements during the years ended December 31, 2020 and 2019. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company has elected to apply the short-term lease recognition and measurement exemption allowed for in the lease accounting standard. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total Reported Revenues by Service Line | Years Ended December 31, 2020 2019 2018 Commercial $ 1,610,313 $ 1,593,217 $ 1,452,831 Residential 1,528,217 1,380,763 1,189,148 Industrial and construction roll off 833,148 841,173 768,687 Total collection 3,971,678 3,815,153 3,410,666 Landfill 1,146,732 1,132,935 1,063,243 Transfer 777,754 771,316 670,129 Recycling 86,389 64,245 92,634 E&P 159,438 271,887 256,262 Intermodal and other 118,396 121,137 139,896 Intercompany (814,397) (787,994) (709,889) Total $ 5,445,990 $ 5,388,679 $ 4,922,941 |
Allowance for Credit Losses | The following is a rollforward of the Company’s allowance for credit losses from January 1, 2020 to December 31, 2020: Beginning balance $ 16,432 Current period provision for expected credit losses 15,509 Write-offs charged against the allowance (18,318) Recoveries collected 5,720 Impact of changes in foreign currency 37 Ending balance $ 19,380 |
Property Plant and Equipment Estimated Useful Lives | The estimated useful lives are as follows: Buildings 10 Leasehold and land improvements 3 Machinery and equipment 3 Rolling stock 3 Containers 3 |
Reconciliation of Final Capping, Closure and Post-Closure Liability Balance | The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2018 to December 31, 2020: Final capping, closure and post-closure liability at December 31, 2018 $ 251,782 Liability adjustments 19,846 Accretion expense associated with landfill obligations 14,251 Closure payments (5,059) Assumption of closure liabilities from acquisitions 8,707 Foreign currency translation adjustment 1,947 Final capping, closure and post-closure liability at December 31, 2019 291,474 Liability adjustments 2,490 Accretion expense associated with landfill obligations 14,874 Closure payments (6,488) Assumption of closure liabilities from acquisitions 2,136 Disposition of closure liabilities from divested operations (3,413) Foreign currency translation adjustment 823 Final capping, closure and post-closure liability at December 31, 2020 $ 301,896 |
Restricted Cash and Restricted Investments | Restricted cash and restricted investments consist of the following: December 31, 2020 December 31, 2019 Restricted Restricted Restricted Restricted Cash Investments Cash Investments Settlement of insurance claims $ 78,335 $ — $ 77,680 $ — Landfill closure and post-closure obligations 12,533 54,833 12,324 48,590 Other financial assurance requirements 6,227 2,683 6,479 2,589 $ 97,095 $ 57,516 $ 96,483 $ 51,179 |
Carrying Values and Fair Values of Debt Instruments | Carrying Value at Fair Value* at December 31, December 31, December 31, December 31, 2020 2019 2020 2019 4.64% Senior Notes due 2021 $ 100,000 $ 100,000 $ 100,850 $ 102,654 2.39% Senior Notes due 2021 $ 150,000 $ 150,000 $ 150,695 $ 149,823 3.09% Senior Notes due 2022 $ 125,000 $ 125,000 $ 128,482 $ 126,884 2.75% Senior Notes due 2023 $ 200,000 $ 200,000 $ 206,204 $ 201,121 3.24% Senior Notes due 2024 $ 150,000 $ 150,000 $ 158,140 $ 153,804 3.41% Senior Notes due 2025 $ 375,000 $ 375,000 $ 403,025 $ 389,127 3.03% Senior Notes due 2026 $ 400,000 $ 400,000 $ 424,874 $ 406,768 3.49% Senior Notes due 2027 $ 250,000 $ 250,000 $ 271,198 $ 259,789 4.25% Senior Notes due 2028 $ 500,000 $ 500,000 $ 597,050 $ 562,050 3.50% Senior Notes due 2029 $ 500,000 $ 500,000 $ 570,450 $ 533,500 2.60% Senior Notes due 2030 $ 600,000 $ — $ 644,520 $ — 3.05% Senior Notes due 2050 $ 500,000 $ — $ 540,050 $ — * |
Fair Value of Derivative Instrument Designated as Cash Flow Hedges | The fair values of derivative instruments designated as cash flow hedges as of December 31, 2020, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ — Accrued liabilities (a) $ (20,023) Other long-term liabilities (74,666) Total derivatives designated as cash flow hedges $ — $ (94,689) (a) Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2020 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. The fair values of derivative instruments designated as cash flow hedges as of December 31, 2019, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 2,845 Accrued liabilities $ (3,680) Other long-term liabilities (38,967) Total derivatives designated as cash flow hedges $ 2,845 $ (42,647) |
Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income and Accumulated Other Comprehensive Loss | The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the years ended December 31, 2020, 2019 and 2018: Derivatives Statement of Amount of (Gain) or Loss Reclassified Designated as Cash Amount of Gain or (Loss) Recognized Net Income from AOCIL into Earnings, Flow Hedges as AOCIL on Derivatives, Net of Tax (a) Classification Net of Tax (b), (c) Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Interest rate swaps $ (47,528) $ (32,247) $ (892) Interest expense $ 7,187 $ (5,900) $ (4,167) Fuel hedges — — 1,997 Cost of operations — — (4,904) Total $ (47,528) $ (32,247) $ 1,105 $ 7,187 $ (5,900) $ (9,071) (a) In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps and fuel hedges have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL. Because changes in the actual price of diesel fuel and changes in the DOE index price did not offset exactly each reporting period, the Company assessed whether the fuel hedges were highly effective using the cumulative dollar offset approach. (b) Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. (c) Amounts reclassified from AOCIL into earnings related to realized gains and losses on the fuel hedges are recognized when settlement payments or receipts occur related to the hedge contracts, which correspond to when the underlying fuel is consumed. |
Interest Rate Swap [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Company's Derivative Instruments | At December 31, 2020, the Company’s derivative instruments included six interest rate swap agreements as follows: Fixed Variable Notional Interest Interest Rate Expiration Date Entered Amount Rate Paid* Received Effective Date Date August 2017 $ 100,000 1.900 % 1-month LIBOR July 2019 July 2022 August 2017 $ 200,000 2.200 % 1-month LIBOR October 2020 October 2025 August 2017 $ 150,000 1.950 % 1-month LIBOR February 2020 February 2023 June 2018 $ 200,000 2.925 % 1-month LIBOR October 2020 October 2025 June 2018 $ 200,000 2.925 % 1-month LIBOR October 2020 October 2025 December 2018 $ 200,000 2.850 % 1-month LIBOR July 2022 July 2027 * Plus applicable margin. |
Employee Stock Option [Member] | Progressive Waste Plans [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Fair Value Assumptions | The fair value of the Progressive Waste share based options outstanding was calculated using a Black-Scholes pricing model with the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Expected remaining life 0.50 to 1.00 years 1.50 years 2.50 years Share volatility 17.72% to 33.54% 16.14% 14.86% Discount rate 0.06% to 0.12% 1.61% 2.51% Annual dividend rate 0.80% 0.82% 0.86% |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Summary of Consideration Transferred to Acquire Businesses and Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests | The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Acquisitions Acquisitions Acquisitions Fair value of consideration transferred: Cash $ 388,789 $ 736,610 $ 830,091 Debt assumed 91,349 95,809 210,461 Change in open working capital settlements at year end 1,505 5,272 (8,507) 481,643 837,691 1,032,045 Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: Accounts receivable 13,759 25,220 23,682 Prepaid expenses and other current assets 4,509 4,970 4,614 Operating lease right-of-use assets 5,247 3,616 — Property and equipment 173,394 294,037 437,914 Long-term franchise agreements and contracts 59,149 78,312 10,888 Indefinite-lived intangibles 13,465 — — Customer lists 48,512 52,422 133,387 Permits and other intangibles 10,507 48,141 23,935 Other assets 389 7 19 Accounts payable and accrued liabilities (14,174) (19,209) (25,005) Current portion of operating lease liabilities (509) (658) — Deferred revenue (1,821) (17,245) (16,238) Contingent consideration (4,688) (14,038) (11,669) Long-term portion of operating lease liabilities (4,738) (2,958) — Other long-term liabilities (2,136) (8,707) (15,532) Deferred income taxes (4,525) (13,287) (391) Total identifiable net assets 296,340 430,623 565,604 Goodwill $ 185,303 $ 407,068 $ 466,441 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets Exclusive of Goodwill | Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2020: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 600,674 $ (234,972) $ — $ 365,702 Customer lists 636,035 (382,020) — 254,015 Permits and other 378,952 (79,277) — 299,675 1,615,661 (696,269) — 919,392 Indefinite-lived intangible assets: Solid waste collection and transportation permits 172,056 — — 172,056 Material recycling facility permits 42,283 — — 42,283 E&P facility permits 59,855 — (38,507) 21,348 274,194 — (38,507) 235,687 Intangible assets, exclusive of goodwill $ 1,889,855 $ (696,269) $ (38,507) $ 1,155,079 Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2019: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 550,340 $ (192,462) $ — $ 357,878 Customer lists 587,562 (308,427) — 279,135 Permits and other 367,127 (63,299) — 303,828 1,505,029 (564,188) — 940,841 Indefinite-lived intangible assets: Solid waste collection and transportation permits 158,591 — — 158,591 Material recycling facility permits 42,283 — — 42,283 E&P facility permits 59,855 — (38,507) 21,348 260,729 — (38,507) 222,222 Intangible assets, exclusive of goodwill $ 1,765,758 $ (564,188) $ (38,507) $ 1,163,063 |
Estimated Future Amortization Expense of Amortizable Intangible Assets | Estimated future amortization expense for the next five years relating to finite-lived intangible assets is as follows: For the year ending December 31, 2021 $ 126,602 For the year ending December 31, 2022 $ 107,747 For the year ending December 31, 2023 $ 91,747 For the year ending December 31, 2024 $ 78,852 For the year ending December 31, 2025 $ 66,620 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | Property and equipment, net consists of the following: December 31, 2020 2019 Landfill site costs $ 4,205,968 $ 4,334,562 Rolling stock 2,227,951 2,011,283 Land, buildings and improvements 1,147,358 1,079,420 Containers 845,386 764,607 Machinery and equipment 820,533 749,557 Construction in progress 41,668 23,739 9,288,864 8,963,168 Less accumulated depreciation and depletion (4,004,358) (3,446,821) $ 5,284,506 $ 5,516,347 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Summary of lease cost | Lease cost for operating leases for the years ended December 31, 2020 and 2019 were as follows: Years Ended December 31, 2020 2019 Operating lease cost $ 39,411 $ 38,710 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows: Years Ended December 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 39,212 $ 38,226 Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities - operating leases $ 15,117 $ 17,774 Right-of-use assets obtained in exchange for lease liabilities - finance leases $ 3,754 $ — Weighted-average remaining lease term and discount rate for the Company’s leases are as follows: Years Ended December 31, 2020 2019 Weighted average remaining lease term - operating leases 8.6 years 8.7 years Weighted average remaining lease term - finance leases 5.4 years Not applicable Weighted average discount rate - operating leases 3.86 % 3.99 % Weighted average discount rate - finance leases 1.89 % Not applicable |
Summary of future minimum lease payments, operating leases | As of December 31, 2020, future minimum lease payments, as calculated under the new lease guidance and reconciled to the operating lease liability, are as follows: Operating Leases Finance Leases 2021 $ 36,581 $ 718 2022 34,259 718 2023 30,770 718 2024 23,124 718 2025 17,311 718 Thereafter 68,860 359 Minimum lease payments 210,905 3,949 Less: imputed interest (33,011) (195) Present value of minimum lease payments 177,894 3,754 Less: current portion of operating lease liabilities (30,671) (654) Long-term portion of operating lease liabilities $ 147,223 $ 3,100 |
Summary of future minimum lease payments, finance leases | As of December 31, 2020, future minimum lease payments, as calculated under the new lease guidance and reconciled to the operating lease liability, are as follows: Operating Leases Finance Leases 2021 $ 36,581 $ 718 2022 34,259 718 2023 30,770 718 2024 23,124 718 2025 17,311 718 Thereafter 68,860 359 Minimum lease payments 210,905 3,949 Less: imputed interest (33,011) (195) Present value of minimum lease payments 177,894 3,754 Less: current portion of operating lease liabilities (30,671) (654) Long-term portion of operating lease liabilities $ 147,223 $ 3,100 |
Summary of rent expense for both short-term agreements and non-cancelable operating lease agreements | A summary of rent expense for both short-term agreements and non-cancelable operating lease agreements for the year ended December 31, 2018 was as follows: 2018 Rent expense $ 42,646 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following: December 31, 2020 2019 Insurance claims $ 140,182 $ 127,029 Payroll and payroll-related 139,887 71,593 Interest payable 29,580 17,286 Unrealized cash flow hedge losses 20,023 3,680 Final capping, closure and post-closure liability 19,925 7,707 Cell processing reserve 3,344 3,518 Environmental remediation reserve 2,300 2,314 Share-based compensation plan liability 868 930 Other 48,814 46,751 $ 404,923 $ 280,808 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | The following table presents the Company’s long-term debt as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 Revolver under Credit Agreement, bearing interest ranging from 1.35% to 1.66% (a) $ 203,927 $ 916,247 Term loan under Credit Agreement, bearing interest at 1.35% (a) 650,000 700,000 4.64% Senior Notes due 2021 100,000 100,000 2.39% Senior Notes due 2021 150,000 150,000 3.09% Senior Notes due 2022 125,000 125,000 2.75% Senior Notes due 2023 200,000 200,000 3.24% Senior Notes due 2024 150,000 150,000 3.41% Senior Notes due 2025 375,000 375,000 3.03% Senior Notes due 2026 400,000 400,000 3.49% Senior Notes due 2027 250,000 250,000 4.25% Senior Notes due 2028 500,000 500,000 3.50% Senior Notes due 2029 500,000 500,000 2.60% Senior Notes due 2030 600,000 — 3.05% Senior Notes due 2050 500,000 — Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2021 to 2036 (a) 43,131 9,638 Finance leases, bearing interest at 1.89% with a lease expiration date of 2026 (a) 3,754 — 4,750,812 4,375,885 Less – current portion (8,268) (465) Less – unamortized debt discount and issuance costs (33,866) (21,638) $ 4,708,678 $ 4,353,782 (a) Interest rates represent the interest rates incurred at December 31, 2020. |
Details of the Company's Credit Agreement | Details of the Credit Agreement are as follows: December 31, December 31, 2020 2019 Revolver under Credit Agreement Available $ 1,238,937 $ 538,642 Letters of credit outstanding $ 119,636 $ 107,611 Total amount drawn, as follows: $ 203,927 $ 916,247 Amount drawn - U.S. LIBOR rate loan $ 200,000 $ 897,000 Interest rate applicable - U.S. LIBOR rate loan 1.35 % 2.90 % Interest rate margin - U.S. LIBOR rate loan 1.20 % 1.10 % Amount drawn – Canadian bankers’ acceptance $ 3,927 $ 19,247 Interest rate applicable – Canadian bankers’ acceptance 1.66 % 3.18 % Interest rate acceptance fee – Canadian bankers’ acceptance 1.20 % 1.10 % Commitment – rate applicable 0.15 % 0.12 % Term loan under Credit Agreement Amount drawn – U.S. based LIBOR loan $ 650,000 $ 700,000 Interest rate applicable – U.S. based LIBOR loan 1.35 % 2.90 % Interest rate margin – U.S. based LIBOR loan 1.20 % 1.10 % |
Aggregate Contractual Future Principal Payments by Calendar Year on Long-Term Debt | As of December 31, 2020, aggregate contractual future principal payments by calendar year on long-term debt are due as follows: 2021 (a), (b) $ 8,268 2022 129,387 2023 1,308,428 2024 154,623 2025 379,750 Thereafter 2,763,179 $ 4,743,635 (a) The Company has recorded the 2021 Senior Notes in the 2023 category in the table above as the Company has the intent and ability to redeem the 2021 Senior Notes on April 1, 2021 using borrowings under the Credit Agreement. (b) The Company has recorded the New 2021 Senior Notes in the 2023 category in the table above as the Company has the intent and ability to redeem the New 2021 Senior Notes on June 1, 2021 using borrowings under the Credit Agreement . |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities Measured At Fair Value on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019, were as follows: Fair Value Measurement at December 31, 2020 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net liability position $ (94,689) $ — $ (94,689) $ — Restricted cash and investments $ 155,176 $ — $ 155,176 $ — Contingent consideration $ (71,736) $ — $ — $ (71,736) Fair Value Measurement at December 31, 2019 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net liability position $ (39,802) $ — $ (39,802) $ — Restricted cash and investments $ 147,318 $ — $ 147,318 $ — Contingent consideration $ (69,484) $ — $ — $ (69,484) |
Changes in the Fair Value for Level 3 Liabilities Related to Contingent Consideration | The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Beginning balance $ 69,484 $ 55,115 Contingent consideration recorded at acquisition date 4,688 14,038 Payment of contingent consideration recorded at acquisition date (12,566) (3,200) Payment of contingent consideration recorded in earnings (10,371) — Adjustments to contingent consideration 18,418 1,498 Interest accretion expense 2,006 1,852 Foreign currency translation adjustment 77 181 Ending balance $ 71,736 $ 69,484 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Purchase Commitments | As of December 31, 2020, future minimum purchase commitments, by calendar year, are as follows: 2021 $ 92,029 2022 40,018 $ 132,047 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common Stock Shares Reserved for Issuance | For outstanding RSUs, PSUs and warrants 1,874,691 For future grants under the 2016 Incentive Award Plan 4,831,779 For future grants under the Employee Share Purchase Plan 1,000,000 7,706,470 |
Restricted Stock Units Activity | A summary of the Company’s RSU activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted share units granted $ 101.79 $ 81.24 $ 69.22 Total fair value of restricted share units vested $ 23,742 $ 21,136 $ 18,795 |
Summary of Warrant Activity | A summary of warrant activity during the year ended December 31, 2020, is presented below: Weighted-Average Warrants Exercise Price Outstanding at December 31, 2019 378,424 $ 77.81 Granted 164,890 $ 97.78 Forfeited (33,441) $ 68.44 Exercised (20,125) $ 47.75 Outstanding at December 31, 2020 489,748 $ 86.41 |
Summarized Information about Warrants Outstanding | The following table summarizes information about warrants outstanding as of December 31, 2020 and 2019: Fair Value of Warrants Warrants Outstanding at December 31, Grant Date Issued Exercise Price Issued 2020 2019 Throughout 2015 136,768 $28.30 to $36.32 1,333 — 21,515 Throughout 2016 15,666 $42.22 to $51.55 189 7,158 7,158 Throughout 2017 35,382 $53.65 to $69.96 595 33,551 35,382 Throughout 2018 163,995 $70.91 to $80.90 2,591 133,141 163,361 Throughout 2019 151,008 $74.25 to $95.61 2,634 151,008 151,008 Throughout 2020 164,890 $72.65 to $104.89 3,140 164,890 — 489,748 378,424 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity Related to Restricted Stock Units | A summary of activity related to RSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Unvested Shares Value Per Share Outstanding at December 31, 2019 861,012 $ 68.47 Granted 330,209 $ 101.79 Forfeited (41,590) $ 83.11 Vested and issued (377,006) $ 62.97 Outstanding at December 31, 2020 772,625 $ 84.61 |
Performance Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance-Based Restricted Share Units Activity | A summary of the Company’s PSU activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of PSUs granted $ 87.19 $ 80.85 $ 68.77 Total fair value of PSUs vested $ 15,628 $ 7,683 $ 5,886 |
Summary of Performance-Based Restricted Stock Units Activity and Related Information | A summary of activity related to PSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Unvested Shares Value Per Share Outstanding at December 31, 2019 504,484 $ 65.59 Granted 211,987 $ 87.19 Forfeited (727) $ 68.58 Vested and issued (281,186) $ 55.58 Outstanding at December 31, 2020 434,558 $ 82.60 |
Deferred Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Units Activity | A summary of the Company’s deferred share units (“DSUs”) activity is presented below: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of DSUs granted $ 103.81 $ 83.80 $ 70.47 Total fair value of DSUs awarded $ 272 $ 319 $ 285 |
Summary of Activity Related to Restricted Stock Units | A summary of activity related to DSUs during the year ended December 31, 2020, is presented below: Weighted-Average Grant Date Fair Vested Shares Value Per Share Outstanding at December 31, 2019 18,970 $ 53.19 Granted 2,616 $ 103.81 Outstanding at December 31, 2020 21,586 $ 59.32 |
Progressive Waste Solutions Ltd. [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity and Related Information | Outstanding at December 31, 2019 126,161 Cash settled (74,961) Outstanding at December 31, 2020 51,200 |
Progressive Waste Solutions Ltd. [Member] | Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity Related to Restricted Stock Units | Outstanding at December 31, 2019 73,884 Cash settled (7,330) Outstanding at December 31, 2020 66,554 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components of Other Comprehensive Income (Loss) | Year Ended December 31, 2020 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ 9,778 $ (2,591) $ 7,187 Changes in fair value of interest rate swaps (64,664) 17,136 (47,528) Foreign currency translation adjustment 50,653 — 50,653 $ (4,233) $ 14,545 $ 10,312 Year Ended December 31, 2019 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (8,027) $ 2,127 $ (5,900) Changes in fair value of interest rate swaps (43,873) 11,626 (32,247) Foreign currency translation adjustment 101,970 — 101,970 $ 50,070 $ 13,753 $ 63,823 Year Ended December 31, 2018 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (5,669) $ 1,502 $ (4,167) Fuel hedge amounts reclassified into cost of operations (6,531) 1,627 (4,904) Changes in fair value of interest rate swaps (1,213) 321 (892) Changes in fair value of fuel hedges 2,651 (654) 1,997 Foreign currency translation adjustment (175,233) — (175,233) $ (185,995) $ 2,796 $ (183,199) |
Amounts Included in Accumulated Other Comprehensive Loss | A roll forward of the amounts included in AOCIL, net of taxes, is as follows: Foreign Accumulated Currency Other Interest Translation Comprehensive Rate Swaps Adjustment Income (Loss) Balance at December 31, 2018 $ 8,892 $ (83,678) $ (74,786) Amounts reclassified into earnings (5,900) — (5,900) Changes in fair value (32,247) — (32,247) Foreign currency translation adjustment — 101,970 101,970 Balance at December 31, 2019 (29,255) 18,292 (10,963) Amounts reclassified into earnings 7,187 — 7,187 Changes in fair value (47,528) — (47,528) Foreign currency translation adjustment — 50,653 50,653 Balance at December 31, 2020 $ (69,596) $ 68,945 $ (651) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income (Loss) Before Provision (Benefit) for Income Taxes | Income before provision for income taxes consists of the following: Years Ended December 31, 2020 2019 2018 U.S. $ 22,349 $ 477,203 $ 491,506 Non – U.S. 231,565 228,688 215,634 Income before income taxes $ 253,914 $ 705,891 $ 707,140 |
Provision (Benefit) for Income Taxes | The provision for income taxes consists of the following: Years Ended December 31, 2020 2019 2018 Current: U.S. Federal $ 65,143 $ 45,475 $ 37,419 State 28,325 27,528 27,057 Non – U.S. 6,941 11,570 17,651 100,409 84,573 82,127 Deferred: U.S. Federal (36,659) 58,291 85,926 State (8,762) 6,331 1,991 Non – U.S. (5,066) (9,985) (10,058) (50,487) 54,637 77,859 Provision for income taxes $ 49,922 $ 139,210 $ 159,986 |
Significant Components of Deferred Income Tax Assets and Liabilities | The significant components of deferred income tax assets and liabilities, reduced by valuation allowances as applicable, are presented below. December 31, 2020 2019 Deferred income tax assets: Accrued expenses $ 26,600 $ 23,536 Compensation 18,150 17,532 Contingent liabilities 17,652 15,228 Tax credits and loss carryforwards 24,044 18,693 Interest rate and fuel hedges 25,093 10,548 Gross deferred income tax assets 111,539 85,537 Less: Valuation allowance — — Total deferred income tax assets 111,539 85,537 Deferred income tax liabilities: Goodwill and other intangibles (332,097) (311,404) Property and equipment (440,019) (497,768) Landfill closure/post-closure (13,846) (12,159) Prepaid expenses (14,990) (8,542) Investment in subsidiaries (69,391) (69,597) Other (1,240) (4,689) Total deferred income tax liabilities (871,583) (904,159) Net deferred income tax liability $ (760,044) $ (818,622) |
Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate | Years Ended December 31, 2020 2019 2018 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.5 4.4 4.4 Deferred income tax liability adjustments 1.6 0.6 (0.2) Effect of international operations (7.0) (6.3) (3.9) Deferred tax on undistributed earnings — — 0.9 Other (0.4) — 0.4 19.7 % 19.7 % 22.6 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information Concerning Company's Reportable Segments | Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2020, 2019 and 2018, is shown in the following tables: Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2020 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,552,687 $ (183,107) $ 1,369,580 $ 369,445 $ 189,726 $ 131,831 $ 3,402,081 Eastern 1,601,980 (266,115) 1,335,865 343,446 222,934 181,787 3,134,462 Western 1,291,882 (142,120) 1,149,762 364,790 115,151 132,344 1,861,079 Central 1,008,081 (127,758) 880,323 313,033 113,004 102,966 2,160,246 Canada 805,757 (95,297) 710,460 256,119 103,334 109,886 2,544,379 Corporate (a), (d) — — — (15,283) 8,255 5,747 890,117 $ 6,260,387 $ (814,397) $ 5,445,990 $ 1,631,550 $ 752,404 $ 664,561 $ 13,992,364 Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2019 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,623,614 $ (174,614) $ 1,449,000 $ 441,425 $ 208,967 $ 178,127 $ 3,952,449 Eastern 1,524,648 (255,684) 1,268,964 330,578 204,221 154,218 3,099,283 Western 1,234,669 (135,820) 1,098,849 338,563 102,067 147,893 1,718,015 Central 958,139 (119,555) 838,584 292,111 106,391 116,831 1,885,468 Canada 835,603 (102,321) 733,282 256,405 113,944 61,119 2,490,291 Corporate (a), (d) — — — (15,438) 8,328 7,901 592,189 $ 6,176,673 $ (787,994) $ 5,388,679 $ 1,643,644 $ 743,918 $ 666,089 $ 13,737,695 Year Ended Intercompany Reported Segment Depreciation and Capital December 31, 2018 Revenue Revenue (b) Revenue EBITDA (c) Amortization Expenditures Total Assets (e) Southern $ 1,526,116 $ (157,860) $ 1,368,256 $ 406,616 $ 198,098 $ 123,379 $ 3,862,802 Eastern 1,296,823 (224,833) 1,071,990 295,016 166,715 136,214 2,673,316 Western 1,170,382 (126,454) 1,043,928 318,401 95,400 125,112 1,596,129 Central 815,520 (103,966) 711,554 259,794 89,001 91,646 1,506,326 Canada 823,989 (96,776) 727,213 261,233 124,155 66,319 2,412,971 Corporate (a), (d) — — — (8,211) 7,118 3,475 575,785 $ 5,632,830 $ (709,889) $ 4,922,941 $ 1,532,849 $ 680,487 $ 546,145 $ 12,627,329 (a) The majority of Corporate expenses are allocated to the five operating segments. Direct acquisition expenses and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the five operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented. For the year ended December 31, 2018, amounts also include Progressive Waste integration-related expenses. (b) Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (c) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in Note 3. (d) Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment. (e) Goodwill is included within total assets for each of the Company’s five operating segments. |
Changes in Goodwill by Reportable Segment | The following table shows changes in goodwill during the years ended December 31, 2019 and 2020, by reportable segment: Southern Eastern Western Central Canada Total Balance as of December 31, 2018 $ 1,517,610 $ 1,126,486 $ 398,174 $ 540,435 $ 1,448,980 $ 5,031,685 Goodwill acquired 11,460 204,694 1,863 189,035 16 407,068 Goodwill divested (845) — — — — (845) Impact of changes in foreign currency — — — — 72,943 72,943 Balance as of December 31, 2019 $ 1,528,225 $ 1,331,180 $ 400,037 $ 729,470 $ 1,521,939 $ 5,510,851 Goodwill acquired 3,990 43,397 42,825 94,883 208 185,303 Goodwill divested — — — (149) — (149) Impact of changes in foreign currency — — — — 30,645 30,645 Balance as of December 31, 2020 $ 1,532,215 $ 1,374,577 $ 442,862 $ 824,204 $ 1,552,792 $ 5,726,650 |
Property and Equipment, Net Relating to Operations | Property and equipment, net relating to operations in the United States and Canada are as follows: December 31, 2020 2019 United States $ 4,589,144 $ 4,862,557 Canada 695,362 653,790 Total $ 5,284,506 $ 5,516,347 |
Reconciliation of Primary Measure of Segment Profitability to Income before Income Tax Provision | A reconciliation of the Company’s primary measure of segment profitability (segment EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows: Years ended December 31, 2020 2019 2018 Southern segment EBITDA $ 369,445 $ 441,425 $ 406,616 Eastern segment EBITDA 343,446 330,578 295,016 Western segment EBITDA 364,790 338,563 318,401 Central segment EBITDA 313,033 292,111 259,794 Canada segment EBITDA 256,119 256,405 261,233 Subtotal reportable segments 1,646,833 1,659,082 1,541,060 Unallocated corporate overhead (15,283) (15,438) (8,211) Depreciation (621,102) (618,396) (572,708) Amortization of intangibles (131,302) (125,522) (107,779) Impairments and other operating items (466,718) (61,948) (20,118) Interest expense (162,375) (147,368) (132,104) Interest income 5,253 9,777 7,170 Other income (expense), net (1,392) 5,704 (170) Income before income tax provision $ 253,914 $ 705,891 $ 707,140 |
Net Income Per Share Informat_2
Net Income Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Income Per Share Information [Abstract] | |
Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Numerator: Net income attributable to Waste Connections for basic and diluted earnings per share $ 204,677 $ 566,841 $ 546,871 Denominator: Basic shares outstanding 263,189,699 263,792,693 263,650,155 Dilutive effect of equity-based awards 497,840 733,868 745,463 Diluted shares outstanding 263,687,539 264,526,561 264,395,618 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans [Abstract] | |
Multiemployer Pension Plan | Expiration EIN/Pension Plan Date of Number/ Pension Protection Act FIP/RP Collective Registration Zone Status (a) Status Company Contributions (d) Bargaining Plan Name Number 2020 2019 (b),(c) 2020 2019 2018 Agreement Local 731, I.B. of T., Private Scavengers, Garage Attendants, and Textile Maintenance Pension Trust Fund 36-6513567 - 001 Green for the plan year beginning 10/1/2019 Green for the plan year ended 9/30/2019 Not applicable $ 4,628 $ 4,570 $ 4,600 9/30/2023 Western Conference of Teamsters Pension Trust 91-6145047 - 001 Green Green Not applicable 4,841 4,550 4,399 4/30/2021 to 12/31/2024 Suburban Teamsters of Northern Illinois Pension Fund 36-6155778 - 001 Green for the plan year beginning 1/1/2019 Green for the plan year beginning 1/1/2019 Not applicable 2,080 1,844 1,569 2/29/2024 Teamster Local 301 Pension Fund 36-6492992 - 001 Green Green Not applicable 673 624 581 9/30/2023 Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund 36-6042061 - 001 Green Yellow Implemented 457 492 484 12/31/2022 Midwest Operating Engineers Pension Plan 36-6140097 - 001 Green for the plan year beginning 4/1/2020 Green for the plan year beginning 4/1/2019 Not applicable 316 339 289 10/31/2025 Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan 91-6028571 - 001 Green Green Not applicable 298 290 284 11/16/2022 Local 813 Pension Trust Fund 13-1975659 - 001 Critical Critical Implemented 183 281 165 11/30/2022 IAM National Pension Fund 51-6031295 - 002 Critical Green Implemented 310 256 240 12/31/2022 International Union of Operating Engineers Pension Trust 85512-1 Green as of 4/30/2018 Green as of 4/30/2017 Not applicable 279 238 224 3/31/2021 to 3/31/2024 Multi-Sector Pension Plan 1085653 Green as of 1/1/2020 Green as of 1/1/2019 Not applicable 196 202 191 12/31/2018 Contributions to other multiemployer plans 10 — — $ 14,271 $ 13,686 $ 13,026 (a) Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2020 and 2019 is for the plans’ years ended December 31, 2019 and 2018, respectively. (b) The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) has been implemented. (c) A multiemployer defined benefit 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. The Company was not required to pay a surcharge to these plans during the years ended December 31, 2020 and 2019. (d) Of the Multiemployer Pension Plans considered to be individually significant, the Company was listed in the Form 5500 of the Local 731, I.B. of T., Private Scavengers, Garage Attendants, and Textile Maintenance Pension Trust Fund as providing more than 5% of the total contributions for plan years ending September 30, 2019, 2018 and 2017. The Company was also listed in the Form 5500 of the Teamster Local 301 Pension Fund as providing more than 5% of the total contributions for plan years ending December 31, 2019, 2018 and 2017. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data [Abstract] | |
Consolidated Quarterly Results of Operations | The following table summarizes the Company’s unaudited consolidated quarterly results of operations for 2020: First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,352,404 $ 1,305,782 $ 1,389,552 $ 1,398,251 Operating income (loss) $ 216,963 $ (232,357) $ 230,679 $ 197,144 Net income (loss) $ 142,893 $ (227,467) $ 157,991 $ 130,574 Net income (loss) attributable to Waste Connections $ 143,035 $ (227,072) $ 158,049 $ 130,664 Basic income (loss) per common share attributable to Waste Connections’ common shareholders $ 0.54 $ (0.86) $ 0.60 $ 0.50 Diluted income (loss) per common share attributable to Waste Connections’ common shareholders $ 0.54 $ (0.86) $ 0.60 $ 0.50 The following table summarizes the Company’s unaudited consolidated quarterly results of operations for 2019: First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,244,637 $ 1,369,639 $ 1,412,444 $ 1,361,960 Operating income $ 184,860 $ 222,134 $ 236,600 $ 194,184 Net income $ 125,577 $ 148,839 $ 159,074 $ 133,191 Net income attributable to Waste Connections $ 125,622 $ 148,848 $ 159,109 $ 133,262 Basic income per common share attributable to Waste Connections’ common shareholders $ 0.48 $ 0.56 $ 0.60 $ 0.51 Diluted income per common share attributable to Waste Connections’ common shareholders $ 0.48 $ 0.56 $ 0.60 $ 0.50 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Sep. 28, 2020USD ($)item | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)agreement | Dec. 31, 2020USD ($)agreementitemsegment | Dec. 31, 2019USD ($)agreementsegment | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Deferred sales incentives | $ 19,669 | $ 19,669 | $ 16,846 | |||||
Sales incentives amortization expense | $ 17,138 | 19,673 | $ 17,313 | |||||
Life of Company's owned landfills and landfills operated under life of site operating agreements min range | 1 year | |||||||
Life of Company's owned landfills and landfills operated under life of site operating agreements max range | 203 years | |||||||
Average remaining landfill life based on permitted capacity, projected annual disposal volumes and probable expansion capacity | 32 years | |||||||
Restricted cash | 97,095 | $ 97,095 | 96,483 | |||||
Restricted investments | 57,516 | 57,516 | 51,179 | |||||
Cell processing reserve, current | 3,344 | 3,344 | 3,518 | |||||
Cell processing reserve, noncurrent | $ 1,364 | $ 1,364 | 1,270 | |||||
Perpetual revenue growth rate | 4.00% | |||||||
Weighted average cost of capital | 5.30% | 5.30% | ||||||
Goodwill | $ 5,726,650 | $ 5,726,650 | 5,510,851 | 5,031,685 | ||||
Intangible assets | $ 1,155,079 | 1,155,079 | 1,163,063 | |||||
Adjustments to contingent consideration | $ 18,418 | 1,498 | $ 349 | |||||
Carrying of liability-classified contingent consideration | $ 14,038 | |||||||
Number of geographic operating segments | segment | 5 | 5 | 5 | |||||
Forecasts period used for discounted cash flow analyses | 10 years | |||||||
Impairment charges | $ 0 | |||||||
Number of interest rate swap agreements | agreement | 6 | 6 | ||||||
Liabilities adjustments | $ 2,490 | $ 19,846 | ||||||
Number of fuel hedge agreements | agreement | 0 | 0 | 0 | |||||
Contractual life of warrants | 5 years | |||||||
Share-based compensation expense | $ 45,751 | $ 42,671 | 43,803 | |||||
Share-based compensation expense, net of taxes | 34,197 | 31,926 | 32,774 | |||||
Advertising costs | 4,870 | 5,410 | 5,029 | |||||
Accrual for self insured liabilities | $ 140,182 | 140,182 | 127,029 | |||||
Self-insurance expense | $ 164,099 | $ 155,748 | 146,940 | |||||
Net deferred income tax expense (benefit) from enactment of tax reform | $ 5,572 | |||||||
Statutory income tax rate | 21.00% | 21.00% | 21.00% | |||||
Cumulative effect adjustment from adoption of new accounting pronouncement | 6,863,438 | $ 6,863,438 | $ 6,938,354 | $ 6,460,188 | $ 6,274,070 | |||
Deferred income taxes | 760,044 | 760,044 | 818,622 | |||||
Operating lease liability | 177,894 | 177,894 | ||||||
Lease right-of-use assets | 170,923 | $ 170,923 | 183,220 | |||||
Adjustment [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Deferred income tax expense | 6,429 | |||||||
Minimum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Standard customer service agreement period | 1 year | |||||||
Estimated life of relevant customer relationship | 1 year | |||||||
Expected term of related agreements | 1 year | |||||||
Maximum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Standard customer service agreement period | 3 years | |||||||
Estimated life of relevant customer relationship | 5 years | |||||||
Expected term of related agreements | 56 years | |||||||
Interest Rate Swap [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of derivatives terminated | item | 4 | |||||||
Payments to terminate derivative | $ 853 | |||||||
Interest Rate Swap Terminated One [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 150,000 | |||||||
Interest Rate Swap Terminated Two [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 150,000 | |||||||
Interest Rate Swap Terminated Three [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 50,000 | |||||||
Interest Rate Swap Terminated Four [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | $ 50,000 | |||||||
Interest Rate Swap One [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 100,000 | $ 100,000 | ||||||
Interest Rate Swap Two [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 200,000 | 200,000 | ||||||
Interest Rate Swap Three [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 150,000 | 150,000 | ||||||
Interest Rate Swap Four [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Notional amount | 200,000 | 200,000 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Unrecognized compensation cost related to unvested awards | 42,677 | $ 42,677 | ||||||
Restricted stock unit awards, vesting final year | 2024 | |||||||
Weighted average remaining vesting period | 1 year 1 month 6 days | |||||||
Restricted Stock Units (RSUs) [Member] | Progressive Waste Plans [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share-based compensation liability | 7,237 | $ 7,237 | $ 7,178 | $ 9,799 | ||||
Performance Shares [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Unrecognized compensation cost related to unvested awards | 12,276 | $ 12,276 | ||||||
Restricted stock unit awards, vesting final year | 2024 | |||||||
Weighted average remaining vesting period | 1 year 1 month 6 days | |||||||
Employee Stock Option [Member] | Progressive Waste Plans [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Contractual life of warrants | 1 year 6 months | 2 years 6 months | ||||||
Share-based compensation liability | 3,556 | $ 3,556 | $ 8,559 | $ 8,812 | ||||
Employee Stock Option [Member] | Minimum [Member] | Progressive Waste Plans [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Contractual life of warrants | 6 months | |||||||
Employee Stock Option [Member] | Maximum [Member] | Progressive Waste Plans [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Contractual life of warrants | 1 year | |||||||
Western [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 442,862 | $ 442,862 | 400,037 | 398,174 | ||||
Central [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 824,204 | 824,204 | 729,470 | 540,435 | ||||
Eastern [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 1,374,577 | 1,374,577 | 1,331,180 | 1,126,486 | ||||
Southern [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 1,532,215 | 1,532,215 | 1,528,225 | 1,517,610 | ||||
Canada [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | $ 1,552,792 | 1,552,792 | 1,521,939 | 1,448,980 | ||||
Exploration and Production [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | $ 0 | 0 | 0 | |||||
Impairment of property and equipment | 417,384 | |||||||
Adjustments to contingent consideration | $ 4,145 | |||||||
Impairment charges | $ 8,000 | 8,000 | ||||||
Exploration and Production [Member] | Certain Basins [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage decline in revenue from prior year period | 56.00% | |||||||
Exploration and Production [Member] | Four Landfill [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Intangible assets | 0 | |||||||
Exploration and Production [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of landfills impaired | item | 4 | |||||||
Useful life | 40 years | |||||||
Impairment charge if estimated annual cash flows was changed by ten percent | $ 3,000 | |||||||
Geographic Operating Segments [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Impairment loss | 0 | 0 | 0 | |||||
Indefinite-lived intangible asset write-down | $ 0 | $ 0 | $ 0 | |||||
Landfill [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Inflation rate for purposes of computing layers for final capping, closure and post-closure obligations | 2.50% | 2.50% | ||||||
Impairment of intangible assets | 0 | |||||||
Landfill [Member] | Minimum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Standard customer service agreement period | 1 year | |||||||
Landfill [Member] | Maximum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Standard customer service agreement period | 10 years | |||||||
E&P Waste Treatment, Recovery and Disposal [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change in revenue | $ 112,114 | |||||||
Carrying of liability-classified contingent consideration | $ 0 | |||||||
Measurement Input, Discount Rate [Member] | Exploration and Production [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Derivative Asset (Liability) Net, Measurement Input | 0.12 | 0.12 | ||||||
Measurement Input, Discount Rate [Member] | Landfill [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Discount rate | 4.75% | 4.75% | 4.75% | |||||
Employee Share Purchase Plan 2020 [Member] | Minimum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Exercise price percentage of closing price of common share | 85.00% | |||||||
Employee Share Purchase Plan 2020 [Member] | Maximum [Member] | ||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Exercise price percentage of closing price of common share | 95.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Total Reported Revenues by Service Line) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Revenues | $ 5,445,990 | $ 5,388,679 | $ 4,922,941 |
Operating Segments [Member] | Solid Waste Collection | |||
Revenue from External Customer [Line Items] | |||
Revenues | 3,971,678 | 3,815,153 | 3,410,666 |
Operating Segments [Member] | Solid Waste Collection | Commercial [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,610,313 | 1,593,217 | 1,452,831 |
Operating Segments [Member] | Solid Waste Collection | Residential [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,528,217 | 1,380,763 | 1,189,148 |
Operating Segments [Member] | Solid Waste Collection | Industrial and Construction Roll Off [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 833,148 | 841,173 | 768,687 |
Operating Segments [Member] | Landfill [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,146,732 | 1,132,935 | 1,063,243 |
Operating Segments [Member] | Transfer [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 777,754 | 771,316 | 670,129 |
Operating Segments [Member] | Recycling | |||
Revenue from External Customer [Line Items] | |||
Revenues | 86,389 | 64,245 | 92,634 |
Operating Segments [Member] | E&P Waste Treatment, Recovery and Disposal [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 159,438 | 271,887 | 256,262 |
Operating Segments [Member] | Intermodal and Other | |||
Revenue from External Customer [Line Items] | |||
Revenues | 118,396 | 121,137 | 139,896 |
Intercompany Revenues [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | $ (814,397) | $ (787,994) | $ (709,889) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Allowance for Credit Losses) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Summary of Significant Accounting Policies [Abstract] | |
Beginning balance | $ 16,432 |
Current period provision for expected credit losses | 15,509 |
Write-offs charged against the allowance | (18,318) |
Recoveries collected | 5,720 |
Impact of changes in foreign currency | 37 |
Ending balance | $ 19,380 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Property Plant and Equipment Estimated Useful Lives) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 10 years |
Buildings [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 20 years |
Leasehold and Land Improvements [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 3 years |
Leasehold and Land Improvements [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 12 years |
Rolling Stock [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 3 years |
Rolling Stock [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 10 years |
Containers [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 3 years |
Containers [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment | 12 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Reconciliation of Final Capping, Closure and Post-Closure Liability Balance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business [Abstract] | ||
Final capping, closure and post-closure liability at the beginning of the period | $ 291,474 | $ 251,782 |
Liabilities adjustments | 2,490 | 19,846 |
Accretion expense associated with landfill obligations | 14,874 | 14,251 |
Closure payments | (6,488) | (5,059) |
Assumption of closure liabilities from acquisitions | 2,136 | 8,707 |
Disposition of closure liabilities from divested operations | (3,413) | |
Foreign currency translation adjustment | 823 | 1,947 |
Final capping, closure and post-closure liability at the end of the period | $ 301,896 | $ 291,474 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Restricted Cash and Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 97,095 | $ 96,483 |
Restricted investments | 57,516 | 51,179 |
Restricted Settlement of Insurance Claims [Member] | ||
Restricted cash | 78,335 | 77,680 |
Restricted Landfill Closure and Post-Closure Obligations [Member] | ||
Restricted cash | 12,533 | 12,324 |
Restricted investments | 54,833 | 48,590 |
Restricted Other Financial Assurance Requirements [Member] | ||
Restricted cash | 6,227 | 6,479 |
Restricted investments | $ 2,683 | $ 2,589 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Carrying Values and Fair Values of Debt Instruments) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Mar. 13, 2020 | Jan. 23, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Apr. 16, 2019 | Apr. 20, 2017 | |
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 4,743,635,000 | ||||||
Senior Notes due 2019 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of senior notes | 5.25% | ||||||
Senior Notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | 100,000,000 | $ 100,000,000 | |||||
Fair value of senior notes | $ 100,850,000 | $ 102,654,000 | |||||
Interest rate of senior notes | 4.64% | 4.64% | |||||
Senior note year due | 2021 | ||||||
Senior Notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 150,000,000 | $ 150,000,000 | |||||
Fair value of senior notes | $ 150,695,000 | $ 149,823,000 | |||||
Interest rate of senior notes | 2.39% | 2.39% | |||||
Senior note year due | 2021 | ||||||
Senior Notes due 2022 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 125,000,000 | $ 125,000,000 | |||||
Fair value of senior notes | $ 128,482,000 | $ 126,884,000 | |||||
Interest rate of senior notes | 3.09% | 3.09% | |||||
Senior note year due | 2022 | ||||||
Senior Notes due 2023 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 200,000,000 | $ 200,000,000 | |||||
Fair value of senior notes | $ 206,204,000 | $ 201,121,000 | |||||
Interest rate of senior notes | 2.75% | 2.75% | |||||
Senior note year due | 2023 | ||||||
Senior Notes due 2024 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||
Fair value of senior notes | $ 158,140,000 | $ 153,804,000 | |||||
Interest rate of senior notes | 3.24% | 3.24% | |||||
Senior note year due | 2024 | ||||||
Senior Notes due 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 375,000,000 | $ 375,000,000 | |||||
Fair value of senior notes | $ 403,025,000 | $ 389,127,000 | |||||
Interest rate of senior notes | 3.41% | 3.41% | |||||
Senior note year due | 2025 | ||||||
Senior Notes due 2026 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 400,000,000 | $ 400,000,000 | |||||
Fair value of senior notes | $ 424,874,000 | $ 406,768,000 | |||||
Interest rate of senior notes | 3.03% | 3.03% | |||||
Senior note year due | 2026 | ||||||
Senior Notes due 2027 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||
Fair value of senior notes | $ 271,198,000 | $ 259,789,000 | |||||
Interest rate of senior notes | 3.49% | 3.49% | 3.49% | ||||
Senior note year due | 2027 | ||||||
Senior Notes due 2028 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 500,000,000 | $ 500,000,000 | |||||
Fair value of senior notes | $ 597,050,000 | $ 562,050,000 | |||||
Interest rate of senior notes | 4.25% | 4.25% | |||||
Senior note year due | 2028 | ||||||
Senior Notes due 2029 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 500,000,000 | $ 500,000,000 | |||||
Fair value of senior notes | $ 570,450,000 | $ 533,500,000 | |||||
Interest rate of senior notes | 3.50% | 3.50% | 3.50% | ||||
Senior note year due | 2029 | ||||||
Senior Notes due 2030 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 600,000,000 | ||||||
Fair value of senior notes | $ 644,520,000 | ||||||
Interest rate of senior notes | 2.60% | 2.60% | |||||
Senior note year due | 2030 | ||||||
Senior Notes due 2050 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying value of senior notes | $ 500,000,000 | ||||||
Fair value of senior notes | $ 540,050,000 | ||||||
Interest rate of senior notes | 3.05% | 3.05% | |||||
Senior note year due | 2050 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Company's Derivative Instruments of Interest Rate Swaps) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Interest Rate Swap One [Member] | |
Derivative [Line Items] | |
Date entered | 2017-08 |
Notional amount | $ 100,000 |
Fixed interest rate paid | 1.90% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2019-07 |
Expiration date | 2022-07 |
Interest Rate Swap Two [Member] | |
Derivative [Line Items] | |
Date entered | 2017-08 |
Notional amount | $ 200,000 |
Fixed interest rate paid | 2.20% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2020-10 |
Expiration date | 2025-10 |
Interest Rate Swap Three [Member] | |
Derivative [Line Items] | |
Date entered | 2017-08 |
Notional amount | $ 150,000 |
Fixed interest rate paid | 1.95% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2020-02 |
Expiration date | 2023-02 |
Interest Rate Swap Four [Member] | |
Derivative [Line Items] | |
Date entered | 2018-06 |
Notional amount | $ 200,000 |
Fixed interest rate paid | 2.925% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2020-10 |
Expiration date | 2025-10 |
Interest Rate Swap Five [Member] | |
Derivative [Line Items] | |
Date entered | 2018-06 |
Notional amount | $ 200,000 |
Fixed interest rate paid | 2.925% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2020-10 |
Expiration date | 2025-10 |
Interest Rate Swap Six [Member] | |
Derivative [Line Items] | |
Date entered | 2018-12 |
Notional amount | $ 200,000 |
Fixed interest rate paid | 2.85% |
Description of variable rate basis | 1-month LIBOR |
Effective date | 2022-07 |
Expiration date | 2027-07 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Fair Values of Derivative Instruments Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, asset derivatives | $ 2,845 | |
Derivatives designated as cash flow hedges, liability derivatives | $ (94,689) | (42,647) |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, liability derivatives | (20,023) | (3,680) |
Interest Rate Swap [Member] | Other Long-term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, liability derivatives | $ (74,666) | (38,967) |
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, asset derivatives | $ 2,845 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income and Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | $ (47,528) | $ (32,247) | $ 1,105 |
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | (7,187) | 5,900 | 9,071 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | (47,528) | (32,247) | (892) |
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | 7,187 | (5,900) | (4,167) |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | (47,528) | (32,247) | 1,105 |
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | 7,187 | (5,900) | (9,071) |
Cash Flow Hedging | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | (47,528) | (32,247) | (892) |
Cash Flow Hedging | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | $ 7,187 | $ (5,900) | (4,167) |
Cash Flow Hedging | Cost of Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | (4,904) | ||
Fuel [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | 1,997 | ||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | (4,904) | ||
Fuel [Member] | Cash Flow Hedging | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | $ 1,997 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (Fair Value Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected remaining life | 5 years | ||
Progressive Waste Plans [Member] | Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected remaining life | 1 year 6 months | 2 years 6 months | |
Share volatility | 16.14% | 14.86% | |
Share volatility, minimum | 17.72% | ||
Share volatility, maximum | 33.54% | ||
Discount rate | 1.61% | 2.51% | |
Annual dividend rate | 0.80% | 0.82% | 0.86% |
Minimum [Member] | Progressive Waste Plans [Member] | Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected remaining life | 6 months | ||
Discount rate | 0.06% | ||
Maximum [Member] | Progressive Waste Plans [Member] | Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected remaining life | 1 year | ||
Discount rate | 0.12% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)entity | Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($)entity | Dec. 31, 2018USD ($)entity | |
Business Acquisition [Line Items] | |||||||||||||
Cash consideration, net of cash acquired | $ 388,789 | $ 736,610 | $ 830,091 | ||||||||||
Contingent considerations | $ 14,038 | 14,038 | |||||||||||
Increase in contingent consideration | 18,418 | 1,498 | 349 | ||||||||||
Acquisition related costs | 9,803 | 12,335 | 8,607 | ||||||||||
Payment of contingent consideration recorded at acquisition date | 12,566 | $ 3,200 | $ 6,127 | ||||||||||
Number of individual businesses acquired in period | entity | 21 | 21 | 20 | ||||||||||
Revenues | $ 1,398,251 | $ 1,389,552 | $ 1,305,782 | $ 1,352,404 | 1,361,960 | $ 1,412,444 | $ 1,369,639 | $ 1,244,637 | 5,445,990 | $ 5,388,679 | $ 4,922,941 | ||
Income before income tax provision | 253,914 | 705,891 | 707,140 | ||||||||||
Impairments and other operating items | 466,718 | 61,948 | 20,118 | ||||||||||
Goodwill expected to be deductible for tax purposes | 169,147 | 266,310 | 169,147 | $ 169,147 | $ 169,147 | 266,310 | 455,283 | ||||||
Trade receivables acquired in business combination gross contractual amount | 13,854 | 27,297 | 13,854 | 13,854 | 13,854 | 27,297 | 27,795 | ||||||
Trade receivables acquired In business combination expected to be uncollectible amount | 95 | $ 2,077 | 95 | $ 95 | $ 95 | $ 2,077 | $ 4,113 | ||||||
Fair value of acquired working capital is provisional | 11 | 11 | |||||||||||
Measurement Input, Discount Rate [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration measurement input | 2.3 | 2.3 | |||||||||||
Maximum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration payable period | 4 years | ||||||||||||
Minimum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration payable period | 1 year | ||||||||||||
Other Acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Increase in contingent consideration | 3,327 | ||||||||||||
One Acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration payable period | 3 years | ||||||||||||
Contingent considerations | $ 33,674 | 33,674 | $ 33,674 | $ 33,674 | $ 11,593 | ||||||||
One Acquisition [Member] | Measurement Input, Discount Rate [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration measurement input | 2.7 | ||||||||||||
One Acquisition [Member] | Maximum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent considerations | $ 12,582 | ||||||||||||
Debt [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Liabilities incurred | $ 91,349 | $ 95,809 | $ 210,461 |
Acquisitions (Summary of Consid
Acquisitions (Summary of Consideration Transferred to Acquire Businesses and Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of consideration transferred: | |||
Cash | $ 388,789 | $ 736,610 | $ 830,091 |
Change in open working capital settlements at year end | 1,505 | 5,272 | (8,507) |
Consideration transferred | 481,643 | 837,691 | 1,032,045 |
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Accounts receivable | 13,759 | 25,220 | 23,682 |
Prepaid expenses and other current assets | 4,509 | 4,970 | 4,614 |
Operating lease right-of-use assets | 5,247 | 3,616 | |
Property and equipment | 173,394 | 294,037 | 437,914 |
Indefinite-lived intangibles | 13,465 | ||
Other assets | 389 | 7 | 19 |
Current portion of operating lease liabilities | (509) | (658) | |
Deferred revenue | (1,821) | (17,245) | (16,238) |
Long-term portion of operating lease liablities | (4,738) | (2,958) | |
Other long-term liabilities | (2,136) | (8,707) | (15,532) |
Deferred income taxes | (4,525) | (13,287) | (391) |
Total identifiable net assets | 296,340 | 430,623 | 565,604 |
Goodwill | 185,303 | 407,068 | 466,441 |
Accounts Payable and Accrued Liabilities [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Accounts payable and accrued liabilities | (14,174) | (19,209) | (25,005) |
Debt [Member] | |||
Fair value of consideration transferred: | |||
Liabilities incurred | 91,349 | 95,809 | 210,461 |
Contingent Consideration [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Contingent consideration | (4,688) | (14,038) | (11,669) |
Long-Term Franchise Agreements and Contracts [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Intangibles | 59,149 | 78,312 | 10,888 |
Customer Lists [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Intangibles | 48,512 | 52,422 | 133,387 |
Permits and Other [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | |||
Intangibles | $ 10,507 | $ 48,141 | $ 23,935 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Franchise Agreements and Contracts | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period of acquired intangible assets | 13 years 10 months 24 days |
Customer Lists [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period of acquired intangible assets | 11 years |
Permits and Other [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period of acquired intangible assets | 40 years |
Intangible Assets, Net (Intangi
Intangible Assets, Net (Intangible Assets Exclusive of Goodwill) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 1,615,661 | $ 1,505,029 |
Finite-lived intangible assets, accumulated amortization | (696,269) | (564,188) |
Intangible assets, accumulated impairment | (38,507) | (38,507) |
Finite-lived intangible assets, net carrying amount | 919,392 | 940,841 |
Intangible assets, net, exclusive of goodwill | 1,155,079 | 1,163,063 |
Intangible assets, exclusive of goodwill | 1,889,855 | 1,765,758 |
Indefinite-lived intangible assets, gross carrying amount | 274,194 | 260,729 |
Indefinite-lived intangible assets | 235,687 | 222,222 |
Solid Waste Collection and Transportation Permits | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 172,056 | 158,591 |
Indefinite-lived intangible assets | 172,056 | 158,591 |
Material Recycling Facility Permits | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 42,283 | 42,283 |
Indefinite-lived intangible assets | 42,283 | 42,283 |
Exploration and Production Facility Permits | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, accumulated impairment | (38,507) | (38,507) |
Indefinite-lived intangible assets, gross carrying amount | 59,855 | 59,855 |
Indefinite-lived intangible assets | 21,348 | 21,348 |
Long-term Franchise Agreements and Contracts | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 600,674 | 550,340 |
Finite-lived intangible assets, accumulated amortization | (234,972) | (192,462) |
Finite-lived intangible assets, net carrying amount | 365,702 | 357,878 |
Customer Lists [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 636,035 | 587,562 |
Finite-lived intangible assets, accumulated amortization | (382,020) | (308,427) |
Finite-lived intangible assets, net carrying amount | 254,015 | 279,135 |
Permits and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 378,952 | 367,127 |
Finite-lived intangible assets, accumulated amortization | (79,277) | (63,299) |
Finite-lived intangible assets, net carrying amount | $ 299,675 | $ 303,828 |
Intangible Assets, Net (Estimat
Intangible Assets, Net (Estimated Future Amortization Expense of Amortizable Intangible Assets) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Intangible Assets, Net [Abstract] | |
For the year ending December 31, 2021 | $ 126,602 |
For the year ending December 31, 2022 | 107,747 |
For the year ending December 31, 2023 | 91,747 |
For the year ending December 31, 2024 | 78,852 |
For the year ending December 31, 2025 | $ 66,620 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finance lease right-of-use assets | $ 3,754 | $ 0 | |
Landfill [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Landfill depletion expense | $ 200,374 | $ 225,687 | $ 206,404 |
Property and Equipment, Net (Pr
Property and Equipment, Net (Property and Equipment) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 9,288,864 | $ 8,963,168 |
Less accumulated depreciation and depletion | (4,004,358) | (3,446,821) |
Property and equipment net | 5,284,506 | 5,516,347 |
Landfill [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 4,205,968 | 4,334,562 |
Rolling Stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 2,227,951 | 2,011,283 |
Land, Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 1,147,358 | 1,079,420 |
Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 845,386 | 764,607 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 820,533 | 749,557 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 41,668 | $ 23,739 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease impairment charge | $ 0 | $ 0 |
Finance lease impairment charge | 0 | 0 |
Remeasurements of lease | 0 | $ 0 |
Remeasurements of ROU assets | $ 3,754 |
Leases (Leases) (Details)
Leases (Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost for operating leases | ||
Operating lease cost | $ 39,411 | $ 38,710 |
Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities | 39,212 | 38,226 |
Right-of-use assets obtained in exchange for lease liabilities - operating leases | 15,117 | $ 17,774 |
Right-of-use assets obtained in exchange for lease liabilities - finance lease | $ 3,754 | |
Weighted average remaining lease term - operating leases | 8 years 7 months 6 days | 8 years 8 months 12 days |
Weighted average remaining lease term - finance leases | 5 years 4 months 24 days | |
Weighted average discount rate - operating leases | 3.86% | 3.99% |
Weighted average discount rate - finance leases | 1.89% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future minimum lease payments as calculated under the new lease guidance, operating leases | ||
2021 | $ 36,581 | |
2022 | 34,259 | |
2023 | 30,770 | |
2024 | 23,124 | |
2025 | 17,311 | |
Thereafter | 68,860 | |
Minimum lease payments | 210,905 | |
Less: imputed interest | (33,011) | |
Present value of minimum lease payments, operating leases | 177,894 | |
Less: current portion of operating lease liabilities | (30,671) | $ (29,929) |
Long-term portion of lease liabilities | 147,223 | $ 160,033 |
Future minimum lease payments as calculated under the new lease guidance, finance leases | ||
2021 | 718 | |
2022 | 718 | |
2023 | 718 | |
2024 | 718 | |
2025 | 718 | |
Thereafter | 359 | |
Minimum lease payments | 3,949 | |
Less: imputed interest, finance leases | (195) | |
Present value of minimum lease payments, finance leases | 3,754 | |
Less: current portion of finance lease liabilities | (654) | |
Long-term portion of finance lease liabilities | $ 3,100 |
Leases (Rent Expense) (Details)
Leases (Rent Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Summary of rent expense for both short-term agreements and non-cancelable operating lease agreements | |
Operating Leases, Rent Expense | $ 42,646 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities [Abstract] | ||
Insurance claims | $ 140,182 | $ 127,029 |
Payroll and payroll-related | 139,887 | 71,593 |
Interest payable | 29,580 | 17,286 |
Final capping, closure and post-closure liability - current portion | 20,023 | 3,680 |
Unrealized cash flow hedge losses | 19,925 | 7,707 |
Cell processing reserve - current portion | 3,344 | 3,518 |
Environmental remediation reserve - current portion | 2,300 | 2,314 |
Share-based compensation plan liability - current portion | 868 | 930 |
Other | 48,814 | 46,751 |
Accrued liabilities | $ 404,923 | $ 280,808 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) - USD ($) | 1 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 13, 2020 | Jan. 23, 2020 | Apr. 16, 2019 | Nov. 16, 2018 | Dec. 31, 2017 | Apr. 20, 2017 | |
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 4,743,635,000 | $ 4,743,635,000 | $ 4,743,635,000 | |||||||||
Cash and equivalents | 617,294,000 | 617,294,000 | 617,294,000 | $ 326,738,000 | ||||||||
Cash and cash equivalents | 714,389,000 | 714,389,000 | $ 714,389,000 | 423,221,000 | $ 403,966,000 | $ 553,227,000 | ||||||
Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity date | Mar. 21, 2023 | |||||||||||
Credit facility | 2,212,500,000 | 2,212,500,000 | $ 2,212,500,000 | |||||||||
Covenant description | as of the last day of each fiscal quarter, the ratio of (a) (i) Consolidated Total Funded Debt (as defined in the Credit Agreement) as of such date less (ii) the sum of cash and cash equivalents of the Company and its subsidiaries on a dollar-for-dollar basis as of such date in excess of $50,000 up to a maximum of $200,000 (such that the maximum amount of reduction pursuant to this calculation does not exceed $150,000) to (b) Consolidated EBITDA (as defined in the Credit Agreement), measured for the preceding 12 months (the “Leverage Ratio”), to not more than 3.50 to 1.00 (or 3.75 to 1.00 during material acquisition periods, subject to certain limitations). The Credit Agreement also includes a financial covenant requiring the ratio of Consolidated EBIT (as defined in the Credit Agreement) to Consolidated Total Interest Expense (as defined in the Credit Agreement), in each case, measured for the preceding 12 months, (the “Interest Coverage Ratio”) to be not less than 2.75 to 1.00. | |||||||||||
Covenant compliance | As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the Credit Agreement. | |||||||||||
Credit Agreement [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit | 119,636,000 | 119,636,000 | $ 119,636,000 | 107,611,000 | ||||||||
Credit facility | 320,000,000 | 320,000,000 | 320,000,000 | |||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility | 1,562,500,000 | 1,562,500,000 | 1,562,500,000 | |||||||||
Long term debt | 203,927,000 | 203,927,000 | 203,927,000 | 916,247,000 | ||||||||
Credit Agreement [Member] | Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | |||||||||
Credit Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required interest coverage ratio | 2.75 | |||||||||||
Credit Agreement [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate applicable | 1.35% | 1.35% | 1.35% | |||||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required leverage ratio during material acquisition period | 3.75 | |||||||||||
Required leverage ratio | 3.50 | |||||||||||
Credit Agreement [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate applicable | 1.66% | 1.66% | 1.66% | |||||||||
Credit Agreement [Member] | Maximum [Member] | Swing Line Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Swing line loans | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | |||||||||
Other Facilities not Affiliated with Credit Agreement [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit | 6,634,000 | 6,634,000 | 6,634,000 | |||||||||
2016 Master Note Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum limit of aggregate principal amount of notes outstanding | 1,500,000,000 | 1,500,000,000 | $ 1,500,000,000 | |||||||||
2016 Master Note Purchase Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required interest coverage ratio | 2.75 | |||||||||||
2016 Master Note Purchase Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required leverage ratio | 3.75 | |||||||||||
Assumed 2008 Note Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum limit of aggregate principal amount of notes outstanding | 1,250,000,000 | 1,250,000,000 | $ 1,250,000,000 | |||||||||
Assumed 2008 Note Purchase Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required interest coverage ratio | 2.75 | |||||||||||
Assumed 2008 Note Purchase Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required leverage ratio | 3.75 | |||||||||||
Notes Payable to Sellers and Other Third Parties [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 43,131,000 | $ 43,131,000 | $ 43,131,000 | $ 9,638,000 | ||||||||
Notes Payable to Sellers and Other Third Parties [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.42% | 2.42% | 2.42% | |||||||||
Notes Payable to Sellers and Other Third Parties [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 10.35% | 10.35% | 10.35% | |||||||||
Senior Notes [Member] | 2016 Master Note Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1,150,000,000 | $ 1,150,000,000 | $ 1,150,000,000 | |||||||||
Debt issuance costs | 9,011,000 | 9,011,000 | $ 9,011,000 | |||||||||
Covenant compliance | As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the 2016 NPA. | |||||||||||
Senior Notes [Member] | Assumed 2008 Note Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt issuance costs | 3,803,000 | 3,803,000 | $ 3,803,000 | |||||||||
Covenant compliance | As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the 2008 NPA | |||||||||||
Senior Notes [Member] | 2017A Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||
Long term debt | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||||||
Senior Notes [Member] | Senior Notes due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.25% | |||||||||||
Maturity of senior debt | $ 175,000,000 | |||||||||||
Senior Notes [Member] | Senior Notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.64% | 4.64% | 4.64% | 4.64% | ||||||||
Long term debt | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||
Senior note year due | 2021 | |||||||||||
Senior Notes [Member] | Senior Notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.39% | 2.39% | 2.39% | 2.39% | ||||||||
Maturity date | Jun. 1, 2021 | |||||||||||
Long term debt | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||
Senior note year due | 2021 | |||||||||||
Senior Notes [Member] | Senior Notes due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.09% | 3.09% | 3.09% | 3.09% | ||||||||
Long term debt | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||
Senior note year due | 2022 | |||||||||||
Senior Notes [Member] | Senior Notes due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% | ||||||||
Maturity date | Jun. 1, 2023 | |||||||||||
Long term debt | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||||
Senior note year due | 2023 | |||||||||||
Senior Notes [Member] | Senior Notes due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.24% | 3.24% | 3.24% | 3.24% | ||||||||
Maturity date | Apr. 20, 2024 | |||||||||||
Long term debt | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | |||||||
Senior note year due | 2024 | |||||||||||
Senior Notes [Member] | Senior Notes due 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.41% | 3.41% | 3.41% | 3.41% | ||||||||
Long term debt | $ 375,000,000 | $ 375,000,000 | $ 375,000,000 | $ 375,000,000 | ||||||||
Senior note year due | 2025 | |||||||||||
Senior Notes [Member] | Senior Notes due 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.03% | 3.03% | 3.03% | 3.03% | ||||||||
Maturity date | Jun. 1, 2026 | |||||||||||
Long term debt | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||
Senior note year due | 2026 | |||||||||||
Senior Notes [Member] | Senior Notes due 2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.49% | 3.49% | 3.49% | 3.49% | 3.49% | |||||||
Maturity date | Apr. 20, 2027 | |||||||||||
Long term debt | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||
Senior note year due | 2027 | |||||||||||
Senior Notes [Member] | Senior Note due 2028, 2029, 2030 and/or 2050 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 100.00% | |||||||||||
Covenant compliance | As of December 31, 2020 and 2019, the Company was in compliance with all applicable covenants in the Indenture | |||||||||||
Senior Notes [Member] | Senior Note due 2028, 2029, 2030 and/or 2050 [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 101.00% | |||||||||||
Senior Notes [Member] | Senior Notes due 2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||
Maturity date | Dec. 1, 2028 | |||||||||||
Redemption period end date | Sep. 1, 2028 | |||||||||||
Debt issuance costs | $ 5,792,000 | $ 5,792,000 | $ 5,792,000 | |||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 100.00% | |||||||||||
Long term debt | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||
Senior note year due | 2028 | |||||||||||
Senior Notes [Member] | Senior Notes due 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |||||||
Maturity date | May 1, 2029 | |||||||||||
Redemption period end date | Feb. 1, 2029 | |||||||||||
Debt issuance costs | $ 5,954,000 | $ 5,954,000 | $ 5,954,000 | |||||||||
Long term debt | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||
Senior note year due | 2029 | |||||||||||
Senior Notes [Member] | Senior Notes due 2029 [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 100.00% | |||||||||||
Senior Notes [Member] | Senior Notes due 2030 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 600,000,000 | |||||||||||
Interest rate | 2.60% | 2.60% | 2.60% | 2.60% | ||||||||
Maturity date | Feb. 1, 2030 | |||||||||||
Redemption period end date | Nov. 1, 2029 | |||||||||||
Debt issuance costs | $ 5,435,000 | $ 5,435,000 | $ 5,435,000 | |||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 100.00% | |||||||||||
Long term debt | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |||||||||
Senior note year due | 2030 | |||||||||||
Senior Notes [Member] | Senior Notes due 2050 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||
Interest rate | 3.05% | 3.05% | 3.05% | 3.05% | ||||||||
Maturity date | Apr. 1, 2050 | |||||||||||
Redemption period end date | Oct. 1, 2049 | |||||||||||
Debt discount | $ 7,375,000 | $ 7,375,000 | $ 7,375,000 | |||||||||
Debt issuance costs | $ 5,682,000 | 5,682,000 | 5,682,000 | |||||||||
Percentage of aggregate principal amount to be repurchased if change of control | 100.00% | |||||||||||
Long term debt | $ 500,000,000 | 500,000,000 | $ 500,000,000 | |||||||||
Senior note year due | 2050 | |||||||||||
Term Loan Facility [Member] | Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | 700,000,000 | ||||||||
Interest rate applicable | 1.35% | 1.35% | 1.35% | |||||||||
Term Loan Facility [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum increase to borrowing capacity | $ 500,000,000 | |||||||||||
Maximum amount of increase in commitments under the credit agreement | 2,712,500,000 | |||||||||||
Other Assets [Member] | Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepaid expense, debt issuance costs | $ 2,695,000 | $ 2,695,000 | 2,695,000 | |||||||||
Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Liabilities incurred | $ 91,349,000 | 95,809,000 | $ 210,461,000 | |||||||||
Base Rate [Member] | Canadian Prime Rate Loans and Swing Line Loans [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin rate for loans | 0.00% | |||||||||||
Base Rate [Member] | Canadian Prime Rate Loans and Swing Line Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin rate for loans | 0.50% | |||||||||||
LIBOR [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 897,000,000 | ||||||||
Margin rate for loans | 1.20% | 1.10% | ||||||||||
Interest rate applicable | 1.35% | 1.35% | 1.35% | 2.90% | ||||||||
LIBOR [Member] | Credit Agreement [Member] | Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | $ 700,000,000 | ||||||||
Margin rate for loans | 1.20% | 1.10% | ||||||||||
Interest rate applicable | 1.35% | 1.35% | 1.35% | 2.90% | ||||||||
LIBOR [Member] | Drawing Fees for Bankers Acceptance and BA Equivalent Notes and Letter of Credit [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin rate for loans | 1.00% | |||||||||||
LIBOR [Member] | Drawing Fees for Bankers Acceptance and BA Equivalent Notes and Letter of Credit [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin rate for loans | 1.50% | |||||||||||
Canadian Bankers Acceptance Loan [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt | $ 3,927,000 | $ 3,927,000 | $ 3,927,000 | $ 19,247,000 | ||||||||
Margin rate for loans | 1.20% | 1.10% | ||||||||||
Interest rate applicable | 1.66% | 1.66% | 1.66% | 3.18% | ||||||||
Credit Agreement Covenant [Member] | Credit Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash and equivalents | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||
Credit Agreement Covenant [Member] | Credit Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash and equivalents | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Credit Agreement Covenant [Member] | Other Assets [Member] | Credit Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash and equivalents | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Detail) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Mar. 13, 2020 | Jan. 23, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Apr. 16, 2019 | Apr. 20, 2017 | |
Debt Instrument [Line Items] | |||||||
Total debt and lease obligations | $ 4,750,812,000 | $ 4,375,885,000 | |||||
Less - current portion | (8,268,000) | (465,000) | |||||
Total debt | 4,743,635,000 | ||||||
Finance leases | 3,754,000 | ||||||
Less - current portion | (8,268,000) | (465,000) | |||||
Less - unamortized debt discount and issuance costs | (33,866,000) | (21,638,000) | |||||
Long-term portion of debt and notes payable | 4,708,678,000 | 4,353,782,000 | |||||
Long-term debt and lease obligation | $ 4,708,678,000 | 4,353,782,000 | |||||
Finance leases, expiration year | 2026 | ||||||
Finance leases interest rate | 1.89% | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 203,927,000 | 916,247,000 | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Bearing interest | 1.35% | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Bearing interest | 1.66% | ||||||
Credit Agreement [Member] | Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 650,000,000 | 700,000,000 | |||||
Bearing interest | 1.35% | ||||||
Senior Notes due 2019 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.25% | ||||||
Senior Notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 100,000,000 | $ 100,000,000 | |||||
Interest rate | 4.64% | 4.64% | |||||
Senior note year due | 2021 | ||||||
Senior Notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 150,000,000 | $ 150,000,000 | |||||
Interest rate | 2.39% | 2.39% | |||||
Senior note year due | 2021 | ||||||
Senior Notes due 2022 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 125,000,000 | $ 125,000,000 | |||||
Interest rate | 3.09% | 3.09% | |||||
Senior note year due | 2022 | ||||||
Senior Notes due 2023 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 200,000,000 | $ 200,000,000 | |||||
Interest rate | 2.75% | 2.75% | |||||
Senior note year due | 2023 | ||||||
Senior Notes due 2024 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||
Interest rate | 3.24% | 3.24% | |||||
Senior note year due | 2024 | ||||||
Senior Notes due 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 375,000,000 | $ 375,000,000 | |||||
Interest rate | 3.41% | 3.41% | |||||
Senior note year due | 2025 | ||||||
Senior Notes due 2026 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 400,000,000 | $ 400,000,000 | |||||
Interest rate | 3.03% | 3.03% | |||||
Senior note year due | 2026 | ||||||
Senior Notes due 2027 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||
Interest rate | 3.49% | 3.49% | 3.49% | ||||
Senior note year due | 2027 | ||||||
Senior Notes due 2028 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 500,000,000 | $ 500,000,000 | |||||
Interest rate | 4.25% | 4.25% | |||||
Senior note year due | 2028 | ||||||
Senior Notes due 2029 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 500,000,000 | $ 500,000,000 | |||||
Interest rate | 3.50% | 3.50% | 3.50% | ||||
Senior note year due | 2029 | ||||||
Senior Notes due 2030 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 600,000,000 | ||||||
Interest rate | 2.60% | 2.60% | |||||
Senior note year due | 2030 | ||||||
Senior Notes due 2050 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 500,000,000 | ||||||
Interest rate | 3.05% | 3.05% | |||||
Senior note year due | 2050 | ||||||
Notes Payable to Sellers and Other Third Parties [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 43,131,000 | $ 9,638,000 | |||||
Debt, maturity date range, start | 2021 | ||||||
Debt, maturity date range, end | 2036 | ||||||
Notes Payable to Sellers and Other Third Parties [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.42% | ||||||
Notes Payable to Sellers and Other Third Parties [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 10.35% |
Long-Term Debt (Details of the
Long-Term Debt (Details of the Company's Credit Agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 4,743,635 | |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Available | $ 1,238,937 | $ 538,642 |
Commitment - rate applicable | 0.15% | 0.12% |
Long-term Debt | $ 203,927 | $ 916,247 |
Letter of Credit [Member] | Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit | $ 119,636 | $ 107,611 |
LIBOR [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate applicable | 1.35% | 2.90% |
Margin rate for loans | 1.20% | 1.10% |
Long-term Debt | $ 200,000 | $ 897,000 |
LIBOR [Member] | Term Loan Facility [Member] | Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate applicable | 1.35% | 2.90% |
Margin rate for loans | 1.20% | 1.10% |
Long-term Debt | $ 650,000 | $ 700,000 |
Canadian Bankers Acceptance Loan [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate applicable | 1.66% | 3.18% |
Margin rate for loans | 1.20% | 1.10% |
Long-term Debt | $ 3,927 | $ 19,247 |
Long-Term Debt (Tax-Exempt Bond
Long-Term Debt (Tax-Exempt Bond Financings) (Detail) - Tax-Exempt Bonds [Member] - Lemay Washington Bond [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Jan. 31, 2019 | |
Debt Instrument [Line Items] | ||
Maturity date of bond | Apr. 1, 2033 | |
Outstanding balance of bonds | $ 15,930 |
Long-Term Debt (Aggregate Contr
Long-Term Debt (Aggregate Contractual Future Principal Payments by Calendar Year on Long-Term Debt) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Long-Term Debt [Abstract] | |
2021 | $ 8,268 |
2022 | 129,387 |
2023 | 1,308,428 |
2024 | 154,623 |
2025 | 379,750 |
Thereafter | 2,763,179 |
Total debt | $ 4,743,635 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ (14,038) | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and investments | $ 155,176 | 147,318 |
Contingent consideration | (71,736) | (69,484) |
Fair Value, Measurements, Recurring | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instrument - net | (94,689) | (39,802) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and investments | 155,176 | 147,318 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instrument - net | (94,689) | (39,802) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ (71,736) | $ (69,484) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value for Level 3 Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 69,484 | $ 55,115 | |
Contingent consideration recorded at acquisition date | 4,688 | 14,038 | |
Payment of contingent consideration recorded at acquisition date | (12,566) | (3,200) | |
Payment of contingent consideration recorded in earnings | (10,371) | ||
Adjustments to contingent consideration | 18,418 | 1,498 | $ 349 |
Interest accretion expense | 2,006 | 1,852 | |
Ending balance | 71,736 | 69,484 | $ 55,115 |
Foreign Currency Translation Adjustment [Member] | |||
Foreign currency translation adjustment | $ 77 | $ 181 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) gal in Millions, T in Millions | Aug. 10, 2018USD ($) | Mar. 06, 2018USD ($) | Jul. 25, 2017USD ($) | Dec. 31, 2020USD ($)agreementgal | Dec. 31, 2018USD ($)T | Dec. 31, 2019USD ($) | Dec. 31, 2014USD ($) |
Contingencies And Commitments [Line Items] | |||||||
Amount of surety bonds to secure asset closure and retirement requirements | $ 727,361,000 | $ 661,593,000 | |||||
Amount of surety bonds to secure performance under collection contracts and landfill operating agreements | $ 482,262,000 | 419,259,000 | |||||
Percentage of interest in company that issues financial surety bonds | 9.90% | ||||||
Outstanding amount of financial surety bonds | $ 413,970,000 | 392,592,000 | |||||
Purchase Obligation | 93,813,000 | $ 41,949,000 | 73,269,000 | ||||
Environmental remediation reserve - current portion | 2,300,000 | 2,314,000 | |||||
Environmental remediation reserve-Non-current portion | $ 19,121,000 | $ 18,770,000 | |||||
Unrecorded unconditional purchase obligation, remaining volume | gal | 52.5 | ||||||
Purchase commitment | $ 132,047,000 | ||||||
Minimum required threshold for disclosing environmental matters involving potential monetary sanctions | 300,000 | ||||||
Threshold used for disclosing environmental matters involving potential monetary sanctions | $ 1,000,000 | ||||||
Number of collective bargaining agreements expired or set to expire | agreement | 17 | ||||||
Estimated clean up costs | $ 342,000,000 | ||||||
Bridge and Thoroughfare Fee [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Loss contingency amount sought | $ 83,000 | $ 11,600,000 | |||||
Fee paid | $ 11,600,000 | ||||||
Noncompliance fee | $ 750 | ||||||
Monthly payment estimate | 11,600,000 | ||||||
Chiquita Canyon LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Annual tons of waste accepted at landfill | T | 2 | ||||||
Estimate of total new fees and other new taxes over life of conditional use permit | $ 300,000,000 | ||||||
Environmental Remediation Expense | |||||||
Contingencies And Commitments [Line Items] | |||||||
Estimated period to implement clean-up | seven years | ||||||
Required period of monitoring following the clean-up | 10 years | ||||||
Penalties [Member] | Bridge and Thoroughfare Fee [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Fee paid | 83,000 | ||||||
Monthly payment estimate | 83,000 | ||||||
Fees [Member] | Bridge and Thoroughfare Fee [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Fee paid | 750 | ||||||
Monthly payment estimate | $ 750 |
Commitments and Contingencies_3
Commitments and Contingencies (Future Minimum Purchase Commitments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies [Abstract] | |
2021 | $ 92,029 |
2022 | 40,018 |
Total purchase commitment | $ 132,047 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | 55 Months Ended | |||||
Oct. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jul. 23, 2020 | Jun. 01, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Repurchase of common shares | 1,271,977 | 0 | 831,704 | ||||||||
Aggregate cost of common shares repurchase | $ 105,654 | $ 58,928 | |||||||||
Aggregate cost of common stock repurchase | |||||||||||
Cash dividend per share | $ 0.205 | $ 0.185 | $ 0.760 | $ 0.665 | $ 0.580 | ||||||
Cash dividend per common share, increase | $ 0.02 | ||||||||||
Cash dividends on common stock | $ 199,883 | $ 175,067 | $ 152,550 | ||||||||
Maximum remaining number of shares available for repurchase | 11,912,497 | 11,912,497 | 11,912,497 | 11,912,497 | |||||||
Maximum number of shares authorized for repurchase | 13,144,773 | ||||||||||
Share repurchase plan expiration date | Aug. 9, 2021 | ||||||||||
Daily repurchase of shares maximum | 112,638 | ||||||||||
Daily Shares Repurchase (as percentage) | 25.00% | 25.00% | 25.00% | 25.00% | |||||||
Average daily trading volume during period | 450,555 | ||||||||||
Common shares, shares issued | 262,899,174 | 262,899,174 | 262,899,174 | 263,699,675 | 262,899,174 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Employee Share Purchase Plan 2020 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Minimum percent of eligible compensation to purchase shares | 1.00% | 1.00% | 1.00% | 1.00% | |||||||
Maximum percent of eligible compensation to purchase shares | 10.00% | 10.00% | 10.00% | 10.00% | |||||||
Maximum number of share authorized to be issued under plan | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Number of common shares purchased under plan | 0 | ||||||||||
2016 Incentive Award Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum number of share authorized to be issued under plan | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 | |||||||
Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrant expiration | 2021 | ||||||||||
Minimum [Member] | Employee Share Purchase Plan 2020 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise price percentage of closing price of common share | 85.00% | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrant expiration | 2025 | ||||||||||
Maximum [Member] | Employee Share Purchase Plan 2020 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise price percentage of closing price of common share | 95.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vested deferred RSUs outstanding | 177,760 | 177,760 | 177,760 | 247,999 | 264,374 | 177,760 | |||||
Restricted Stock Units (RSUs) [Member] | 2004 Equity Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted in period | 0 | 0 | 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | Progressive Waste Solutions Ltd. [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted in period | 0 | ||||||||||
Performance Shares [Member] | 2018 Performance-Based Restricted Share Units Plan One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance period end date | Dec. 31, 2020 | ||||||||||
Performance Shares [Member] | 2018 Performance-Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance Shares [Member] | 2019 Performance Based Restricted Share Units Plan One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance period end date | Dec. 31, 2021 | ||||||||||
Performance Shares [Member] | 2019 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance Shares [Member] | 2020 Performance Based Restricted Share Units Plan One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance period end date | Dec. 31, 2022 | ||||||||||
Performance Shares [Member] | 2020 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 3 years | ||||||||||
Performance Shares [Member] | Minimum [Member] | 2018 Performance-Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 1 year | ||||||||||
Performance Shares [Member] | Minimum [Member] | 2019 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 1 year | ||||||||||
Performance Shares [Member] | Minimum [Member] | 2020 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 1 year | ||||||||||
Performance Shares [Member] | Maximum [Member] | 2018 Performance-Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 4 years | ||||||||||
Performance Shares [Member] | Maximum [Member] | 2019 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 4 years | ||||||||||
Performance Shares [Member] | Maximum [Member] | 2020 Performance Based Restricted Share Units Plan Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of award | 4 years | ||||||||||
Special Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common shares, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred Share Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vested deferred RSUs outstanding | 21,586 | 21,586 | 21,586 | 18,970 | 21,586 | ||||||
Restricted Share Units and Deferred Share Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Sale of common shares held in trust, shares | 7,330 | 48,375 | 36,244 | ||||||||
Restricted Share Units and Deferred Share Units [Member] | Progressive Waste Solutions Ltd. [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Acquired common shares held in trust | 74,184 | 74,184 | 74,184 | 74,184 | 735,171 | ||||||
Progressive Waste Solutions Ltd. [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vested deferred RSUs outstanding | 66,554 | 66,554 | 66,554 | 73,884 | 66,554 | ||||||
Progressive Waste Solutions Ltd. [Member] | Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Option awards granted in period | 0 |
Shareholders' Equity (Common St
Shareholders' Equity (Common Stock Shares Reserved for Issuances) (Detail) | Dec. 31, 2020shares |
Class Of Stock [Line Items] | |
Shares reserved for issuance | 7,706,470 |
Restricted Stock Units Performance Share Units and Warrants [Member] | |
Class Of Stock [Line Items] | |
Shares reserved for issuance | 1,874,691 |
2016 Incentive Award Plan [Member] | |
Class Of Stock [Line Items] | |
Shares reserved for issuance | 4,831,779 |
Employee Share Purchase Plan 2020 [Member] | |
Class Of Stock [Line Items] | |
Shares reserved for issuance | 1,000,000 |
Shareholders' Equity (Restricte
Shareholders' Equity (Restricted Stock Units Activity) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSUs) [Member] | |||
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | |||
Stock units granted | 330,209 | ||
Weighted average grant-date fair value of award | $ 101.79 | $ 81.24 | $ 69.22 |
Total fair value of share units vested | $ 23,742 | $ 21,136 | $ 18,795 |
Performance Shares [Member] | |||
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | |||
Stock units granted | 211,987 | ||
Weighted average grant-date fair value of award | $ 87.19 | $ 80.85 | $ 68.77 |
Total fair value of share units vested | $ 15,628 | $ 7,683 | $ 5,886 |
Deferred Share Units [Member] | |||
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | |||
Stock units granted | 2,616 | ||
Weighted average grant-date fair value of award | $ 103.81 | $ 83.80 | $ 70.47 |
Total fair value of share units awarded | $ 272 | $ 319 | $ 285 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Activity Related to Restricted Stock Units) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSUs) [Member] | |||
Unvested shares | |||
Outstanding shares beginning balance | 247,999 | 264,374 | |
Outstanding, shares beginning balance | 861,012 | ||
Granted | 330,209 | ||
Forfeited | (41,590) | ||
Vested and issued | 377,006 | ||
Outstanding, shares ending balance | 177,760 | 247,999 | 264,374 |
Outstanding, shares, ending balance | 772,625 | 861,012 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Outstanding, beginning balance | $ 68.47 | ||
Granted | 101.79 | $ 81.24 | $ 69.22 |
Forfeited | 83.11 | ||
Vested and Issued | 62.97 | ||
Outstanding, ending balance | $ 84.61 | $ 68.47 | |
Performance Shares [Member] | |||
Unvested shares | |||
Outstanding, shares beginning balance | 504,484 | ||
Granted | 211,987 | ||
Forfeited | (727) | ||
Vested and issued | 281,186 | ||
Outstanding, shares, ending balance | 434,558 | 504,484 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Outstanding, beginning balance | $ 65.59 | ||
Granted | 87.19 | $ 80.85 | 68.77 |
Forfeited | 68.58 | ||
Vested and Issued | 55.58 | ||
Outstanding, ending balance | $ 82.60 | $ 65.59 | |
Deferred Share Units [Member] | |||
Unvested shares | |||
Outstanding shares beginning balance | 18,970 | ||
Granted | 2,616 | ||
Outstanding, shares ending balance | 21,586 | 18,970 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Outstanding, beginning balance | $ 53.19 | ||
Granted | 103.81 | $ 83.80 | $ 70.47 |
Outstanding, ending balance | $ 59.32 | ||
Outstanding, ending balance | $ 53.19 | ||
Progressive Waste Solutions Ltd. [Member] | Restricted Stock Units (RSUs) [Member] | |||
Unvested shares | |||
Outstanding shares beginning balance | 73,884 | ||
Cash settled | (7,330) | ||
Outstanding, shares ending balance | 66,554 | 73,884 |
Shareholders' Equity (Summary_2
Shareholders' Equity (Summary of Warrant Activity) (Detail) - Stock Purchase Warrants | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Warrant | |
Outstanding shares beginning balance | shares | 378,424 |
Granted | shares | 164,890 |
Forfeited | shares | (33,441) |
Exercised | shares | (20,125) |
Outstanding, shares ending balance | shares | 489,748 |
Weighed Average Exercise Price | |
Outstanding beginning balance | $ / shares | $ 77.81 |
Granted | $ / shares | 97.78 |
Forfeited | $ / shares | 68.44 |
Exercised | $ / shares | 47.75 |
Outstanding ending balance | $ / shares | $ 86.41 |
Shareholders' Equity (Summarize
Shareholders' Equity (Summarized Information about Warrants Outstanding) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Warrant or Right [Line Items] | ||
Outstanding, ending balance | 489,748 | 378,424 |
Stock Purchase Warrants 2015 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2015 | |
Warrants issued | 136,768 | |
Exercise price, lower limit | $ 28.30 | |
Exercise price, upper limit | $ 36.32 | |
Fair value of warrants issued | $ 1,333 | |
Outstanding, ending balance | 21,515 | |
Stock Purchase Warrants 2016 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2016 | |
Warrants issued | 15,666 | |
Exercise price, lower limit | $ 42.22 | |
Exercise price, upper limit | $ 51.55 | |
Fair value of warrants issued | $ 189 | |
Outstanding, ending balance | 7,158 | 7,158 |
Stock Purchase Warrants 2017 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2017 | |
Warrants issued | 35,382 | |
Exercise price, lower limit | $ 53.65 | |
Exercise price, upper limit | $ 69.96 | |
Fair value of warrants issued | $ 595 | |
Outstanding, ending balance | 33,551 | 35,382 |
Stock Purchase Warrants 2018 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2018 | |
Warrants issued | 163,995 | |
Exercise price, lower limit | $ 70.91 | |
Exercise price, upper limit | $ 80.90 | |
Fair value of warrants issued | $ 2,591 | |
Outstanding, ending balance | 133,141 | 163,361 |
Stock Purchase Warrants 2019 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2019 | |
Warrants issued | 151,008 | |
Exercise price, lower limit | $ 74.25 | |
Exercise price, upper limit | $ 95.61 | |
Fair value of warrants issued | $ 2,634 | |
Outstanding, ending balance | 151,008 | 151,008 |
Stock Purchase Warrants 2020 Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Grant date | 2020 | |
Warrants issued | 164,890 | |
Exercise price, lower limit | $ 72.65 | |
Exercise price, upper limit | $ 104.89 | |
Fair value of warrants issued | $ 3,140 | |
Outstanding, ending balance | 164,890 |
Shareholders' Equity (Summary_3
Shareholders' Equity (Summary of Vesting Activity Related to Restricted Share Units) (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Forfeited | (41,590) |
Restricted Stock Units (RSUs) [Member] | Progressive Waste Solutions Ltd. [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Cash settled | (7,330) |
Performance Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Forfeited | (727) |
Shareholders' Equity (Summary_4
Shareholders' Equity (Summary of Stock Option Activity and Related Information) (Detail) - Progressive Waste Solutions Ltd. [Member] | 12 Months Ended |
Dec. 31, 2020shares | |
Number of Shares (Options) | |
Outstanding, shares beginning balance | 126,161 |
Cash settled | (74,961) |
Outstanding, shares ending balance | 51,200 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | $ (7,187) | $ 5,900 | $ 9,071 |
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | (47,528) | (32,247) | 1,105 |
Foreign currency translation adjustment, gross | 50,653 | 101,970 | (175,233) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | 50,653 | 101,970 | (175,233) |
Other Comprehensive Income (Loss), before Tax | (4,233) | 50,070 | (185,995) |
Other Comprehensive Income (Loss), Tax | (14,545) | (13,753) | (2,796) |
Other comprehensive income (loss), net of tax | 10,312 | 63,823 | (183,199) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | (7,187) | 5,900 | 9,071 |
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | (47,528) | (32,247) | 1,105 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | 50,653 | 101,970 | (175,233) |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 9,778 | (8,027) | (5,669) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (2,591) | 2,127 | 1,502 |
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | 7,187 | (5,900) | (4,167) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (64,664) | (43,873) | (1,213) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 17,136 | 11,626 | 321 |
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | $ (47,528) | $ (32,247) | (892) |
Fuel [Member] | Commodity Contract [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (6,531) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,627 | ||
Amount of Gain or (Loss) Recognized from AOCIL into Earnings, Net of Tax | (4,904) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 2,651 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (654) | ||
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax | $ 1,997 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Amounts Included in Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 6,933,504 | ||
Foreign currency translation adjustment | 50,653 | $ 101,970 | $ (175,233) |
Stockholders' Equity Attributable to Parent, Ending Balance | 6,859,273 | 6,933,504 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Components of Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' Equity Attributable to Parent, Beginning Balance | (10,963) | (74,786) | |
Amounts reclassified into earnings | 7,187 | (5,900) | |
Change in fair value | (47,528) | (32,247) | |
Foreign currency translation adjustment | 50,653 | 101,970 | (175,233) |
Stockholders' Equity Attributable to Parent, Ending Balance | (651) | (10,963) | (74,786) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | |||
Components of Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' Equity Attributable to Parent, Beginning Balance | (29,255) | 8,892 | |
Amounts reclassified into earnings | 7,187 | (5,900) | |
Change in fair value | (47,528) | (32,247) | |
Stockholders' Equity Attributable to Parent, Ending Balance | (69,596) | (29,255) | 8,892 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Foreign Currency Translation Adjustment [Member] | |||
Components of Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' Equity Attributable to Parent, Beginning Balance | 18,292 | (83,678) | |
Foreign currency translation adjustment | 50,653 | 101,970 | |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 68,945 | $ 18,292 | $ (83,678) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Increase (decrease) to tax expense | $ 3,057 | ||
Statutory income tax rate | 21.00% | 21.00% | 21.00% |
Related party payments expense | $ 27,358 | ||
Deferred income tax expense | 4,148 | ||
Non-deductible expenses, other | $ 3,805 | ||
Unrecognized tax benefits | 0 | $ 0 | $ 0 |
Net deferred income tax expense (benefit) from enactment of tax reform | 5,572 | ||
Deferred tax liabilities, undistributed earnings | 1,273,840 | ||
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries | 319,523 | ||
Undistributed earnings | $ 2,448,840 | ||
Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign Statutory income tax rate | 27.00% | ||
Operating loss carryforwards | $ 40,706 | ||
Adjustment [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax expense | $ 6,429 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. | $ 22,349 | $ 477,203 | $ 491,506 |
Non-U.S. | 231,565 | 228,688 | 215,634 |
Income before income tax provision | $ 253,914 | $ 705,891 | $ 707,140 |
Income Taxes (Provision Benefit
Income Taxes (Provision Benefit for Income Taxes) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
U.S. Federal | $ 65,143 | $ 45,475 | $ 37,419 |
State | 28,325 | 27,528 | 27,057 |
Non - U.S. | 6,941 | 11,570 | 17,651 |
Current income tax expense (benefit), total | 100,409 | 84,573 | 82,127 |
Deferred: | |||
U.S. Federal | (36,659) | 58,291 | 85,926 |
State | (8,762) | 6,331 | 1,991 |
Non - U.S. | (5,066) | (9,985) | (10,058) |
Deferred income tax expense (benefit), total | (50,487) | 54,637 | 77,859 |
Provision (benefit) for income taxes | $ 49,922 | $ 139,210 | $ 159,986 |
Income Taxes (Differences betwe
Income Taxes (Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. federal statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal benefit | 4.50% | 4.40% | 4.40% |
Deferred income tax liability adjustments | 1.60% | 0.60% | (0.20%) |
Effect of international operations | (7.00%) | (6.30%) | (3.90%) |
Deferred tax on undistributed earnings | 0.009 | ||
Other | (0.40%) | 0.40% | |
Effective income tax rate, total | 19.70% | 19.70% | 22.60% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Income Tax Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Accrued expenses | $ 26,600 | $ 23,536 |
Compensation | 18,150 | 17,532 |
Contingent liabilities | 17,652 | 15,228 |
Tax credits and loss carryforwards | 24,044 | 18,693 |
Interest rate and fuel hedges | 25,093 | 10,548 |
Gross deferred income tax assets | 111,539 | 85,537 |
Less: Valuation allowance | ||
Total deferred income tax assets | 111,539 | 85,537 |
Deferred income tax liabilities: | ||
Goodwill and other intangibles | (332,097) | (311,404) |
Property and equipment | (440,019) | (497,768) |
Landfill closure/post-closure | (13,846) | (12,159) |
Prepaid expenses | (14,990) | (8,542) |
Investment in subsidiaries | (69,391) | (69,597) |
Other | (1,240) | (4,689) |
Total deferred income tax liabilities | (871,583) | (904,159) |
Net deferred income tax liability | $ (760,044) | $ (818,622) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Detail) - segment | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Number of major customers | 0 | ||
Number of geographic operating segments | 5 | 5 | 5 |
Number of reportable segments | 5 |
Segment Reporting (Summary of F
Segment Reporting (Summary of Financial Information Concerning Company's Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,398,251 | $ 1,389,552 | $ 1,305,782 | $ 1,352,404 | $ 1,361,960 | $ 1,412,444 | $ 1,369,639 | $ 1,244,637 | $ 5,445,990 | $ 5,388,679 | $ 4,922,941 |
Segment EBITDA | 1,631,550 | 1,643,644 | 1,532,849 | ||||||||
Depreciation and amortization | 752,404 | 743,918 | 680,487 | ||||||||
Capital expenditures | 664,561 | 666,089 | 546,145 | ||||||||
Total assets | 13,992,364 | 13,737,695 | 13,992,364 | 13,737,695 | 12,627,329 | ||||||
Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (814,397) | (787,994) | (709,889) | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,260,387 | 6,176,673 | 5,632,830 | ||||||||
Segment EBITDA | 1,646,833 | 1,659,082 | 1,541,060 | ||||||||
Eastern [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,335,865 | 1,268,964 | 1,071,990 | ||||||||
Segment EBITDA | 343,446 | 330,578 | 295,016 | ||||||||
Depreciation and amortization | 222,934 | 204,221 | 166,715 | ||||||||
Capital expenditures | 181,787 | 154,218 | 136,214 | ||||||||
Total assets | 3,134,462 | 3,099,283 | 3,134,462 | 3,099,283 | 2,673,316 | ||||||
Eastern [Member] | Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (266,115) | (255,684) | (224,833) | ||||||||
Eastern [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,601,980 | 1,524,648 | 1,296,823 | ||||||||
Southern [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,369,580 | 1,449,000 | 1,368,256 | ||||||||
Segment EBITDA | 369,445 | 441,425 | 406,616 | ||||||||
Depreciation and amortization | 189,726 | 208,967 | 198,098 | ||||||||
Capital expenditures | 131,831 | 178,127 | 123,379 | ||||||||
Total assets | 3,402,081 | 3,952,449 | 3,402,081 | 3,952,449 | 3,862,802 | ||||||
Southern [Member] | Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (183,107) | (174,614) | (157,860) | ||||||||
Southern [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,552,687 | 1,623,614 | 1,526,116 | ||||||||
Segment EBITDA | 369,445 | ||||||||||
Western [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,149,762 | 1,098,849 | 1,043,928 | ||||||||
Segment EBITDA | 364,790 | 338,563 | 318,401 | ||||||||
Depreciation and amortization | 115,151 | 102,067 | 95,400 | ||||||||
Capital expenditures | 132,344 | 147,893 | 125,112 | ||||||||
Total assets | 1,861,079 | 1,718,015 | 1,861,079 | 1,718,015 | 1,596,129 | ||||||
Western [Member] | Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (142,120) | (135,820) | (126,454) | ||||||||
Western [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,291,882 | 1,234,669 | 1,170,382 | ||||||||
Segment EBITDA | 364,790 | ||||||||||
Central [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 880,323 | 838,584 | 711,554 | ||||||||
Segment EBITDA | 313,033 | 292,111 | 259,794 | ||||||||
Depreciation and amortization | 113,004 | 106,391 | 89,001 | ||||||||
Capital expenditures | 102,966 | 116,831 | 91,646 | ||||||||
Total assets | 2,160,246 | 1,885,468 | 2,160,246 | 1,885,468 | 1,506,326 | ||||||
Central [Member] | Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (127,758) | (119,555) | (103,966) | ||||||||
Central [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,008,081 | 958,139 | 815,520 | ||||||||
Segment EBITDA | 313,033 | ||||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 710,460 | 733,282 | 727,213 | ||||||||
Segment EBITDA | 256,119 | 256,405 | 261,233 | ||||||||
Depreciation and amortization | 103,334 | 113,944 | 124,155 | ||||||||
Capital expenditures | 109,886 | 61,119 | 66,319 | ||||||||
Total assets | 2,544,379 | 2,490,291 | 2,544,379 | 2,490,291 | 2,412,971 | ||||||
Canada [Member] | Intercompany Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (95,297) | (102,321) | (96,776) | ||||||||
Canada [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 805,757 | 835,603 | 823,989 | ||||||||
Segment EBITDA | 256,119 | ||||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment EBITDA | (15,283) | (15,438) | (8,211) | ||||||||
Depreciation and amortization | 8,255 | 8,328 | 7,118 | ||||||||
Capital expenditures | 5,747 | 7,901 | 3,475 | ||||||||
Total assets | $ 890,117 | $ 592,189 | $ 890,117 | $ 592,189 | $ 575,785 |
Segment Reporting (Changes in G
Segment Reporting (Changes in Goodwill by Reportable Segment) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 5,510,851 | $ 5,031,685 | |
Goodwill acquired | 185,303 | 407,068 | $ 466,441 |
Goodwill divested | (149) | (845) | |
Impact of changes in foreign currency | 30,645 | 72,943 | |
Goodwill, Ending Balance | 5,726,650 | 5,510,851 | 5,031,685 |
Southern [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,528,225 | 1,517,610 | |
Goodwill acquired | 3,990 | 11,460 | |
Goodwill divested | (845) | ||
Goodwill, Ending Balance | 1,532,215 | 1,528,225 | 1,517,610 |
Eastern [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,331,180 | 1,126,486 | |
Goodwill acquired | 43,397 | 204,694 | |
Goodwill, Ending Balance | 1,374,577 | 1,331,180 | 1,126,486 |
Western [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 400,037 | 398,174 | |
Goodwill acquired | 42,825 | 1,863 | |
Goodwill, Ending Balance | 442,862 | 400,037 | 398,174 |
Central [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 729,470 | 540,435 | |
Goodwill acquired | 94,883 | 189,035 | |
Goodwill divested | (149) | ||
Goodwill, Ending Balance | 824,204 | 729,470 | 540,435 |
Canada [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,521,939 | 1,448,980 | |
Goodwill acquired | 208 | 16 | |
Impact of changes in foreign currency | 30,645 | 72,943 | |
Goodwill, Ending Balance | 1,552,792 | 1,521,939 | 1,448,980 |
Exploration and Production [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 0 | 0 | |
Goodwill, Ending Balance | $ 0 | $ 0 |
Segment Reporting (Property and
Segment Reporting (Property and Equipment, Net Relating to Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Property and equipment | $ 5,284,506 | $ 5,516,347 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 4,589,144 | 4,862,557 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | $ 695,362 | $ 653,790 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Primary Measure of Segment Profitability to Income before Income Tax Provision) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment EBITDA | $ 1,631,550 | $ 1,643,644 | $ 1,532,849 |
Depreciation | (621,102) | (618,396) | (572,708) |
Amortization of intangibles | (131,302) | (125,522) | (107,779) |
Impairments and other operating items | (466,718) | (61,948) | (20,118) |
Interest expense | (162,375) | (147,368) | (132,104) |
Interest income | 5,253 | 9,777 | 7,170 |
Other income (expense), net | (1,392) | 5,704 | (170) |
Income before income tax provision | 253,914 | 705,891 | 707,140 |
Operating Segments [Member] | |||
Segment EBITDA | 1,646,833 | 1,659,082 | 1,541,060 |
Southern [Member] | |||
Segment EBITDA | 369,445 | 441,425 | 406,616 |
Southern [Member] | Operating Segments [Member] | |||
Segment EBITDA | 369,445 | ||
Eastern [Member] | |||
Segment EBITDA | 343,446 | 330,578 | 295,016 |
Western [Member] | |||
Segment EBITDA | 364,790 | 338,563 | 318,401 |
Western [Member] | Operating Segments [Member] | |||
Segment EBITDA | 364,790 | ||
Canada [Member] | |||
Segment EBITDA | 256,119 | 256,405 | 261,233 |
Canada [Member] | Operating Segments [Member] | |||
Segment EBITDA | 256,119 | ||
Central [Member] | |||
Segment EBITDA | 313,033 | 292,111 | 259,794 |
Central [Member] | Operating Segments [Member] | |||
Segment EBITDA | 313,033 | ||
Corporate [Member] | |||
Segment EBITDA | $ (15,283) | $ (15,438) | $ (8,211) |
Net Income Per Share Informat_3
Net Income Per Share Information (Basic and Diluted Net Income Per Common Share) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income attributable to Waste Connections for basic and diluted earnings per share | $ 130,664 | $ 158,049 | $ (227,072) | $ 143,035 | $ 133,262 | $ 159,109 | $ 148,848 | $ 125,622 | $ 204,677 | $ 566,841 | $ 546,871 |
Denominator: | |||||||||||
Basic shares outstanding | 263,189,699 | 263,792,693 | 263,650,155 | ||||||||
Dilutive effect of equity-based awards | 497,840 | 733,868 | 745,463 | ||||||||
Diluted shares outstanding | 263,687,539 | 264,526,561 | 264,395,618 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Employee Benefit Plan [Line Items] | |||||
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan | 100.00% | ||||
Number of multiemployer pension plans | agreement | 13 | ||||
Deferred Compensation Plan [Member] | |||||
Employee Benefit Plan [Line Items] | |||||
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan | 100.00% | 100.00% | 100.00% | 50.00% | |
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan | 5.00% | 5.00% | 5.00% | 6.00% | |
Percentage of salary that may voluntarily be elected to be deferred | 80.00% | ||||
Percentage of bonuses, commissions and restricted share unit grants that may voluntarily be elected to be deferred | 100.00% | ||||
Total liability for deferred compensation | $ 43,069 | $ 37,707 | |||
Voluntary Savings And Investment Plan | |||||
Employee Benefit Plan [Line Items] | |||||
Total employer expenses, including employer matching contributions | $ 16,350 | $ 26,111 | $ 12,055 | ||
Maximum [Member] | |||||
Employee Benefit Plan [Line Items] | |||||
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan | 5.00% | ||||
Maximum [Member] | Retirement Savings Plan [Member] | |||||
Employee Benefit Plan [Line Items] | |||||
Contribution to a deferred profit sharing plan | 5.00% |
Employee Benefit Plans (Plan Co
Employee Benefit Plans (Plan Contributions) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Apr. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Multiemployer Plans [Line Items] | |||||||||
Company contributions | $ 14,271 | $ 13,686 | $ 13,026 | ||||||
Local 731 I.b. Of T. Private Scavengers Garage Attendants And Textile Maintenance Pension Trust Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 36-6513567 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 4,628 | $ 4,570 | 4,600 | ||||||
Western Conference of Teamsters Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 91-6145047 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 4,841 | $ 4,550 | 4,399 | ||||||
International Union of Operating Engineers Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 85512-1 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 279 | $ 238 | 224 | ||||||
Multi-Sector Pension Plan [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 1085653 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 196 | $ 202 | 191 | ||||||
Collective-bargaining agreement, expiration date | Dec. 31, 2018 | ||||||||
Local 813 Pension Trust Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 13-1975659 - 001 | ||||||||
Pension Protection Act zone status | Red | Red | |||||||
FIP/RP status | Implemented | ||||||||
Company contributions | $ 183 | $ 281 | 165 | ||||||
Collective-bargaining agreement, expiration date | Nov. 30, 2022 | ||||||||
Midwest Operating Engineers Pension Plan [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 36-6140097 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 316 | $ 339 | 289 | ||||||
Collective-bargaining agreement, expiration date | Oct. 31, 2025 | ||||||||
Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 91-6028571 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 298 | $ 290 | 284 | ||||||
Collective-bargaining agreement, expiration date | Nov. 16, 2022 | ||||||||
Suburban Teamsters of Northern Illinois Pension Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 36-6155778 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 2,080 | $ 1,844 | 1,569 | ||||||
Collective-bargaining agreement, expiration date | Feb. 29, 2024 | ||||||||
Teamster Local 301 Pension Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 36-6492992 - 001 | ||||||||
Pension Protection Act zone status | Green | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 673 | $ 624 | 581 | ||||||
Collective-bargaining agreement, expiration date | Sep. 30, 2023 | ||||||||
Automobile Mechanics' Local No. 701 Union and Industry Pension Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 36-6042061 - 001 | ||||||||
Pension Protection Act zone status | Green | Yellow | |||||||
FIP/RP status | Implemented | ||||||||
Company contributions | $ 457 | $ 492 | 484 | ||||||
Collective-bargaining agreement, expiration date | Dec. 31, 2022 | ||||||||
IAM National Pension Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Registration number | 51-6031295 - 002 | ||||||||
Pension Protection Act zone status | Red | Green | |||||||
FIP/RP status | NA | ||||||||
Company contributions | $ 310 | $ 256 | 240 | ||||||
Collective-bargaining agreement, expiration date | Dec. 31, 2022 | ||||||||
Local 731, I.B. of T., Private Scavengers and Garage Attendants Pension Trust Fund [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Collective-bargaining agreement, expiration date | Sep. 30, 2023 | ||||||||
Other Multiemployer Plans [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Company contributions | $ 10 | $ 0 | $ 0 | ||||||
Minimum [Member] | Western Conference of Teamsters Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Collective-bargaining agreement, expiration date | Apr. 30, 2021 | ||||||||
Minimum [Member] | International Union of Operating Engineers Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Collective-bargaining agreement, expiration date | Mar. 31, 2021 | ||||||||
Maximum [Member] | Western Conference of Teamsters Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Collective-bargaining agreement, expiration date | Dec. 31, 2024 | ||||||||
Maximum [Member] | International Union of Operating Engineers Pension Trust [Member] | |||||||||
Multiemployer Plans [Line Items] | |||||||||
Collective-bargaining agreement, expiration date | Mar. 31, 2024 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Line Items] | ||||||||
Gain (Loss) on Contract Termination | $ 12,230 | |||||||
Impairment charges | $ 0 | |||||||
Write down of assets | $ (25,798) | |||||||
Acquisition related costs | $ 9,803 | $ 12,335 | 8,607 | |||||
Adjustments to contingent consideration | 18,418 | 1,498 | 349 | |||||
Net deferred income tax expense (benefit) from enactment of tax reform | 5,572 | |||||||
Increase in contingent consideration | 18,418 | 1,498 | 349 | |||||
Share-based compensation expense | 45,751 | 42,671 | 43,803 | |||||
Share-based compensation expense, net of taxes | 34,197 | 31,926 | $ 32,774 | |||||
Exploration and Production [Member] | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Impairment of property and equipment | 417,384 | |||||||
Impairment charges | $ 8,000 | $ 8,000 | ||||||
Adjustments to contingent consideration | 4,145 | |||||||
Increase in contingent consideration | 4,145 | |||||||
Exploration and Production [Member] | Landfill [Member] | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Impairment of property and equipment | $ 417,384 | |||||||
Other Acquisition [Member] | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Adjustments to contingent consideration | 3,327 | |||||||
Increase in contingent consideration | $ 3,327 | |||||||
Progressive Waste Solutions Ltd. [Member] | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Tangible asset charges | $ 13,255 | |||||||
Acquisitions Closed in Prior Periods [Member] | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Adjustments to contingent consideration | 16,718 | |||||||
Increase in contingent consideration | $ 16,718 |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 1,398,251 | $ 1,389,552 | $ 1,305,782 | $ 1,352,404 | $ 1,361,960 | $ 1,412,444 | $ 1,369,639 | $ 1,244,637 | $ 5,445,990 | $ 5,388,679 | $ 4,922,941 |
Operating income (loss) | 197,144 | 230,679 | (232,357) | 216,963 | 194,184 | 236,600 | 222,134 | 184,860 | 412,428 | 837,778 | 832,244 |
Net income | 130,574 | 157,991 | (227,467) | 142,893 | 133,191 | 159,074 | 148,839 | 125,577 | 203,992 | 566,681 | 547,154 |
Net income (loss) attributable to Waste Connections | $ 130,664 | $ 158,049 | $ (227,072) | $ 143,035 | $ 133,262 | $ 159,109 | $ 148,848 | $ 125,622 | $ 204,677 | $ 566,841 | $ 546,871 |
Basic income (loss) per common share attributable to Waste Connections' common shareholders | $ 0.50 | $ 0.60 | $ (0.86) | $ 0.54 | $ 0.51 | $ 0.60 | $ 0.56 | $ 0.48 | $ 0.78 | $ 2.15 | $ 2.07 |
Diluted income (loss) per common share attributable to Waste Connections' common shareholders | $ 0.50 | $ 0.60 | $ (0.86) | $ 0.54 | $ 0.50 | $ 0.60 | $ 0.56 | $ 0.48 | $ 0.78 | $ 2.14 | $ 2.07 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Feb. 17, 2021$ / shares |
Subsequent Event [Line Items] | |
Dividends, declared date | Feb. 17, 2021 |
Dividends per share amount | $ 0.205 |
Dividends, date to be paid | Mar. 17, 2021 |
Dividends, date of record | Mar. 3, 2021 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowances and reserves, balance | $ 16,432 | $ 16,760 | $ 17,154 |
Valuation allowances and reserves, charged to cost and expense | 15,546 | 11,973 | 13,814 |
Valuation allowances and reserves, deductions | (12,598) | (12,301) | (14,208) |
Valuation allowances and reserves, balance | $ 19,380 | $ 16,432 | $ 16,760 |