You should read the following discussion in conjunction with the unaudited
consolidated financial statements and notes thereto included under Part I,
Item 1 of this Quarterly Report on Form 10-Q. In addition, you should refer to
our audited consolidated financial statements and notes thereto and related
Management's Discussion and Analysis of Financial Condition and Results of
Operations appearing in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021.

Disclosure Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking information
about us that is intended to be covered by the safe harbor for "forward-looking
statements" provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts. Words
such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate,"
"project," "intend," "should," "can," "likely," "could," "outlook" and similar
expressions are intended to identify forward-looking statements. In particular,
information appearing in this "Management's Discussion and Analysis of Financial
Condition and Results of Operations" includes forward-looking statements. These
statements include information about our plans, strategies, and expectations of
future financial performance and prospects. Forward-looking statements are not
guarantees of performance. These statements are based upon the current beliefs
and expectations of our management and are subject to significant risk and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking information and
statements. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot assure you that the
expectations will prove to be correct. Among the factors that could cause actual
results to differ materially from the expectations expressed in the
forward-looking statements are the effects of the COVID-19 pandemic and actions
taken in response thereto, and our ability to integrate the operations of US
Ecology, Inc. into our operations and to realize the intended benefits of such
acquisition, as well as acts of war, riots or terrorism, and the impact of these
acts on economic, financial and social conditions in the United States as well
as our dependence on large, long-term collection, transfer and disposal
contracts. More information on factors that could cause actual results or events
to differ materially from those anticipated is included from time to time in our
reports filed with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31, 2021. Additionally, new risk
factors emerge from time to time and it is not possible for us to predict all
such risk factors, or to assess the impact such risk factors might have on our
business. We undertake no obligation to update publicly any forward-looking
statements whether as a result of new information, future events or otherwise,
except as required by law.

Recent Developments

In July 2022we made an investment of approximately $90 million in a joint venture with a landfill gas developer to build 39 renewable natural gas projects across United States. The agreement provides for additional contributions as certain stages of the project are reached over the next four to five years.

On May 2, 2022, we acquired all outstanding equity of US Ecology, Inc. (US
Ecology) in a transaction valued at $2.2 billion. US Ecology is a leading
provider of environmental solutions offering treatment, recycling and disposal
of hazardous, non-hazardous and specialty waste. This acquisition expands our
existing environmental solutions footprint and adds a national platform to
provide customers with environmental solutions from collection to disposal,
including recycling, solid waste, special waste, hazardous waste, container
rental and field services. We financed the transaction using the proceeds of a
new $1.0 billion unsecured Term Loan Credit Agreement (Term Loan Facility) and
borrowings under our existing $3.0 billion unsecured revolving credit facility.
As of and for the three months ended June 30, 2022, the financial results of US
Ecology are included within our Environmental Solutions operating segment.

Updated 2022 adjusted earnings per share guidance

The following is a summary of anticipated adjusted diluted earnings per share
for the year ending December 31, 2022. Adjusted diluted earnings per share is
not a measure determined in accordance with U.S. GAAP:

                                                               (Anticipated)
                                                                Year Ending
                                                             December 31, 2022
Diluted earnings per share                                        $ 4.52 to 4.55

Restructuring charges                                               0.06
Withdrawal costs - multiemployer pension funds                      0.01

US Ecology, Inc. acquisition integration and deal costs             0.18

Adjusted diluted earnings per share                               $ 4.77 to 

4.80

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We believe that presenting adjusted diluted earnings per share provides an
understanding of operational activities before the financial impact of certain
items. We use this measure, and believe investors will find it helpful, in
understanding the ongoing performance of our operations separate from items that
have a disproportionate impact on our results for a particular period. We have
incurred comparable charges, costs and recoveries in prior periods, and similar
types of adjustments can reasonably be expected to be recorded in future
periods. Our definition of adjusted diluted earnings per share may not be
comparable to similarly titled measures presented by other companies.

The guidance set forth above constitutes forward-looking information and is not
a guarantee of future performance. The guidance is based upon the current
beliefs and expectations of our management and is subject to significant risk
and uncertainties that could cause actual results to differ materially from
those shown above. See "Disclosure Regarding Forward-Looking Statements."

Impact of the COVID-19 pandemic

In March 2020, the World Health Organization declared the outbreak of a new
strain of coronavirus (COVID-19) a pandemic. In 2020, certain customers in our
small- and large-container businesses began adjusting their service levels,
which included a decrease in the frequency of pickups or a temporary pause in
service. In addition, we experienced a decline in volumes disposed at certain of
our landfills and transfer stations. As service levels decreased, we also
experienced a decrease in certain costs of our operations which are variable in
nature. This decline in service activity peaked in 2020 and has improved
sequentially thereafter, returning to pre-pandemic levels in 2022.

In 2020 and 2021, we recognized our frontline employees for their commitment and
contributions to their communities during the pandemic through our Committed to
Serve program with two awards that were paid in January 2021 and November 2021.

The effects of the COVID-19 pandemic on our business are further described in the discussion of results of operations in this MD&A and Analysis of Financial Condition and Results of Operations.

Insight

Republic is one of the largest providers of environmental services in the United
States, as measured by revenue. As of June 30, 2022, we operated facilities in
43 states through 346 collection operations, 231 transfer stations, 207 active
landfills, 72 recycling processing centers, 3 treatment, recovery and disposal
facilities, 20 treatment, storage and disposal facilities (TSDF), 6 salt water
disposal wells and 7 deep injection wells. We are engaged in 74 landfill
gas-to-energy and renewable energy projects and had post-closure responsibility
for 127 closed landfills as of June 30, 2022.

Revenue for the six months ended June 30, 2022 increased by 18.0% to $6,383.7
million compared to $5,408.2 million for the same period in 2021. This change in
revenue is due to increased volume of 3.0%, average yield of 4.6%, acquisitions,
net of divestitures of 7.2%, recycling processing and commodity sales of 0.3%,
fuel recovery fees of 2.4%, and increased environmental solutions revenue of
0.5%.

The following table summarizes our revenue, expenses and operating income for
the three and six months ended June 30, 2022 and 2021 (in millions of dollars
and as a percentage of revenue):
                                                 Three Months Ended June 30,                                                   Six Months Ended June 30,
                                           2022                                 2021                                    2022                                   2021
Revenue                      $     3,413.6           100.0  %       $ 2,812.3            100.0  %       $    6,383.7                100.0  %       $ 5,408.2           100.0  %
Expenses:
Cost of operations                 2,064.4            60.5            1,650.2             58.7               3,828.1                 60.0            3,184.0            58.9
Depreciation, amortization
and depletion of property
and equipment                        311.5             9.1              285.2             10.1                 601.1                  9.4              550.1            10.2
Amortization of other
intangible assets                     13.9             0.4               10.1              0.4                  23.9                  0.4               20.1             0.4
Amortization of other assets          12.2             0.4                7.7              0.3                  22.9                  0.4               15.0             0.3
Accretion                             22.4             0.7               20.7              0.7                  44.1                  0.7               41.1             0.8
Selling, general and
administrative                       391.5            11.5              315.8             11.2                 699.3                 11.0              581.2            10.7
Withdrawal costs -
multiemployer pension funds            2.2             0.1                  -                -                   2.2                    -                  -               -
Loss (gain) on business
divestitures and
impairments, net                         -               -                0.9                -                     -                    -               (0.2)              -
Restructuring charges                  5.9             0.2                3.8              0.1                  11.9                  0.2                6.6               -
Operating income             $       589.6            17.3  %       $   517.9             18.4  %       $    1,150.2                 18.0  %       $ 1,010.3            18.7  %


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Our pre-tax income was $478.1 million and $950.3 million for the three and six
months ended June 30, 2022, respectively, compared to $427.4 million and $827.5
million for the same respective periods in 2021. Our net income attributable to
Republic Services, Inc. was $371.9 million and $723.9 million for the three and
six months ended June 30, 2022, or $1.17 and $2.28 per diluted share,
respectively, compared to $331.1 million and $627.0 million, or 1.03 and $1.96
per diluted share, for the same periods in 2021, respectively.

During each of the three and six months ended June 30, 2022 and 2021, we
recorded a number of charges, other expenses and benefits that impacted our
pre-tax income, tax expense, net income attributable to Republic Services, Inc.
(net income - Republic) and diluted earnings per share as noted in the following
table (in millions, except per share data). Additionally, see our Results of
Operations discussion in this Management's Discussion and Analysis of Financial
Condition and Results of Operations for a discussion of other items that
impacted our earnings during the three and six months ended June 30, 2022 and
2021.

                                                           Three Months Ended June 30, 2022                                                 Three Months Ended June 30, 2021
                                                                                      Net             Diluted                                                           Net             Diluted
                                           Pre-tax                 Tax             Income -           Earnings              Pre-tax                  Tax             Income -           Earnings
                                           Income               Impact(2)          Republic          per Share               Income               Impact(2)          Republic          per Share

As reported                           $    478.1              $    106.3          $  371.9          $    1.17          $    427.4               $     95.4          $  331.1          $    1.03

Restructuring charges                        5.9                     1.5               4.4               0.01                 3.8                      1.0               2.8               0.01
Loss on business divestitures
and impairments, net(1)                        -                       -                 -                  -                 0.9                      0.3               0.6                  -
Withdrawal costs -
multiemployer pension funds                  2.2                     0.7               1.5               0.01                   -                        -                 -                  -

Accelerated vesting of
compensation expense for CEO
transition                                     -                       -                 -                  -                15.4                        -              15.4               0.05
US Ecology, Inc. acquisition
integration and deal costs                  51.9                    11.3   
          40.6               0.13                   -                        -                 -                  -
Total adjustments                           60.0                    13.5              46.5               0.15                20.1                      1.3              18.8               0.06
As adjusted                           $    538.1              $    119.8          $  418.4          $    1.32          $    447.5               $     96.7          $  349.9          $    1.09


(1) The aggregate impact to adjusted diluted earnings per share totals to less
than $0.01 for the three months ended June 30, 2021.
(2) The income tax effect related to our adjustments includes both current and
deferred income tax impact and is individually calculated based on the statutory
rates applicable to each adjustment.

                                                          Six Months Ended June 30, 2022                                               Six Months Ended June 30, 2021
                                                                                  Net             Diluted                                                       Net             Diluted
                                         Pre-tax               Tax             Income -           Earnings            Pre-tax                Tax             Income -           Earnings
                                         Income             Impact(2)          Republic          per Share             Income             Impact(2)          Republic          per Share

As reported                           $    950.3          $    226.6          $  723.9          $    2.28          $   827.5            $    199.1          $  627.0          $    1.96

Restructuring charges                       11.9                 3.1               8.8               0.03                6.6                   1.7               4.9               0.01
Gain on business divestitures
and impairments, net(1)                        -                   -                 -                  -               (0.2)                    -              (0.2)                 -
Withdrawal costs -
multiemployer pension funds                  2.2                 0.7               1.5               0.01                  -                     -                 -                  -

Accelerated vesting of
compensation expense for CEO
transition                                     -                   -                 -                  -               15.4                     -              15.4               0.05
US Ecology, Inc. acquisition
integration and deal costs                  56.6                11.7              44.9               0.14                  -                     -                 -                  -
Total adjustments                           70.7                15.5              55.2               0.18               21.8                   1.7              20.1               0.06
As adjusted                           $  1,021.0          $    242.1          $  779.1          $    2.46          $   849.3            $    200.8          $  647.1          $    2.02


(1) The aggregate impact to adjusted diluted earnings per share totals to less
than $0.01 for the six months ended June 30, 2021.
(2) The income tax effect related to our adjustments includes both current and
deferred income tax impact and is individually calculated based on the statutory
rates applicable to each adjustment.
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We believe that presenting adjusted pre-tax income, adjusted tax impact,
adjusted net income - Republic, and adjusted diluted earnings per share, which
are not measures determined in accordance with U.S. GAAP, provides an
understanding of operational activities before the financial impact of certain
items. We use these measures, and believe investors will find them helpful, in
understanding the ongoing performance of our operations separate from items that
have a disproportionate impact on our results for a particular period. We have
incurred comparable charges, costs and recoveries in prior periods, and similar
types of adjustments can reasonably be expected to be recorded in future
periods. Our definitions of adjusted pre-tax income, adjusted tax impact,
adjusted net income - Republic, and adjusted diluted earnings per share may not
be comparable to similarly titled measures presented by other companies. Further
information on each of these adjustments is included below.

Restructuring charges. During the three and six months ended June 30, 2022, we
incurred restructuring charges of $5.9 million and $11.9 million, respectively,
and during the three and six months ended June 30, 2021, we incurred
restructuring charges of $3.8 million and $6.6 million respectively, related to
the redesign of certain back-office software systems. During the six months
ended June 30, 2022 and 2021, we paid $8.3 million and $8.6 million,
respectively, related to these restructuring efforts.

During the remainder of 2022, we expect to incur additional restructuring
charges of approximately $10 million, primarily related to the continued
redesign of certain of our back-office software systems. Substantially all of
these restructuring charges will be recorded in our corporate entities and other
segment.

Loss (gain) on business divestitures and impairments, net. During the three and
six months ended June 30, 2021, we recorded a net loss on business divestitures
and impairments of $0.9 million and a net gain on business divestitures and
impairment of $(0.2) million, respectively.

Withdrawal costs - multiemployer pension funds. During both the three and six
months ended June 30, 2022, we recorded $2.2 million of withdrawal costs from a
multiemployer pension plan.

Accelerated vesting of compensation expense for CEO transition. In June 2021,
Donald W. Slager retired as Chief Executive Officer (CEO) of Republic Services,
Inc. During the three and six months ended June 30, 2021, we recognized a charge
of $15.4 million related to the accelerated vesting of his compensation awards
that were previously scheduled to vest in 2022 and beyond.

US Ecology, Inc. acquisition integration and deal costs. During the three and
six months ended June 30, 2022, we incurred $51.9 million and $56.6 million,
respectively, of acquisition integration and deal costs in connection with the
acquisition of US Ecology, which included certain costs to close the acquisition
and integrate the business, including stock compensation expense for unvested
awards at closing as well as severance and change-in-control payments. The
acquisition closed on May 2, 2022.

Operating results

Revenue

We generate revenue by providing environmental services to our customers,
including the collection and processing of recyclable materials, the collection,
transfer and disposal of solid waste, and other environmental solutions. Our
residential, small-container and large-container collection operations in some
markets are based on long-term contracts with municipalities. Certain of our
municipal contracts have annual price escalation clauses that are tied to
changes in an underlying base index such as a consumer price index. We generally
provide small-container and large-container collection services to customers
under contracts with terms up to three years. Our transfer stations and
landfills generate revenue from disposal or tipping fees charged to third
parties. Our recycling processing centers generate revenue from tipping fees
charged to third parties and the sale of recycled commodities. Our revenue from
environmental solutions consists mainly of fees we charge for disposal of
hazardous and non-hazardous solid and liquid material and in-plant services,
such as transportation and logistics, including at our TSDFs, and onsite
services such as high-pressure cleaning, tank cleaning, decontamination,
remediation, transportation, spill cleanup, and emergency response at
refineries, chemical, steel, and automotive plants, and other governmental,
commercial, and industrial facilities. Other non-core revenue consists primarily
of revenue from National Accounts, which represents the portion of revenue
generated from nationwide or regional contracts in markets outside our operating
areas where the associated material handling is subcontracted to local
operators. Consequently, substantially all of this revenue is offset with
related subcontract costs, which are recorded in cost of operations.
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The following table reflects our revenue by service line for the three and six
months ended June 30, 2022 and 2021 (in millions of dollars and as a percentage
of revenue):
                                                          Three Months Ended June 30,                                                   Six Months Ended June 30,
                                                    2022                                  2021                                   2022                                   2021
Collection:
Residential                           $       654.1             19.2  %       $   611.6            21.7  %       $    1,282.0                 20.1  %       $ 1,204.7             22.2  %
Small-container                               975.6             28.6              843.2            30.0               1,891.2                 29.6            1,653.4             30.5
Large-container                               687.4             20.1              594.6            21.1               1,308.5                 20.5            1,129.0             20.9
Other                                          13.3              0.4               13.0             0.5                  25.7                  0.4               25.4              0.5
Total collection                            2,330.4             68.3            2,062.4            73.3               4,507.4                 70.6            4,012.5             74.1
Transfer                                      407.8                               383.7                                 770.4                                   715.0
Less: intercompany                           (215.9)                             (208.1)                               (413.7)                                 (393.2)
Transfer, net                                 191.9              5.6              175.6             6.2                 356.7                  5.6              321.8              6.0
Landfill                                      699.0                               654.2                               1,316.1                                 1,219.3
Less: intercompany                           (292.9)                             (283.2)                               (560.5)                                 (532.5)
Landfill, net                                 406.1             11.9              371.0            13.2                 755.6                 11.8              686.8             12.7
Environmental solutions                       308.0                                37.6                                 416.9                                    76.6
Less: intercompany                            (13.7)                               (3.5)                                (23.3)                                   (7.6)
Environmental solutions, net                     294.3           8.6                  34.1          1.2                        393.6           6.2                  69.0           1.3

Other:

Recycling processing and commodity
sales                                         113.6              3.3              103.0             3.7                 213.3                  3.3              190.6              3.5
Other non-core                                 77.4              2.3               66.2             2.4                 157.0                  2.5              127.5              2.4
Total other                                   191.0              5.6              169.2             6.1                 370.3                  5.8              318.1              5.9
Total revenue                         $     3,413.6            100.0  %       $ 2,812.3           100.0  %       $    6,383.7                100.0  %       $ 5,408.2            100.0  %


The following table reflects changes in components of our revenue, as a
percentage of total revenue, for the three and six months ended June 30, 2022
and 2021:
                                               Three Months Ended June 30,                      Six Months Ended June 30,
                                              2022                    2021                    2022                    2021
Average yield                                      5.0  %                  2.6  %                  4.6  %                  2.5  %
Fuel recovery fees                                 3.0                     0.9                     2.4                     0.2
Total price                                        8.0                     3.5                     7.0                     2.7
Volume                                             2.4                     8.1                     3.0                     3.6
Change in workdays                                   -                       -                       -                    (0.3)
Recycling processing and commodity
sales                                              0.2                     1.0                     0.3                     0.9
Environmental solutions                            0.5                       -                     0.5                    (0.4)
Total internal growth                             11.1                    12.6                    10.8                     6.5
Acquisitions / divestitures, net                  10.3                     2.0                     7.2                     1.5
Total                                             21.4  %                 14.6  %                 18.0  %                  8.0  %

Core price                                         6.2  %                  5.2  %                  6.1  %                  4.7  %


Average yield is defined as revenue growth from the change in average price per
unit of service, expressed as a percentage. Core price is defined as price
increases to our customers and fees, excluding fuel recovery fees, net of price
decreases to retain customers. We also measure changes in average yield and core
price as a percentage of related-business revenue, defined as total revenue
excluding recycled commodities, fuel recovery fees and environmental solutions
revenue, to determine the effectiveness of our pricing strategies. Average yield
as a percentage of related-business revenue was 5.4% and 5.0% for the three and
six months ended June 30, 2022, respectively, and 2.8% and 2.6% for the same
respective periods in 2021. Core price as a percentage of related-business
revenue was 6.7% and 6.6% for the three and six months ended June 30, 2022,
respectively, and 5.5% and 5.1% for the same respective periods in 2021.
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In the three and six months ended June 30, 2022we experienced the following changes in our revenues compared to the same respective periods in 2021:

• Average return increased revenue by 5.0% and 4.6% in the three and six months ended June 30, 2022respectively, due to price increases in all of our collection and disposal activities.

•The fuel recovery fee program, which mitigates our exposure to increases in
fuel prices, increased revenue by 3.0% and 2.4% during the three and six months
ended June 30, 2022, respectively, primarily due to an increase in fuel prices
compared to the same periods in 2021.

•Volume increased revenue by 2.4% and 3.0% during the three and six months ended
June 30, 2022, respectively, primarily due to volume growth in our landfill,
small- and large-container collection, and transfer lines of business, partially
offset by a decrease in volume in our residential line of business. The volume
increase in our landfill line of business is primarily attributable to increased
special waste, construction and demolition, and solid waste volumes.

•Recycling processing and commodity sales increased revenue by 0.2% and 0.3%
during the three and six months ended June 30, 2022, respectively, primarily due
to an increase in overall commodity prices as compared to the same periods in
2021. The average price for recycled commodities, excluding glass and organics,
for the three and six months ended June 30, 2022 was $218 and $210 per ton,
respectively, compared to $170 and $152 per ton for the same respective periods
in 2021.

Changing market demand for recycled commodities causes volatility in commodity
prices. At current volumes and mix of materials, we believe a $10 per ton change
in the price of recycled commodities would change both annual revenue and
operating income by approximately $10 million.

•Environmental solutions revenue increased by 0.5% during both the three and six
months ended June 30, 2022, primarily due to an increase in volumes, including
those driven by an increase in rig counts and drilling activity.

•Acquisitions, net of divestitures, increased revenue by 10.3% and 7.2% during
the three and six months ended June 30, 2022, respectively, reflecting the
results of our continued growth strategy of acquiring solid waste, recycling,
and environmental services companies, including US Ecology, that complement and
expand our existing business platform.

Cost of operations

Cost of operations includes labor and related benefits, which consists of
salaries and wages, health and welfare benefits, incentive compensation and
payroll taxes. It also includes transfer and disposal costs representing tipping
fees paid to third party disposal facilities and transfer stations; maintenance
and repairs relating to our vehicles, equipment and containers, including
related labor and benefit costs; transportation and subcontractor costs, which
include costs for independent haulers that transport our waste to disposal
facilities and costs for local operators that provide waste handling services
associated with our National Accounts in markets outside our standard operating
areas; fuel, which includes the direct cost of fuel used by our vehicles, net of
fuel tax credits; disposal fees and taxes, consisting of landfill taxes, host
community fees and royalties; landfill operating costs, which includes financial
assurance, leachate disposal, remediation charges and other landfill maintenance
costs; risk management costs, which include insurance premiums and claims; cost
of goods sold, which includes material costs paid to suppliers; and other, which
includes expenses such as facility operating costs, equipment rent and gains or
losses on sale of assets used in our operations.
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The following table summarizes the main components of our operating costs for the three and six months ended June 30, 2022 and 2021 (in millions of dollars and as a percentage of revenues):

                                                     Three Months Ended June 30,                                                 Six Months Ended June 30,
                                               2022                                 2021                                  2022                                   2021
Labor and related benefits       $       677.3            19.8  %       $   571.5            20.3  %       $    1,286.1                20.2  %       $ 1,127.2            20.8  %
Transfer and disposal costs              253.3             7.4              220.0             7.8                 466.3                 7.3              412.4             7.6
Maintenance and repairs                  302.7             8.9              259.7             9.2                 571.5                 9.0              497.0             9.2
Transportation and subcontract
costs                                    266.0             7.8              190.5             6.8                 479.4                 7.5              359.3             6.6
Fuel                                     183.5             5.4               92.4             3.3                 312.8                 4.9              171.3             3.2
Disposal fees and taxes                   89.2             2.6               87.6             3.1                 168.6                 2.6              165.4             3.1
Landfill operating costs                  65.2             1.9               68.9             2.5                 126.5                 2.0              126.3             2.3
Risk management                           78.6             2.3               52.7             1.9                 147.1                 2.3              112.0             2.1
Other                                    147.6             4.3              106.9             3.8                 268.8                 4.2              213.1             4.0
Subtotal                               2,063.4            60.4            1,650.2            58.7               3,827.1                60.0            3,184.0            58.9
US Ecology, Inc. acquisition
integration and deal costs                 1.0             0.1                  -               -                   1.0                   -                  -               -

Total cost of operations         $     2,064.4            60.5  %       $ 1,650.2            58.7  %       $    3,828.1                60.0  %       $ 3,184.0            58.9  %


These cost categories may change from time to time and may not be comparable to
similarly titled categories presented by other companies. As such, you should
take care when comparing our cost of operations by component to that of other
companies and of ours for prior periods.

The most significant items that impacted our operating costs during the three and six months ended June 30, 2022 and 2021 are summarized below:

•Labor and related benefits increased in aggregate dollars due to higher hourly
and salaried wages as a result of annual merit increases along with additional
headcount attributable to acquisition-related growth, an increase in service
levels attributable to economic recovery from the COVID-19 pandemic, and
acquisitions.

•Transfer and disposal costs increased in overall dollars due to higher collection volumes and increased third-party disposal rates.

During both the three and six months ended June 30, 2022 and 2021, approximately
68% of the total solid waste volume we collected was disposed at landfill sites
that we owned or operated (internalization).

• Maintenance and repair expenses increased in global dollars due to the increase in the price of spare parts as well as an increase in service levels attributable to the economic recovery from the COVID-19 pandemic.

•Transportation and subcontract costs increased during the three and six months
ended June 30, 2022 primarily due to increases in volume, acquisition-related
activity, and an increase in subcontract work attributable to a corresponding
increase in non-core revenues as compared to the same period in 2021.

•Our fuel costs increased due to an increase in the average diesel fuel cost per
gallon. The national average diesel fuel cost per gallon for the three and six
months ended June 30, 2022 was $5.49 and $4.87, respectively, as compared to
$3.21 and $3.06, respectively, for the same respective periods in 2021.

At current consumption levels, we believe a twenty-cent per gallon change in the
price of diesel fuel would change our fuel costs by approximately $26 million
per year. Offsetting these changes in fuel expense would be changes in our fuel
recovery fee charged to our customers. At current participation rates, a
twenty-cent per gallon change in the price of diesel fuel would change our fuel
recovery fee by approximately $26 million per year.

•Landfill operating costs decreased in aggregate dollars and as a percentage of
revenue during the three months ended June 30, 2022, and remained flat in
aggregate dollars and decreased as a percentage of revenue during the six months
ended June 30, 2022, primarily due to certain favorable remediation
reimbursements in the quarter. This favorability was partially offset by
increased leachate treatment, transportation and disposal costs due in part to
increased rainfall in select geographic regions, as well as landfill gas and
other maintenance costs.

• Risk management expenses increased in the three and six months ended June 30, 2022 mainly due to the unfavorable actuarial evolution of our automobile liability program.

• During the three and six month periods ended June 30, 2022we hired $1.0 million the integration of acquisitions and transaction costs related to the acquisition of US Ecology. The acquisition was completed on May 2, 2022.

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•Other costs of operations increased during the three and six months ended June
30, 2022 due to increased occupancy and facility related expenses as well as
higher third-party truck and equipment rentals supporting higher volumes.

Depreciation, amortization and depletion of property, plant and equipment

The following table summarizes the depreciation, amortization and depletion of property, plant and equipment for the three and six months ended June 30, 2022 and 2021 (in millions of dollars and as a percentage of revenues):

                                                     Three Months Ended June 30,                                             Six Months Ended June 30,
                                                2022                                2021                               2022                               2021
Depreciation and amortization of
property and equipment             $       197.0            5.8  %       $ 180.9             6.4  %       $      389.6            6.1  %       $ 359.1             6.6  %
Landfill depletion and
amortization                               114.5            3.3            104.3             3.7                 211.5            3.3            191.0             3.6
Depreciation, amortization and
depletion expense                  $       311.5            9.1  %       $ 285.2            10.1  %       $      601.1            9.4  %       $ 550.1            10.2  %

Depreciation of property, plant and equipment increased for the quarters and six months ended June 30, 2022 primarily due to assets added through acquisitions.

Landfill depletion and amortization expense increased due to higher landfill
disposal volumes primarily driven by special waste, construction and demolition,
and solid waste volumes coupled with an increase in our overall average
depletion rate. These increases were partially offset by an unfavorable
amortization adjustment related to the asset retirement obligation at one of our
closed landfills during the three and six months ended June 30, 2021, which did
not recur in 2022.

Amortization of other intangible assets

Amortization of other intangible assets primarily relates to customer
relationships and, to a lesser extent, non-compete agreements. Expenses for
amortization of other intangible assets were $13.9 million and $23.9 million, or
0.4% of revenue, for the three and six months ended June 30, 2022 ,
respectively, compared to $7.7 million and $15.0 million, or 0.3% of revenue,
for the same respective periods in 2021. Amortization expense increased due to
assets added through acquisitions.

Depreciation of other assets

Our other assets primarily relate to the prepayment of fees and capitalized
implementation costs associated with cloud-based hosting arrangements. Expenses
for amortization of other assets were $12.2 million and $22.9 million, or 0.4%
of revenue, for the three and six months ended June 30, 2022, respectively,
compared to $10.1 million and $20.1 million, or 0.4% of revenue, for the same
respective periods in 2021.

Growth expense

Accretion expense was $22.4 million and $44.1 million, or 0.7% of revenue, for
the three and six months ended June 30, 2022, respectively, compared to $20.7
million and $41.1 million, or 0.7% of revenue, for the same respective periods
in 2021. Accretion expense has remained relatively unchanged as our asset
retirement obligations have remained relatively consistent period over period.

Selling, general and administrative expenses

Selling, general and administrative expenses include salaries, health and
welfare benefits, and incentive compensation for corporate and field general
management, field support functions, sales force, accounting and finance, legal,
management information systems, and clerical and administrative departments.
Other expenses include rent and office costs, fees for professional services
provided by third parties, legal settlements, marketing, investor and community
relations services, directors' and officers' insurance, general employee
relocation, travel, entertainment and bank charges. Restructuring charges are
excluded from selling, general and administrative expenses and are discussed
separately.
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The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2022 and 2021 (in millions of dollars and as a percentage of revenues):

                                                     Three Months Ended June 30,                                             Six Months Ended June 30,
                                                2022                                2021                               2022                                2021
Salaries and related benefits     $       232.1             6.8  %       $ 222.5             7.9  %       $      444.9             7.0  %       $ 416.8             7.7  %
Provision for doubtful accounts            10.5             0.3              7.2             0.3                  17.2             0.3             11.4             0.2
Other                                      98.0             2.9             70.7             2.5                 181.6             2.8            137.6             2.5
Subtotal                                  340.6            10.0            300.4            10.7                 643.7            10.1            565.8            10.4
Accelerated vesting of
compensation expense for CEO
transition                                    -               -             15.4             0.5                     -               -             15.4             0.3
US Ecology, Inc. acquisition
integration and deal costs                 50.9             1.5                -               -                  55.6             0.9                -               -
Total selling, general and
administrative expenses           $       391.5            11.5  %       $ 315.8            11.2  %       $      699.3            11.0  %       $ 581.2            10.7  %


These cost categories may change from time to time and may not be comparable to
similarly titled categories presented by other companies. As such, you should
take care when comparing our selling, general and administrative expenses by
cost component to those of other companies and of ours for prior periods.

The most significant items affecting our selling, general and administrative expenses during the three and six months ended June 30, 2022 and 2021 are summarized below:

•Salaries and related benefits increased in aggregate dollars primarily due to
higher wages, benefits, and other payroll related items resulting from annual
merit increases, as well as additional salaries and related benefits from
acquisitions.

•Other selling, general and administrative expenses increased for the three and
six months ended June 30, 2022, primarily due to an increase in advertising and
travel costs.

•In June 2021, Donald W. Slager retired as CEO of Republic Services, Inc. During
the three and six months ended June 30, 2021, we recognized a charge of $15.4
million related to the accelerated vesting of his compensation awards that were
previously scheduled to vest in 2022 and beyond.

•During the three and six months ended June 30, 2022, we incurred $50.9 million
and $55.6 million, respectively, of acquisition integration and deal costs in
connection with the acquisition of US Ecology, which included certain costs to
close the acquisition and integrate the business, including stock compensation
expense for unvested awards at closing as well as severance and
change-in-control payments. The acquisition closed on May 2, 2022.

Loss (gain) on disposals and write-downs of businesses, net

We strive to have a number one or number two market position in each of the
markets we serve, or have a clear path on how we will achieve a leading market
position over time. Where we cannot establish a leading market position, or
where operations are not generating acceptable returns, we may decide to divest
certain assets and reallocate resources to other markets. Business divestitures
could result in gains, losses or impairment charges that may be material to our
results of operations in a given period.

During the three and six months ended June 30, 2021, we recorded a net loss on
business divestitures and impairments of $0.9 million and net gain on business
divestitures and impairments of $0.2 million, respectively.

Restructuring charges

During the three and six months ended June 30, 2022, we incurred restructuring
charges of $5.9 million and $11.9 million, respectively, and during the three
and six months ended June 30, 2021, we incurred restructuring charges of $3.8
million and $6.6 million , respectively, related to the redesign of certain
back-office software systems and certain facility lease exit and impairment
charges. During the six months ended June 30, 2022 and 2021, we paid $8.3
million and $8.6 million, respectively, related to the restructuring efforts.
During the remainder of 2022, we expect to incur additional restructuring
charges of approximately $10 million primarily related to the continuing
redesign of certain of our back-office software systems.
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Interest charges

The following table provides the components of interest expense, including
accretion of debt discounts and accretion of discounts primarily associated with
environmental and risk insurance liabilities assumed in acquisitions, for the
three and six months ended June 30, 2022 and 2021:
                                                                Three Months Ended June 30,           Six Months Ended June 30,
                                                                   2022             2021                2022                2021
Interest expense on debt                                        $   75.2          $ 61.1          $       140.6          $ 124.0
Non-cash interest                                                   19.4            18.3                   38.1             34.2
Less: capitalized interest                                          (0.6)           (1.0)                  (1.2)            (1.5)
Total interest expense                                          $   94.0          $ 78.4          $       177.5          $ 156.7

Total interest expense for the three and six months ended June 30, 2022
increased primarily due to additional debt outstanding to fund the purchase of US Ecology and higher interest rates on our floating rate debt.

Cash paid for interest, excluding net swap settlements for our fixed-to-floating
interest rate swaps, was $130.6 million and $116.6 million for the six months
ended June 30, 2022 and 2021, respectively.

Income taxes

Our effective tax rate, exclusive of non-controlling interests, for the three
and six months ended June 30, 2022 was 22.2% and 23.8%, respectively. Our
effective tax rate, exclusive of non-controlling interests, for the three and
six months ended June 30, 2021 was 22.4% and 24.1%, respectively. Our effective
tax rate for the three months ended June 30, 2021 reflects benefits from
investments in solar energy assets qualifying for tax credits under Section 48
of the Internal Revenue Code.

The net cash paid for income taxes was $78.9 million and $54.3 million for the six months ended June 30, 2022 and 2021, respectively.

For additional discussion and detail regarding our income taxes, see Note 8,
Income Taxes, to our unaudited consolidated financial statements included in
Part I, Item 1 of this Quarterly Report on Form 10-Q.

Reportable Segments

Our senior management evaluates, oversees and manages the financial performance
of our operations through three field groups, which are our operating segments,
referred to as Group 1, Group 2, and Environmental Solutions. Group 1 primarily
consists of geographic areas located in the western United States, and Group 2
primarily consists of geographic areas located in the southeastern and
mid-western United States, and the eastern seaboard of the United States. Our
Environmental Solutions operating segment, which provides environmental
solutions for daily operations of industrial, petrochemical and refining
facilities, as well as waste treatment and disposal, specialty onsite services
and emergency response services and waste transportation and logistics services,
is aggregated for reporting purposes with Corporate entities and other as it
only represents approximately 6.2% of our consolidated revenue for the six
months ended June 30, 2022. Our Environmental Solutions operating segment
includes the financial results of US Ecology following its acquisition on May 2,
2022. Each of our operating segments provides integrated environmental services,
including collection, transfer, recycling, and disposal.
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Summary financial information about our reportable segments for the three and six months ended June 30, 2022 and 2021 (in millions of dollars and as a percentage of revenue in the case of operating margin) follows:

                                            Depreciation,
                                            Amortization,         Adjustments to
                                            Depletion and          Amortization
                                          Accretion Before          Expense for           Depreciation,
                                           Adjustments for             Asset              Amortization,         Gain on Business
                                          Asset Retirement          Retirement            Depletion and         Divestitures and          Operating
                      Net Revenue            Obligations            Obligations             Accretion           Impairments, Net        Income

(Loss) Operating Margin

Three Months Ended June 30, 2022
Group 1             $    1,548.4          $        147.4          $       (1.5)         $        145.9          $           -          $      415.1                     26.8  %
Group 2                  1,526.9                   148.7                     -                   148.7                      -                 328.4                     21.5  %
Corporate entities
and other                  338.3                    65.4                     -                    65.4                      -                (153.9)                       -
Total               $    3,413.6          $        361.5          $       (1.5)         $        360.0          $           -          $      589.6                     17.3  %

Three Months Ended June 30, 2021
Group 1             $    1,393.3          $        139.1          $       (0.4)         $        138.7          $           -          $      379.8                     27.3  %
Group 2                  1,341.9                      138.2               (0.2)                  138.0                      -                 283.6                     21.1  %
Corporate entities
and other                   77.1                       38.9                8.1                    47.0                    0.9                (145.5)                       -
Total               $    2,812.3          $        316.2          $        7.5          $        323.7          $         0.9          $      517.9                     18.4  %


                                            Depreciation,
                                            Amortization,         Adjustments to                                    Gain on
                                            Depletion and          Amortization                                    Business
                                          Accretion Before          Expense for           Depreciation,          Divestitures
                                           Adjustments for             Asset              Amortization,               and
                                          Asset Retirement          Retirement            Depletion and          Impairments,           Operating
                      Net Revenue            Obligations            Obligations             Accretion                 Net             Income (Loss)         Operating Margin

Six Months Ended June 30, 2022
Group 1             $    2,988.8          $        291.1          $       (1.5)         $        289.6          $          -          $     787.9                     26.4  %
Group 2                  2,908.1                   290.5                   0.3                   290.9                     -                647.8                     22.3  %
Corporate entities
and other                  486.8                   111.3                   0.2                   111.5                     -               (285.5)                       -
Total               $    6,383.7          $        692.9          $       (1.0)         $        692.0          $          -          $   1,150.2                     18.0  %

Six Months Ended June 30, 2021
Group 1             $    2,691.9          $        272.3          $       (1.5)         $        270.8          $          -          $     731.3                     27.2  %
Group 2                  2,563.9                      266.4                0.4                   266.8                     -                545.4                     21.3  %
Corporate entities
and other                  152.4                       76.4               12.3                    88.7                  (0.2)              (266.4)                       -
Total               $    5,408.2          $        615.1          $       11.2          $        626.3          $       (0.2)         $   1,010.3                     18.7  %


Corporate entities and other include legal, tax, treasury, information
technology, risk management, human resources, closed landfills, other
administrative functions, and environmental solutions. National Accounts revenue
included in Corporate entities and other represents the portion of revenue
generated from nationwide and regional contracts in markets outside our
operating areas where the associated material handling is subcontracted to local
operators. Consequently, substantially all of this revenue is offset with
related subcontract costs, which are recorded in cost of operations.

Significant changes in revenues and operating margins of our reportable segments comparing the three and six months ended June 30, 2022 and 2021 are discussed below.

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Group 1

Revenue for the three and six months ended June 30, 2022 increased 11.1% and
11.0%, respectively, due to an increase in both average yield and volume in all
lines of business. Revenue also increased due to acquisition-related growth.

Operating income in Group 1 increased from $379.8 million for the three months
ended June 30, 2021, or a 27.3% operating income margin, to $415.1 million for
the three months ended June 30, 2022, or a 26.8% operating income margin.
Operating income in Group 1 increased from $731.3 million for the six months
ended June 30, 2021, or a 27.2% operating income margin, to $787.9 million for
the six months ended June 30, 2022, or a 26.4% operating income margin.
Operating income margin for the three and six months ended June 30, 2022 was
primarily unfavorably impacted by an increase in vehicle and equipment rental
fees, transportation and subcontract costs driven by increases in volume, as
well as higher disposal costs due to an increase in third party disposal rates
and higher transportation and subcontract costs driven by the increase in
volume. The unfavorable impact was partially offset by the increase in revenue
attributable to the economic recovery from the COVID-19 pandemic.

Group 2

Revenue for the three and six months ended June 30, 2022 increased 13.8% and
13.4%, respectively, due to an increase in average yield in all lines of
business. Additionally, volume increased in our landfill, transfer station, and
small- and large-container collection lines of business. These increases were
partially offset by volume declines in our residential line of business. The
increase in landfill volume was attributable to an increase in construction and
demolition and special waste volumes. Revenue also increased due to
acquisition-related growth.

Operating income in Group 2 increased from $283.6 million for the three months
ended June 30, 2021, or a 21.1% operating income margin, to $328.4 million for
the three months ended June 30, 2022, or a 21.5% operating income margin.
Operating income in Group 2 increased from $545.4 million for the six months
ended June 30, 2021, or a 21.3% operating income margin, to $647.8 million for
the six months ended June 30, 2022, or a 22.3% operating income margin

Operating income margin for the three and six months ended June 30, 2022 was
favorably impacted by the increase in revenue attributable to the economic
recovery from the COVID-19 pandemic coupled with the effective management of
certain operating costs, primarily labor and related benefits, disposal costs,
and maintenance and repairs. The favorable impact was partially offset by an
increase in vehicle and equipment rental fees and transportation and subcontract
costs driven by increases in volume.

Corporate and other entities

Operating loss in our Corporate entities and other segment increased from $145.5
million for the three months ended June 30, 2021 to $153.9 million for the three
months ended June 30, 2022. Operating loss in our Corporate entities and other
segment increased from $266.4 million for the six months ended June 30, 2021 to
$285.5 million for the six months ended June 30, 2022. The change in the
operating loss for the three and six months ended June 30, 2022 compared to the
three and six months ended June 30, 2021 was primarily due to an increase in
acquisition deal and integration costs as well as restructuring costs, offset by
the operating income from US Ecology. During the three and six months ended June
30, 2022, we incurred $51.9 million and $56.6 million, respectively, of
acquisition integration and deal costs in connection with the acquisition of US
Ecology, which closed on May 2, 2022.
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Landfill and environmental issues

Airspace available

From June 30, 2022, we owned or operated 207 active landfills with an estimated total available disposal capacity of 5.1 billion cubic yards onsite. For these landfills, the following table reflects changes in capacity and remaining capacity, measured in cubic meters of air space:

                                                                                                  Landfills             Permits Granted /
                                   Balance as of                                               Acquired, Net of             New Sites,                Airspace               Changes in             Balance as of June 30,
                                 December 31, 2021           New Expansions Undertaken           Divestitures            Net of Closures              Consumed          Engineering Estimates                2022
Cubic yards (in millions):
Permitted airspace                      4,826.7                             -                        76.4                        3.6                   (41.2)                         -                        4,865.5
Probable expansion airspace                 186                           7.2                           -                       (3.7)                      -                        0.6                          190.1
Total cubic yards (in millions)         5,012.7                           7.2                        76.4                       (0.1)                  (41.2)                       0.6                        5,055.6
Number of sites:
Permitted airspace                          198                             -                          10                         (1)                                                                              207
Probable expansion airspace                  11                             1                           -                         (1)                                                                               11


Total available disposal capacity represents the sum of estimated permitted
airspace plus an estimate of probable expansion airspace. Engineers develop
these estimates at least annually using information provided by annual aerial
surveys. Before airspace included in an expansion area is determined to be
probable expansion airspace and, therefore, included in our calculation of total
available disposal capacity, it must meet all of our expansion criteria.

As of June 30, 2022, 11 of our landfills met all of our criteria for including
their probable expansion airspace in their total available disposal capacity. At
projected annual volumes, these landfills have an estimated remaining average
site life of 32 years, including probable expansion airspace. The average
estimated remaining life of all of our landfills is 58 years. We have other
expansion opportunities that are not included in our total available airspace
because they do not meet all of our criteria for treatment as probable expansion
airspace.

Sanitation fees and other fees for landfill issues

It is reasonably possible that we will need to adjust our accrued landfill and
environmental liabilities to reflect the effects of new or additional
information, to the extent that such information impacts the costs, timing or
duration of the required actions. Future changes in our estimates of the costs,
timing or duration of the required actions could have a material adverse effect
on our consolidated financial position, results of operations and cash flows.

For a description of our significant remediation matters, see Note 6, Landfill
and Environmental Costs, of the notes to our unaudited consolidated financial
statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
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Property and Equipment

The following tables reflect the activity of our property, plant and equipment accounts for the six months ended June 30, 2022:

                                                                                                                        Gross Property and Equipment
                                                                                                                                           Non-cash                                     Impairments,
                                                                                                                                           Additions            Adjustments          Transfers, Foreign
                                                Balance as of                                                     Acquisitions,            for Asset             for Asset          Currency Translation
                                                 December 31,            Capital                                     Net of               Retirement            Retirement               and Other              Balance as of
                                                     2021               Additions           Retirements           Divestitures            Obligations           Obligations             Adjustments             June 30, 2022
Land                                           $       694.9          $      0.1          $       (1.5)         $         60.2          $          -          $          -          $             1.0          $      754.7
Landfill development costs                           8,539.6                 5.0                     -                   518.9                  27.9                   7.9                       94.4               9,193.7
Vehicles and equipment                               8,576.9               273.7                (135.1)                  402.8                     -                     -                       16.2               9,134.5
Buildings and improvements                           1,508.4                 4.0                  (1.6)                  194.4                     -                     -                        3.7               1,708.9
Construction-in-progress - landfill                    279.3               136.0                     -                    65.7                     -                     -                      (93.7)                387.3
Construction-in-progress - other                       182.9                87.9                     -                       -                     -                     -                      (52.5)                218.3
Total                                          $    19,782.0          $    506.7          $     (138.2)         $      1,242.0          $       27.9          $        7.9          $           (30.9)         $   21,397.4


                                                                                   Accumulated Depreciation, Amortization and Depletion
                                                                                                                                                  Impairments,
                                                                                                                                                   Transfers,
                                                                                                                                                     Foreign
                                                           Additions                                                         Adjustments            Currency
                                    Balance as of           Charged                                  Acquisitions,            for Asset          Translation and
                                     December 31,              to                                       Net of               Retirement               Other             Balance as of
                                         2021               Expense            Retirements           Divestitures            Obligations           Adjustments          June 30, 2022
Landfill development costs         $    (4,625.6)         $  (212.5)        

$-$(1.6) $1.0 $

   0.1          $    (4,838.6)
Vehicles and equipment                  (5,231.6)            (355.7)                132.9                       -                     -                  12.6               (5,441.8)
Buildings and improvements                (692.7)             (36.3)                  1.6                       -                     -                   6.2                 (721.2)
Total                              $   (10,549.9)         $  (604.5)         $      134.5          $         (1.6)         $        1.0          $       18.9          $   (11,001.6)

Cash and capital resources

Cash and cash equivalents

The following is a summary of our cash and cash equivalents and our restricted cash and marketable securities balances as of:

                                                            June 30, 2022           December 31, 2021
Cash and cash equivalents                                 $        119.4          $             29.0
Restricted cash and marketable securities                          121.5                       139.0
Less: restricted marketable securities                             (57.2)                      (62.4)

Cash, cash equivalents, restricted cash and restricted cash equivalents

                                          $        183.7          $            105.6


Our restricted cash and marketable securities include, among other things,
restricted cash related to proceeds from the issuance of tax-exempt bonds that
will be used to fund qualifying landfill-related expenditures in the
Commonwealth of Pennsylvania, restricted cash and marketable securities pledged
to regulatory agencies and governmental entities as financial guarantees of our
performance under certain collection, landfill and transfer station contracts
and permits, and relating to our final capping, closure and post-closure
obligations at our landfills as well as restricted cash and marketable
securities related to our insurance obligations.

The following table summarizes our restricted cash and marketable securities:
                                                   June 30, 2022       December 31, 2021
Financing proceeds                                $          2.0      $             12.4
Capping, closure and post-closure obligations               38.3            

42.4

Insurance                                                   81.2            

84.2

Total restricted cash and marketable securities $121.5 $

139.0

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Material cash needs and intended uses of cash

We expect existing cash, cash equivalents, restricted cash and marketable
securities, cash flows from operations and financing activities to continue to
be sufficient to fund our operating activities and cash commitments for
investing and financing activities for at least the next 12 months and
thereafter for the foreseeable future. Our known current- and long-term uses of
cash include, among other possible demands: (1) capital expenditures and leases;
(2) acquisitions; (3) dividend payments; (4) share repurchases; (5) repayments
to service debt and other long-term obligations; and (6) payments for asset
retirement obligations and environmental liabilities.

We may choose to voluntarily retire certain portions of our outstanding debt
before their maturity dates using cash from operations or additional borrowings.
We may also explore opportunities in the capital markets to fund redemptions
should market conditions be favorable. Early extinguishment of debt will result
in an impairment charge in the period in which the debt is repaid. The loss on
early extinguishment of debt relates to premiums paid to effectuate the
repurchase and the relative portion of unamortized note discounts and debt issue
costs.

Acquisitions

Our acquisition growth strategy focuses primarily on acquiring privately held
recycling and solid waste companies and environmental solutions businesses that
complement our existing business platform. We continue to invest in
value-enhancing acquisitions in existing markets.

On May 2, 2022, we acquired all outstanding equity of US Ecology in a
transaction valued at $2.2 billion. US Ecology is a leading provider of
environmental solutions offering treatment, recycling and disposal of hazardous,
non-hazardous and specialty waste. We financed the transaction using the
proceeds of a $1.0 billion unsecured Term Loan Facility and borrowings under our
existing $3.0 billion unsecured revolving credit facility.

We plan to invest at least $500 million in additional acquisitions in 2022.

Commercial Paper Program

In May 2022, we entered into a commercial paper program for the issuance and
sale of unsecured commercial paper in an aggregate principal amount not to
exceed $500.0 million outstanding at any one time. As of June 30, 2022, we had
$500.0 million principal value of commercial paper issued and outstanding under
the program, with a weighted average interest rate of 1.845% and weighted
average maturity of 24 days. We maintain capacity under the Credit Facility to
support our commercial paper program in the event of a default. Accordingly, we
have classified these borrowings as long-term in our consolidated balance sheet
as of June 30, 2022.

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