Republic Services(US:RSG)2025-02-14 02:51Financial Performance - Revenue for 2024 reached $16,032 million, an increase of 7.1% from $14,965 million in 2023[447]. - Net income attributable to Republic Services, Inc. for 2024 was $2,043 million, up 17.9% from $1,731 million in 2023[447]. - Basic earnings per share increased to $6.50 in 2024, compared to $5.47 in 2023, reflecting a growth of 18.8%[447]. - Operating income for 2024 was $3,196 million, representing an increase of 15.0% from $2,780 million in 2023[447]. - Comprehensive income for 2024 was $2,030 million, compared to $1,731 million in 2023, reflecting an increase of 17.3%[450]. - Cash provided by operating activities rose to $3,936 million in 2024, compared to $3,618 million in 2023, marking an increase of 8.8%[456]. - Cash dividends declared increased to $699 million in 2024, up from $650 million in 2023, reflecting a growth of 7.5%[456]. Assets and Liabilities - Total assets as of December 31, 2024, were $32,402 million, a rise from $31,410 million in 2023, indicating a growth of 3.2%[445]. - Total current liabilities decreased to $4,128 million in 2024 from $4,228 million in 2023, a reduction of 2.4%[445]. - The balance of retained earnings as of December 31, 2024, was $9,774 million, an increase from $8,434 million in 2023, reflecting a growth of 15.9%[453]. - The total assets of the company as of December 31, 2024, reached $11,407 million, up from $10,543 million in 2023, representing an increase of 8.2%[453]. - Other accrued liabilities totaled $1,176 million as of December 31, 2024, slightly up from $1,172 million in 2023[562]. Environmental and Landfill Costs - The company established reserves for landfill and environmental costs, which are periodically reassessed based on various methods and assumptions[152]. - The carrying value of landfill final capping, closure, and post-closure costs totaled $2,144 million as of December 31, 2024[430]. - Accrued landfill and environmental costs reached $2,591 million in 2024, an increase from $2,422 million in 2023[568]. - Future payments for final capping, closure, and post-closure liabilities are estimated at $8,273 million as of December 31, 2024[570]. - The company has post-closure responsibility for 125 closed landfills, with a total disposal capacity of 5 billion in-place cubic yards as of December 31, 2024[567]. Debt and Financing - Total debt as of December 31, 2024, is $12.840 billion, a decrease from $12.949 billion in 2023[578]. - The long-term portion of total debt is $11.851 billion as of December 31, 2024, compared to $11.887 billion in 2023[578]. - The company had $514 million outstanding under its Credit Facility as of December 31, 2024, compared to $297 million in 2023[586]. - The commercial paper program was increased to a cap of $1.5 billion, with $477 million outstanding as of December 31, 2024[589]. - The company issued $400 million of senior notes due 2029 and $800 million of senior notes due 2034 in March 2023 for general corporate purposes[591]. Investments and Acquisitions - The company acquired various environmental services businesses for a total purchase price of $281 million in 2024, down from $1,776 million in 2023[541]. - The company invested approximately $236 million and $222 million in non-controlling equity interests in 2024 and 2023, respectively, related to investment tax credits[546]. - The company paid approximately $700 million for acquisitions that closed through February 13, 2025[544]. Insurance and Liabilities - The company maintains various insurance policies to cover potential liabilities, but there is a risk of being exposed to uninsured liabilities that could adversely affect financial conditions[153]. - The company’s insurance reserves for unpaid claims were $622 million as of December 31, 2024, compared to $566 million in 2023[564]. - Insurance reserves are based on claims filed and estimates of claims incurred but not reported, with adjustments reflected in the consolidated statements of income[511]. Revenue Recognition and Accounting Policies - The company recognizes revenue when control is transferred to the customer, with advance billings recorded as deferred revenue[516][517]. - Deferred tax assets are recorded to the extent they are expected to be realized, considering all available positive and negative evidence[519]. - The company is currently evaluating the impact of new accounting standards on its future consolidated financial statements, including ASU 2023-09 and ASU 2024-03[537][535].