Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-37556 | ||
Entity Registrant Name | Stericycle, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3640402 | ||
Entity Address, Address Line One | 2355 Waukegan Road | ||
Entity Address, City or Town | Bannockburn | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60015 | ||
City Area Code | 847 | ||
Local Phone Number | 367-5910 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | SRCL | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,569,387,076 | ||
Entity Common Stock, Shares Outstanding | 91,913,507 | ||
Documents Incorporated by Reference | Information required by Items 10, 11, 12 and 13 of Part III of this Report is incorporated by reference from the Registrant’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000861878 | ||
Auditor Firm ID | 42 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Chicago, Illinois |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 2,646,900,000 | $ 2,675,500,000 | $ 3,308,900,000 |
Cost of revenues | 1,629,700,000 | 1,622,400,000 | 2,134,400,000 |
Gross profit | 1,017,200,000 | 1,053,100,000 | 1,174,500,000 |
Selling, general and administrative expenses | 946,600,000 | 897,600,000 | 1,055,100,000 |
Goodwill impairment | 0 | 0 | 228,300,000 |
Divestiture (gains) losses, net | (1,700,000) | 123,600,000 | 103,000,000 |
Income (loss) from operations | 72,300,000 | 31,900,000 | (211,900,000) |
Interest expense, net | (71,900,000) | (81,900,000) | (118,300,000) |
Loss on early extinguishment of debt | 0 | 0 | (23,100,000) |
Other income (expense), net | 300,000 | (6,000,000) | (9,500,000) |
Income (loss) before income taxes | 700,000 | (56,000,000) | (362,800,000) |
Income tax (expense) benefit | (27,500,000) | 100,000 | 16,800,000 |
Net loss | (26,800,000) | (55,900,000) | (346,000,000) |
Net income attributable to noncontrolling interests | (1,000,000) | (1,400,000) | (800,000) |
Net loss attributable to Stericycle, Inc. common shareholders | $ (27,800,000) | $ (57,300,000) | $ (346,800,000) |
Loss per common share attributable to Stericycle, Inc. common shareholders: | |||
Basic (in dollars per share) | $ (0.30) | $ (0.63) | $ (3.81) |
Diluted (in dollars per share) | $ (0.30) | $ (0.63) | $ (3.81) |
Weighted average number of common shares Outstanding: | |||
Basic (in shares) | 91.8 | 91.5 | 91 |
Diluted (in shares) | 91.8 | 91.5 | 91 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (26.8) | $ (55.9) | $ (346) |
Other comprehensive (loss) income: | |||
Currency translation adjustments | (35.5) | 44 | 8.8 |
Amortization of cash flow hedge into income, net of tax expense | 0 | 0 | 0.4 |
Change in fair value of cash flow hedge, net of tax expense | 0 | 0 | 0.3 |
Accelerated amortization of interest rate lock premiums, net of tax expense | 0 | 0 | 2.3 |
Total other comprehensive (loss) income | (31.7) | 131.2 | 47.5 |
Comprehensive (loss) income | (58.5) | 75.3 | (298.5) |
Less: comprehensive income attributable to noncontrolling interests | 0.7 | 1.9 | 1.1 |
Comprehensive (loss) income attributable to Stericycle, Inc. common shareholders | (59.2) | 73.4 | (299.6) |
Japan | |||
Other comprehensive (loss) income: | |||
Cumulative currency translation loss realized through disposition of operations | 3.8 | 0 | 0 |
Argentina | |||
Other comprehensive (loss) income: | |||
Cumulative currency translation loss realized through disposition of operations | 0 | 87.2 | 0 |
Mexico | |||
Other comprehensive (loss) income: | |||
Cumulative currency translation loss realized through disposition of operations | 0 | 0 | 18.9 |
Chile | |||
Other comprehensive (loss) income: | |||
Cumulative currency translation loss realized through disposition of operations | $ 0 | $ 0 | $ 16.8 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Amortization of cash flow hedge into income, tax expense | $ 0.2 |
Change in fair value of cash flow hedge, tax expense | 0.1 |
Reclassification tax expense | $ 1.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 55.6 | $ 53.3 |
Accounts receivable, less allowance for doubtful accounts of $43.3 in 2021 and $56.2 in 2020 | 420.4 | 380.7 |
Prepaid expenses | 45.6 | 63 |
Other current assets | 53.9 | 55.5 |
Total Current Assets | 575.5 | 552.5 |
Property, plant and equipment, less accumulated depreciation of $658.5 in 2021 and $629.7 in 2020 | 711 | 701.3 |
Operating lease right-of-use assets | 344.8 | 365 |
Goodwill | 2,815.7 | 2,819.3 |
Intangible assets, less accumulated amortization of $736.6 in 2021 and $641.6 in 2020 | 964.5 | 1,087.4 |
Other assets | 61.6 | 56.4 |
Total Assets | 5,473.1 | 5,581.9 |
Current Liabilities: | ||
Current portion of long-term debt | 19.9 | 91 |
Bank overdraft | 1.6 | 0 |
Accounts payable | 218.9 | 181.2 |
Accrued liabilities | 359.6 | 289.4 |
Operating lease liabilities | 85.5 | 86.2 |
Other current liabilities | 46.2 | 49.3 |
Total Current Liabilities | 731.7 | 697.1 |
Long-term debt, net | 1,589.8 | 1,689.1 |
Long-term operating lease liabilities | 279.8 | 299 |
Deferred income taxes | 411 | 380.4 |
Long-term tax payable | 19.1 | 22.7 |
Other liabilities | 38.9 | 59.2 |
Total Liabilities | 3,070.3 | 3,147.5 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock (par value $0.01 per share, 1.0 shares authorized), mandatory convertible preferred stock, Series A, none issued and outstanding in 2021 and 2020 | 0 | 0 |
Common stock (par value $0.01 per share, 120.0 shares authorized, 91.9 and 91.6 issued and outstanding in 2021 and 2020, respectively) | 0.9 | 0.9 |
Additional paid-in capital | 1,261.8 | 1,234 |
Retained earnings | 1,354.8 | 1,382.6 |
Accumulated other comprehensive loss | (218.8) | (187.4) |
Total Stericycle, Inc.’s Equity | 2,398.7 | 2,430.1 |
Noncontrolling interests | 4.1 | 4.3 |
Total Equity | 2,402.8 | 2,434.4 |
Total Liabilities and Equity | $ 5,473.1 | $ 5,581.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 43.3 | $ 56.2 |
Property, plant and equipment, accumulated deprecation | 658.5 | 629.7 |
Intangible assets, accumulated amortization | $ 736.6 | $ 641.6 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, issued (in shares) | 91,900,000 | 91,900,000 |
Common stock, outstanding (in shares) | 91,600,000 | 91,600,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (26.8) | $ (55.9) | $ (346) |
Adjustments to reconcile net loss to net cash from operating activities: | |||
Depreciation | 106 | 108.6 | 127.6 |
Intangible amortization | 117.9 | 124.9 | 145.2 |
Loss on early extinguishment of debt and related charges | 0 | 0 | 26.5 |
Stock-based compensation expense | 27.1 | 25.5 | 17.1 |
Deferred income taxes | 29.7 | 32.6 | (33.9) |
Goodwill impairment | 0 | 0 | 228.3 |
Divestiture (gains) losses, net | (1.7) | 123.6 | 103 |
Asset impairments, gain/loss on disposal of property plant and equipment and other charges | 6.7 | 18.3 | 28.1 |
Other, net | 5.1 | 5.1 | 2.5 |
Changes in operating assets and liabilities, net of the effects of acquisition and divestitures: | |||
Accounts receivable | (57.2) | 27.4 | 24.5 |
Prepaid expenses | 17 | 68.9 | (18.4) |
Accounts payable | 29.7 | (5.5) | (4.6) |
Accrued liabilities | 85.2 | 8.2 | (33.4) |
Other assets and liabilities | (35.6) | 48.5 | (18.5) |
Net cash from operating activities | 303.1 | 530.2 | 248 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (116.9) | (119.5) | (194.2) |
Payment for acquisition | (10.5) | 0 | (0.2) |
Proceeds from divestitures of businesses | 35 | 498.9 | 86.6 |
Other, net | 2.3 | 2 | 3.8 |
Net cash from investing activities | (90.1) | 381.4 | (104) |
FINANCING ACTIVITIES: | |||
Repayments of long-term debt and other obligations | (20.4) | (31.1) | (50.4) |
Proceeds from foreign bank debt | 0 | 1.8 | 12.1 |
Repayment of foreign bank debt | (29.6) | (10.7) | (47.8) |
Proceeds from term loan | 0 | 0 | 365 |
Repayment of term loan | (222.5) | (749.7) | (95.3) |
Repayment of private placement of long-term note | 0 | 0 | (1,075) |
Proceeds from senior debt | 0 | 500 | 600 |
Proceeds from senior credit facility | 1,495 | 1,210.6 | 1,752.2 |
Repayment of senior credit facility | (1,420.2) | (1,798.3) | (1,575.6) |
Proceeds from (repayment of) bank overdrafts, net | 1.9 | (1.7) | (12.5) |
Payments of finance lease obligations | (3.9) | (4.3) | (4.3) |
Payments of debt issuance costs | (3.9) | (7.3) | (8.8) |
Proceeds from issuance of common stock, net of (payments of) taxes from withheld shares | (3.4) | (0.4) | 19.9 |
Payments on early debt extinguishment | 0 | 0 | (20.4) |
Payments to noncontrolling interests | (0.9) | (1.4) | (0.7) |
Net cash from financing activities | (207.9) | (892.5) | (141.6) |
Effect of exchange rate changes on cash and cash equivalents | (2.8) | (0.5) | (2) |
Net change in cash and cash equivalents | 2.3 | 18.6 | 0.4 |
Cash and cash equivalents at beginning of year | 53.3 | 34.7 | 34.3 |
Cash and cash equivalents at end of year | 55.6 | 53.3 | 34.7 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Net issuances of obligations for acquisition | 32.9 | 0 | 0.3 |
Capital expenditures in accounts payable | 22.2 | 11.7 | 33.8 |
Interest paid during the year, net of capitalized interest | 57 | 75.5 | 101.5 |
Income taxes (refunded) paid during the year, net | $ (7.8) | $ (83.7) | $ 6.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Mexico Operations | Chile Operations | Argentina Operations | Japan Operations | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossMexico Operations | Accumulated Other Comprehensive LossChile Operations | Accumulated Other Comprehensive LossArgentina Operations | Accumulated Other Comprehensive LossJapan Operations | Noncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2018 | 90.7 | |||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ 2,597.1 | $ 0.9 | $ 1,162.6 | $ 1,789.2 | $ (365.3) | $ 9.7 | ||||||||||
Net loss | (346) | (346.8) | 0.8 | |||||||||||||
Currency translation adjustment | 8.8 | 8.5 | 0.3 | |||||||||||||
Change in qualifying cash flow hedge, net of tax | 0.7 | 0.7 | ||||||||||||||
Accelerated amortization of interest rate lock premiums, net of tax | 2.3 | 2.3 | ||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.5 | |||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 19.7 | 19.7 | ||||||||||||||
Cumulative currency translation loss realized through disposition | $ 18.9 | $ 16.8 | $ 18.9 | $ 16.8 | ||||||||||||
Stock compensation expense | 17.1 | 17.1 | ||||||||||||||
Changes to noncontrolling interest | (0.7) | 6.3 | (7) | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 91.2 | |||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 2,334.7 | $ (2.5) | $ 0.9 | 1,205.7 | 1,442.4 | $ (2.5) | (318.1) | 3.8 | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||
Net loss | $ (55.9) | (57.3) | 1.4 | |||||||||||||
Currency translation adjustment | 44 | 43.5 | 0.5 | |||||||||||||
Accelerated amortization of interest rate lock premiums, net of tax | 0 | |||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.4 | |||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 2.8 | 2.8 | ||||||||||||||
Cumulative currency translation loss realized through disposition | $ 87.2 | $ 87.2 | ||||||||||||||
Stock compensation expense | 25.5 | 25.5 | ||||||||||||||
Changes to noncontrolling interest | (1.4) | (1.4) | ||||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 91.6 | |||||||||||||||
Ending Balance at Dec. 31, 2020 | 2,434.4 | $ 0.9 | 1,234 | 1,382.6 | (187.4) | 4.3 | ||||||||||
Net loss | (26.8) | (27.8) | 1 | |||||||||||||
Currency translation adjustment | (35.5) | (35.2) | (0.3) | |||||||||||||
Accelerated amortization of interest rate lock premiums, net of tax | 0 | |||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net (in shares) | 0.3 | |||||||||||||||
Issuance of common stock for exercise of options, PSU and RSU vesting and employee stock purchases, net | 0.7 | 0.7 | ||||||||||||||
Cumulative currency translation loss realized through disposition | $ 3.8 | $ 3.8 | ||||||||||||||
Stock compensation expense | 27.1 | 27.1 | ||||||||||||||
Changes to noncontrolling interest | (0.9) | (0.9) | ||||||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 91.9 | |||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 2,402.8 | $ 0.9 | $ 1,261.8 | $ 1,354.8 | $ (218.8) | $ 4.1 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Incorporated in 1989, Stericycle protects people and brands, promotes health and well-being, safeguards the environment and communities, and reduces risk through highly specialized Regulated Waste and Compliance Services and Secure Information Destruction Services. The Company serves customers in the U.S. and 16 other countries with a concentration on the growing healthcare industry. The Company’s segments (see Note 17 – Segment Reporting) core focus is on Regulated Waste and Compliance Services and Secure Information Destruction Services, and it is the leading provider of these services in terms of both revenue and operational infrastructure. Summary of Significant Accounting Policies Basis of Presentation: The accompanying consolidated financial statements include the accounts of Stericycle, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenue and expenses of all wholly-owned subsidiaries and majority-owned subsidiaries over which the Company exercises control. Outside stockholders' interests in subsidiaries are shown on the consolidated financial statements as “Noncontrolling interests." Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some areas where the Company makes estimates include allowance for doubtful accounts, credit memo reserve, contingent liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued employee health and welfare benefits, accrued auto, and workers’ compensation self-insured claims, leases, acquisition related long-lived assets, goodwill and held for sale impairment valuations. Such estimates are based on historical trends and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. Revenue from Contracts with Customers: Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs, and communication solutions such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN; and SID Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. The associated activities for each of these are a series of distinct services that are substantially the same and have the same pattern of transfer over time; therefore, the respective services are treated as a single performance obligation. The Company recognizes revenue by applying the right to invoice practical expedient as the Company’s right to consideration corresponds directly to the value provided to the customer for performance to date. Revenues for the Company’s Regulated Waste and Secure Information Destruction Services are recognized upon waste collection. The Company’s compliance services revenues are recognized over the contractual service period. Revenues from communication solutions are recognized as the services are performed. Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable is recorded when billed or when goods or services are provided. The carrying value of the Company’s receivables is presented net of an allowance for doubtful accounts. The Company estimates its allowance for doubtful accounts based on past collection history and specific risks identified among uncollected amounts, as well as management’s expectation of future economic conditions. If current or expected future economic trends, events, or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been exhausted. No single customer accounted for more than 2.9% of the Company’s accounts receivable or approximately 1.5% of total revenues. During the year ended December 31, 2021, 2020, and 2019 bad debt expense was $9.0 million, $21.7 million, and $25.7 million, respectively. The changes in allowance for doubtful accounts were reported as follows: In millions Year Ended December 31, 2021 2020 2019 Balances at beginning of period $ 56.2 $ 67.9 $ 71.9 Bad debt expense, net of recoveries 9.0 21.7 25.7 Write-offs (20.2) (24.2) (23.9) Other changes (1) (1.7) (9.2) (5.8) Balances at end of period $ 43.3 $ 56.2 $ 67.9 (1) Amounts consist primarily of currency translation adjustments, and $0.7 million and $9.3 million relating to divestitures undertaken during 2021 and 2020, respectively. Additionally, 2020 amount includes impact of adoption of a new accounting standard. Contract Liability: The Company records a contract liability when cash payments are received in advance of the Company’s services being performed and is classified as current in Other current liabilities on the Consolidated Balance Sheets since the amounts are earned within a year. Contract Acquisition Costs: Incremental direct costs of obtaining a contract, which primarily represent sales incentives, are deferred and amortized to SG&A over the estimated period of benefit to be derived from the cost taking into consideration our standard contract terms and conditions and other factors. Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of less than three months when purchased to be cash equivalents. Cash equivalents are carried at cost. Financial Instruments: The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and payable, and long-term debt. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of accounts receivable. Credit risk on trade receivables is minimized as a result of the large size of the Company’s customer base, low concentration, and the performance of ongoing credit evaluations of its customers. The Company also maintains allowances for potential credit losses. Property, Plant and Equipment: Property, plant and equipment is stated at cost. Expenditures for software purchases and software developed for internal use are capitalized and included in Software. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements 2 to 40 years Machinery and equipment 2 to 30 years Containers 2 to 20 years Vehicles 2 to 10 years Office equipment and furniture 2 to 20 years Software and Enterprise Resource Planning system 2 to 10 years Capitalized Interest: The Company capitalizes interest incurred associated with projects under construction for the duration of the asset construction period. During the years ended December 31, 2021, 2020, and 2019 the Company capitalized interest of $0.8 million, $1.8 million, and $5.4 million, respectively. Goodwill and Other Identifiable Intangible Assets: Goodwill represents the excess of the purchase price over the fair value assigned the net tangible and identifiable tangible assets of businesses acquired. Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Certain indefinite-lived permits may become subject to amortization to the extent events and circumstances warrant. Impairment of Long - Lived Assets: Property and Equipment and Intangible Assets (definite-lives), Net: Long-lived assets, such as property, plant and equipment and amortizing intangible assets are reviewed whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of assets with definite-lives is generally determined by comparing projected undiscounted cash flows expected to be generated by the asset, or asset groups, to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted basis, an impairment is recognized to the extent fair value exceeds carrying value. Determining the extent of impairment, if any, typically requires various estimates and assumptions including cash flows directly attributable to the asset, the useful life of the asset and residual value, if any. When necessary, the Company uses internal cash flow estimates, quoted market prices and appraisals, as appropriate, to determine fair value. Actual results could vary from these estimates. In addition, the remaining useful life of the impaired asset is revised, if necessary. Intangible Assets (indefinite-lived): Indefinite-lived intangibles consist primarily of permits and tradenames. Indefinite-lived intangibles are assessed for impairment annually as of October 1, or more frequently if an event occurs or circumstances change, using either a qualitative or quantitative approach. The qualitative approach first determines if it is more-likely-than-not that the fair value of the asset is less than the carrying value. If no such determination is made, then the impairment test is complete. If, however, it is determined that there is a likely impairment, a quantitative assessment is performed. The Company performs its annual impairment test on indefinite-lived intangibles, using the qualitative approach for certain assets and the quantitative approach for the remaining assets. Goodwill: Goodwill is assessed for impairment at least annually as of October 1 of each year, or more frequently if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying value. The Company uses a quantitative approach to assess goodwill for impairment. The fair value of each reporting unit is calculated using the income approach (including DCF) and validated using a market approach with the involvement of a third-party valuation specialist. The Company's reporting units are: Domestic RWCS, Domestic SID, Domestic CRS, Canada, Europe, Asia Pacific and Latin America. The income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are estimated using management assumptions of growth rates, including long-term growth rates, capital expenditures and cost efficiencies. Future acquisitions or divestitures are not included in the expected future cash flows. The Company uses a discount rate based on a calculated weighted average cost of capital which is adjusted for each of its reporting units based on size, country and company specific risk premiums. The market approach compares the valuation multiples of similar companies to that of the associated reporting unit. The Company then reconciles the calculated fair values to its market capitalization. The fair value is then compared to its carrying value including goodwill. If the fair value is in excess of its carrying value, the related goodwill is not impaired. If the fair value is less than carrying value, an impairment charge is recognized, equivalent to the amount that the carrying value exceeds the fair value. The use of different assumptions, estimates or judgments in the goodwill impairment testing process may significantly increase or decrease the estimated fair value of a reporting unit. Generally, changes in DCF estimates would have a similar effect on the estimated fair value of the reporting unit. The Company believes that the estimated fair value used in measuring the impairment was based on reasonable assumptions but future changes in the underlying assumptions could differ due to the inherent judgment in making such estimates. Goodwill impairment charges may be recognized in future periods to the extent changes in factors or circumstances occur, including deterioration in the macro-economic environment or in the equity markets, including the market value of the Company’s common shares, deterioration in its performance or its future projections, or changes in its plans for one or more reporting units. Assets and Liabilities Held-for-Sale: Long-lived assets or disposal groups are classified as held-for-sale when management having the appropriate authority, generally the Company’s Board of Directors or certain of its Executive Officers, commits to a plan of sale, the disposal group is ready for immediate sale, an active program to locate a buyer has been initiated and the sale is probable and expected to be completed within one year. Once classified as held-for-sale disposal groups are valued at the lower of their carrying amount or fair value less estimated selling costs. Where the disposal group constitutes substantially all of our operations of a foreign country, the balance in the cumulative translation adjustment associated with that country is included in the carrying value of the disposal group. If the carrying value, including any amount associated with the cumulative translation adjustment, exceeds the fair value less estimated selling costs a held-for-sale impairment charge is recorded to reduce the carrying value. The estimate for fair value is reviewed at the end of every reporting period that the disposal group is classified as held-for-sale and the carrying value adjusted whenever the estimated fair value less costs to sell is less than the carrying value. Acquisitions: The assets acquired and liabilities assumed are recorded on the date of acquisition at their respective estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired recorded as goodwill. We typically use an income method to estimate the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and related customer attrition and profitability) and the discount rate applied to the cash flows. The majority of current assets acquired, and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. Assigning intangible assets useful lives is based on the period of substantial expected benefit derived from the asset. Insurance and Self-Insurance: The Company’s insurance for workers’ compensation, auto/fleet, general liability, property, and employee-related health care benefits is obtained using high deductible insurance policies, if any, meaning that the Company has retained a significant portion of the risks related to the claims associated with these programs. The estimated exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on a calculation performed by a third-party actuarial specialist using the Company’s historical claims experience. The accruals for these liabilities could be revised if future occurrences or loss developments significantly differ from the assumptions used. Estimated recoveries associated with insured claims are recognized as assets when the receipt of such amounts is probable. Restructuring Charges: Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Costs for one-time termination benefits in which the employee is required to render service beyond a minimum retention period in order to receive the benefits are recognized ratably over the future service period. Contract termination costs are recognized when contracts are terminated or when the Company ceases to use the leased facility and no longer derive economic benefit from the contract. All other exit costs are expensed as incurred. Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. Expense is generally recognized on a straight-line basis over the period during which awards are expected to vest. The Company presents stock-based compensation expense within the Consolidated Statements of Loss based on the classification of the respective employees' cash compensation. The Company records forfeitures as they occur. Income Taxes: The Company is subject to income taxes in both the U.S. and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to reverse. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. Changes in the expectations regarding the realization of deferred tax assets could materially impact income tax expense in future periods. Tax liabilities are recognized when, in management’s judgment, an uncertain tax position does not meet the more likely than not (i.e. a likelihood of more than fifty percent) threshold for recognition. For tax positions that meet the more likely than not threshold, a tax liability may still be recognized depending on management’s assessment of how the tax position will ultimately be settled. The Company records interest and penalties on unrecognized tax benefits in the provision for income taxes. Leases: Operating leases are included in Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities on the Company’s Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current portion of long-term debt and Long-term debt on the Consolidated Balance Sheets. Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company uses an estimated incremental borrowing rate, which is based on information available at lease commencement. The Company’s leases generally do not contain material variable lease payments and generally do not contain options to purchase the leased property, any material residual value guarantees, or material restrictive covenants. At commencement, the Operating lease ROU asset is equal to the lease liability and is adjusted for lease incentives and initial direct costs incurred. The Company reviews all options to extend, terminate, or purchase its ROU assets at the commencement of the lease and on an ongoing basis and accounts for these options when they are reasonably certain of being exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, including payments for common area maintenance and vehicle maintenance costs, which are accounted for separately, based on their underlying nature, for each class of underlying assets. In addition, the Company applies the short-term lease recognition exemption for leases with terms at commencement of not greater than 12 months. Asset Retirement Obligations: The Company establishes assets and liabilities for the present value of estimated future costs to retire long-lived assets at the termination or expiration of a lease. Such assets are amortized over the lease term and the recognized liabilities are accreted to the future value of the estimated retirement costs. The related amortization and accretion expenses are presented within COR if the leased asset is used in the delivery of the Company’s services and the remaining expenses are presented within SG&A on the Consolidated Statements of Loss. Foreign Currency: Assets and liabilities of foreign affiliates that use the local currency as their functional currency are translated at the exchange rate on the last day of the accounting period and income statement accounts are translated at the average rates during the period. Related translation adjustments are reported as a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency gains and losses resulting from transactions that are denominated in currencies other than the entity’s functional currency, including foreign currency gains and losses on intercompany balances that are not of a long-term investment nature, are included within Other (income) expense, net on the Consolidated Statements of Loss. Highly Inflationary Economy : Effective July 1, 2018, as a result of three-year cumulative inflation exceeding 100%, Argentina was classified as a highly inflationary economy. The Company's Argentina operations were divested in August 2020. Accordingly, the Company recognized, in Other income (expense), net, a foreign exchange loss of $1.2 million and $3.3 million during the years ended December 31, 2020 and 2019, respectively, arising from the re-measurement of its Argentinian peso denominated net monetary assets. Nonmonetary assets, liabilities, and related expenses are measured using historical exchange rates and do not fluctuate with changes in the local exchange rate. Adoption of New Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 was effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted ASU 2019-12 on January 1, 2021 and there was no material impact on the Company’s Consolidated Financial Statements. Financial Instrument Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) associated with the measurement of credit losses on financial instruments. ASU 2016-13 replaces the prior incurred loss impairment methodology of recognizing credit losses when a loss was probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The amended guidance was effective for the Company on January 1, 2020. The Company recognized a net decrease to Retained earnings in the Consolidated Financial Statements of $2.5 million as of January 1, 2020 for the cumulative effect of adopting ASU 2016-13. Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ ASU 2018-15 ”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The accounting for any hosting contract is unchanged. ASU 2018-15 was effective on January 1, 2020 and was adopted prospectively for implementation costs incurred after the date of adoption. The adoption of ASU 2018-15 did not have a material impact on the Consolidated Financial Statements. Accounting Standards Issued But Not Yet Adopted To date, there have been no recent accounting pronouncements not yet effective that have a material, or potential material, impact to our Consolidated Financial Statements. |
REVENUES FROM CONTRACTS WITH CU
REVENUES FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES FROM CONTRACTS WITH CUSTOMERS | REVENUES FROM CONTRACTS WITH CUSTOMERS The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs and communication solutions, and SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. The Company’s customers typically enter into a contract for the provision of services on a regular and scheduled basis, e.g., weekly, monthly or on an as needed basis over the contract term, e.g. one-time service. Under the contract terms, the Company receives fees based on a monthly, quarterly or annual rate and/or fees based on contractual rates depending upon measures including the volume, weight, and type of waste, number and size of containers collected, weight and type of shredded paper, and number of call minutes. Amounts are invoiced based on the terms of the underlying contract either on a regular basis, e.g., monthly or quarterly, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed. Disaggregation of Revenue In the first quarter of 2021, we updated our service lines to include Communication Solutions (formally part of CRS) in RWCS. This reclassification was driven by the divestiture of the Company's global product recall business (Expert Solutions) in December of 2020 and the remaining Communication Solutions service line synergies with the Company's RWCS customers. For 2020 and 2019 periods presented, amounts have been recast to reflect this change. In millions Year Ended Year Ended December 31, 2021 2020 2019 Revenue by Service Regulated Waste and Compliance Services $ 1,854.0 $ 1,930.2 $ 2,407.0 Secure Information Destruction Services 792.9 745.3 901.9 Total Revenues $ 2,646.9 $ 2,675.5 $ 3,308.9 North America Regulated Waste and Compliance Services $ 1,457.5 $ 1,541.9 $ 1,970.4 Secure Information Destruction Services 679.0 647.3 769.5 Total North America Segment $ 2,136.5 $ 2,189.2 $ 2,739.9 International Regulated Waste and Compliance Services $ 396.5 $ 388.3 $ 436.6 Secure Information Destruction Services 113.9 98.0 132.4 Total International Segment $ 510.4 $ 486.3 $ 569.0 Contract Liabilities Contract liabilities at December 31, 2021 and 2020 were $9.0 million and $8.8 million, respectively. Substantially all of the contract liabilities as of December 31, 2021 are expected to be recognized as revenue during the year ending December 31, 2022 and substantially all of the balance as of December 31, 2020 was recognized as revenue during the year ended December 31, 2021. Contract Acquisition Costs The Company’s incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are deferred and amortized to SG&A over a weighted average estimated period of benefit of 6.5 years. During the year ended December 31, 2021, 2020, and 2019 the Company amortized $12.7 million, $10.6 million, and $9.1 million, respectively, of deferred sales incentives to SG&A. Total contract acquisition costs, net of accumulated amortization, were classified as follows as of December 31: In millions 2021 2020 Other current assets $ 12.4 $ 11.1 Other assets 34.3 31.1 Total contract acquisition costs $ 46.7 $ 42.2 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Acquisitions During the years ended December 31, 2021 and 2019, the Company completed an acquisition in North America, respectively, and these acquisitions are considered to be complementary to existing operations and fit with the Company’s portfolio optimization strategy, including its RWCS and SID service lines. There were no acquisitions in the year ended December 31, 2020. All were accounted for as business combinations under the applicable guidance. The results of operations of these acquired businesses have been included in the Consolidated Statements of Loss from the date of the acquisition. Pro forma results of operations for these acquisitions are not presented because the pro forma effects, individually or in the aggregate, were not material to the Company’s consolidated results. The following table summarizes the acquisition date fair value of consideration transferred for acquisitions completed during the years ended December 31: In millions 2021 2019 Cash $ 10.5 $ 0.2 Promissory notes 21.9 0.3 Deferred consideration 11.0 — Total purchase price $ 43.4 $ 0.5 The total purchase consideration for the 2021 acquisition has been preliminarily allocated to the assets and liabilities acquired based upon their estimated fair values as of the acquisition date, with the excess of the purchase price over the net assets acquired recorded as goodwill based on the strategic benefits to be achieved and is deductible for tax purposes. We are in the process of valuing all of the assets acquired in the acquisition and until we have completed our valuation process, there may be adjustments to our estimates of fair value and resulting preliminary purchase price allocation, specifically those related to intangibles. The following table summarizes the purchase price allocation for the acquisitions during the years ended December 31: In millions 2021 2019 Fixed assets $ 0.5 $ — Intangibles 20.0 0.5 Goodwill 22.0 — Other assets and liabilities, net 0.9 — Total purchase price $ 43.4 $ 0.5 |
RESTRUCTURING, DIVESTITURES, AN
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS | RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS Restructuring – Operational Optimization During the year ended December 31, 2020, the Company recognized $3.1 million of Operational Optimization costs (see impairment related portion in table below) within our International segment related to the discontinuation of a service line in the U.K. During the year ended December 31, 2019, the Company recognized $14.5 million of Operational Optimization costs (see impairment related portion in table below) . The North America segment recognized $3.8 million of costs in the Domestic RWCS operations primarily related to a site relocation and costs in the Domestic CRS operations related to a headcount reduction and a non-cash impairment of intangible assets as a result of the exit from a business line. The International segment recognized $10.7 million of costs related to site closures and facility exit charges across the EMEA and LATAM regions. Divestitures Stericycle recognized the following Divestiture (gains) losses, net in the Consolidated Statements of Loss: In millions Year Ended December 31, 2021 2020 2019 North America Segment Canada Environmental Solutions operations $ (12.6) $ — $ — Domestic Environmental Solutions operations — 53.8 — CRS businesses — (38.8) 45.5 Total North America charges, net (12.6) 15.0 45.5 International Segment CRS businesses — (4.0) — Japan RWCS operations 10.9 — — Argentina operations — 112.4 — Mexico RWCS operations — (4.9) 43.2 Chile RWCS operations — 5.1 19.0 U.K. businesses — — (4.7) Total International charges, net 10.9 108.6 57.5 Divestiture (gains) losses, net $ (1.7) $ 123.6 $ 103.0 North America Segment Divestitures: On December 1, 2021, the Company completed the sale of its Environmental Solutions operations in Canada for cash proceeds of $24.4 million pursuant to an agreement entered into in November. The transaction resulted in a fourth quarter divestiture gain of $12.6 million. In connection with the closing, the Company entered into certain additional ancillary agreements, including a TSA, for up to 12 months. On December 1, 2020, the Company entered into an agreement and completed the sale of the Company's global product recall business (Expert Solutions) for cash proceeds of $78.0 million. Expert Solutions business had revenues of approximately $75.4 million for the year ended December 31, 2019, primarily reported in North America, as part of the RWCS revenue category. The Company recognized a gain on divestment of $38.8 million in North America and $4.0 million in International. In connection with the closing, the Company entered into certain additional ancillary agreements, including a TSA for up to 12 months. On April 6, 2020, the Company completed the sale of all of the outstanding equity interests of its U.S. Environmental Solutions business for cash proceeds of $462.5 million, pursuant to the Purchase Agreement, dated February 6, 2020. The Purchase Agreement provided for the divestiture of the Company’s U.S. Environmental Solutions business, exclusive of the Company’s healthcare hazardous waste services and unused consumer pharmaceutical take-back services. The U.S. Environmental Solutions business generated revenue in 2019 of $559.6 million, including approximately $100.0 million related to the Retained Business, which is included in the RWCS revenue category within our North America segment. In connection with the Purchase Agreement, the Company entered into an HSA and TSA with the Buyer for a period of 7 years and 6 months, respectively. The Company allocated and deferred a portion of the Transaction proceeds, $17.7 million related to the HSA and $1.5 million related to the TSA, which will be recognized over the applicable duration of the HSA and TSA periods, subject to specific agreement provisions, thereby offsetting the expenses incurred to deliver the respective services. The allocated proceeds are reflected as an operating cash flow on the Consolidated Statement of Cash Flows, as they are advances received for services to be provided prospectively. In aggregate, the Company recognized impairment charges and subsequent loss on disposal of $53.8 million. Further, the Company released a $1.7 million benefit associated with contingent consideration related to a prior acquisition agreement connected with the divested business (Fair value - Level 3) that is reported in SG&A in the Company’s Consolidated Statements of Loss. In 2019, the Company completed the sale of the telephone answering business, TAS, and its retail pharmaceutical returns business in the U.S. and Puerto Rico for cash proceeds of $36.4 million resulting in total losses of $45.5 million. In connection with the sale agreement for the TAS business, the Company entered into a TSA with the buyer for a period of up to 15 months. The Company allocated and deferred $5.1 million of the proceeds, which was recognized over the duration of the TSA period offsetting the expenses incurred to deliver the TSA services that were not reimbursed by the buyer. International Segment Divestitures: On September 1, 2021, the Company completed the sale of its RWCS operations in Japan for cash proceeds of approximately $11.3 million. The transaction resulted in a third quarter divestiture loss of $10.9 million, of which $3.8 million related to the reclassification of accumulated currency translation adjustments to earnings. In August 2020, the Company entered into an agreement and completed the sale of its operations in Argentina for cash proceeds of approximately $3.9 million. The transaction resulted in a loss on disposal of $112.4 million, of which $87.2 million related to the balance of cumulative currency translation adjustment. Additionally, in December 2020, the Company recognized a $4.9 million gain related to a divestiture of a subsidiary in Mexico, and a $5.1 million charge associated with the divested business in Chile (see Note 12 – Commitments and Contingencies in the Consolidated Financial Statements). During 2019, the Company had the following divestiture activity: • U.K. based texting business, for cash proceeds of $14.8 million, resulting in a gain of approximately $5.1 million. • A reduction in the provision against a loan receivable originally arising from the sale of our U.K. patient transport business, resulting in a $0.3 million gain. • Substantially all of the Company’s operations in Mexico for nominal consideration, resulting in impairment charges and subsequent loss on disposal totaling $43.2 million, including the realization of a loss of approximately $18.9 million related to the balance of cumulative currency translation adjustment. • The Company’s operations in Chile for cash proceeds of $30.7 million, resulting in a loss of $19.0 million, including the realization of a loss of approximately $16.8 million related to the balance of cumulative currency translation adjustment. Impairments: In millions Year Ended December 31, 2021 2020 2019 Impairments Operational Optimization - COR $ — $ — $ 5.6 Operational Optimization - SG&A — 2.8 1.7 Asset Impairment - COR — 6.8 5.2 Asset Impairment - SG&A 6.7 8.7 16.9 Total Impairments $ 6.7 $ 18.3 $ 29.4 North America Operational Optimization - COR $ — $ — $ 2.0 Operational Optimization - SG&A — — 0.4 Asset Impairment - COR — 6.1 1.6 Asset Impairment - SG&A 2.1 4.2 0.5 Total North America Segment $ 2.1 $ 10.3 $ 4.5 International Operational Optimization - COR $ — $ — $ 3.6 Operational Optimization - SG&A — 2.8 1.3 Asset Impairment - COR — 0.7 3.6 Asset Impairment - SG&A 4.6 4.5 16.4 Total International Segment $ 4.6 $ 8.0 $ 24.9 Asset impairments in the year e nded December 31, 2021, includes charges of $4.6 million in the Company’s International reportable segment related to an impairment associated with certain customer relationship intangibles in Romania and $2.1 million in North America related to an impairment associated with a Canada site exit. Asset impairments in the year ended December 31, 2020, for the Company's North America reportable segment includes charges associated with rationalization of software application assets and intangible assets as a result of a discontinuation of a certain service line, and the Company's International reportable segment includes charges associated with certain property, plant and equipment assets and permits primarily in the U.K. In the year ended December 31, 2019, the Company's International reportable segment included impairment charges related to customer lists and other long-lived assets in Brazil associated with an impairment review of its operations. Operational optimization related impairments are associated with the Company's actions to reduce operating costs and optimize operations. In the year ended December 31, 2020, the Company's International reportable segment includes charges primarily related to the discontinuation of a service line in the U.K. In the year ended December |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at December 31: In millions 2021 2020 Land and improvements $ 42.4 $ 38.7 Building and improvements 219.7 225.0 Machinery and equipment 318.0 323.0 Fleet vehicles 142.0 156.0 Containers 255.5 249.7 Office equipment and furniture 51.0 53.9 Software and Enterprise Resource Planning system (1) 266.3 88.6 Construction in progress (1) 74.6 196.1 Total property, plant and equipment 1,369.5 1,331.0 Less: accumulated depreciation (658.5) (629.7) Property, plant and equipment, net $ 711.0 $ 701.3 (1) In the third quarter of 2021, we completed deployment of our ERP system for North America’s finance and procurement processes and for North America’s SID business. Property, plant and equipment impairment charges included in SG&A and COR for the years ended December 31, 2020, and 2019, respectively, are further described in Note 4 - Restructuring, Divestitures, and Impairments in the Consolidated Financial Statements. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating leases for fleet vehicles, transfer sites, processing facilities, communication centers, corporate and regional offices, and certain equipment. The components of net lease cost were as follows for the years ended December 31: In millions 2021 2020 Operating lease cost $ 108.2 $ 114.2 Finance lease cost: Amortization of leased assets 3.4 4.7 Interest on lease liabilities 1.1 1.9 Net lease cost $ 112.7 $ 120.8 Short-term lease costs were $11.8 million for the period ended December 31, 2021. Variable lease cost and sublease income were not material during the years ended December 31, 2021 and 2020. Supplemental cash flow information related to leases were as follows for the years ended December 31: In millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.1 $ 117.1 Operating cash flows from finance leases (interest) 1.1 1.9 Financing cash flows from finance leases (principal) 3.9 4.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases 96.8 79.8 Finance leases 0.5 1.1 Finance lease assets, net of accumulated amortization, were $19.5 million and $24.8 million as of December 31, 2021 and 2020, respectively, and are included in Property, Plant and Equipment Information regarding lease terms and discount rates as of December 31 were as follows: In millions 2021 2020 Weighted average remaining lease term (years): Operating leases 5.9 6.1 Finance leases 14.4 14.4 Weighted average discount rate: Operating leases 4.19 % 4.07 % Finance leases 5.22 % 5.15 % Maturities of lease liabilities as of December 31, 2021, were as follows: In millions Operating Leases Finance Leases 2022 $ 96.0 $ 3.6 2023 81.2 3.9 2024 70.2 2.8 2025 49.8 2.5 2026 30.0 2.2 Thereafter 86.1 20.4 Total lease payments 413.3 35.4 Less: Interest 48.0 14.0 Present value of lease liabilities $ 365.3 $ 21.4 As of December 31, 2021, the Company had additional operating leases of $2.1 million which have not yet commenced. These operating leases are expected to commence in fiscal year 2022 with lease terms up to approximately 7 years. |
LEASES | LEASES The Company has operating leases for fleet vehicles, transfer sites, processing facilities, communication centers, corporate and regional offices, and certain equipment. The components of net lease cost were as follows for the years ended December 31: In millions 2021 2020 Operating lease cost $ 108.2 $ 114.2 Finance lease cost: Amortization of leased assets 3.4 4.7 Interest on lease liabilities 1.1 1.9 Net lease cost $ 112.7 $ 120.8 Short-term lease costs were $11.8 million for the period ended December 31, 2021. Variable lease cost and sublease income were not material during the years ended December 31, 2021 and 2020. Supplemental cash flow information related to leases were as follows for the years ended December 31: In millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.1 $ 117.1 Operating cash flows from finance leases (interest) 1.1 1.9 Financing cash flows from finance leases (principal) 3.9 4.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases 96.8 79.8 Finance leases 0.5 1.1 Finance lease assets, net of accumulated amortization, were $19.5 million and $24.8 million as of December 31, 2021 and 2020, respectively, and are included in Property, Plant and Equipment Information regarding lease terms and discount rates as of December 31 were as follows: In millions 2021 2020 Weighted average remaining lease term (years): Operating leases 5.9 6.1 Finance leases 14.4 14.4 Weighted average discount rate: Operating leases 4.19 % 4.07 % Finance leases 5.22 % 5.15 % Maturities of lease liabilities as of December 31, 2021, were as follows: In millions Operating Leases Finance Leases 2022 $ 96.0 $ 3.6 2023 81.2 3.9 2024 70.2 2.8 2025 49.8 2.5 2026 30.0 2.2 Thereafter 86.1 20.4 Total lease payments 413.3 35.4 Less: Interest 48.0 14.0 Present value of lease liabilities $ 365.3 $ 21.4 As of December 31, 2021, the Company had additional operating leases of $2.1 million which have not yet commenced. These operating leases are expected to commence in fiscal year 2022 with lease terms up to approximately 7 years. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill: The changes in the carrying amount of goodwill were as follows: In millions North America International Total Balance as of December 31, 2019 $ 2,631.6 $ 350.6 $ 2,982.2 Divestitures (182.8) (4.0) (186.8) Changes due to foreign currency fluctuations and other — 23.9 23.9 Balance as of December 31, 2020 2,448.8 370.5 2,819.3 Acquisition 22.0 — 22.0 Divestitures — (6.0) (6.0) Changes due to foreign currency fluctuations and other — (19.6) (19.6) Balance as of December 31, 2021 $ 2,470.8 $ 344.9 $ 2,815.7 Accumulated non-cash impairment charges by segment as of December 31 were as follows: In millions 2021 2020 North America $ 421.1 $ 421.1 International 175.6 175.6 Total $ 596.7 $ 596.7 2021 and 2020 Impairments The Company performed its annual goodwill impairment assessment as of October 1, 2021 and 2020 and determined no reporting units' carrying values were in excess of their estimated fair value. 2019 Impairments The Company performed its annual goodwill impairment assessment as of October 1, 2019 and determined that the Environmental Solutions and Canada reporting units’ carrying values were in excess of their estimated fair value. Factors that contributed to the estimated fair value of the reporting units being below their carrying values included: • Environmental Solutions: During 2019, we experienced higher operating costs, particularly related to hazardous waste disposal costs. In addition, we anticipated that the timeline for achieving the betterment plans for both revenue quality and cost improvements had been extended. The Company also gathered insights from the process of evaluating Environmental Solutions as part of the Company’s portfolio rationalization criteria. • Canada: During 2019, we experienced competitive pricing pressure in both SID and RWCS, lower SOP pricing, higher regulated waste costs including Canada-based operating costs due to a reliance on third-party disposal, and U.S.-based enabling support costs. The Company expected these challenges to have a prolonged impact and the Company has adjusted them in current year long-range plan. These challenges were factored into updates to the Company’s long-range plan and forecasted cash-flow assumptions. The Company also made certain adjustments to the risk premiums within the discount rates used to present value these forecasted cash-flows. As a result, the Company recognized $80.8 million of non-cash impairment charges related to its Environmental Solutions reporting unit and $126.6 million to fully impair the goodwill associated with its Canada reporting unit. During the first quarter of 2019, there were business and market developments and insights gathered from the Company’s portfolio optimization considerations, which negatively impacted the estimated cash flows of the Company’s Latin America reporting unit and triggered an interim assessment as of March 31, 2019. The Company determined that the Latin America reporting unit’s carrying value was in excess of its estimated fair value and recognized $20.9 million of non-cash goodwill impairment charges related to the Latin America reporting unit. Following the impairment, the Latin America reporting unit goodwill was fully impaired. The fair value of reporting units, used in both the annual and any interim goodwill impairment assessments in 2021, 2020 and 2019, are classified as Level 3 measurements within the fair value hierarchy due to significant unobservable inputs such as discount rates, projections of revenue, cost of revenue and operating expense growth rates, long-term growth rates and income tax rates. The fair value methodology is described further in Note 1 – Basis of Presentation and Summary of Significant Accounting Policies . Other Intangible Assets: At December 31, the values of other intangible assets were as follows: In millions 2021 2020 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,297.6 $ 722.9 $ 574.7 $ 1,314.9 $ 630.2 $ 684.7 Covenants not-to-compete 3.5 3.2 0.3 3.5 3.0 0.5 Operating permits 12.1 8.5 3.6 11.5 6.5 5.0 Tradenames 3.6 1.4 2.2 3.6 1.3 2.3 Other 0.6 0.6 — 0.6 0.6 — Indefinite-lived intangibles: Operating permits 70.0 — 70.0 79.6 — 79.6 Tradenames 313.7 — 313.7 315.3 — 315.3 Total $ 1,701.1 $ 736.6 $ 964.5 $ 1,729.0 $ 641.6 $ 1,087.4 The changes in the carrying amount of intangible assets were as follows: In millions Total Balance as of December 31, 2019 $ 1,422.4 Divestitures (209.8) Impairments (11.1) Amortization (124.9) Changes due to foreign currency fluctuations 10.8 Balance as of December 31, 2020 1,087.4 Acquisition 20.0 Impairments (4.6) Divestitures (10.9) Amortization (117.9) Changes due to foreign currency fluctuations (9.5) Balance as of December 31, 2021 $ 964.5 The Company’s indefinite-lived intangible assets include operating permits and certain tradenames. The Company has determined that certain of our operating permits and certain tradenames have indefinite lives due to our ability to renew them with minimal additional cost and therefore they are not amortized. The impairment charges included in SG&A and COR for the years ended December 31, 2021, 2020, and 2019, respectively, are further described in Note 4 - Restructuring, Divestitures, and Impairments . Finite-lived intangible assets are amortized over their estimated useful lives using the straight-line method with each category having weighted average remaining useful lives as follows: In years Estimated Useful Lives Weighted Average Remaining Useful Lives Customer relationships 10-25 6.8 Covenants not-to-compete 5 3.6 Operating permits 1-2 1.2 Tradenames 20-40 16.5 Landfill air rights 5-10 2.7 The useful life of intangible assets is assessed annually to determine whether events and circumstances warrant a revision to their remaining useful life and changes are reflected prospectively as the intangible asset is amortized over the revised remaining useful life. In the fourth quarter of 2021, we performed the annual assessment of the useful life of our finite-lived intangibles. The Company updated the useful life of its customer relationship intangibles as a result of analyzing recent quantitative and qualitative observations in the market and factors impacting our business. The change in estimate will be accounted for prospectively. The weighted average remaining life was decreased from approximately 8.2 years to 6.8 years to reflect the new estimated useful lives. We estimate that there will be an approximately 5-10% increase to annual amortization expense. Our estimated intangible asset amortization expense for each of the next five years is as follows for the years ending December 31: In millions 2022 $ 114.3 2023 111.0 2024 109.8 2025 89.6 2026 28.2 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | ACCRUED LIABILITIES Accrued liabilities consisted of the following at December 31: In millions 2021 2020 Compensation $ 91.2 $ 97.6 Self-insurance 84.1 78.1 Taxes 37.7 51.2 Interest 26.3 19.4 Professional fees 9.9 11.2 Disposal and landfill liabilities 2.9 1.6 Contingent liability 92.0 14.5 Other 15.5 15.8 Total accrued liabilities $ 359.6 $ 289.4 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following at December 31: In millions 2021 2020 $1.2 billion Credit Facility, due in 2026 $ 247.0 $ 173.3 $200 million term loan, due in 2026 200.0 422.5 $600 million Senior Notes, due in 2024 600.0 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration, weighted average maturity of 3.7 and 2.1 years for 2021 and 2020, respectively (Note 4) 54.6 42.3 Foreign bank debt, weighted average maturity of 6.0 years for 2021 and 1.1 years for 2020 0.7 32.3 Obligations under finance leases (Note 6) 21.4 24.8 Total debt 1,623.7 1,795.2 Less: current portion of total debt 19.9 91.0 Less: unamortized debt issuance costs 14.0 15.1 Long-term portion of total debt $ 1,589.8 $ 1,689.1 The estimated fair value of our debt approximated $1.63 billion and $1.86 billion as of December 31, 2021 and December 31, 2020, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2. Credit Agreement The Company renewed its Credit Agreement, dated as of September 30, 2021, that amended and extended its previous credit agreement dated November 17, 2017. The Credit Agreement provides for a term loan facility under which the Company has outstanding term loans in an aggregate principal amount of $200.0 million and a revolving credit facility of $1.2 billion. The Term Loan and the Credit Facility will mature on September 30, 2026. If the Company's 2024 Senior Notes are still outstanding 91 days prior to their respective maturity date (the “Springing Maturity Date”), then the Credit Agreement maturity date will be the Springing Maturity Date. The proceeds of the Term Loan Facility and loans under the Revolving Credit Facility were used to refinance the loans and other credit extensions that were made under the previous credit agreement. In the year ended December 31, 2021 and in connection with the Credit Agreement, the Company incurred issuance costs of $4.1 million, of which $0.2 million has been charged to Interest expense, net. The remainder was capitalized as unamortized debt issuance costs and is being amortized to Interest expense, net over the remaining term of the Credit Agreement. A portion, $0.5 million, of unamortized debt issuance costs associated with the previous credit agreement has been charged to Interest expense, net. The obligations under the Credit Agreement are secured by substantially all of the assets of the Company and all of its material domestic subsidiaries and are guaranteed by certain subsidiaries of the Company, excluding certain excluded subsidiaries pursuant to the Credit Agreement. The Credit Agreement contains a financial covenant requiring maintenance of a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00 as of the end of any fiscal quarter. The Credit Agreement contains a financial covenant requiring maintenance of a maximum Consolidated Leverage Ratio of 4.25 to 1.00 in any fiscal quarter ending before September 30, 2022 and 4.00 to 1.00 for any fiscal quarter ending on or after September 30, 2022, with a leverage holiday if a permitted acquisition or series of related permitted acquisitions involving aggregate consideration in excess of $200 million (a “Material Acquisition”) occurs during a fiscal quarter. If a Material Acquisition occurs, the Company shall have the right to increase the maximum Consolidated Leverage Ratio covenant to 4.50 to 1.00 during such fiscal quarter and the subsequent three fiscal quarters. As of December 31, 2021, the Company was in compliance with its financial covenants. The Credit Agreement Defined Debt Leverage Ratio covenant was 3.61 to 1.00, which was below the allowed maximum ratio of 4.25 to 1.00 as set forth in the Credit Agreement. The Applicable Interest Rate for loans depends on the Consolidated Leverage Ratio for the Company. The tiered pricing is based on the leverage grid provided in the Credit Agreement. Based on the then current Consolidated Leverage Ratio, the initial pricing under the Credit Agreement was set at an Applicable Rate of 1.30% for Eurocurrency Rate/SONIA Daily Rate Loans and 0.30% for Base Rate Loans, and the facility fee is set at a rate of 0.20% times the actual daily amount of the Revolving Credit Facility regardless of usage. The weighted average interest rates on long-term debt, excluding finance leases, as of December 31, were as follows: 2021 2020 $1.2 billion Credit Facility, due in 2026 (variable rate) 1.76 % 2.03 % $200 million term loan, due in 2026 (variable rate) 1.40 % 1.90 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % 5.38 % $500 million Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.19 % 1.79 % Foreign bank debt (variable rate) 9.80 % 2.03 % Senior Notes On November 24, 2020, the Company issued $500.0 million at par of aggregate principal amount of Senior Notes, due January 2029, which are unsecured and bear interest at 3.88% per annum, payable on January 15 and July 15 of each year. The Senior Notes are fully and unconditionally guaranteed by each of the issuer’s current and, subject to certain exceptions, future domestic subsidiaries that guarantee the issuer’s senior credit facility, term loan facility, or certain other debt of the issuer or the subsidiary guarantors. The 2020 Senior Notes will be redeemable, in whole or in part, at any time, and from time to time, on or after November 15, 2023, at the redemption prices specified under “Description of Notes—Optional Redemption”, plus accrued and unpaid interest, if any, to, but excluding, such redemption date. At any time and from time to time prior to November 15, 2023, the notes may be redeemed, in whole or in part, at a redemption price of 100% the principal amount thereof, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, the issuer may redeem up to 40% of the notes at any time and from time to time before November 15, 2023, with the net cash proceeds from certain equity offerings at a redemption price equal to 103.875%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In connection with the issuance of the 2020 Senior Notes, the Company incurred $5.8 million of direct issuance costs, which have been capitalized in unamortized debt issuance costs and are being amortized to Interest expense, net over the term of the 2020 Senior Notes. During 2019, the Company issued $600.0 million at par of aggregate principal amount of Senior Notes, due July 2024, which are unsecured and bear interest at 5.375% per annum, payable on January 15 and July 15 of each year. The Senior Notes are fully and unconditionally guaranteed by each of the Company’s current domestic subsidiaries that guarantee the Company’s Senior Credit Facility. The Indenture limits the ability of the Company and its subsidiaries to incur certain liens, enter into certain sale and leaseback transactions, and consolidate, merge or sell all or substantially all of their assets. The 2019 Senior Notes will be redeemable, at the option of the Company, in whole or in part, at any time on or after July 15, 2021, at the redemption prices specified in the Indenture along with accrued interest. In connection with the issuance of the 2019 Senior Notes, the Company incurred $7.1 million of debt issuance costs, which have been capitalized in unamortized debt issuance costs and are being amortized to Interest expense, net over the term of the 2019 Senior Notes. In the event of both a change of control of the Company and a rating downgrade by the rating agencies, the Company will be required to offer to repurchase all outstanding 2020 and 2019 Senior Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indentures contains customary events of default, which include (subject in certain cases to customary grace and cure periods), nonpayment of principal or interest; breach of other agreements in the Indenture; failure to pay certain other indebtedness; certain events of bankruptcy or insolvency; failure to pay certain final judgments; and failure of certain guarantees to be enforceable. Other Matters Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility at December 31 were as follows: In millions 2021 2020 Outstanding stand-by letters of credit under Senior Credit Facility $ 71.4 $ 79.5 Unused portion of the Revolving Credit Facility 881.5 947.2 Payments due on long-term debt, excluding finance lease obligations, during each of the five years subsequent to December 31, 2021 are as follows: In millions 2022 $ 16.8 2023 14.2 2024 616.8 2025 12.5 2026 441.5 Thereafter 500.5 Total $ 1,602.3 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The U.S. and International components of income (loss) before income taxes consisted of the following for the years ended, December 31: In millions 2021 2020 2019 U.S. $ (14.0) $ 65.6 $ (150.5) International 14.7 (121.6) (212.3) Total income (loss) before income taxes $ 0.7 $ (56.0) $ (362.8) Significant components of the Company’s income tax (expense) benefit for the years ended December 31, are as follows: In millions 2021 2020 2019 Current U.S. - federal $ 4.9 $ 108.3 $ — U.S. - state and local (1.4) (2.9) (10.7) International (6.4) (6.0) (6.4) (2.9) 99.4 (17.1) Deferred U.S. - federal (17.0) (85.9) 23.9 U.S. - state and local (4.6) (13.7) 8.0 International (3.0) 0.3 2.0 (24.6) (99.3) 33.9 Total (expense) benefit $ (27.5) $ 0.1 $ 16.8 A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate for the years ended December 31, are as follows: 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effect of: State and local taxes, net of federal tax effect (317.2 %) (11.2 %) 1.2 % International tax rates (938.5 %) 14.3 % 5.1 % Permanent - other items 248.2 % (2.1 %) (4.2 %) Permanent - goodwill impairment — % — % (14.1 %) FCPA settlement accrual 3,118.2 % — % — % CARES Act and other tax matters (268.4 %) 79.2 % — % Valuation allowance 1,727.9 % (26.5 %) (1.2 %) Divestitures (708.4 %) (62.7 %) 1.2 % Stock-based compensation and executive compensation disallowance 908.6 % (11.9 %) (1.0 %) Other 37.6 % 0.1 % (3.4 %) Effective tax rate 3,829.0 % 0.2 % 4.6 % The comparability of the Company’s current year effective tax rate to the effective tax rates from previous years was impacted by the Company’s near-nil income before taxes in 2021, resulting in a magnification of the percentage point impact for each rate reconciling item, rendering the 2021 effective tax rate not meaningful. Accordingly, the Company has included a reconciliation in both dollars and percentages below. Both the Company’s near-nil income before taxes and the Company’s magnified effective tax rate are driven by the FCPA settlement accrual and its non-deductibility for tax purposes (see Note 19 – Legal Proceedings for further information). 2021 Tax Expense (Benefit) Tax Rate U.S. federal tax expense (benefit) at statutory income tax rate $ 0.2 21.0 % Effect of: State and local taxes, net of federal tax effect (2.3) (317.2 %) International tax rates (6.8) (938.5 %) Permanent - other items 1.8 248.2 % FCPA settlement accrual 22.5 3,118.2 % CARES Act and other tax matters (1.9) (268.4 %) Valuation allowance 12.5 1,727.9 % Divestitures (5.1) (708.4 %) Stock-based compensation and executive compensation disallowance 6.5 908.6 % Other 0.1 37.6 % Effective tax expense (benefit) $ 27.5 3,829.0 % Deferred tax liabilities and assets at December 31, were as follows: In millions 2021 2020 Deferred tax liabilities: Property, plant and equipment $ (87.2) $ (49.0) Goodwill and intangibles (394.4) (391.2) Leases - right of use asset (89.9) (91.3) Other (15.7) (17.1) Total deferred tax liabilities (587.2) (548.6) Deferred tax assets: Accrued liabilities 58.6 63.1 Leases - right of use liability 95.1 96.5 Net operating tax loss carry-forwards 73.4 49.0 Interest expense carry-forward 15.3 11.3 Other 11.7 15.0 Less: valuation allowance (61.4) (52.0) Total deferred tax assets 192.7 182.9 Net deferred tax liabilities $ (394.5) $ (365.7) The valuation allowance increased $9.4 million, net of divestitures, during the year ended December 31, 2021, primarily due to non-benefited international losses. In response to the COVID-19 pandemic the government took the following tax-related government actions: • On March 11, 2021, the President signed into law the ARP Act, a legislative package which is generally not significant to the Company's current business; however, the Company will continue to assess the ARP Act on an ongoing basis. • On December 27, 2020, the President signed the CAA 2021, which provides several business tax relief provisions, which are generally not significant to the Company's current business; however, the Company will continue to assess the CAA 2021 on an ongoing basis. • On March 27, 2020, the P resident signed into law the CARES Act, which was a substantial tax-and-spending package. As a result of the CARES Act tax law changes, for the year ended December 31, 2020, we recognized a $44.4 million tax benefit related to our ability to carryback net operating losses to prior years that had higher tax rates. Note that in the first quarter of 2020, the Company recognized an initial $39.4 million tax benefit; in the fourth quarter of 2020, upon finalizing the 2019 U.S. federal income tax return which impacted the carryback to prior years, the Company recognized an incremental $5.0 million tax benefit. In July 2020, the Company received a cash refund of $48.0 million, and in December 2020, the Company received $64.2 million (of which $62.0 million was the cash refund claim, and $2.2 million was interest income). A remaining carryback claim of less than $1.0 million associated with the finalization of the 2019 U.S. federal income tax return was filed with the IRS and the refund was received in June of 2021. Similar tax provisions and other stimulus measures have been granted either before or after December 31, 2021 by certain international and U.S. state jurisdictions, which the Company continues to evaluate and apply, if applicable. The Company filed a PFA with the IRS related to a claim under Internal Revenue Code Section 1341 concerning the tax rate to be applied to the SQ Settlement on the Company’s 2018 tax return. As a result of the enactment of the CARES Act, the Company was able to realize a benefit at the higher tax rate in prior years on a portion of the SQ Settlement. In 2020, in consideration of the CARES Act, the Company revised the PFA, a portion of the long-term receivable previously established for the Section 1341 claim was reclassified to a current income tax receivable and the related uncertain tax position was released as part of the tax benefit recognized in 2020 (in part as described above). Subsequently in late 2020, the Company amended the 2018 tax return to reduce the Section 1341 benefit as a result of discussions with the IRS as part of the PFA program. Consequently, the remaining long-term receivable established for the Section 1341 claim and the corresponding uncertain tax position was reclassified to a current income tax receivable and current income tax liability, respectively, as both were expected to settle in cash in 2021. In April 2021, the Company was advised that the IRS completed its review of the 2018 tax return and took no exception to the Section 1341 benefit. Consequently, the Company recorded a tax benefit of approximately $5.5 million in the second quarter of 2021 associated with the Section 1341 claim and received the related refund in December 2021. As of December 31, 2021 , the Company plans to repatriate any undistributed earnings of its first-tier international subsidiaries back to the U.S. only to the extent that they were previously taxed under the Tax Act, and future repatriations may take the form as distributions from previously taxed earnings and profits and/or return of capital distributions. All other undistributed earnings, to the extent there are any, will remain permanently reinvested to support existing working capital needs in the international subsidiaries. A withholding tax, unrealized foreign exchange gain, and state income tax accrual has been recorded, as applicable. The Company has not provided for deferred taxes on outside basis differences for investments in its international subsidiaries that are unrelated to unremitted earnings as these basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of outstanding basis difference is not practicable to calculate. At December 31, 2021, the net operating loss carry-forwards from both international and U.S. operations are approximately $281.6 million and certain of these net operating loss carry-forwards begin to expire in 2022. The tax benefits of these net operating losses is approximately $73.4 million at December 31, 2021, on which valuation allowances of $33.9 million were recognized offsetting such tax benefits. After the recognition of valuation allowances, the majority of the remaining net operating losses are attributable to the Company’s U.S. operations. The changes in the valuation allowance on deferred tax assets is as follows: In millions Year Ended December 31, 2021 2020 2019 Balances at beginning of period $ 52.0 $ 39.4 $ 35.3 Additions Charged to Income Tax Expense (1) 10.5 17.8 13.3 Other Changes to Reserves (2) (1.1) (5.2) (9.2) Balances at end of period $ 61.4 $ 52.0 $ 39.4 (1) 2021 amount includes valuation allowances on business operations (including the U.K., Brazil, and Spain). 2020 amount includes valuation allowances on business operations (including the U.K. and Brazil). (2) 2021 and 2020 amounts consist primarily of currency translation adjustments. 2019 amount consists primarily of divestiture valuation allowances for businesses in Mexico and Chile. The Company files income tax returns in the U.S., in various states and in certain international jurisdictions. We generally are no longer subject to U.S. federal, state, local, or international income tax examinations by tax authorities for years prior to 2015. The Company has recognized liabilities to cover certain uncertain tax positions. Such uncertain tax positions relate to additional taxes that the Company may be required to pay in various tax jurisdictions. During the course of examinations by various taxing authorities, proposed adjustments may be asserted. The Company evaluates such items on a case-by-case basis and adjusts the accrual for uncertain tax positions as deemed necessary, including presenting the accrual as a reduction of a deferred tax asset for a tax loss or tax credit carryforward, when such carryforward is available and permitted to be utilized to settle the tax liability. The total amount of unrecognized tax benefit at December 31, 2021 is $19.7 million. The amount of uncertain tax positions that, if recognized, would affect the effective tax rate is approximately $18.0 million. We recognized interest and penalties related to income tax reserves as a charge in the amount of $0.4 million, a benefit of $1.5 million, and a benefit of $0.7 million for the years ended December 31, 2021, 2020 and 2019, respectively, as a component of income tax expense. It is reasonably possible that our unrecognized tax benefits will decrease by as much as $5.0 million to $10.0 million in the next 12 months primarily due to statute lapses and the progress of U.S. federal, state, and international audits. The following table summarizes the aggregate changes in unrecognized tax benefits: In millions Unrecognized tax positions as of December 31, 2019 $ 62.7 Gross increases - tax positions in prior periods (33.5) Gross increases - current period tax positions 2.4 Settlements (0.8) Lapse of statute of limitations (6.5) Unrecognized tax positions as of December 31, 2020 24.3 Gross increases (decreases) - tax positions in prior periods (5.7) Gross increases - current period tax positions 5.3 Settlements (0.2) Lapse of statute of limitations (4.0) Unrecognized tax positions as of December 31, 2021 $ 19.7 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels as described below: Level 1 – Quoted prices in active markets for identical assets or liabilities (highest priority). Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability (lowest priority). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. The impact of our creditworthiness and non-performance risk has been considered in the fair value measurements noted below. There were no movements of items between fair value hierarchies in the years presented. Our contingent consideration liabilities are reassessed at the end of every reporting period and are recorded using Level 3 inputs. The amounts are classified as either other current liabilities or other liabilities and are presented as follows as of December 31: In millions 2021 2020 Other current liabilities $ — $ 0.4 Other liabilities 5.3 5.3 Total contingent consideration $ 5.3 $ 5.7 Contingent consideration represents amounts expected to be paid as part of acquisition consideration only if certain future events occur. The Company arrives at the fair value of contingent consideration by applying a weighted probability of potential payment outcomes. Changes to contingent consideration are reflected in the table below: In millions Contingent consideration as of January 1, 2019 $ 8.0 Change in fair value reflected in SG&A (2.1) Currency Translation Adjustment (0.1) Decrease due to payments (0.1) Contingent consideration as of December 31, 2020 5.7 Change in fair value reflected in SG&A (0.4) Contingent consideration as of December 31, 2021 $ 5.3 In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as result of acquisitions, the classification of disposal groups as held-for-sale, or the re-measurement of assets resulting in impairment charges. See Note 3 – Acquisitions, Note 4 – Restructuring, Divestitures, and Impairments, Note 5 Property, Plant and Equipment, and Note 7 - Goodwill And Other Intangible Assets for further discussion of the fair value. These values are generated principally using Level 3 inputs. Fair Value of Debt: The estimated fair value of the Company’s debt obligations, using Level 2 inputs, compared to the carrying amount at December 31 was as follows: In billions 2021 2020 Fair value of debt obligations $ 1.63 $ 1.86 Carrying value of debt obligations 1.62 1.80 The fair values were estimated using an income approach by applying market interest rates for comparable instruments. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Asset Retirement Obligations The Company has asset retirement obligations that it is required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. At December 31, 2021 and 2020, the total asset retirement obligation liabilities recognized were $19.2 million and $19.7 million, respectively and were included in Other long-term liabilities on the Consolidated Balance Sheets. Letters of Credit, Surety Bonds and Bank Guarantees As of December 31, 2021 and 2020, the Company had $71.4 million and $79.5 million, respectively, of stand-by letters of credit outstanding against our senior credit facility (see Note 9 – Debt ). In addition, at December 31, 2021 and 2020 we had, $32.5 million and $37.9 million, respectively, of surety bonds and $24.1 million and $21.2 million, respectively, of bank guarantees. The bank guarantees are issued mostly by the Company’s international subsidiaries for various purposes, including leases, seller notes, contracts and permits. The surety bonds are used for performance and financial guarantees. Neither the bank guarantees nor the surety bonds affect the Company’s ability to use its various lines of credit. Indemnifications In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or that are related to events and activities prior to or following a transaction (s ee Note 4 - Restructuring, Divestitures, and Impairments) . If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. Historically, we have not paid material amounts under these provisions and, as of December 31, 2021, these indemnifications obligations were not material. |
RETIREMENT AND OTHER EMPLOYEE B
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS | RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS Defined Contribution Plans: The Company has a 401(k) defined contribution retirement savings plan (the "Plan") covering substantially all domestic employees. Each participant may elect to defer a portion of his or her compensation subject to certain limitations. The Company may contribute up to 50% of compensation contributed to the Plan by each employee up to a maximum of $3,000 per annum. During the years ended December 31, 2021, 2020 and 2019, the Company's contributions were $9.2 million, $8.7 million and $11.0 million, respectively. The Company also has several foreign defined contribution plans, which require the Company to contribute a percentage of the participating employee’s salary according to local regulations. During the years ended December 31, 2021, 2020 and 2019, the Company's total contributions were $4.7 million, $4.6 million and $5.0 million, respectively. Multiemployer Defined Benefit Pension Plans: The Company participates in two trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for employees who are covered by collective bargaining agreements. The risks of participating in these Multiemployer Pension Plans are different from single-employer plans in that (i) assets contributed to the Multiemployer Pension Plan by one employer may be used to provide benefits to employees or former employees of other participating employers; (ii) if a participating employer stops contributing to the Multiemployer Pension Plans, the unfunded obligations of the Multiemployer Pension Plan may be required to be assumed by the remaining participating employers and (iii) if the Company chooses to stop participating in any of its Multiemployer Pension Plans or if any event should significantly reduce or eliminate the need to participate (such as employee layoffs or closure of a location), the Company may be required to pay those Multiemployer Pension Plans a withdrawal amount based on the underfunded status of the Multiemployer Pension Plan. Based upon the most recent information available, one of the Multiemployer Pension Plans the Company participates in is in “critical” status due to an accumulated funding deficiency and has adopted a rehabilitation plan to address the funding deficiency position. The following table outlines the Company’s participation in Multiemployer Pension Plans: Pension Protection Act Zone Status (1), (3) FIP/RP Status (2) Company Contributions (4) (in millions) Expiration Date of Collective Bargaining Agreements Plan Employer ID Number Plan # 2021 2020 2021 2020 Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Critical Red/ Critical Implemented $ 1.5 $ 0.6 various dates Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ — $ 0.1 various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act and represents the level at which the plan is funded. Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by a Multiemployer Pension Plan actuary. (2) The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending. The most recent Pension Protection Act zone status available in 2021 and 2020 is for the plans’ year-end December 31, 2020. (3) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (4) The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% of total contributions to such plan during the plan years ended December 31, 2020. At the date these financial statements were issued, Forms 5500 were not available for the Multiemployer Pension Plans for the year ended December 31, 2021. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION At December 31, 2021, the Company had the following incentive stock plans: • the 2021 Plan; • the 2017 Plan; • the 2014 Plan; • the 2011 Plan; • the 2008 Plan; and • the 2005 Plan; At December 31, 2021, the Company had reserved a total of 5,049,440 shares for issuance under its incentive stock plans. The Plans provide for the grant of ISOs, RSUs and PSUs intended to qualify under Section 422 of the Internal Revenue Code. The Plans authorize awards to the Company’s officers, employees and consultants and to the Company’s directors. The exercise price per share of an option granted under any of the Plans may not be less than the closing price of a share of the Company’s common stock on the date of grant. The maximum term of an option granted under any of the Plans may not exceed 8 or 10 years. An option may be exercised only when it is vested and, in the case of an option granted to an employee (including an officer), only while he or she remains an employee and for a limited period following the termination of his or her employment. New shares are issued upon exercise of stock options. Employee Stock Purchase Plan: In October 2000, our Board of Directors adopted the ESPP, which our stockholders approved in May 2001 and was made effective as of July 1, 2001. The ESPP authorizes 1,799,999 shares of our common stock, which substantially all U.S. employees may purchase through payroll deductions at a price equal to 85% of the fair market values of the stock as of the end of the 6 months offering period. An employee's payroll deductions and stock purchase, may not exceed $5,000 during any offering period. During 2021, 2020, and 2019, 73,471 shares, 70,120 shares and 97,669 shares, respectively, were issued through the ESPP. At December 31, 2021, we had 514,234 shares available for issuance under the ESPP plan. Stock-Based Compensation Expense: During 2021, there were no changes to our stock compensation plans or modifications to outstanding stock-based awards which would change the value of any awards outstanding. The following table presents the total stock-based compensation expense resulting from stock option awards, RSUs, PSUs and the U.S. ESPP and Canada ESPP included in the Consolidated Statements of Loss: In millions Year Ended December 31, 2021 2020 2019 SG&A - stock option plans $ 2.0 $ 3.2 $ 8.0 SG&A - RSUs 14.8 15.6 7.8 SG&A - PSUs 9.6 5.9 0.5 SG&A - U.S. ESPP and Canada ESPP 0.7 0.8 0.8 Total pre-tax expense $ 27.1 $ 25.5 $ 17.1 During the years ended December 31, 2021, 2020 and 2019, the impact of forfeitures was a reduction to expense of $3.3 million, $4.9 million, and $6.7 million, respectively. Stock Options: Options granted to non-employee directors vest in one year and options granted to officers and employees generally vest over five years. Expense related to options with graded vesting is recognized using the straight-line method over the vesting period. Stock option activity for the year ended December 31, 2021 is summarized as follows: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Outstanding as of January 1, 2021 2,860,468 $ 96.00 Granted — $ — Exercised (50,099) $ 52.33 Forfeited (19,827) $ 66.60 Cancelled or expired (872,012) $ 98.64 Outstanding as of December 31, 2021 1,918,530 $ 96.25 1.94 $ 2.6 Exercisable as of December 31, 2021 1,751,550 $ 100.02 1.70 $ 1.5 At December 31, 2021, there was $1.3 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.0 year. The following table sets forth the intrinsic value of options exercised for the years ended December 31: In millions 2021 2020 2019 Total exercise intrinsic value of options exercised $ 1.1 $ 0.5 $ 2.1 The exercise intrinsic value represents the total pre-tax intrinsic value (the difference between the fair value on the trading day the option was exercised and the exercise price associated with the respective option). There were no stock options granted in the years ended December 31, 2021 and December 31, 2020. Restricted Stock Units: The fair value of RSUs is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over the service period. RSUs vest at the end of three RSUs activity during the year ended December 31, 2021, is as follows: Number of Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Non-vested as of January 1, 2021 547,235 $ 54.96 Granted 253,860 $ 68.71 Vested and Released (186,342) $ 55.26 Forfeited (58,431) $ 58.23 Non-vested as of December 31, 2021 556,322 $ 60.79 0.88 $ 33.2 At December 31, 2021, there was $18.5 million of total unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 1.5 years. The intrinsic value of units that vested during the years ended December 31, 2021, 2020, and 2019 was $18.9 million, $18.2 million, and $5.3 million, respectively. Performance-Based Restricted Stock Units: Our executive officers PSU program was introduced in 2017. PSUs issued to executive officers through 2019 vest, or not, in three equal annual installments based on the achievement of pre-determined annual earnings per share performance goals as approved by the Compensation Committee. Each of the PSU’s granted represent the right to receive one share of the Company’s common stock at a specified future date. Our PSU program was expanded in 2020 to include employees in additional levels below executive officer. PSUs issued beginning in 2020 vest, or not, at the end of the three-year period following the grant date based on the achievement of pre-determined annual earnings per share and annual return on invested capital performance goals as approved by the Compensation Committee (each metric is weighted at 50% of the whole). At the end of the three-year period, the results from each of the three years are averaged to calculate one achievement percentage number, and then a relative total shareholder return (rTSR) modifier is applied to that number in order to determine the final share amount, based on Stericycle’s stock’s market performance relative to performance of the S&P MidCap 400 Index. The modifier can adjust the final shares issued by applying a multiplier of 75% - 125%. We use the Monte Carlo simulation model to determine the fair value of PSU's, including the effect of the rTSR modifier, once the related performance criteria have been established. In addition, certain employees have been granted PSUs which vest, or not, in four equal annual installments based on the achievement of performance goals related to the ERP implementation, as approved by the Compensation Committee. Compensation cost for the PSUs during the performance period is recognized based on the estimated achievement of the performance criteria, which is evaluated on a quarterly basis. Each of the PSU’s granted represent the right to receive one share of the Company’s common stock at a specified future date. PSU activity during the year ended December 31, 2021, is as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2021 92,042 $ 57.79 Granted 88,997 $ 57.66 Vested and Released (88,269) $ 57.61 Forfeited (16,784) $ 60.60 Non-vested as of December 31, 2021 75,986 $ 57.23 The table above reflects the number of shares at target which could be earned upon vesting of the executive and ERP implementation PSU’s for which performance goals related to 2021 have been established. At December 31, 2021, approximately 246,000 additional PSUs exist which will vest in tranches based upon achievement of performance goals to be established for fiscal years 2022 and 2023. |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | LOSS PER COMMON SHARE Basic loss per share is computed by dividing Net Loss by the number of weighted average common shares outstanding during the reporting period. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, only in the periods in which such effect is dilutive. The following table shows the effect of stock-based awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: In millions, except per share data Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding - basic 91.8 91.5 91.0 Incremental shares outstanding related to stock-based awards (1) — — — Weighted average common shares outstanding - diluted 91.8 91.5 91.0 (1) In periods of net loss, stock-based awards are anti-dilutive and therefore excluded from the (loss) earnings per share cal culation. Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method includes the following: In thousands Year Ended December 31, 2021 2020 2019 Options excluded from computation of diluted loss per share. 1,897 3,017 4,507 RSUs excluded from computation of diluted loss per share. 63 4 98 PSUs are offered to key employees and are subject to achievement of specified performance conditions . Contingently issuable shares are excluded from the computation of diluted earnings per share based on current period results. The shares would not be issuable if the end of the year were the end of the contingency period. If such goals are not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the changes in the components of accumulated other comprehensive loss: In millions Currency Translation (Loss) Income Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of January 1, 2019 $ (362.3) $ (3.0) $ (365.3) Accelerated amortization of interest rate lock premiums — 2.3 2.3 Cumulative currency translation loss realized through disposition of Mexico operations 18.9 — 18.9 Cumulative currency translation loss realized through disposition of Chile operations 16.8 — 16.8 Year change 8.5 0.7 9.2 Balance as of December 31, 2019 (318.1) — (318.1) Cumulative currency translation loss realized through disposition of Argentina operations 87.2 — 87.2 Year change 43.5 — 43.5 Balance as of December 31, 2020 (187.4) — (187.4) Cumulative currency translation loss realized through disposition of Japan operations 3.8 — 3.8 Year change (35.2) — (35.2) Balance as of December 31, 2021 $ (218.8) $ — $ (218.8) |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company evaluates, oversees and manages the financial performance of two operating and reportable segments – North America and International. Other includes costs related to corporate enabling and shared services functions, annual incentive compensation, and stock-based compensation. The North America and International segments offer the following services: RWCS, which provide collection and processing of regulated and specialized waste, including medical (including reusable sharps disposal management services), pharmaceutical and hazardous waste, for disposal and compliance programs (under the Steri-Safe®, Clinical Services, First Practice Management, SeguriMed and EnviroAssure brand names) and communication solutions such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN’s; and SID Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. . The following tables show financial information for the Company's reportable segments: In millions Year Ended December 31, 2021 2020 2019 Revenues North America $ 2,136.5 $ 2,189.2 $ 2,739.9 International 510.4 486.3 569.0 Total $ 2,646.9 $ 2,675.5 $ 3,308.9 Depreciation (1) North America $ 73.5 $ 78.1 $ 88.7 International 19.2 21.7 27.3 Other 12.7 6.8 9.8 Total $ 105.4 $ 106.6 $ 125.8 Intangible Amortization North America $ 95.8 $ 98.3 $ 111.1 International 22.1 26.6 34.1 Other — — — Total $ 117.9 $ 124.9 $ 145.2 Adjusted Income from Operations North America $ 587.6 $ 606.0 $ 595.0 International 53.6 46.5 70.7 Other (288.8) (263.9) (213.7) Total $ 352.4 $ 388.6 $ 452.0 Total Assets North America $ 4,364.6 $ 4,377.5 $ 5,183.5 International 876.4 946.0 980.4 Other 232.1 258.4 273.1 Total $ 5,473.1 $ 5,581.9 $ 6,437.0 (1) Excludes depreciation of $0.6 million, $2.0 million, and $1.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, which is included as part of ERP Implementation. The following table reconciles the Company's primary measure of segment profitability, Adjusted Income from Operations, to (Loss) income from operations: In millions Year Ended December 31, 2021 2020 2019 Total Reportable Segment Adjusted Income from Operations $ 352.4 $ 388.6 $ 452.0 Intangible Amortization (117.9) (124.9) (145.2) ERP Implementation (59.0) (50.8) (67.7) Operational Optimization — (3.1) (14.5) Portfolio Optimization (3.3) (133.0) (118.2) Litigation, Settlements and Regulatory Compliance (93.2) (20.3) (28.2) Asset Impairments (6.7) (15.5) (22.1) Goodwill Impairment — — (228.3) Other — (9.1) (39.7) Income (loss) from operations $ 72.3 $ 31.9 $ (211.9) |
GEOGRAPHIC AREA
GEOGRAPHIC AREA | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
GEOGRAPHIC AREA | GEOGRAPHIC AREA The following table presents consolidated revenues and long-lived assets by geographic region: In millions Year Ended December 31, 2021 2020 2019 Revenues U.S. $ 1,995.2 $ 2,067.3 $ 2,586.8 International: Europe 427.0 377.7 379.3 Other international countries 224.7 230.5 342.8 Total international 651.7 608.2 722.1 Total $ 2,646.9 $ 2,675.5 $ 3,308.9 Long-Lived Assets U.S. $ 4,052.0 $ 4,086.0 $ 4,700.6 International: Europe 589.2 632.5 636.5 Other international countries 194.8 254.5 301.0 Total international 784.0 887.0 937.5 Total $ 4,836.0 $ 4,973.0 $ 5,638.1 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | LEGAL PROCEEDINGS The Company operates in highly regulated industries and responds to regulatory inquiries or investigations from time to time that may be initiated for a variety of reasons. At any given time, the Company has matters at various stages of resolution with the applicable government authorities. The Company is also routinely involved in actual or threatened legal actions, including those involving alleged personal injuries and commercial, employment, environmental, tax, and other issues. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenue. In accordance with applicable accounting standards, the Company establishes an accrued liability for loss contingencies related to legal and regulatory matters when the loss is both probable and reasonably estimable. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is not probable or a probable loss is not reasonably estimable, no liability is recorded. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. These accruals represent management’s best estimate of probable losses and, in such cases, there may be an exposure to loss in excess of the amounts accrued. Estimates of probable losses resulting from litigation and regulatory proceedings are difficult to predict. Legal and regulatory matters inherently involve significant uncertainties based on, among other factors, the jurisdiction and stage of the proceedings, developments in the applicable facts or law, and the unpredictability of the ultimate determination of the merits of any claim, any defenses the Company may assert against that claim, and the amount of any damages that may be awarded. The Company’s accrued liabilities for loss contingencies related to legal and regulatory matters may change in the future as a result of new developments, including, but not limited to, the occurrence of new legal matters, changes in the law or regulatory environment, adverse or favorable rulings, newly discovered facts relevant to the matter, or changes in the strategy for the matter. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Contract Class Action and Opt Out Lawsuits. Beginning on March 12, 2013, the Company was served with several class action complaints filed in federal and state courts in several jurisdictions. These complaints asserted, among other things, that the Company had imposed unauthorized or excessive price increases and other charges on its customers in breach of its contracts and in violation of the Illinois Consumer Fraud and Deceptive Business Practices Act. The complaints sought certification of the lawsuit as a class action and the award to class members of appropriate damages and injunctive relief. These related actions were ultimately transferred to the United States District Court for the Northern District of Illinois for centralized pretrial proceedings. The parties engaged in discussions through and overseen by a mediator regarding a potential resolution of the matter and reached a settlement agreement, as previously disclosed, which settlement agreement obtained court approval on March 8, 2018. Under the terms of the SQ Settlement, the Company admitted no fault or wrongdoing whatsoever, and it entered into the SQ Settlement to avoid the cost and uncertainty of litigation. Certain class members who have opted out of the SQ Settlement have filed lawsuits against the Company, and the Company is defending and intends to resolve those actions. The Company has made an accrual in respect of these collective matters consistent with its accrual policies described above, which is not material. Government Investigations. On June 12, 2017, the SEC issued a subpoena to the Company, requesting documents and information relating to the Company’s compliance with the FCPA or other foreign or domestic anti-corruption laws with respect to certain of the Company’s operations in Latin America. In addition, the DOJ notified the Company that it was investigating this matter in parallel with the SEC. The Company is cooperating with these agencies and certain foreign authorities. The Company also conducted an internal investigation of these and other matters, including outside of Latin America, under the oversight of the Audit Committee of the Board of Directors and with the assistance of outside counsel, and this investigation found evidence of improper conduct. As part of the FCPA investigation discussed above, the SEC requested certain additional information from the Company. As previously disclosed, the Company has engaged in settlement discussions in connection with the foregoing government investigations. The Company has reached agreements in principle with the DOJ and the SEC to settle these matters. Under the Company’s agreement in principle with the DOJ, the Company would enter into a deferred prosecution agreement (“DPA”) with the DOJ, under which the DOJ would defer criminal prosecution of the Company for a period of three years for charges relating to conspiracy to violate the anti-bribery and books and records provisions of the FCPA. If the Company remains in compliance with the DPA during its three-year term, the deferred charge against the Company would be dismissed with prejudice. The Company would pay $52.5 million in criminal fines to the DOJ. Under the Company’s agreement in principle with the SEC, the Company would enter into an administrative resolution with the SEC with respect to alleged violations of the anti-bribery, books and records and internal controls provisions of the FCPA, and would disgorge $22.2 million and pay pre-judgment interest of $6.0 million to the SEC. In addition, under both the agreement in principle with the DOJ and with the SEC, the Company would engage an independent compliance monitor for two years and undertake compliance with self-reporting obligations for an additional year. Based on these agreements in principle and as provided by U.S. GAAP, in addition to the $61.0 million previously accrued, the Company has recognized an additional estimated aggregate accrued liability for these matters of approximately $19.7 million within its consolidated financial statements as of December 31, 2021, for a total accrual of $80.7 million relating to these matters. Final resolution of these matters is subject to negotiation of documentation satisfactory to all parties. It is also subject to final approvals by the Company’s board of directors, the DOJ, and the SEC, and may require court approval of the DPA. The Company is also discussing potential settlement of investigations by Brazilian authorities. Because negotiations with the Brazilian authorities are ongoing, the Company cannot predict with certainty the outcome of these negotiations, including whether a settlement will be reached, the amount of any potential monetary payments, or injunctive or other relief. In the event the Company is able to negotiate a settlement with the Brazilian authorities, certain monetary portions of the agreements in principle with the DOJ and SEC may be offset by payments made thereto. At the present time, the Company is unable to reasonably estimate nor provide any assurance regarding the amount of any potential loss in excess of the amount accrued relating to these matters. In addition, the Company has been informed that the office of the United States Attorney for the Southern District of New York is conducting an investigation into compliance with the False Claims Act and other federal statutes in connection with the collection, transportation and disposal of hazardous waste by the Company’s former ESOL business unit. The Company has also been informed that the State of California Department of Justice is conducting an investigation related to the Company’s collection, transportation, and disposal of waste generated by government customers in California. The Company is cooperating with these investigations. The Company has not accrued any amounts in respect of the investigation matters set forth in the preceding paragraph, as it cannot estimate any reasonably possible loss or any range of reasonably possible losses that the Company may incur. The Company is unable to make such an estimate because, based on what the Company knows now, in the Company’s judgment, the factual and legal issues presented in these matters are sufficiently unique that the Company is unable to identify other circumstances sufficiently comparable to provide guidance in making estimates. Environmental and Regulatory Matters. The Company is regulated by federal, state and local laws enacted to regulate the discharge of materials into the environment, the generation, transportation and disposal of waste, and the cleanup of contaminated soil and groundwater and protection of the environment. Because of the highly regulated nature of its business, the Company frequently becomes a party to legal or administrative proceedings involving various governmental authorities and other interested parties. The issues involved in these proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties to which either the Company or the prior owners of certain of its facilities shipped waste. From time to time, the Company may be subject to fines or penalties in regulatory proceedings relating primarily to waste treatment, storage or disposal facilities. Effective April 6, 2020, the Company completed the divestiture of its Domestic Environmental Solutions business, including the facility in Rancho Cordova, California, to Harsco Corporation. Pursuant to the Purchase Agreement, the Company may have liability under certain indemnification claims for matters relating to those Environmental Solutions facilities, including potentially with respect to the investigations by the Southern District of New York and California Department of Justice described above and the Rancho Cordova, California, and DEA Investigation matters discussed below. Rancho Cordova, California. On June 25 and 26, 2018, the California DTSC conducted a Compliance Enforcement Inspection of the Company’s former Environmental Solutions facility in Rancho Cordova, California. On February 14, 2020, DTSC filed an action in the Superior Court for the State of California, Sacramento County Division, alleging violations of California’s Hazardous Waste Control Law and the facility’s hazardous waste permit arising from the inspection. That action is ongoing. Separately, on August 15, 2019, the Company received from DTSC a written Intent to Deny Hazardous Waste Facility Permit application for the Rancho Cordova facility. A public hearing was held on September 22, 2019, and the public comment period closed on October 25, 2019. The Company entered a written submission as part of that process. On August 27, 2020, DTSC issued a Notice of Denial of Hazardous Waste Facility Permit Application and on September 25, 2020, the Company filed a Petition for Review, which instituted an administrative appeal of DTSC’s action, which is currently pending. The Company is vigorously defending itself in all of the Rancho Cordova, California matters. The Company has not accrued any amounts in respect of these matters and cannot estimate the reasonably possible loss or the range of reasonably possible losses that it may incur. The Company is unable to make such an estimate because (i) litigation is by its nature uncertain and unpredictable and (ii) in the Company’s judgment, the factual and legal allegations asserted by DTSC are sufficiently unique that it is unable to identify other proceedings with circumstances sufficiently comparable to provide guidance in making estimates. DEA Investigation. On February 11, 2020, the Company received an administrative subpoena from the DEA, which executed a search warrant at the Company’s former Environmental Solutions facility at Rancho Cordova, California and an administrative inspection warrant at the Company’s former facility in Indianapolis, Indiana for materials related to the former Environmental Solutions business of collecting, transporting, and destroying controlled substances from retail customers (the “ESOL Retail Controlled Substances Business”). On that same day, agents from the DTSC executed a separate search warrant at the Rancho Cordova facility. Since that time, the U.S. Attorney’s Office for the Eastern District of California (“USAO EDCA”) has been overseeing criminal and civil investigations of the ESOL Retail Controlled Substances Business. The USAO EDCA has informed the Company that it may have civil liability under the Controlled Substances Act related to the Domestic Environmental Solutions Retail Controlled Substances Business. The Company is cooperating with the civil and criminal investigations, which are ongoing. The Company has not accrued any amounts in respect of these investigations and cannot estimate the reasonably possible loss or any range of reasonably possible losses that the Company may incur. The Company is unable to make such an estimate because, based on what the Company knows now, in the Company’s judgment, the factual and legal issues presented in this matter are sufficiently unique that the Company is unable to identify other circumstances sufficiently comparable to provide guidance in making estimates. European Retrovirus Investigations. In conjunction with Europol, governmental authorities of Spain, Portugal, and Romania have conducted coordinated inspections of a large number of medical waste management facilities, including Stericycle facilities, relating to the transportation, management and disposal of waste that may be infected with the COVID-19 virus, and related matters. The inspections have resulted in proceedings in Spain and Portugal. The Company intends to vigorously defend itself in these proceedings. The Company has not accrued any amounts in respect of these investigations, as it cannot estimate the reasonably possible loss or any range of reasonably possible losses that the Company may incur. The Company is unable to make such an estimate because, based on what the Company knows now, in the Company’s judgment, the factual and legal issues presented in this matter are sufficiently unique that the Company is unable to identify other circumstances sufficiently comparable to provide guidance in making estimates. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements include the accounts of Stericycle, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's consolidated financial statements were prepared in accordance with U.S. GAAP and include the assets, liabilities, revenue and expenses of all wholly-owned subsidiaries and majority-owned subsidiaries over which the Company exercises control. Outside stockholders' interests in subsidiaries are shown on the consolidated financial statements as “Noncontrolling interests." |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some areas where the Company makes estimates include allowance for doubtful accounts, credit memo reserve, contingent liabilities, asset retirement obligations, stock compensation expense, income tax assets and liabilities, accrued employee health and welfare benefits, accrued auto, and workers’ compensation self-insured claims, leases, acquisition related long-lived assets, goodwill and held for sale impairment valuations. Such estimates are based on historical trends and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers: Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. Revenue is recognized net of revenue-based taxes assessed by governmental authorities. The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs, and communication solutions such as appointment reminders, secure messaging, event registration and other communications for hospitals and IDN; and SID Services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper. The associated activities for each of these are a series of distinct services that are substantially the same and have the same pattern of transfer over time; therefore, the respective services are treated as a single performance obligation. The Company recognizes revenue by applying the right to invoice practical expedient as the Company’s right to consideration corresponds directly to the value provided to the customer for performance to date. Revenues for the Company’s Regulated Waste and Secure Information Destruction Services are recognized upon waste collection. The Company’s compliance services revenues are recognized over the contractual service period. Revenues from communication solutions are recognized as the services are performed. The Company’s customers typically enter into a contract for the provision of services on a regular and scheduled basis, e.g., weekly, monthly or on an as needed basis over the contract term, e.g. one-time service. Under the contract terms, the Company receives fees based on a monthly, quarterly or annual rate and/or fees based on contractual rates depending upon measures including the volume, weight, and type of waste, number and size of containers collected, weight and type of shredded paper, and number of call minutes. Amounts are invoiced based on the terms of the underlying contract either on a regular basis, e.g., monthly or quarterly, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable is recorded when billed or when goods or services are provided. The carrying value of the Company’s receivables is presented net of an |
Contract Liability | Contract Liability: The Company records a contract liability when cash payments are received in advance of the Company’s services being performed and is classified as current in Other current liabilities on the Consolidated Balance Sheets since the amounts are earned within a year. |
Contract Acquisition Costs | Contract Acquisition Costs: Incremental direct costs of obtaining a contract, which primarily represent sales incentives, are deferred and amortized to SG&A over the estimated period of benefit to be derived from the cost taking into consideration our standard contract terms and conditions and other factors. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of less than three months when purchased to be cash equivalents. Cash equivalents are carried at cost. |
Financial Instruments | Financial Instruments: The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and payable, and long-term debt. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of accounts receivable. Credit risk on trade receivables is minimized as a result of the large size of the Company’s customer base, low concentration, and the performance of ongoing credit evaluations of its customers. The Company also maintains allowances for potential credit losses. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment is stated at cost. Expenditures for software purchases and software developed for internal use are capitalized and included in Software. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized. |
Capitalized Interest | Capitalized Interest: The Company capitalizes interest incurred associated with projects under construction for the duration of the asset construction period. |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets: Goodwill represents the excess of the purchase price over the fair value assigned the net tangible and identifiable tangible assets of businesses acquired. Intangible assets |
Impairment of Long - Lived Assets | Impairment of Long - Lived Assets: Property and Equipment and Intangible Assets (definite-lives), Net: Long-lived assets, such as property, plant and equipment and amortizing intangible assets are reviewed whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of assets with definite-lives is generally determined by comparing projected undiscounted cash flows expected to be generated by the asset, or asset groups, to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted basis, an impairment is recognized to the extent fair value exceeds carrying value. Determining the extent of impairment, if any, typically requires various estimates and assumptions including cash flows directly attributable to the asset, the useful life of the asset and residual value, if any. When necessary, the Company uses internal cash flow estimates, quoted market prices and appraisals, as appropriate, to determine fair value. Actual results could vary from these estimates. In addition, the remaining useful life of the impaired asset is revised, if necessary. Intangible Assets (indefinite-lived): Indefinite-lived intangibles consist primarily of permits and tradenames. Indefinite-lived intangibles are assessed for impairment annually as of October 1, or more frequently if an event occurs or circumstances change, using either a qualitative or quantitative approach. The qualitative approach first determines if it is more-likely-than-not that the fair value of the asset is less than the carrying value. If no such determination is made, then the impairment test is complete. If, however, it is determined that there is a likely impairment, a quantitative assessment is performed. The Company performs its annual impairment test on indefinite-lived intangibles, using the qualitative approach for certain assets and the quantitative approach for the remaining assets. Goodwill: Goodwill is assessed for impairment at least annually as of October 1 of each year, or more frequently if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying value. The Company uses a quantitative approach to assess goodwill for impairment. The fair value of each reporting unit is calculated using the income approach (including DCF) and validated using a market approach with the involvement of a third-party valuation specialist. The Company's reporting units are: Domestic RWCS, Domestic SID, Domestic CRS, Canada, Europe, Asia Pacific and Latin America. The income approach uses expected future cash flows of each reporting unit and discounts those cash flows to present value. Expected future cash flows are estimated using management assumptions of growth rates, including long-term growth rates, capital expenditures and cost efficiencies. Future acquisitions or divestitures are not included in the expected future cash flows. The Company uses a discount rate based on a calculated weighted average cost of capital which is adjusted for each of its reporting units based on size, country and company specific risk premiums. The market approach compares the valuation multiples of similar companies to that of the associated reporting unit. The Company then reconciles the calculated fair values to its market capitalization. The fair value is then compared to its carrying value including goodwill. If the fair value is in excess of its carrying value, the related goodwill is not impaired. If the fair value is less than carrying value, an impairment charge is recognized, equivalent to the amount that the carrying value exceeds the fair value. The use of different assumptions, estimates or judgments in the goodwill impairment testing process may significantly increase or decrease the estimated fair value of a reporting unit. Generally, changes in DCF estimates would have a similar effect on the estimated fair value of the reporting unit. The Company believes that the estimated fair value used in measuring the impairment was based on reasonable assumptions but future changes in the underlying assumptions could differ due to the inherent judgment in making such estimates. Goodwill impairment charges may be recognized in future periods to the extent changes in factors or circumstances occur, including deterioration in the macro-economic environment or in the equity markets, including the market value of the Company’s common shares, deterioration in its performance or its future projections, or changes in its plans for one or more reporting units. |
Assets and Liabilities Held-for-Sale | Assets and Liabilities Held-for-Sale: Long-lived assets or disposal groups are classified as held-for-sale when management having the appropriate authority, generally the Company’s Board of Directors or certain of its Executive Officers, commits to a plan of sale, the disposal group is ready for immediate sale, an active program to locate a buyer has been initiated and the sale is probable and expected to be completed within one year. Once classified as held-for-sale disposal groups are valued at the lower of their carrying amount or fair value less estimated selling costs. Where the disposal group constitutes substantially all of our operations of a foreign country, the balance in the cumulative translation adjustment associated with that country is included in the carrying value of the disposal group. If the carrying value, including any amount associated with the cumulative translation adjustment, exceeds the fair value less estimated selling costs a held-for-sale impairment charge is recorded to reduce the carrying value. The estimate for fair value is reviewed at the end of every reporting period that the disposal group is classified as held-for-sale and the carrying value adjusted whenever the estimated fair value less costs to sell is less than the carrying value. |
Acquisitions | Acquisitions: The assets acquired and liabilities assumed are recorded on the date of acquisition at their respective estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired recorded as goodwill. We typically use an income method to estimate the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and related customer attrition and profitability) and the discount rate applied to the cash flows. The majority of current assets acquired, and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. Assigning intangible assets useful lives is based on the period of substantial expected benefit derived from the asset. |
Insurance and Self-Insurance | Insurance and Self-Insurance: The Company’s insurance for workers’ compensation, auto/fleet, general liability, property, and employee-related health care benefits is obtained using high deductible insurance policies, if any, meaning that the Company has retained a significant portion of the risks related to the claims associated with these programs. The estimated exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on a calculation performed by a third-party actuarial specialist using the Company’s historical claims experience. The accruals for these liabilities could be revised if future occurrences or loss developments significantly differ from the assumptions used. Estimated recoveries associated with insured claims are recognized as assets when the receipt of such amounts is probable. |
Restructuring Charges | Restructuring Charges: Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Costs for one-time termination benefits in which the employee is required to render service beyond a minimum retention period in order to receive the benefits are recognized ratably over the future service period. Contract termination costs are recognized when contracts are terminated or when the Company ceases to use the leased facility and no longer derive economic benefit from the contract. All other exit costs are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the estimated grant-date fair value. Expense is generally recognized on a straight-line basis over the period during which awards are expected to vest. The Company presents stock-based compensation expense within the Consolidated Statements of Loss based on the classification of the respective employees' cash compensation. The Company records forfeitures as they occur. |
Income Taxes | Income Taxes: The Company is subject to income taxes in both the U.S. and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to reverse. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. Changes in the expectations regarding the realization of deferred tax assets could materially impact income tax expense in future periods. Tax liabilities are recognized when, in management’s judgment, an uncertain tax position does not meet the more likely than not (i.e. a likelihood of more than fifty percent) threshold for recognition. For tax positions that meet the more likely than not threshold, a tax liability may still be recognized depending on management’s assessment of how the tax position will ultimately be settled. The Company records interest and penalties on unrecognized tax benefits in the provision for income taxes. |
Leases | Leases: Operating leases are included in Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities on the Company’s Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current portion of long-term debt and Long-term debt on the Consolidated Balance Sheets. Operating lease ROU assets, Operating lease liabilities and Long-term operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company uses an estimated incremental borrowing rate, which is based on information available at lease commencement. The Company’s leases generally do not contain material variable lease payments and generally do not contain options to purchase the leased property, any material residual value guarantees, or material restrictive covenants. At commencement, the Operating lease ROU asset is equal to the lease liability and is adjusted for lease incentives and initial direct costs incurred. The Company reviews all options to extend, terminate, or purchase its ROU assets at the commencement of the lease and on an ongoing basis and accounts for these options when they are reasonably certain of being exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, including payments for common area maintenance and vehicle maintenance costs, which are accounted for separately, based on their underlying nature, for each class of underlying assets. In addition, the Company applies the short-term lease recognition exemption for leases with terms at commencement of not greater than 12 months. |
Asset Retirement Obligations | Asset Retirement Obligations: The Company establishes assets and liabilities for the present value of estimated future costs to retire long-lived assets at the termination or expiration of a lease. Such assets are amortized over the lease term and the recognized liabilities are accreted to the future value of the estimated retirement costs. The related amortization and accretion expenses are presented within COR if the leased asset is used in the delivery of the Company’s services and the remaining expenses are presented within SG&A on the Consolidated Statements of Loss. |
Foreign Currency | Foreign Currency: Assets and liabilities of foreign affiliates that use the local currency as their functional currency are translated at the exchange rate on the last day of the accounting period and income statement accounts are translated at the average rates during the period. Related translation adjustments are reported as a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency gains and losses resulting from transactions that are denominated in currencies other than the entity’s functional currency, including foreign currency gains and losses on intercompany balances that are not of a long-term investment nature, are included within Other (income) expense, net on the Consolidated Statements of Loss. |
Highly Inflationary Economy | Highly Inflationary Economy : Effective July 1, 2018, as a result of three-year cumulative inflation exceeding 100%, Argentina was classified as a highly inflationary economy. The Company's Argentina operations were divested in August 2020. Accordingly, the Company recognized, in Other income (expense), net, a foreign exchange loss of $1.2 million and $3.3 million during the years ended December 31, 2020 and 2019, respectively, arising from the re-measurement of its Argentinian peso denominated net monetary assets. Nonmonetary assets, liabilities, and related expenses are measured using historical exchange rates and do not fluctuate with changes in the local exchange rate. |
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Adoption of New Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 was effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted ASU 2019-12 on January 1, 2021 and there was no material impact on the Company’s Consolidated Financial Statements. Financial Instrument Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) associated with the measurement of credit losses on financial instruments. ASU 2016-13 replaces the prior incurred loss impairment methodology of recognizing credit losses when a loss was probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The amended guidance was effective for the Company on January 1, 2020. The Company recognized a net decrease to Retained earnings in the Consolidated Financial Statements of $2.5 million as of January 1, 2020 for the cumulative effect of adopting ASU 2016-13. Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ ASU 2018-15 ”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The accounting for any hosting contract is unchanged. ASU 2018-15 was effective on January 1, 2020 and was adopted prospectively for implementation costs incurred after the date of adoption. The adoption of ASU 2018-15 did not have a material impact on the Consolidated Financial Statements. Accounting Standards Issued But Not Yet Adopted To date, there have been no recent accounting pronouncements not yet effective that have a material, or potential material, impact to our Consolidated Financial Statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Changes in Allowance for Doubtful Accounts | The changes in allowance for doubtful accounts were reported as follows: In millions Year Ended December 31, 2021 2020 2019 Balances at beginning of period $ 56.2 $ 67.9 $ 71.9 Bad debt expense, net of recoveries 9.0 21.7 25.7 Write-offs (20.2) (24.2) (23.9) Other changes (1) (1.7) (9.2) (5.8) Balances at end of period $ 43.3 $ 56.2 $ 67.9 (1) Amounts consist primarily of currency translation adjustments, and $0.7 million and $9.3 million relating to divestitures undertaken during 2021 and 2020, respectively. Additionally, 2020 amount includes impact of adoption of a new accounting standard. |
Estimated Useful Lives of Assets | Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements 2 to 40 years Machinery and equipment 2 to 30 years Containers 2 to 20 years Vehicles 2 to 10 years Office equipment and furniture 2 to 20 years Software and Enterprise Resource Planning system 2 to 10 years |
REVENUES FROM CONTRACTS WITH _2
REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition | In millions Year Ended Year Ended December 31, 2021 2020 2019 Revenue by Service Regulated Waste and Compliance Services $ 1,854.0 $ 1,930.2 $ 2,407.0 Secure Information Destruction Services 792.9 745.3 901.9 Total Revenues $ 2,646.9 $ 2,675.5 $ 3,308.9 North America Regulated Waste and Compliance Services $ 1,457.5 $ 1,541.9 $ 1,970.4 Secure Information Destruction Services 679.0 647.3 769.5 Total North America Segment $ 2,136.5 $ 2,189.2 $ 2,739.9 International Regulated Waste and Compliance Services $ 396.5 $ 388.3 $ 436.6 Secure Information Destruction Services 113.9 98.0 132.4 Total International Segment $ 510.4 $ 486.3 $ 569.0 |
Schedule of Total Contract Acquisition Costs | Total contract acquisition costs, net of accumulated amortization, were classified as follows as of December 31: In millions 2021 2020 Other current assets $ 12.4 $ 11.1 Other assets 34.3 31.1 Total contract acquisition costs $ 46.7 $ 42.2 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Fair Value of Consideration Transferred for Current Period and Prior Year Acquisitions | The following table summarizes the acquisition date fair value of consideration transferred for acquisitions completed during the years ended December 31: In millions 2021 2019 Cash $ 10.5 $ 0.2 Promissory notes 21.9 0.3 Deferred consideration 11.0 — Total purchase price $ 43.4 $ 0.5 |
Summary of Purchase Price Allocations for Acquisitions | The following table summarizes the purchase price allocation for the acquisitions during the years ended December 31: In millions 2021 2019 Fixed assets $ 0.5 $ — Intangibles 20.0 0.5 Goodwill 22.0 — Other assets and liabilities, net 0.9 — Total purchase price $ 43.4 $ 0.5 |
RESTRUCTURING, DIVESTITURES, _2
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Impairments and Divestiture Losses, Net of (Gains) | Stericycle recognized the following Divestiture (gains) losses, net in the Consolidated Statements of Loss: In millions Year Ended December 31, 2021 2020 2019 North America Segment Canada Environmental Solutions operations $ (12.6) $ — $ — Domestic Environmental Solutions operations — 53.8 — CRS businesses — (38.8) 45.5 Total North America charges, net (12.6) 15.0 45.5 International Segment CRS businesses — (4.0) — Japan RWCS operations 10.9 — — Argentina operations — 112.4 — Mexico RWCS operations — (4.9) 43.2 Chile RWCS operations — 5.1 19.0 U.K. businesses — — (4.7) Total International charges, net 10.9 108.6 57.5 Divestiture (gains) losses, net $ (1.7) $ 123.6 $ 103.0 |
Schedule of Impairments | Impairments: In millions Year Ended December 31, 2021 2020 2019 Impairments Operational Optimization - COR $ — $ — $ 5.6 Operational Optimization - SG&A — 2.8 1.7 Asset Impairment - COR — 6.8 5.2 Asset Impairment - SG&A 6.7 8.7 16.9 Total Impairments $ 6.7 $ 18.3 $ 29.4 North America Operational Optimization - COR $ — $ — $ 2.0 Operational Optimization - SG&A — — 0.4 Asset Impairment - COR — 6.1 1.6 Asset Impairment - SG&A 2.1 4.2 0.5 Total North America Segment $ 2.1 $ 10.3 $ 4.5 International Operational Optimization - COR $ — $ — $ 3.6 Operational Optimization - SG&A — 2.8 1.3 Asset Impairment - COR — 0.7 3.6 Asset Impairment - SG&A 4.6 4.5 16.4 Total International Segment $ 4.6 $ 8.0 $ 24.9 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31: In millions 2021 2020 Land and improvements $ 42.4 $ 38.7 Building and improvements 219.7 225.0 Machinery and equipment 318.0 323.0 Fleet vehicles 142.0 156.0 Containers 255.5 249.7 Office equipment and furniture 51.0 53.9 Software and Enterprise Resource Planning system (1) 266.3 88.6 Construction in progress (1) 74.6 196.1 Total property, plant and equipment 1,369.5 1,331.0 Less: accumulated depreciation (658.5) (629.7) Property, plant and equipment, net $ 711.0 $ 701.3 (1) In the third quarter of 2021, we completed deployment of our ERP system for North America’s finance and procurement processes and for North America’s SID business. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Net Lease Cost | The components of net lease cost were as follows for the years ended December 31: In millions 2021 2020 Operating lease cost $ 108.2 $ 114.2 Finance lease cost: Amortization of leased assets 3.4 4.7 Interest on lease liabilities 1.1 1.9 Net lease cost $ 112.7 $ 120.8 |
Schedule of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases were as follows for the years ended December 31: In millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.1 $ 117.1 Operating cash flows from finance leases (interest) 1.1 1.9 Financing cash flows from finance leases (principal) 3.9 4.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases 96.8 79.8 Finance leases 0.5 1.1 |
Schedule Of Information Regarding Lease Terms and Discount Rates | Information regarding lease terms and discount rates as of December 31 were as follows: In millions 2021 2020 Weighted average remaining lease term (years): Operating leases 5.9 6.1 Finance leases 14.4 14.4 Weighted average discount rate: Operating leases 4.19 % 4.07 % Finance leases 5.22 % 5.15 % |
Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2021, were as follows: In millions Operating Leases Finance Leases 2022 $ 96.0 $ 3.6 2023 81.2 3.9 2024 70.2 2.8 2025 49.8 2.5 2026 30.0 2.2 Thereafter 86.1 20.4 Total lease payments 413.3 35.4 Less: Interest 48.0 14.0 Present value of lease liabilities $ 365.3 $ 21.4 |
Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2021, were as follows: In millions Operating Leases Finance Leases 2022 $ 96.0 $ 3.6 2023 81.2 3.9 2024 70.2 2.8 2025 49.8 2.5 2026 30.0 2.2 Thereafter 86.1 20.4 Total lease payments 413.3 35.4 Less: Interest 48.0 14.0 Present value of lease liabilities $ 365.3 $ 21.4 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows: In millions North America International Total Balance as of December 31, 2019 $ 2,631.6 $ 350.6 $ 2,982.2 Divestitures (182.8) (4.0) (186.8) Changes due to foreign currency fluctuations and other — 23.9 23.9 Balance as of December 31, 2020 2,448.8 370.5 2,819.3 Acquisition 22.0 — 22.0 Divestitures — (6.0) (6.0) Changes due to foreign currency fluctuations and other — (19.6) (19.6) Balance as of December 31, 2021 $ 2,470.8 $ 344.9 $ 2,815.7 |
Summary of Accumulated Non-Cash Impairment Charges by Segment | Accumulated non-cash impairment charges by segment as of December 31 were as follows: In millions 2021 2020 North America $ 421.1 $ 421.1 International 175.6 175.6 Total $ 596.7 $ 596.7 |
Carrying Values of Other Intangible Assets | At December 31, the values of other intangible assets were as follows: In millions 2021 2020 Gross Carrying Amount Accumulated Amortization Net Value Gross Carrying Amount Accumulated Amortization Net Value Amortizable intangibles: Customer relationships $ 1,297.6 $ 722.9 $ 574.7 $ 1,314.9 $ 630.2 $ 684.7 Covenants not-to-compete 3.5 3.2 0.3 3.5 3.0 0.5 Operating permits 12.1 8.5 3.6 11.5 6.5 5.0 Tradenames 3.6 1.4 2.2 3.6 1.3 2.3 Other 0.6 0.6 — 0.6 0.6 — Indefinite-lived intangibles: Operating permits 70.0 — 70.0 79.6 — 79.6 Tradenames 313.7 — 313.7 315.3 — 315.3 Total $ 1,701.1 $ 736.6 $ 964.5 $ 1,729.0 $ 641.6 $ 1,087.4 |
Changes in Carrying Amount of Intangible Assets | The changes in the carrying amount of intangible assets were as follows: In millions Total Balance as of December 31, 2019 $ 1,422.4 Divestitures (209.8) Impairments (11.1) Amortization (124.9) Changes due to foreign currency fluctuations 10.8 Balance as of December 31, 2020 1,087.4 Acquisition 20.0 Impairments (4.6) Divestitures (10.9) Amortization (117.9) Changes due to foreign currency fluctuations (9.5) Balance as of December 31, 2021 $ 964.5 |
Summary of Finite-lived Intangible Assets | Finite-lived intangible assets are amortized over their estimated useful lives using the straight-line method with each category having weighted average remaining useful lives as follows: In years Estimated Useful Lives Weighted Average Remaining Useful Lives Customer relationships 10-25 6.8 Covenants not-to-compete 5 3.6 Operating permits 1-2 1.2 Tradenames 20-40 16.5 Landfill air rights 5-10 2.7 |
Estimated Intangible Asset Amortization Expense | Our estimated intangible asset amortization expense for each of the next five years is as follows for the years ending December 31: In millions 2022 $ 114.3 2023 111.0 2024 109.8 2025 89.6 2026 28.2 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following at December 31: In millions 2021 2020 Compensation $ 91.2 $ 97.6 Self-insurance 84.1 78.1 Taxes 37.7 51.2 Interest 26.3 19.4 Professional fees 9.9 11.2 Disposal and landfill liabilities 2.9 1.6 Contingent liability 92.0 14.5 Other 15.5 15.8 Total accrued liabilities $ 359.6 $ 289.4 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following at December 31: In millions 2021 2020 $1.2 billion Credit Facility, due in 2026 $ 247.0 $ 173.3 $200 million term loan, due in 2026 200.0 422.5 $600 million Senior Notes, due in 2024 600.0 600.0 $500 million Senior Notes, due in 2029 500.0 500.0 Promissory notes and deferred consideration, weighted average maturity of 3.7 and 2.1 years for 2021 and 2020, respectively (Note 4) 54.6 42.3 Foreign bank debt, weighted average maturity of 6.0 years for 2021 and 1.1 years for 2020 0.7 32.3 Obligations under finance leases (Note 6) 21.4 24.8 Total debt 1,623.7 1,795.2 Less: current portion of total debt 19.9 91.0 Less: unamortized debt issuance costs 14.0 15.1 Long-term portion of total debt $ 1,589.8 $ 1,689.1 |
Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases | The weighted average interest rates on long-term debt, excluding finance leases, as of December 31, were as follows: 2021 2020 $1.2 billion Credit Facility, due in 2026 (variable rate) 1.76 % 2.03 % $200 million term loan, due in 2026 (variable rate) 1.40 % 1.90 % $600 million Senior Notes, due in 2024 (fixed rate) 5.38 % 5.38 % $500 million Senior Notes, due in 2029 (fixed rate) 3.88 % 3.88 % Promissory notes and deferred consideration (fixed rate) 3.19 % 1.79 % Foreign bank debt (variable rate) 9.80 % 2.03 % |
Schedule of Outstanding Letters of Credit and Unused Portion of Senior Credit Facility | Amounts committed to outstanding letters of credit and the unused portion of our Senior Credit Facility at December 31 were as follows: In millions 2021 2020 Outstanding stand-by letters of credit under Senior Credit Facility $ 71.4 $ 79.5 Unused portion of the Revolving Credit Facility 881.5 947.2 |
Payments due on Long-Term Debt, Excluding Finance Lease Obligations | Payments due on long-term debt, excluding finance lease obligations, during each of the five years subsequent to December 31, 2021 are as follows: In millions 2022 $ 16.8 2023 14.2 2024 616.8 2025 12.5 2026 441.5 Thereafter 500.5 Total $ 1,602.3 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
United States and International Components of Loss before Income Taxes | The U.S. and International components of income (loss) before income taxes consisted of the following for the years ended, December 31: In millions 2021 2020 2019 U.S. $ (14.0) $ 65.6 $ (150.5) International 14.7 (121.6) (212.3) Total income (loss) before income taxes $ 0.7 $ (56.0) $ (362.8) |
Significant Components of Income Tax Benefit (Expense) | Significant components of the Company’s income tax (expense) benefit for the years ended December 31, are as follows: In millions 2021 2020 2019 Current U.S. - federal $ 4.9 $ 108.3 $ — U.S. - state and local (1.4) (2.9) (10.7) International (6.4) (6.0) (6.4) (2.9) 99.4 (17.1) Deferred U.S. - federal (17.0) (85.9) 23.9 U.S. - state and local (4.6) (13.7) 8.0 International (3.0) 0.3 2.0 (24.6) (99.3) 33.9 Total (expense) benefit $ (27.5) $ 0.1 $ 16.8 |
Reconciliation of Income Tax Provision Computed at Federal Statutory Rate to Effective Tax Rate | A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate for the years ended December 31, are as follows: 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effect of: State and local taxes, net of federal tax effect (317.2 %) (11.2 %) 1.2 % International tax rates (938.5 %) 14.3 % 5.1 % Permanent - other items 248.2 % (2.1 %) (4.2 %) Permanent - goodwill impairment — % — % (14.1 %) FCPA settlement accrual 3,118.2 % — % — % CARES Act and other tax matters (268.4 %) 79.2 % — % Valuation allowance 1,727.9 % (26.5 %) (1.2 %) Divestitures (708.4 %) (62.7 %) 1.2 % Stock-based compensation and executive compensation disallowance 908.6 % (11.9 %) (1.0 %) Other 37.6 % 0.1 % (3.4 %) Effective tax rate 3,829.0 % 0.2 % 4.6 % Note 19 – Legal Proceedings for further information). 2021 Tax Expense (Benefit) Tax Rate U.S. federal tax expense (benefit) at statutory income tax rate $ 0.2 21.0 % Effect of: State and local taxes, net of federal tax effect (2.3) (317.2 %) International tax rates (6.8) (938.5 %) Permanent - other items 1.8 248.2 % FCPA settlement accrual 22.5 3,118.2 % CARES Act and other tax matters (1.9) (268.4 %) Valuation allowance 12.5 1,727.9 % Divestitures (5.1) (708.4 %) Stock-based compensation and executive compensation disallowance 6.5 908.6 % Other 0.1 37.6 % Effective tax expense (benefit) $ 27.5 3,829.0 % |
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets at December 31, were as follows: In millions 2021 2020 Deferred tax liabilities: Property, plant and equipment $ (87.2) $ (49.0) Goodwill and intangibles (394.4) (391.2) Leases - right of use asset (89.9) (91.3) Other (15.7) (17.1) Total deferred tax liabilities (587.2) (548.6) Deferred tax assets: Accrued liabilities 58.6 63.1 Leases - right of use liability 95.1 96.5 Net operating tax loss carry-forwards 73.4 49.0 Interest expense carry-forward 15.3 11.3 Other 11.7 15.0 Less: valuation allowance (61.4) (52.0) Total deferred tax assets 192.7 182.9 Net deferred tax liabilities $ (394.5) $ (365.7) |
Summary of Aggregate Changes in Unrecognized Tax benefits | The following table summarizes the aggregate changes in unrecognized tax benefits: In millions Unrecognized tax positions as of December 31, 2019 $ 62.7 Gross increases - tax positions in prior periods (33.5) Gross increases - current period tax positions 2.4 Settlements (0.8) Lapse of statute of limitations (6.5) Unrecognized tax positions as of December 31, 2020 24.3 Gross increases (decreases) - tax positions in prior periods (5.7) Gross increases - current period tax positions 5.3 Settlements (0.2) Lapse of statute of limitations (4.0) Unrecognized tax positions as of December 31, 2021 $ 19.7 |
Summary of Valuation Allowance | valuation allowance on deferred tax assets is as follows: In millions Year Ended December 31, 2021 2020 2019 Balances at beginning of period $ 52.0 $ 39.4 $ 35.3 Additions Charged to Income Tax Expense (1) 10.5 17.8 13.3 Other Changes to Reserves (2) (1.1) (5.2) (9.2) Balances at end of period $ 61.4 $ 52.0 $ 39.4 (1) 2021 amount includes valuation allowances on business operations (including the U.K., Brazil, and Spain). 2020 amount includes valuation allowances on business operations (including the U.K. and Brazil). (2) 2021 and 2020 amounts consist primarily of currency translation adjustments. 2019 amount consists primarily of divestiture valuation allowances for businesses in Mexico and Chile. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Contingent Consideration Liabilities Recorded Using Level 3 Inputs, Amounts Classified as Either Other Current Liabilities or Other Liabilities | Our contingent consideration liabilities are reassessed at the end of every reporting period and are recorded using Level 3 inputs. The amounts are classified as either other current liabilities or other liabilities and are presented as follows as of December 31: In millions 2021 2020 Other current liabilities $ — $ 0.4 Other liabilities 5.3 5.3 Total contingent consideration $ 5.3 $ 5.7 |
Changes to Contingent Consideration | Changes to contingent consideration are reflected in the table below: In millions Contingent consideration as of January 1, 2019 $ 8.0 Change in fair value reflected in SG&A (2.1) Currency Translation Adjustment (0.1) Decrease due to payments (0.1) Contingent consideration as of December 31, 2020 5.7 Change in fair value reflected in SG&A (0.4) Contingent consideration as of December 31, 2021 $ 5.3 |
Estimated Fair Value of Company's Debt Obligations, Using Level 2 Inputs, Compared to Carrying Amount | Fair Value of Debt: The estimated fair value of the Company’s debt obligations, using Level 2 inputs, compared to the carrying amount at December 31 was as follows: In billions 2021 2020 Fair value of debt obligations $ 1.63 $ 1.86 Carrying value of debt obligations 1.62 1.80 |
RETIREMENT AND OTHER EMPLOYEE_2
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Defined Benefit Pension Plans | The following table outlines the Company’s participation in Multiemployer Pension Plans: Pension Protection Act Zone Status (1), (3) FIP/RP Status (2) Company Contributions (4) (in millions) Expiration Date of Collective Bargaining Agreements Plan Employer ID Number Plan # 2021 2020 2021 2020 Pension Plan Private Sanitation Union, Local 813 IBT 13-1975659 1 Red/ Critical Red/ Critical Implemented $ 1.5 $ 0.6 various dates Nurses And Local 813 IBT Retirement Plan 13-3628926 1 Green Green N/A $ — $ 0.1 various dates (1) Zone status is defined by the Department of Labor and the Pension Protection Act and represents the level at which the plan is funded. Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by a Multiemployer Pension Plan actuary. (2) The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending. The most recent Pension Protection Act zone status available in 2021 and 2020 is for the plans’ year-end December 31, 2020. (3) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (4) The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% of total contributions to such plan during the plan years ended December 31, 2020. At the date these financial statements were issued, Forms 5500 were not available for the Multiemployer Pension Plans for the year ended December 31, 2021. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense Resulting from Stock Option Awards, RSUs, PSUs, and ESPP and Canada ESPP | The following table presents the total stock-based compensation expense resulting from stock option awards, RSUs, PSUs and the U.S. ESPP and Canada ESPP included in the Consolidated Statements of Loss: In millions Year Ended December 31, 2021 2020 2019 SG&A - stock option plans $ 2.0 $ 3.2 $ 8.0 SG&A - RSUs 14.8 15.6 7.8 SG&A - PSUs 9.6 5.9 0.5 SG&A - U.S. ESPP and Canada ESPP 0.7 0.8 0.8 Total pre-tax expense $ 27.1 $ 25.5 $ 17.1 |
Stock Option Activity | Stock option activity for the year ended December 31, 2021 is summarized as follows: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Outstanding as of January 1, 2021 2,860,468 $ 96.00 Granted — $ — Exercised (50,099) $ 52.33 Forfeited (19,827) $ 66.60 Cancelled or expired (872,012) $ 98.64 Outstanding as of December 31, 2021 1,918,530 $ 96.25 1.94 $ 2.6 Exercisable as of December 31, 2021 1,751,550 $ 100.02 1.70 $ 1.5 |
Intrinsic Value of Options Exercised | The following table sets forth the intrinsic value of options exercised for the years ended December 31: In millions 2021 2020 2019 Total exercise intrinsic value of options exercised $ 1.1 $ 0.5 $ 2.1 |
Summary of RSU Activity | RSUs activity during the year ended December 31, 2021, is as follows: Number of Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Total Aggregate Intrinsic Value (in years) (in millions) Non-vested as of January 1, 2021 547,235 $ 54.96 Granted 253,860 $ 68.71 Vested and Released (186,342) $ 55.26 Forfeited (58,431) $ 58.23 Non-vested as of December 31, 2021 556,322 $ 60.79 0.88 $ 33.2 |
Summary of PSU Activity | PSU activity during the year ended December 31, 2021, is as follows: Number of Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2021 92,042 $ 57.79 Granted 88,997 $ 57.66 Vested and Released (88,269) $ 57.61 Forfeited (16,784) $ 60.60 Non-vested as of December 31, 2021 75,986 $ 57.23 |
LOSS PER COMMON SHARE (Tables)
LOSS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) Earnings Per Share | The following table shows the effect of stock-based awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: In millions, except per share data Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding - basic 91.8 91.5 91.0 Incremental shares outstanding related to stock-based awards (1) — — — Weighted average common shares outstanding - diluted 91.8 91.5 91.0 (1) In periods of net loss, stock-based awards are anti-dilutive and therefore excluded from the (loss) earnings per share cal culation. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive stock-based awards excluded from the computation of diluted (loss) earnings per share using the treasury stock method includes the following: In thousands Year Ended December 31, 2021 2020 2019 Options excluded from computation of diluted loss per share. 1,897 3,017 4,507 RSUs excluded from computation of diluted loss per share. 63 4 98 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Total Comprehensive Loss | The following table sets forth the changes in the components of accumulated other comprehensive loss: In millions Currency Translation (Loss) Income Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of January 1, 2019 $ (362.3) $ (3.0) $ (365.3) Accelerated amortization of interest rate lock premiums — 2.3 2.3 Cumulative currency translation loss realized through disposition of Mexico operations 18.9 — 18.9 Cumulative currency translation loss realized through disposition of Chile operations 16.8 — 16.8 Year change 8.5 0.7 9.2 Balance as of December 31, 2019 (318.1) — (318.1) Cumulative currency translation loss realized through disposition of Argentina operations 87.2 — 87.2 Year change 43.5 — 43.5 Balance as of December 31, 2020 (187.4) — (187.4) Cumulative currency translation loss realized through disposition of Japan operations 3.8 — 3.8 Year change (35.2) — (35.2) Balance as of December 31, 2021 $ (218.8) $ — $ (218.8) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Information Concerning Company's Reportable Segments | The following tables show financial information for the Company's reportable segments: In millions Year Ended December 31, 2021 2020 2019 Revenues North America $ 2,136.5 $ 2,189.2 $ 2,739.9 International 510.4 486.3 569.0 Total $ 2,646.9 $ 2,675.5 $ 3,308.9 Depreciation (1) North America $ 73.5 $ 78.1 $ 88.7 International 19.2 21.7 27.3 Other 12.7 6.8 9.8 Total $ 105.4 $ 106.6 $ 125.8 Intangible Amortization North America $ 95.8 $ 98.3 $ 111.1 International 22.1 26.6 34.1 Other — — — Total $ 117.9 $ 124.9 $ 145.2 Adjusted Income from Operations North America $ 587.6 $ 606.0 $ 595.0 International 53.6 46.5 70.7 Other (288.8) (263.9) (213.7) Total $ 352.4 $ 388.6 $ 452.0 Total Assets North America $ 4,364.6 $ 4,377.5 $ 5,183.5 International 876.4 946.0 980.4 Other 232.1 258.4 273.1 Total $ 5,473.1 $ 5,581.9 $ 6,437.0 (1) Excludes depreciation of $0.6 million, $2.0 million, and $1.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, which is included as part of ERP Implementation. |
Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations | The following table reconciles the Company's primary measure of segment profitability, Adjusted Income from Operations, to (Loss) income from operations: In millions Year Ended December 31, 2021 2020 2019 Total Reportable Segment Adjusted Income from Operations $ 352.4 $ 388.6 $ 452.0 Intangible Amortization (117.9) (124.9) (145.2) ERP Implementation (59.0) (50.8) (67.7) Operational Optimization — (3.1) (14.5) Portfolio Optimization (3.3) (133.0) (118.2) Litigation, Settlements and Regulatory Compliance (93.2) (20.3) (28.2) Asset Impairments (6.7) (15.5) (22.1) Goodwill Impairment — — (228.3) Other — (9.1) (39.7) Income (loss) from operations $ 72.3 $ 31.9 $ (211.9) |
GEOGRAPHIC AREA (Tables)
GEOGRAPHIC AREA (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Summary of Consolidated Revenues and Long-lived Assets by Geographic Region | The following table presents consolidated revenues and long-lived assets by geographic region: In millions Year Ended December 31, 2021 2020 2019 Revenues U.S. $ 1,995.2 $ 2,067.3 $ 2,586.8 International: Europe 427.0 377.7 379.3 Other international countries 224.7 230.5 342.8 Total international 651.7 608.2 722.1 Total $ 2,646.9 $ 2,675.5 $ 3,308.9 Long-Lived Assets U.S. $ 4,052.0 $ 4,086.0 $ 4,700.6 International: Europe 589.2 632.5 636.5 Other international countries 194.8 254.5 301.0 Total international 784.0 887.0 937.5 Total $ 4,836.0 $ 4,973.0 $ 5,638.1 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)country | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Bad debt expense | $ 9 | $ 21.7 | $ 25.7 | |
Capitalized interest | 0.8 | 1.8 | 5.4 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,402.8) | (2,434.4) | (2,334.7) | $ (2,597.1) |
Retained Earnings | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,354.8) | (1,382.6) | (1,442.4) | $ (1,789.2) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2.5 | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2.5 | |||
Customer Concentration Risk | Zero Customers | Accounts Receivable | ||||
Significant Accounting Policies [Line Items] | ||||
Customer concentration risk percentage, no more than | 2.90% | |||
Customer Concentration Risk | Zero Customers | Total Revenues | ||||
Significant Accounting Policies [Line Items] | ||||
Customer concentration risk percentage, no more than | 1.50% | |||
Other Countries | ||||
Significant Accounting Policies [Line Items] | ||||
Number of countries served outside the U.S. (in countries) | country | 16 | |||
Argentina | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation period | 3 years | |||
Argentina | Other Expense, Net | ||||
Significant Accounting Policies [Line Items] | ||||
Foreign exchange loss | $ 1.2 | $ 3.3 | ||
Argentina | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation rate | 100.00% |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 56.2 | $ 67.9 | $ 71.9 |
Bad debt expense, net of recoveries | 9 | 21.7 | 25.7 |
Write-offs | (20.2) | (24.2) | (23.9) |
Other charges | (1.7) | (9.2) | (5.8) |
Ending balance | 43.3 | 56.2 | $ 67.9 |
Valuation allowances and reserves, related to divestitures | $ 0.7 | $ 9.3 |
BASIS OF PRESENTATION AND SUM_6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Building and improvements | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Building and improvements | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and equipment | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Machinery and equipment | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Containers | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Containers | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Vehicles | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Vehicles | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office equipment and furniture | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Office equipment and furniture | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Software and Enterprise Resource Planning system | Minimum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Software and Enterprise Resource Planning system | Maximum | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 10 years |
REVENUES FROM CONTRACTS WITH _3
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Revenues Disaggregated by Service, Primary Geographical Regions and Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,646.9 | $ 2,675.5 | $ 3,308.9 |
Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,854 | 1,930.2 | 2,407 |
Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 792.9 | 745.3 | 901.9 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,136.5 | 2,189.2 | 2,739.9 |
North America | Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,457.5 | 1,541.9 | 1,970.4 |
North America | Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 679 | 647.3 | 769.5 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 510.4 | 486.3 | 569 |
International | Regulated Waste and Compliance Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 396.5 | 388.3 | 436.6 |
International | Secure Information Destruction Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 113.9 | $ 98 | $ 132.4 |
REVENUES FROM CONTRACTS WITH _4
REVENUES FROM CONTRACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Contract liability | $ 9 | $ 8.8 | |
Contract acquisition costs weighted average estimated period (in years) | 6 years 6 months | ||
Amortized deferred sales incentive cost | $ 12.7 | $ 10.6 | $ 9.1 |
REVENUES FROM CONTRACTS WITH _5
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of Total Contract Acquisition Costs (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | $ 46.7 | $ 42.2 |
Other current assets | ||
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | 12.4 | 11.1 |
Other assets | ||
Disaggregation of Revenue [Line Items] | ||
Total contract acquisition costs | $ 34.3 | $ 31.1 |
ACQUISITIONS - Aggregate Purcha
ACQUISITIONS - Aggregate Purchase Price Paid for Acquisitions and Other Adjustments to Consideration (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Acquisition [Line Items] | |||
Cash | $ 10.5 | $ 0 | $ 0.2 |
Series of individual business acquisitions | |||
Asset Acquisition [Line Items] | |||
Cash | 10.5 | 0.2 | |
Promissory notes | 21.9 | 0.3 | |
Deferred consideration | 11 | 0 | |
Total purchase price | $ 43.4 | $ 0.5 |
ACQUISITIONS - Purchase Price A
ACQUISITIONS - Purchase Price Allocation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Acquisition [Line Items] | |||
Goodwill | $ 2,815.7 | $ 2,819.3 | $ 2,982.2 |
Customer relationships | |||
Asset Acquisition [Line Items] | |||
Finite-lived intangible assets, estimated useful lives | 15 years | ||
Series of individual business acquisitions | |||
Asset Acquisition [Line Items] | |||
Fixed assets | $ 0.5 | 0 | |
Intangibles | 20 | 0.5 | |
Goodwill | 22 | 0 | |
Other assets and liabilities, net | 0.9 | 0 | |
Total purchase price | $ 43.4 | $ 0.5 |
RESTRUCTURING, DIVESTITURES, _3
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS - Additional Information (Detail) - USD ($) $ in Millions | Dec. 01, 2020 | Feb. 06, 2020 | Aug. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 01, 2021 | Sep. 01, 2021 |
Restructuring Cost and Reserve [Line Items] | |||||||||
Operational optimization charges | $ 0 | $ 3.1 | $ 14.5 | ||||||
Impairment charges and subsequent loss on disposal | (1.7) | 123.6 | 103 | ||||||
Gain (loss) on disposition of business | $ (1.7) | 123.6 | 103 | ||||||
TSA period agreement | 12 months | ||||||||
Proceeds from sale of business | $ 35 | 498.9 | 86.6 | ||||||
Impairment charges | 6.7 | 18.3 | 29.4 | ||||||
H S A | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Service agreement period | 7 years | ||||||||
Proceeds from stock purchase agreement deferred | $ 17.7 | ||||||||
Transmission Service Agreement | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Service agreement period | 6 months | ||||||||
Proceeds from stock purchase agreement deferred | $ 1.5 | ||||||||
ESOL Disposal Group | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Consideration for sale of business | $ 462.5 | ||||||||
Revenue | 559.6 | ||||||||
Impairment of long-lived assets to be disposed of | 53.8 | ||||||||
Argentina | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Cumulative currency translation loss realized through disposition of operations | 0 | 87.2 | 0 | ||||||
Mexico | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Cumulative currency translation loss realized through disposition of operations | 0 | 0 | 18.9 | ||||||
Chile | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Cumulative currency translation loss realized through disposition of operations | 0 | 0 | $ 16.8 | ||||||
Expert Solutions | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Consideration for sale of business | $ 78 | ||||||||
Revenue | 75.4 | ||||||||
TAS | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Transaction services agreement period | 15 months | ||||||||
Allocated and deferred amount | $ 5.1 | ||||||||
TAS | North America | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Consideration for sale of business | 36.4 | ||||||||
Gain (loss) on disposition of business | 45.5 | ||||||||
Selling, general and administrative expenses | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 2.8 | 1.7 | ||||||
Impairment charges | 6.7 | 8.7 | 16.9 | ||||||
Cost of sales | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 0 | 5.6 | ||||||
Impairment charges | 0 | 6.8 | 5.2 | ||||||
North America | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Operational optimization charges | 3.8 | ||||||||
Impairment charges and subsequent loss on disposal | (12.6) | 15 | 45.5 | ||||||
Impairment charges | 2.1 | 10.3 | 4.5 | ||||||
North America | ESOL Disposal Group | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Revenue | 100 | ||||||||
North America | Expert Solutions | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | (38.8) | ||||||||
North America | Canada Environmental Solutions Operations | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Consideration for sale of business | $ 24.4 | ||||||||
North America | Selling, general and administrative expenses | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 0 | 0.4 | ||||||
Impairment charges | 2.1 | 4.2 | 0.5 | ||||||
North America | Selling, general and administrative expenses | Customer Lists | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 1.7 | ||||||||
North America | Cost of sales | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 0 | 2 | ||||||
Impairment charges | 0 | 6.1 | 1.6 | ||||||
International | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Operational optimization charges | 10.7 | ||||||||
Impairment charges and subsequent loss on disposal | 10.9 | 108.6 | 57.5 | ||||||
Impairment charges | 4.6 | 8 | 24.9 | ||||||
International | Argentina | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | 112.4 | ||||||||
Proceeds from sale of business | $ 3.9 | ||||||||
Cumulative currency translation loss realized through disposition of operations | 87.2 | ||||||||
International | United Kingdom | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Operational optimization charges | 3.1 | ||||||||
International | United Kingdom | Patient transport services | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | (0.3) | ||||||||
International | United Kingdom | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | (5.1) | ||||||||
Proceeds from sale of business | 14.8 | ||||||||
International | Mexico | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment charges and subsequent loss on disposal | 43.2 | ||||||||
Cumulative foreign currency translation adjustment | (18.9) | ||||||||
International | Chile | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | 19 | ||||||||
Proceeds from sale of business | 30.7 | ||||||||
Cumulative foreign currency translation adjustment | (16.8) | ||||||||
International | Romania | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment charges | 4.6 | ||||||||
International | Expert Solutions | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Gain (loss) on disposition of business | $ (4) | ||||||||
International | Japan Operating Unit | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Consideration for sale of business | $ 11.3 | ||||||||
Gain (loss) on disposition of business | $ 10.9 | ||||||||
Cumulative currency translation loss realized through disposition of operations | $ 3.8 | ||||||||
International | Selling, general and administrative expenses | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 2.8 | 1.3 | ||||||
Impairment charges | 4.6 | 4.5 | 16.4 | ||||||
International | Cost of sales | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 0 | 0 | 3.6 | ||||||
Impairment charges | $ 0 | $ 0.7 | $ 3.6 |
RESTRUCTURING, DIVESTITURES, _4
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS - Summary of Divestiture Losses, Net of (Gains) Included in the Consolidated Statements of (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | $ (1.7) | $ 123.6 | $ 103 | |
North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | (12.6) | 15 | 45.5 | |
International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 10.9 | 108.6 | 57.5 | |
Japan Operations | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 10.9 | 0 | 0 | |
Argentina Operations | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | 112.4 | 0 | |
Mexico Operations | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | (4.9) | 43.2 | |
Chile Operations | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | 5.1 | 19 | |
UK Businesses | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | 0 | (4.7) | |
Canada Environmental Solutions Operations | North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | $ (12.6) | 0 | 0 | |
Domestic Environmental Solutions operations | North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | 53.8 | 0 | |
CRS businesses | North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | 0 | (38.8) | 45.5 | |
CRS businesses | International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges and subsequent loss on disposal | $ 0 | $ (4) | $ 0 |
RESTRUCTURING, DIVESTITURES, _5
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS - Schedule of Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | $ 6.7 | $ 18.3 | $ 29.4 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 0 | 5.6 |
Impairment charges | 0 | 6.8 | 5.2 |
Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 2.8 | 1.7 |
Impairment charges | 6.7 | 8.7 | 16.9 |
North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | 2.1 | 10.3 | 4.5 |
North America | Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 0 | 2 |
Impairment charges | 0 | 6.1 | 1.6 |
North America | Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 0 | 0.4 |
Impairment charges | 2.1 | 4.2 | 0.5 |
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | 4.6 | 8 | 24.9 |
International | Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 0 | 3.6 |
Impairment charges | 0 | 0.7 | 3.6 |
International | Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash impairment charges | 0 | 2.8 | 1.3 |
Impairment charges | $ 4.6 | $ 4.5 | $ 16.4 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,369.5 | $ 1,331 |
Less: accumulated depreciation | (658.5) | (629.7) |
Property, plant and equipment, net | 711 | 701.3 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 42.4 | 38.7 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 219.7 | 225 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 318 | 323 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 142 | 156 |
Containers | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 255.5 | 249.7 |
Office equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 51 | 53.9 |
Software And Enterprise Resource Planning System | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 266.3 | 88.6 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 74.6 | $ 196.1 |
LEASES - Components of Net Leas
LEASES - Components of Net Lease Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 108.2 | $ 114.2 |
Finance lease cost: | ||
Amortization of leased assets | 3.4 | 4.7 |
Interest on lease liabilities | 1.1 | 1.9 |
Net lease cost | $ 112.7 | $ 120.8 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Short-term lease cost | $ 11.8 | |
Finance lease assets, net of accumulated amortization | 19.5 | $ 24.8 |
Operating lease, not yet commenced, liability | $ 2.1 | |
Operating leases, not yet commenced, lease term | 7 years | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, less accumulated depreciation of $658.5 in 2021 and $629.7 in 2020 | Property, plant and equipment, less accumulated depreciation of $658.5 in 2021 and $629.7 in 2020 |
LEASES - Schedule of Supplement
LEASES - Schedule of Supplemental Cash flow Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 107.1 | $ 117.1 | |
Operating cash flows from finance leases (interest) | 1.1 | 1.9 | |
Financing cash flows from finance leases (principal) | 3.9 | 4.3 | $ 4.3 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 96.8 | 79.8 | |
Finance leases | $ 0.5 | $ 1.1 |
LEASES - Schedule of Informatio
LEASES - Schedule of Information Regarding Lease Terms and Discount Rates (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted average remaining lease term (years): | ||
Operating leases | 5 years 10 months 24 days | 6 years 1 month 6 days |
Finance leases | 14 years 4 months 24 days | 14 years 4 months 24 days |
Weighted average discount rate: | ||
Operating leases | 4.19% | 4.07% |
Finance leases | 5.22% | 5.15% |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 96 | |
2023 | 81.2 | |
2024 | 70.2 | |
2025 | 49.8 | |
2026 | 30 | |
Thereafter | 86.1 | |
Total lease payments | 413.3 | |
Less: Interest | 48 | |
Present value of lease liabilities | 365.3 | |
Finance Leases | ||
2022 | 3.6 | |
2023 | 3.9 | |
2024 | 2.8 | |
2025 | 2.5 | |
2026 | 2.2 | |
Thereafter | 20.4 | |
Total lease payments | 35.4 | |
Less: Interest | 14 | |
Present value of lease liabilities | $ 21.4 | $ 24.8 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, net | Long-term debt, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2,819.3 | $ 2,982.2 |
Divestitures | (6) | (186.8) |
Changes due to foreign currency fluctuations and other | (19.6) | 23.9 |
Acquisitions | 22 | |
Ending Balance | 2,815.7 | 2,819.3 |
North America | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,448.8 | 2,631.6 |
Divestitures | 0 | (182.8) |
Changes due to foreign currency fluctuations and other | 0 | 0 |
Acquisitions | 22 | |
Ending Balance | 2,470.8 | 2,448.8 |
International | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 370.5 | 350.6 |
Divestitures | (6) | (4) |
Changes due to foreign currency fluctuations and other | (19.6) | 23.9 |
Acquisitions | 0 | |
Ending Balance | $ 344.9 | $ 370.5 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Accumulated Non-Cash Impairment Charges by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Total | $ 596.7 | $ 596.7 |
North America | ||
Goodwill [Line Items] | ||
Total | 421.1 | 421.1 |
International | ||
Goodwill [Line Items] | ||
Total | $ 175.6 | $ 175.6 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets By Major Class [Line Items] | |||||
Impairments during the year | $ 0 | $ 0 | $ 228.3 | ||
Customer relationships | |||||
Intangible Assets By Major Class [Line Items] | |||||
Adjusted weighted average remaining life (in years) | 6 years 9 months 18 days | ||||
Customer relationships | Intangible Assets, Amortization Period | |||||
Intangible Assets By Major Class [Line Items] | |||||
Adjusted weighted average remaining life (in years) | 6 years 9 months 18 days | 8 years 2 months 12 days | |||
Minimum | Customer relationships | Intangible Assets, Amortization Period | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impact change of useful lives percentage | 500.00% | ||||
Maximum | Customer relationships | Intangible Assets, Amortization Period | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impact change of useful lives percentage | 10.00% | ||||
Domestic Environmental Solutions | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impairments during the year | 80.8 | ||||
Canada | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impairments during the year | $ 126.6 | ||||
Latin America | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impairments during the year | $ 20.9 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Values of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount | $ 1,701.1 | $ 1,729 | |
Accumulated Amortization | 736.6 | 641.6 | |
Net Value | 964.5 | 1,087.4 | $ 1,422.4 |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Indefinite-lived Intangibles | 70 | 79.6 | |
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Indefinite-lived Intangibles | 313.7 | 315.3 | |
Customer relationships | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 1,297.6 | 1,314.9 | |
Accumulated Amortization | 722.9 | 630.2 | |
Net Value, Amortizable intangibles | 574.7 | 684.7 | |
Covenants not-to-compete | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 3.5 | 3.5 | |
Accumulated Amortization | 3.2 | 3 | |
Net Value, Amortizable intangibles | 0.3 | 0.5 | |
Operating permits | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 12.1 | 11.5 | |
Accumulated Amortization | 8.5 | 6.5 | |
Net Value, Amortizable intangibles | 3.6 | 5 | |
Tradenames | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 3.6 | 3.6 | |
Accumulated Amortization | 1.4 | 1.3 | |
Net Value, Amortizable intangibles | 2.2 | 2.3 | |
Other | |||
Intangible Assets By Major Class [Line Items] | |||
Gross Carrying Amount, Amortizable intangibles | 0.6 | 0.6 | |
Accumulated Amortization | 0.6 | 0.6 | |
Net Value, Amortizable intangibles | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived and Indefinite-lived Intangible Assets [Roll Forward] | |||
Beginning of period | $ 1,087.4 | $ 1,422.4 | |
Impairments | (10.9) | (209.8) | |
Divestitures | (4.6) | (11.1) | |
Amortization | (117.9) | (124.9) | $ (145.2) |
Changes due to foreign currency fluctuations | (9.5) | (10.8) | |
End of period | $ 964.5 | $ 1,087.4 | $ 1,422.4 |
GOODWILL AND OTHER INTANGIBLE_8
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Finite-Lived Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Customer relationships | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 15 years |
Finite-lived intangible assets, weighted average remaining useful life | 6 years 9 months 18 days |
Customer relationships | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 10 years |
Customer relationships | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 25 years |
Covenants not-to-compete | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 5 years |
Finite-lived intangible assets, weighted average remaining useful life | 3 years 7 months 6 days |
Operating permits | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 1 year 2 months 12 days |
Operating permits | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 1 year |
Operating permits | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 2 years |
Tradenames | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 16 years 6 months |
Tradenames | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 20 years |
Tradenames | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 40 years |
Landfill air rights | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, weighted average remaining useful life | 2 years 8 months 12 days |
Landfill air rights | Minimum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 5 years |
Landfill air rights | Maximum | |
Intangible Assets By Major Class [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 10 years |
GOODWILL AND OTHER INTANGIBLE_9
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Intangible Asset Amortization Expense (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 114.3 |
2023 | 111 |
2024 | 109.8 |
2025 | 89.6 |
2026 | $ 28.2 |
ACCRUED LIABILITIES - Schedule
ACCRUED LIABILITIES - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Compensation | $ 91.2 | $ 97.6 |
Self-insurance | 84.1 | 78.1 |
Taxes | 37.7 | 51.2 |
Interest | 26.3 | 19.4 |
Professional fees | 9.9 | 11.2 |
Disposal and landfill liabilities | 2.9 | 1.6 |
Contingent liability | 92 | 14.5 |
Other | 15.5 | 15.8 |
Total accrued liabilities | $ 359.6 | $ 289.4 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 14, 2019 |
Debt Instrument [Line Items] | |||
Obligations under finance leases (Note 6) | $ 21.4 | $ 24.8 | |
Total debt | 1,623.7 | 1,795.2 | |
Less: current portion of total debt | 19.9 | 91 | |
Unamortized Debt Issuance Expense | 14 | 15.1 | $ 7.1 |
Long-term portion of total debt | 1,589.8 | 1,689.1 | |
Line of credit | $1.2 billion Credit Facility, due in 2026 | Credit Agreement Amended Sept 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 247 | 173.3 | |
Line of credit | $200 million term loan, due in 2026 | Credit Agreement Amended Sept 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200 | 422.5 | |
Senior Notes | $500 million Senior Notes, due in 2029 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 500 | 500 | |
Senior Notes | $600 million Senior Notes, due in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 600 | 600 | |
Promissory notes and deferred consideration | Promissory notes and deferred consideration (fixed rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt | 54.6 | 42.3 | |
Foreign bank debt | Foreign bank debt (variable rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0.7 | $ 32.3 |
DEBT - Schedule of Long-Term _2
DEBT - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Senior Notes | $600 million Senior Notes, due in 2024 | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity of line of credit facility | $ 600,000,000 | |
Promissory notes and deferred consideration | Notes weighted average maturity, 2.12 and 2.49 years | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity | 3 years 8 months 12 days | 2 years 1 month 6 days |
Foreign bank debt | Debt, weighted average maturity, 1.1 and 1.6 years | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity | 6 years | 1 year 1 month 6 days |
DEBT - Schedule of Weighted Ave
DEBT - Schedule of Weighted Average Interest Rates on Long-term Debt Excluding Finance Leases (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 24, 2020 |
Line of credit | $1.2 billion Credit Facility, due in 2026 | Credit Agreement Amended Sept 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 1.76% | 2.03% | |
Maximum borrowing capacity of line of credit facility | $ 1,200,000,000 | ||
Line of credit | $200 million term loan, due in 2026 | Credit Agreement Amended Sept 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 1.40% | 1.90% | |
Maximum borrowing capacity of line of credit facility | $ 200,000,000 | ||
Senior Notes | $500 million Senior Notes, due in 2029 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 3.88% | 3.88% | |
Long-term debt, face amount | $ 500,000,000 | $ 500,000,000 | |
Senior Notes | $600 million Senior Notes, due in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 5.38% | 5.38% | |
Maximum borrowing capacity of line of credit facility | $ 600,000,000 | ||
Promissory notes and deferred consideration | Promissory notes and deferred consideration (fixed rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 3.19% | 1.79% | |
Foreign bank debt | Foreign bank debt (variable rate) | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 9.80% | 2.03% |
DEBT - Additional Information (
DEBT - Additional Information (Detail) | Nov. 09, 2020 | Jun. 14, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 24, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 7,100,000 | $ 14,000,000 | $ 15,100,000 | ||
Repurchase price percentage of principle and interest amount | 101.00% | ||||
Level 2 Inputs | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value of debt | 1,630,000,000 | $ 1,860,000,000 | |||
Existing Credit Agreement | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt issuance costs | 500,000 | ||||
Credit Agreement Amended Sept 2021 | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Issuance costs | 4,100,000 | ||||
Amortization of debt issuance costs | $ 200,000 | ||||
Interest coverage ratio | 3 | ||||
Leverage ratio | 3.61 | ||||
Facility fee percentage | 0.20% | ||||
Credit Agreement Amended Sept 2021 | Line of credit | Quarters ending before Sept 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Maximum consolidated leverage ratio | 425.00% | ||||
Credit Agreement Amended Sept 2021 | Line of credit | Quarters ending after Sept 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Maximum consolidated leverage ratio | 400.00% | ||||
Material acquisition threshold | $ 200,000,000 | ||||
Credit Agreement Amended Sept 2021 | Line of credit | Quarters with Material Acquisition | |||||
Debt Instrument [Line Items] | |||||
Maximum consolidated leverage ratio | 450.00% | ||||
$500 million Senior Notes, due in 2029 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Issuance costs | $ 5,800,000 | ||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | |||
Debt instrument, interest rate | 3.88% | 3.88% | |||
Debt instrument, redemption price, percentage | 100.00% | ||||
$500 million Senior Notes, due in 2029 | Senior Notes | Equity offering | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40.00% | ||||
Base Rate | Credit Agreement Amended Sept 2021 | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Applicable rate based on variable rate | 0.30% | ||||
Eurodollar | Credit Agreement Amended Sept 2021 | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Applicable rate based on variable rate | 1.30% | ||||
Revolving credit facility | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 600,000,000 | ||||
Debt instrument, interest rate | 5.375% | 3.88% | |||
$200 million term loan, due in 2026 | Credit Agreement Amended Sept 2021 | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity of line of credit facility | $ 200,000,000 | ||||
$500 million Senior Notes, due in 2029 | Senior Notes | Equity offering | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage | 103.875% |
DEBT - Schedule of Outstanding
DEBT - Schedule of Outstanding Letters of Credit and Unused Portion of Senior Credit Facility (Detail) - Senior credit facility - Line of credit - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Outstanding stand-by letters of credit under Senior Credit Facility | $ 71.4 | $ 79.5 |
Unused portion of the Revolving Credit Facility | $ 881.5 | $ 947.2 |
DEBT - Payments Due on Long-Ter
DEBT - Payments Due on Long-Term Debt, Excluding Capital Lease Obligations (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 16.8 |
2023 | 14.2 |
2024 | 616.8 |
2025 | 12.5 |
2026 | 441.5 |
Thereafter | 500.5 |
Total | $ 1,602.3 |
INCOME TAXES - United States an
INCOME TAXES - United States and International Components of Loss before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (14) | $ 65.6 | $ (150.5) |
International | 14.7 | (121.6) | (212.3) |
Income (loss) before income taxes | $ 0.7 | $ (56) | $ (362.8) |
INCOME TAXES - Significant Comp
INCOME TAXES - Significant Components of Income Tax Benefit (Expense) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
U.S. - federal | $ 4,900,000 | $ 108,300,000 | $ 0 |
U.S. - state and local | (1,400,000) | (2,900,000) | (10,700,000) |
International | (6,400,000) | (6,000,000) | (6,400,000) |
Current income tax expense | (2,900,000) | 99,400,000 | (17,100,000) |
Deferred | |||
U.S. - federal | (17,000,000) | (85,900,000) | 23,900,000 |
U.S. - state and local | (4,600,000) | (13,700,000) | 8,000,000 |
International | (3,000,000) | 300,000 | 2,000,000 |
Deferred income tax expense | (24,600,000) | (99,300,000) | 33,900,000 |
Total (expense) benefit | $ (27,500,000) | $ 100,000 | $ 16,800,000 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Provision Computed at Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal tax effect | (317.20%) | (11.20%) | 1.20% |
International tax rates | (938.50%) | 14.30% | 5.10% |
Permanent - other items | 248.20% | (2.10%) | (4.20%) |
Permanent - goodwill impairment | 0.00% | 0.00% | (14.10%) |
FCPA settlement accrual | 3118.20% | 0.00% | 0.00% |
CARES Act and other tax matters | (268.40%) | 79.20% | 0.00% |
Valuation allowance | 1727.90% | (26.50%) | (1.20%) |
Divestitures | (708.40%) | (62.70%) | 1.20% |
Stock-based compensation and executive compensation disallowance | 908.60% | (11.90%) | (1.00%) |
Other | 37.60% | 0.10% | (3.40%) |
Effective tax rate | 3829.00% | 0.20% | 4.60% |
INCOME TAXES - Reconciliation I
INCOME TAXES - Reconciliation In Dollars and Percentages (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2021 Tax Expense (Benefit) | |||
U.S. federal tax expense (benefit) at statutory income tax rate | $ 200,000 | ||
State and local taxes, net of federal tax effect | (2,300,000) | ||
International tax rates | (6,800,000) | ||
Permanent - other items | 1,800,000 | ||
FCPA settlement accrual | 22,500,000 | ||
CARES Act and other tax matters | (1,900,000) | ||
Valuation allowance | 12,500,000 | ||
Divestitures | (5,100,000) | ||
Stock-based compensation and executive compensation disallowance | 6,500,000 | ||
Other | 100,000 | ||
Effective tax expense (benefit) | $ 27,500,000 | $ (100,000) | $ (16,800,000) |
Tax Rate | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal tax effect | (317.20%) | (11.20%) | 1.20% |
International tax rates | (938.50%) | 14.30% | 5.10% |
Permanent - other items | 248.20% | (2.10%) | (4.20%) |
Permanent - goodwill impairment | 0.00% | 0.00% | (14.10%) |
FCPA settlement accrual | 3118.20% | 0.00% | 0.00% |
CARES Act and other tax matters | (268.40%) | 79.20% | 0.00% |
Valuation allowance | 1727.90% | (26.50%) | (1.20%) |
Divestitures | (708.40%) | (62.70%) | 1.20% |
Stock-based compensation and executive compensation disallowance | 908.60% | (11.90%) | (1.00%) |
Other | 37.60% | 0.10% | (3.40%) |
Effective tax rate | 3829.00% | 0.20% | 4.60% |
INCOME TAXES - Deferred Tax Lia
INCOME TAXES - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ (87.2) | $ (49) |
Goodwill and intangibles | (394.4) | (391.2) |
Leases - right of use asset | (89.9) | (91.3) |
Other | (15.7) | (17.1) |
Total deferred tax liabilities | (587.2) | (548.6) |
Deferred tax assets: | ||
Accrued liabilities | 58.6 | 63.1 |
Leases - right of use liability | 95.1 | 96.5 |
Net operating tax loss carry-forwards | 73.4 | 49 |
Interest expense carry-forward | 15.3 | 11.3 |
Other | 11.7 | 15 |
Less: valuation allowance | (61.4) | (52) |
Total deferred tax assets | 192.7 | 182.9 |
Net deferred tax liabilities | $ (394.5) | $ (365.7) |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||||||||
Increase in valuation allowance | $ 9.4 | |||||||
Tax benefit from net operating losses carry back | $ 44.4 | |||||||
Income Tax Expense (Benefit), CARES Act | $ 5 | $ 39.4 | ||||||
Proceeds from income tax refunds, CARES Act | $ 62 | $ 48 | ||||||
Income taxes receivable, net operating loss, CARES Act | 64.2 | |||||||
Unrecognized tax benefits, interest on income tax expense, CARES Act | 2.2 | |||||||
Tax adjustment | $ 5.5 | |||||||
Net operating loss carry-forwards | 281.6 | |||||||
Tax benefit of net operating losses | 49 | 49 | 73.4 | 49 | ||||
Valuation allowance for net operating losses | 33.9 | |||||||
Unrecognized tax benefit | $ 24.3 | $ 24.3 | 19.7 | 24.3 | $ 62.7 | |||
Uncertain tax positions that, if recognized, would affect the effective tax rate | 18 | |||||||
Interest and penalties recognized related to income tax reserves | 0.4 | $ (1.5) | $ (0.7) | |||||
Internal Revenue Service | Tax Year 2019 | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Refund adjustment from settlement with taxing authority | $ 1 | |||||||
Minimum | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Decrease in unrecognized tax benefits is reasonably possible | 5 | |||||||
Maximum | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Decrease in unrecognized tax benefits is reasonably possible | $ 10 |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance (Details) - Valuation Allowance on Deferred Tax Assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Period | $ 52 | $ 39.4 | $ 35.3 |
Additions/ (Deductions) Charged to/ (from) Income Tax Expense/ Expenses | 10.5 | 17.8 | 13.3 |
Other Charges/(Reversals)/Changes to Reserves | (1.1) | (5.2) | (9.2) |
Balance End of Period | $ 61.4 | $ 52 | $ 39.4 |
INCOME TAXES - Summary of Aggre
INCOME TAXES - Summary of Aggregate Changes in Unrecognized Tax benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Unrecognized Tax Positions [Roll Forward] | ||
Unrecognized tax positions, beginning of year | $ 24.3 | $ 62.7 |
Gross increases (decreases) - tax positions in prior periods | (5.7) | |
Gross increases - tax positions in prior periods | (33.5) | |
Gross increases - current period tax positions | 5.3 | 2.4 |
Settlements | (0.2) | (0.8) |
Lapse of statute of limitations | (4) | (6.5) |
Unrecognized tax positions, end of year | $ 19.7 | $ 24.3 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Contingent Consideration Liabilities Recorded Using Level 3 Inputs, Amounts Classified as Either Other Current Liabilities or Other Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other current liabilities | $ 92 | $ 14.5 |
Other liabilities | 5.3 | |
Level 3 Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other current liabilities | 0 | 0.4 |
Other liabilities | 5.3 | 5.3 |
Total contingent consideration | $ 5.3 | $ 5.7 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes to Contingent Consideration (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
Change in fair value reflected in SG&A | $ (2.1) | ||
Currency Translation Adjustment | (0.1) | ||
Contingent Consideration Liability | |||
Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
Contingent consideration, Beginning balance | $ 5.7 | $ 8 | |
Change in fair value reflected in SG&A | (0.4) | ||
Decrease due to payments | (0.1) | ||
Contingent consideration, Ending balance | $ 5.3 | $ 5.7 | $ 8 |
FAIR VALUE MEASUREMENTS - Estim
FAIR VALUE MEASUREMENTS - Estimated Fair Value of Company'S Debt Obligations, Using Level 2 Inputs, Compared to Carrying Amount (Detail) - Level 2 Inputs - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt obligations | $ 1,630 | $ 1,860 |
Carrying value of debt obligations | $ 1,620 | $ 1,800 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Total asset retirement obligation liabilities | $ 19.2 | $ 19.7 |
Surety bonds | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 32.5 | 37.9 |
Bank guarantees | ||
Loss Contingencies [Line Items] | ||
Guarantee liability | 24.1 | 21.2 |
Stand-by letters of credit | $1.2 billion Credit Facility, due in 2026 | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 71.4 | $ 79.5 |
RETIREMENT AND OTHER EMPLOYEE_3
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans (in plans) | plan | 2 | ||
Foreign Defined Contribution Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to 401(k) plan | $ 4,700,000 | $ 4,600,000 | $ 5,000,000 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of contribution to 401(k) defined contribution retirement savings plan by employer | 50.00% | ||
Employer 401(k) maximum annual matching contribution to each employee | $ 3,000 | ||
Employer contributions to 401(k) plan | $ 9,200,000 | $ 8,700,000 | $ 11,000,000 |
RETIREMENT AND OTHER EMPLOYEE_4
RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS - Schedule of Multiemployer Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Multiemployer Plans [Line Items] | ||
Multiemployer plan, surcharge rate | 5.00% | |
Multiemployer plan, surcharge rate, subsequent periods | 10.00% | |
Multiemployer plans minimum contribution percentage | 5.00% | |
Pension Plan Private Sanitation Union, Local 813 IBT | ||
Multiemployer Plans [Line Items] | ||
Company Contributions | $ 1.5 | $ 0.6 |
Nurses And Local 813 IBT Retirement Plan | ||
Multiemployer Plans [Line Items] | ||
Company Contributions | $ 0 | $ 0.1 |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)installmentshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares reserved for future issuance (in shares) | 5,049,440 | ||
Weighting of performance metric, earnings per share performance goals | 0.50 | ||
Weighting of performance metric, return on invested capital | 0.50 | ||
Granted (in shares) | 0 | 0 | |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 1,799,999 | ||
Percentage of market price | 85.00% | ||
Term of offering period | 6 months | ||
Maximum payroll deductions during the offering period, per employee | $ | $ 5,000 | ||
Stock issued during period (in shares) | 73,471 | 70,120 | 97,669 |
Shares available for issuance (in shares) | 514,234 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage multiplier | 0.75 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage multiplier | 1.25 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses related to stock options | $ | $ 1,300,000 | ||
Weighted average period of recognition for unrecognized compensation expenses | 1 year | ||
Stock Options | Non-Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Stock Options | Officers And Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of an option granted under any plan | 8 years | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of an option granted under any plan | 10 years | ||
Stock Option Plans and RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction to stock-based compensation expense | $ | $ (3,300,000) | $ (4,900,000) | $ (6,700,000) |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period of recognition for unrecognized compensation expenses | 1 year 6 months | ||
Award granted | 253,860 | ||
Unrecognized compensation expenses related to RSUs | $ | $ 18,500,000 | ||
Intrinsic value of units vested | $ | $ 18,900,000 | $ 18,200,000 | $ 5,300,000 |
Restricted Stock Units (RSUs) | 2008, 2011, and 2014 Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Ratio of share reserve related to RSUs granted | 200.00% | ||
Restricted Stock Units (RSUs) | 2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Ratio of share reserve related to RSUs granted | 100.00% | ||
Restricted Stock Units (RSUs) | 2008, 2011 and 2014 Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award granted | 0 | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Award granted | 88,997 | ||
Number of installments (in installments) | installment | 3 | ||
Additional shares expected to vest | 246,000 | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of installments (in installments) | installment | 4 |
STOCK BASED COMPENSATION - Stoc
STOCK BASED COMPENSATION - Stock-Based Compensation Expense Resulting from Stock Option Awards, RSUs, PSUs and ESPP (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total pre-tax expense | $ 27.1 | $ 25.5 | $ 17.1 |
SG&A - stock option plans | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total pre-tax expense | 2 | 3.2 | 8 |
SG&A - RSUs | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total pre-tax expense | 14.8 | 15.6 | 7.8 |
SG&A - PSUs | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total pre-tax expense | 9.6 | 5.9 | 0.5 |
SG&A - U.S. ESPP and Canada ESPP | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total pre-tax expense | $ 0.7 | $ 0.8 | $ 0.8 |
STOCK BASED COMPENSATION - St_2
STOCK BASED COMPENSATION - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Outstanding as of beginning of year (in shares) | 2,860,468 | |
Granted (in shares) | 0 | 0 |
Excerised (in shares) | (50,099) | |
Forfeited (in shares) | (19,827) | |
Cancelled or expired (in shares) | (872,012) | |
Outstanding as of end of year (in shares) | 1,918,530 | 2,860,468 |
Exercisable as of end of year (in shares) | 1,751,550 | |
Weighted Average Exercise Price per Share | ||
Outstanding as of beginning of year (in dollars per share) | $ 96 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 52.33 | |
Forfeited (in dollars per share) | 66.60 | |
Cancelled or expired (in dollars per share) | 98.64 | |
Outstanding as of end of year (in dollars per share) | 96.25 | $ 96 |
Exercisable at end of period (in dollars per share) | $ 100.02 | |
Weighted Average Remaining Contractual Life | ||
Outstanding as of December 31, 2021 | 1 year 11 months 8 days | |
Exercisable as of December 31, 2021 | 1 year 8 months 12 days | |
Total Aggregate Intrinsic Value | ||
Outstanding as of December 31, 2021 | $ 2.6 | |
Exercisable as of December 31, 2021 | $ 1.5 |
STOCK BASED COMPENSATION - Intr
STOCK BASED COMPENSATION - Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total exercise intrinsic value of options exercised | $ 1.1 | $ 0.5 | $ 2.1 |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Number of Units | |
Non-vested as of beginning of year (in shares) | shares | 547,235 |
Granted (in shares) | shares | 253,860 |
Vested and Released (in shares) | shares | (186,342) |
Forfeited (in shares) | shares | (58,431) |
Non-vested as of end of year (in shares) | shares | 556,322 |
Weighted Average Grant Date Fair Value | |
Non-vested as of beginning of year (in dollars per share) | $ / shares | $ 54.96 |
Granted (in dollars per share) | $ / shares | 68.71 |
Vested and Released (in dollars per share) | $ / shares | 55.26 |
Forfeited (in dollars per share) | $ / shares | 58.23 |
Non-vested as of end of year (in dollars per share) | $ / shares | $ 60.79 |
Weighted Average Remaining Contractual Life | |
Non-vested as of December 31, 2021 | 10 months 17 days |
Total Aggregate Intrinsic Value | |
Non-vested as of December 31, 2021 | $ | $ 33.2 |
STOCK BASED COMPENSATION - Su_2
STOCK BASED COMPENSATION - Summary of PSU Activity (Detail) - Performance Shares | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Units | |
Non-vested as of beginning of year (in shares) | shares | 92,042 |
Granted (in shares) | shares | 88,997 |
Vested and Released (in shares) | shares | (88,269) |
Forfeited (including performance goal not achieved) (in shares) | shares | (16,784) |
Non-vested as of end of year (in shares) | shares | 75,986 |
Weighted Average Grant Date Fair Value | |
Non-vested as of beginning of year (in dollars per share) | $ / shares | $ 57.79 |
Granted (in dollars per share) | $ / shares | 57.66 |
Vested and Released (in dollars per share) | $ / shares | 57.61 |
Forfeited (including performance goal not achieved) (in dollars per share) | $ / shares | 60.60 |
Non-vested as of end of year (in dollars per share) | $ / shares | $ 57.23 |
LOSS PER COMMON SHARE - Computa
LOSS PER COMMON SHARE - Computation of Basic and Diluted (Loss) Earnings Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive shares excluded from computation of diluted earnings per share | |||
Weighted average common shares outstanding - basic | 91.8 | 91.5 | 91 |
Incremental shares outstanding related to stock-based awards | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted | 91.8 | 91.5 | 91 |
LOSS PER COMMON SHARE - Schedul
LOSS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from EPS Calculation (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted (loss) earnings per share (in shares) | 1,897 | 3,017 | 4,507 |
Restricted Stock Units (RSUs) | |||
Antidilutive shares excluded from computation of diluted earnings per share | |||
Antidilutive shares excluded from computation of diluted (loss) earnings per share (in shares) | 63 | 4 | 98 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Total Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 2,434.4 | $ 2,334.7 | $ 2,597.1 |
Ending Balance | 2,402.8 | 2,434.4 | 2,334.7 |
Currency translation adjustments | (35.5) | 44 | 8.8 |
Currency Translation (Loss) Income Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (187.4) | (318.1) | (362.3) |
Year change | (35.2) | 43.5 | 8.5 |
Ending Balance | (218.8) | (187.4) | (318.1) |
Currency Translation (Loss) Income Adjustments | Mexico Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI | 18.9 | ||
Currency Translation (Loss) Income Adjustments | Chile Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI | 16.8 | ||
Currency Translation (Loss) Income Adjustments | Argentina Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI | 87.2 | ||
Currency Translation (Loss) Income Adjustments | Japan Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI | 3.8 | ||
Unrealized Gains (Losses) on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | 0 | (3) |
Year change | 0 | 0 | 0.7 |
Reclassification from AOCI | 2.3 | ||
Ending Balance | 0 | 0 | 0 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (187.4) | (318.1) | (365.3) |
Year change | (35.2) | 43.5 | 9.2 |
Ending Balance | (218.8) | (187.4) | (318.1) |
Currency translation adjustments | $ (35.2) | $ 43.5 | $ 8.5 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||
Number of operating segments (in segments) | segment | 2 | ||
Depreciation for business transformation | $ | $ 0.6 | $ 2 | $ 1.8 |
SEGMENT REPORTING - Financial I
SEGMENT REPORTING - Financial Information Concerning Company's Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,646.9 | $ 2,675.5 | $ 3,308.9 |
Depreciation | 105.4 | 106.6 | 125.8 |
Intangible amortization | 117.9 | 124.9 | 145.2 |
Adjusted Income from Operations | 352.4 | 388.6 | 452 |
Total Assets | 5,473.1 | 5,581.9 | 6,437 |
North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,136.5 | 2,189.2 | 2,739.9 |
Depreciation | 73.5 | 78.1 | 88.7 |
Intangible amortization | 95.8 | 98.3 | 111.1 |
Adjusted Income from Operations | 587.6 | 606 | 595 |
Total Assets | 4,364.6 | 4,377.5 | 5,183.5 |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 510.4 | 486.3 | 569 |
Depreciation | 19.2 | 21.7 | 27.3 |
Intangible amortization | 22.1 | 26.6 | 34.1 |
Adjusted Income from Operations | 53.6 | 46.5 | 70.7 |
Total Assets | 876.4 | 946 | 980.4 |
All Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 12.7 | 6.8 | 9.8 |
Intangible amortization | 0 | 0 | 0 |
Adjusted Income from Operations | (288.8) | (263.9) | (213.7) |
Total Assets | $ 232.1 | $ 258.4 | $ 273.1 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Company's Primary Measure of Segment Profitability (EBITDA) to Loss from Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Total Reportable Segment Adjusted Income from Operations | $ 352.4 | $ 388.6 | $ 452 |
Intangible amortization | (117.9) | (124.9) | (145.2) |
ERP Implementation | (59) | (50.8) | (67.7) |
Operational Optimization | 0 | (3.1) | (14.5) |
Portfolio Optimization | (3.3) | (133) | (118.2) |
Litigation, Settlements and Regulatory Compliance | (93.2) | (20.3) | (28.2) |
Asset Impairments | (6.7) | (15.5) | (22.1) |
Other | 0 | (9.1) | (39.7) |
Income (loss) from operations | 72.3 | 31.9 | (211.9) |
Goodwill impairment | $ 0 | $ 0 | $ (228.3) |
GEOGRAPHIC AREA - Summary of Co
GEOGRAPHIC AREA - Summary of Consolidated Revenues and Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | $ 2,646.9 | $ 2,675.5 | $ 3,308.9 |
Long-Lived Assets | 4,836 | 4,973 | 5,638.1 |
U.S. | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 1,995.2 | 2,067.3 | 2,586.8 |
Long-Lived Assets | 4,052 | 4,086 | 4,700.6 |
Total international | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 651.7 | 608.2 | 722.1 |
Long-Lived Assets | 784 | 887 | 937.5 |
Europe | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 427 | 377.7 | 379.3 |
Long-Lived Assets | 589.2 | 632.5 | 636.5 |
Other international countries | |||
Revenues and Long-Lived Assets [Line Items] | |||
Revenues | 224.7 | 230.5 | 342.8 |
Long-Lived Assets | $ 194.8 | $ 254.5 | $ 301 |
LEGAL PROCEEDINGS - Additional
LEGAL PROCEEDINGS - Additional Information (Detail) - Government Investigations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | |||
Accrued liability | $ 19.7 | ||
Accrued ligation liability | $ 80.7 | $ 80.7 | $ 61 |
US Securities And Exchange Commission | |||
Loss Contingencies [Line Items] | |||
Criminal fines to DOJ | 22.2 | ||
Pre-judgement interest to SEC | 6 | ||
Department Of Justice | |||
Loss Contingencies [Line Items] | |||
Criminal fines to DOJ | $ 52.5 |