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 our ability to integrate the operations of US
Ecology, Inc. (US Ecology) 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, the effects of the COVID-19 pandemic and actions taken in
response thereto, 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 2022, we acquired a non-controlling equity interest in a joint venture
with a landfill gas-to-energy developer to construct 39 renewable natural gas
projects across the United States for approximately $88 million. We also
purchased an approximately $38 million interest in a landfill gas-to-energy
project and subsequently divested of our interest to the joint venture. The
joint venture agreement provides for additional contributions as certain project
milestones are achieved over the next four to five years.

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. 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 and nine months ended September 30, 2022, the financial
results of US Ecology are included within our Group 3 reportable segment.

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.

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Insight

Republic is one of the largest providers of environmental services in the United
States, as measured by revenue. As of September 30, 2022, we operated facilities
in 41 states and the District of Columbia through 349 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 126 closed landfills as of September 30, 2022.

Revenue for the nine months ended September 30, 2022 increased by 19.7% to
$9,981.5 million compared to $8,342.2 million for the same period in 2021. This
change in revenue is due to increased volume of 2.7%, average yield of 5.0%,
acquisitions, net of divestitures of 9.0%, fuel recovery fees of 2.7%, and
increased environmental solutions revenue of 0.5% offset by a decrease in
recycling processing and commodity sales of 0.2%.

The following table summarizes our revenues, expenses and operating profit for the three and nine months ended September 30, 2022 and 2021 (in millions of dollars and as a percentage of revenues):

                                                Three Months Ended September 30,                                             Nine Months Ended September 30,
                                            2022                                  2021                                   2022                                   2021
Revenue                      $       3,597.8           100.0  %       $ 2,933.9            100.0  %       $       9,981.5            100.0  %       $ 8,342.2           100.0  %

Expenses:

Cost of operations                   2,192.4            60.9            1,744.0             59.4                  6,020.4             60.3            4,928.0            59.1
Depreciation, amortization
and depletion of property
and equipment                          326.1             9.1              282.7              9.6                    927.2              9.3              832.8            10.0
Amortization of other
intangible assets                       14.7             0.4                8.5              0.3                     38.6              0.4               23.5             0.3
Amortization of other assets            13.1             0.4               10.1              0.4                     36.0              0.4               30.2             0.4
Accretion                               22.8             0.6               20.8              0.7                     66.9              0.7               61.9             0.7
Selling, general and
administrative                         362.8            10.1              299.0             10.2                   1062.2             10.6              880.3            10.6
Withdrawal costs -
multiemployer pension funds                -               -                  -                -                      2.2                -                  -               -
Loss (gain) on business
divestitures and
impairments, net                        (5.2)           (0.1)                 -                -                     (5.3)            (0.1)              (0.2)              -
Restructuring charges                    6.8             0.2                4.6              0.2                     18.8              0.2               11.2             0.1
Operating income             $         664.3            18.4  %       $   564.2             19.2  %       $       1,814.5             18.2  %       $ 1,574.5            18.8  %


Our pre-tax income was $507.8 million and $1,458.1 million for the three and
nine months ended September 30, 2022, respectively, compared to $470.7 million
and $1,298.2 million for the same respective periods in 2021. Our net income
attributable to Republic Services, Inc. was $416.9 million and $1,140.8 million
for the three and nine months ended September 30, 2022, or $1.32 and $3.60 per
diluted share, respectively, compared to $350.3 million and $977.3 million, or
$1.10 and $3.06 per diluted share, respectively, for the same periods in 2021.
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During each of the three and nine months ended September 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 nine months ended September 30, 2022
and 2021.

                                                       Three Months Ended September 30, 2022                                         Three Months Ended September 30, 2021
                                                                                   Net             Diluted                                                       Net             Diluted
                                         Pre-tax                Tax             Income -           Earnings            Pre-tax                Tax             Income -           Earnings
                                          Income             Impact(1)          Republic          per Share             Income             Impact(1)          Republic          per Share

As reported                           $     507.8          $     90.9          $  416.9          $    1.32          $     470.7          $    119.9          $  350.3          $    1.10

Restructuring charges                         6.8                 1.8               5.0               0.01                  4.6                 1.3               3.3               0.01
Loss on business divestitures
and impairments, net                         (5.2)               (2.2)             (3.0)             (0.01)                   -                   -                 -                  -

Accelerated vesting of
compensation expense for CEO
transition                                      -                   -                 -                  -                  4.1                   -               4.1               0.01
US Ecology, Inc. acquisition
integration and deal costs                    8.7                 2.2               6.5               0.02                    -                   -                 -                  -
Total adjustments                            10.3                 1.8               8.5               0.02                  8.7                 1.3               7.4               0.02
As adjusted                           $     518.1          $     92.7          $  425.4          $    1.34          $     479.4          $    121.2          $  357.7          $    1.12


(1) 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.

                                                          Nine Months Ended September 30, 2022                                                Nine 

Months ended September 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                           $    1,458.1              $    317.5          $ 1,140.8          $    3.60          $    1,298.2              $    319.0          $   977.3          $    3.06

Restructuring charges                         18.8                     4.9               13.9               0.04                  11.2                     3.0                8.2               0.03
Gain on business divestitures
and impairments, net(1)                       (5.3)                   (2.2)              (3.1)             (0.01)                 (0.2)                   (0.1)              (0.1)                 -
Withdrawal costs -
multiemployer pension funds                    2.2                     0.6                1.6               0.01                     -                       -                  -                  -

Accelerated vesting of
compensation expense for CEO
transition                                       -                       -                  -                  -                  19.5                       -               19.5               0.05
US Ecology, Inc. acquisition
integration and deal costs                    65.4                    14.1               51.3               0.16                     -                       -                  -                  -
Total adjustments                             81.1                    17.4               63.7               0.20                  30.5                     2.9               27.6               0.08
As adjusted                           $    1,539.2              $    334.9          $ 1,204.5          $    3.80          $    1,328.7              $    321.9          $ 1,004.9          $    3.14


(1) The aggregate impact to adjusted diluted earnings per share totals to less
than $0.01 for the nine months ended September 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.

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 nine months ended September 30,
2022, we incurred restructuring charges of $6.8 million and $18.8 million,
respectively, and during the three and nine months ended September 30, 2021, we
incurred restructuring charges of $4.6 million and $11.2 million, respectively,
related to the redesign of certain back-office software
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systems. In the nine months ended September 30, 2022 and 2021 we paid $17.0 million and $12.1 millionrespectively, related to these restructuring efforts.

During the remainder of 2022, we expect to incur additional restructuring charges of approximately $8.0 million, primarily related to the ongoing overhaul of some of our back-office software systems. Substantially all of these restructuring charges will be recorded in corporate and other entities.

Gain on business divestitures and impairments, net. During the three and nine
months ended September 30, 2022, we recorded a net gain on business divestitures
and impairments of $5.2 million and $5.3 million, respectively. During the three
months ended September 30, 2021, we recorded a net gain on business divestitures
and impairments of $0.2 million.

Withdrawal fees – multi-employer pension funds. In the nine months ended
September 30, 2022we have registered $2.2 million withdrawal fees from a multi-employer 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 nine months ended September 30, 2021, we recognized
charges of $4.1 million and $19.5 million, respectively, 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
nine months ended September 30, 2022, we incurred $8.7 million and $65.4
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 nine
months ended September 30, 2022 and 2021 (in millions of dollars and as a
percentage of revenue):
                                                          Three Months Ended September 30,                                             Nine Months Ended September 30,
                                                       2022                                  2021                                  2022                                  2021
Collection:
Residential                             $         680.9            18.9  %       $   626.7            21.4  %       $       1,963.0            19.7  %       $ 1,831.3            22.0  %
Small-container                                 1,021.7            28.4              871.9            29.7                  2,912.9            29.2            2,525.3            30.3
Large-container                                   709.5            19.7              615.8            21.0                  2,018.0            20.2            1,744.7            20.9
Other                                              14.7             0.4               13.5             0.4                     40.4             0.4               38.9             0.5
Total collection                                2,426.8            67.4            2,127.8            72.5                  6,934.2            69.5            6,140.3            73.7
Transfer                                          412.7                              395.4                                  1,183.1                            1,110.4
Less: intercompany                               (223.4)                            (212.6)                                  (637.1)                            (605.9)
Transfer, net                                     189.3             5.3              182.7             6.2                    546.0             5.5              504.5             6.0
Landfill                                          703.6                              659.8                                  2,019.7                            1,879.1
Less: intercompany                               (291.4)                            (285.6)                                  (851.9)                            (818.1)
Landfill, net                                     412.2            11.5              374.2            12.8                  1,167.8            11.7             1061.0            12.7
Environmental solutions                           411.0                               60.2                                    827.8                              136.9
Less: intercompany                                (13.8)                              (3.2)                                   (37.1)                             (10.9)
Environmental solutions, net                         397.2         11.0                  57.0          1.9                       790.7          7.9                 126.0          1.5

Other:

Recycling processing and commodity
sales                                              87.2             2.4              119.9             4.1                    300.6             3.0              310.6             3.7
Other non-core                                     85.2             2.4               72.3             2.5                    242.2             2.4              199.8             2.4
Total other                                       172.3             4.8              192.2             6.6                    542.8             5.4              510.4             6.1
Total revenue                           $       3,597.8           100.0  %       $ 2,933.9           100.0  %       $       9,981.5           100.0  %       $ 8,342.2           100.0  %


The following table reflects changes in components of our revenue, as a
percentage of total revenue, for the three and nine months ended September 30,
2022 and 2021:
                                           Three Months Ended September 30,                   Nine Months Ended September 30,
                                             2022                     2021                     2022                     2021
Average yield                                      5.6  %                  3.2  %                    5.0  %                  2.7  %
Fuel recovery fees                                 3.1                     1.3                       2.7                     0.6
Total price                                        8.7                     4.5                       7.7                     3.3
Volume                                             2.2                     4.3                       2.7                     3.8
Change in workdays                                   -                       -                         -                    (0.2)
Recycling processing and commodity
sales                                             (1.3)                    1.6                      (0.2)                    1.2
Environmental solutions                            0.6                     0.2                       0.5                    (0.2)
Total internal growth                             10.2                    10.6                      10.7                     7.9
Acquisitions / divestitures, net                  12.4                     3.5                       9.0                     2.1
Total                                             22.6  %                 14.1  %                   19.7  %                 10.0  %

Core price                                         6.9  %                  5.2  %                    6.4  %                  4.9  %


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 6.3% and 5.4% for the three and
nine months ended September 30, 2022, respectively, and 3.4% and 2.9% for the
same respective periods in 2021. Core price as a percentage of related-business
revenue was 7.7% and 7.0% for the three and nine months ended September 30,
2022, respectively, and 5.5% and 5.2% for the same respective periods in 2021.
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During the three and nine months ended September 30, 2022, we experienced the
following changes in our revenue as compared to the same respective periods in
2021:

•Average yield increased revenue by 5.6% and 5.0% during the three and nine
months ended September 30, 2022, respectively, due to price increases in all our
collection and disposal lines of business.

•The fuel recovery fee program, which mitigates our exposure to increases in
fuel prices, increased revenue by 3.1% and 2.7% during the three and nine months
ended September 30, 2022, respectively, primarily due to an increase in fuel
prices compared to the same periods in 2021.

•Volume increased revenue by 2.2% and 2.7% during the three and nine months
ended September 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, solid waste, and construction and demolition
volumes.

•Recycling processing and commodity sales decreased revenue by 1.3% and 0.2%
during the three and nine months ended September 30, 2022, respectively,
primarily due to a decrease 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 nine months ended September 30, 2022 was $162 and
$195 per ton, respectively, compared to $230 and $178 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 0.6% and 0.5% during the three and
nine months ended September 30, 2022, respectively, primarily due to an increase
in volumes, including those driven by an increase in rig counts and drilling
activity. This revenue increase excludes the impact from our acquisition of US
Ecology.

•Acquisitions, net of divestitures, increased revenue by 12.4% and 9.0% during
the three and nine months ended September 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 major components of our cost of operations
for the three and nine months ended September 30, 2022 and 2021 (in millions of
dollars and as a percentage of revenue):
                                                   Three Months Ended September 30,                                             Nine Months Ended September 30,
                                                2022                                  2021                                  2022                                  2021
Labor and related benefits       $         724.3            20.1  %       $   588.2            20.0  %       $       2,003.5            20.1  %       $ 1,715.4            20.6  %
Transfer and disposal costs                267.4             7.4              228.9             7.8                    733.7             7.4              641.3             7.7
Maintenance and repairs                    330.7             9.2              273.9             9.3                    902.5             9.0              770.9             9.2
Transportation and subcontract
costs                                      298.8             8.3              206.2             7.0                    785.0             7.9              565.5             6.8
Fuel                                       161.3             4.5              100.4             3.4                    474.1             4.7              271.7             3.3
Disposal fees and taxes                     89.2             2.5               87.0             3.0                    257.8             2.6              252.4             3.0
Landfill operating costs                    75.3             2.1               61.9             2.1                    201.9             2.0              188.2             2.3
Risk management                             84.5             2.3               74.8             2.6                    231.5             2.3              186.8             2.2
Other                                      161.5             4.5              122.7             4.2                    430.1             4.3              335.8             4.0
Subtotal                                 2,193.0            60.9            1,744.0            59.4                  6,020.1            60.3            4,928.0            59.1
US Ecology, Inc. acquisition
integration and deal costs                  (0.6)              -                  -               -                      0.3               -                  -               -

Total cost of operations         $       2,192.4            60.9  %       $ 1,744.0            59.4  %       $       6,020.4            60.3  %       $ 4,928.0            59.1  %


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 nine months ended September 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 and an increase in
service levels attributable to economic recovery from the COVID-19 pandemic.
Acquisition-related growth, including US Ecology, also contributed to the
increase in labor and related benefits in aggregate dollars.

•Transfer and disposal costs increased in aggregate dollars primarily due to
acquisition-related growth, including US Ecology. Transfer and disposal costs
also increased in aggregate dollars as a result of higher collection volumes and
an increase in third party disposal rates.

In the three and nine months ended September 30, 2022 and 2021, approximately 68% of the total volume of solid waste we have collected has been disposed of in landfills we own or operate (insourcing).

• Maintenance and repair expenses increased in global dollars due to an 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 nine months
ended September 30, 2022 due to increases in volume and an increase in
subcontract work attributable to a corresponding increase in non-core revenues
as compared to the same period in 2021. Acquisition-related growth, including US
Ecology, also contributed to the increase in transportation and subcontract
costs in aggregate dollars.

•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 nine
months ended September 30, 2022 was $5.15 and $4.96, respectively, as compared
to $3.36 and $3.16, 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 increased in aggregate dollars during the three and
nine months ended September 30, 2022 primarily due to 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 during the three and nine months ended
September 30, 2022 primarily due to unfavorable actuarial developments in our
auto liability program as well as higher premium costs.
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•During the three and nine months ended September 30, 2022, respectively, we
reclassified a net $0.6 million of costs to Selling, General and Administrative
expenses, and incurred $0.3 million of acquisition integration and deal costs in
connection with the acquisition of US Ecology. The acquisition closed on May 2,
2022.

•Other costs of operations increased during the three and nine months ended
September 30, 2022 due to increased occupancy and facility related expenses,
acquisition-related activity, and higher third-party truck and equipment rentals
to support 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 nine months ended September 30, 2022
and 2021 (in millions of dollars and as a percentage of revenues):

                                                Three Months Ended September 30,                                  Nine Months Ended September 30,
                                              2022                            2021                             2022                             2021
Depreciation and amortization of
property and equipment             $  209.5            5.8  %       $ 185.1            6.3  %       $  599.1            6.0  %       $ 544.1             6.5  %
Landfill depletion and
amortization                          116.6            3.2             97.6            3.3             328.1            3.3            288.7             3.6
Depreciation, amortization and
depletion expense                  $  326.1            9.1  %       $ 282.7            9.6  %       $  927.2            9.3  %       $ 832.8            10.0  %


Depreciation and amortization of property and equipment increased for the three
and nine months ended September 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, solid waste, and
construction and demolition 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 nine months ended September 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 $14.7 million and $38.6 million, or
0.4% of revenue, for the three and nine months ended September 30, 2022,
respectively, compared to $8.5 million and $23.5 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 $13.1 million and $36.0 million, or 0.4%
of revenue, for the three and nine months ended September 30, 2022,
respectively, compared to $10.1 million and $30.2 million, or 0.4% of revenue,
for the same respective periods in 2021.

Growth expense

Accretion expense was $22.8 million and $66.9 million, or 0.6% and 0.7% of
revenue, for the three and nine months ended September 30, 2022, respectively,
compared to $20.8 million and $61.9 million, or 0.7% of revenue, for the same
respective periods in 2021. Accretion expense has increased due to acquired
asset retirement obligations.

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 nine months ended September 30, 2022 and 2021 (in millions of
dollars and as a percentage of revenue):
                                                Three Months Ended September 30,                                    Nine Months Ended September 30,
                                             2022                              2021                              2022                               2021
Salaries and related benefits     $  241.3             6.7  %       $ 206.0             7.1  %       $    686.2             6.8  %       $ 622.8             7.5  %
Provision for doubtful accounts       10.6             0.3              7.2             0.2                27.8             0.3             18.7             0.2
Other                                101.6             2.8             81.7             2.8               283.1             2.8            219.3             2.7
Subtotal                             353.5             9.8            294.9            10.1               997.1             9.9            860.8            10.4
Accelerated vesting of
compensation expense for CEO
transition                               -               -              4.1             0.1                   -               -             19.5             0.2
US Ecology, Inc. acquisition
integration and deal costs             9.3             0.3                -               -                65.1             0.7                -               -
Total selling, general and
administrative expenses           $  362.8            10.1  %       $ 299.0            10.2  %       $  1,062.2            10.6  %       $ 880.3            10.6  %


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 nine months ended September 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. Acquisition-related growth, including US Ecology, also
contributed to the growth in salaries and related benefits in aggregate dollars.

•Provision for doubtful accounts increased in aggregate dollars primarily due to
an increase in days sales outstanding and acquisition-related activity. As of
September 30, 2022, our days sales outstanding were 42.9, or 31.2 days net of
deferred revenue, compared to 39.2, or 27.4 days net of deferred revenue, as of
September 30, 2021. Excluding our acquisition of US Ecology, our days sales
outstanding were 40.1, or 28.0 days net of deferred revenue, as of September 30,
2022.

•Other selling, general and administrative expenses increased for the three and
nine months ended September 30, 2022, due to both an increase in advertising and
travel costs and acquisition-related growth, including US Ecology.

•In June 2021, Donald W. Slager retired as CEO of Republic Services, Inc. During
the three and nine months ended September 30, 2021, we recognized charges of
$4.1 million and $19.5 million, respectively, related to the accelerated vesting
of his compensation awards that were previously scheduled to vest in 2022 and
beyond.

•During the three and nine months ended September 30, 2022, we incurred $9.3
million and $65.1 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.

Gain on business disposals and impairments, 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 nine months ended September 30, 2022, we recorded a net
gain on business divestitures and impairments of $5.2 million and $5.3 million,
respectively. During the nine months ended September 30, 2021, we recorded a net
gain on business divestitures and impairments of $0.2 million.

Restructuring charges

During the three and nine months ended September 30, 2022, we incurred
restructuring charges of $6.8 million and $18.8 million, respectively, and
during the three and nine months ended September 30, 2021, we incurred
restructuring charges of $4.6 million and $11.2 million, respectively, related
to the redesign of certain back-office software systems and certain facility
lease exit and impairment charges. During the nine months ended September 30,
2022 and 2021, we paid $17.0 million and $12.1 million, respectively, related to
the restructuring efforts. During the remainder of 2022, we expect to incur
additional
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restructuring charges of approximately $8 million primarily related to the ongoing redesign of some of our back office software systems.

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 nine months ended September 30, 2022 and 2021:
                                                                Three Months Ended September        Nine Months Ended September
                                                                            30,                                 30,
                                                                    2022             2021              2022              2021
Interest expense on debt                                        $    84.7          $ 61.3          $   225.3          $ 185.3
Non-cash interest                                                    22.0            18.1               60.1             52.4
Less: capitalized interest                                           (1.5)           (1.3)              (2.7)            (2.8)
Total interest expense                                          $   105.2          $ 78.1          $   282.7          $ 234.9


Total interest expense for the three and nine months ended September 30, 2022
increased primarily due to additional outstanding debt 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
and floating-to-fixed interest rate swaps, was $232.4 million and $193.8 million
for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022, we had $3,258.8 million of floating rate debt and
$300.0 million of floating interest rate swap contracts. If interest rates
increased or decreased by 100 basis points on our variable rate debt, annualized
interest expense and net cash payments for interest would increase or decrease
by approximately $36 million.

Income taxes

Our effective tax rate, exclusive of non-controlling interests, for the three
and nine months ended September 30, 2022 was 17.9% and 21.8%, respectively. Our
effective tax rate, exclusive of non-controlling interests, for the three and
nine months ended September 30, 2021 was 25.5% and 24.6%, respectively. Our
effective tax rate for the three months ended September 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 $90.5 million and $182.1 million for the nine months ended September 30, 2022 and 2021, respectively.

On August 16, 2022, the Inflation Reduction Act ("IRA") was signed into law. The
IRA, among other things, implements a 15% minimum tax on financial statement
income of certain large corporations, a 1% excise tax on stock repurchases and
extends, enhances, and creates several tax incentives to promote clean energy.
While we continue to evaluate the IRA, at present, we do not believe it will
have a material effect on our consolidated financial statements.

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, referred to as Group 1, Group 2
and Group 3. Group 1 is our recycling and solid waste business operating in
geographic areas located in the western United States. Group 2 is our recycling
and solid waste business operating in geographic areas located in the
southeastern and mid-western United States, and the eastern seaboard of the
United States. Group 3 is our environmental solutions business in geographic
areas located across the United States and Canada. These groups are presented
below as our reportable segments, which each provide integrated environmental
services, including but not limited to collection, transfer, recycling, and
disposal. Prior to the third quarter of 2022, our environmental solutions
operating segment, now referred to as our Group 3 reportable segment, was
aggregated with Corporate entities and other.

Corporate entities and other include legal, tax, treasury, information
technology, risk management, human resources, closed landfills, and other
administrative functions. 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.
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Summarized financial information regarding our reportable segments for the three
months ended September 30, 2022 and 2021 (in millions of dollars and as a
percentage of revenue in the case of adjusted EBITDA margin) follows. For
further detail regarding our reportable segments and the adjustments used to
calculate Adjusted EBITDA for each segment, see Note 12, Segment Reporting, to
our unaudited consolidated financial statements included in Part I, Item 1 of
this Quarterly Report on Form 10-Q.

                                                                                                          Group 3                 Corporate
                                                                            Recycling & Solid          (Environmental            entities and
                                       Group 1             Group 2           Waste Subtotal              Solutions)                 other                 Total
Three Months Ended September 30, 2022
Gross Revenue                       $  1,876.2          $  1,803.6          $    3,679.8            $         411.0            $      62.4            $  4,153.2
Intercompany Revenue                    (285.2)             (242.8)               (528.0)                     (11.3)                 (16.1)               (555.4)
Net Revenue                         $  1,591.0          $  1,560.8          $    3,151.8            $         399.7            $      46.3            $  3,597.8
Gross Adjusted EBITDA               $    506.6          $    441.1          $      947.7            $          89.2            $      14.4            $  1,051.3
Adjusted EBITDA allocations         $     15.0          $     14.0                  29.0                      (14.6)                 (14.4)                    -
Net Adjusted EBITDA                 $    521.6          $    455.1          $      976.7            $          74.6            $         -            $  1,051.3
Adjusted EBITDA margin                    32.3  %             28.7  %               30.5    %                  18.7    %                 -    %             29.2  %
Capital Expenditures                $    199.1          $    140.2          $      339.3            $          35.2            $      (0.5)           $    374.0
Total Assets                        $ 12,199.9          $ 10,233.8          $   22,433.7            $       3,991.7            $   1,975.6            $ 28,401.0
Three Months Ended September 30, 2021
Gross Revenue                       $  1,719.5          $  1,626.5          $    3,346.0            $          60.2            $      55.1            $  3,461.3
Intercompany Revenue                    (277.9)             (238.5)               (516.4)                      (3.2)                  (7.8)               (527.4)
Net Revenue                         $  1,441.6          $  1,388.0          $    2,829.6            $          57.0            $      47.3            $  2,933.9
Gross Adjusted EBITDA               $    481.8          $    389.7          $      871.5            $          12.8            $      10.7            $    895.0
Adjusted EBITDA allocations                5.6                 5.1                  10.7                          -                  (10.7)                    -
Net Adjusted EBITDA                 $    487.4          $    394.8          $      882.2            $          12.8            $         -            $    895.0
Adjusted EBITDA margin                    33.2  %             28.0  %               30.7    %                  22.5    %                 -    %             30.5  %
Capital Expenditures                $    144.3          $    141.1          $      285.4            $           9.3            $       0.9            $    295.6
Total Assets                        $ 12,018.7          $  9,723.4          $   21,742.1            $         852.2            $   1,834.6            $ 24,428.9














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Summary financial information about our reportable segments for the nine months ended September 30, 2022 and 2021 (in millions of dollars and as a percentage of revenues in the case of adjusted EBITDA margin) follows:

                                                                                                          Group 3                 Corporate
                                                                            Recycling & Solid          (Environmental            entities and
                                       Group 1             Group 2           Waste Subtotal              Solutions)                 other                 Total
Nine Months Ended September 30, 2022
Gross Revenue                       $  5,406.0          $  5,170.9          $   10,576.9            $         827.8            $     171.9            $ 11,576.6
Intercompany Revenue                    (826.1)             (702.0)             (1,528.1)                     (32.8)                 (34.2)             (1,595.1)
Net Revenue                         $  4,579.9          $  4,468.9          $    9,048.8            $         795.0            $     137.7            $  9,981.5
Gross Adjusted EBITDA               $  1,488.7          $  1,274.1          $    2,762.8            $         163.0            $      38.5            $  2,964.3
Adjusted EBITDA allocations         $     32.4          $     30.0                  62.4            $         (23.9)           $     (38.5)                    -
Net Adjusted EBITDA                 $  1,521.1          $  1,304.1          $    2,825.2            $         139.1            $         -            $  2,964.3
Adjusted EBITDA margin                    32.7  %             28.8  %               30.8    %                  17.5    %                 -    %             29.7  %
Capital Expenditures                $    380.7          $    325.2          $      705.9            $          80.4            $     138.5            $    924.8
Total Assets                        $ 12,199.9          $ 10,233.8          $   22,433.7            $       3,991.7            $   1,975.6            $ 28,401.0

Nine Months Ended September 30, 2021
Gross Revenue                       $  4,935.4          $  4,626.1          $    9,561.5            $         136.8            $     153.6            $  9,851.9
Intercompany Revenue                    (801.9)             (674.7)              (1476.6)                     (10.8)                 (22.3)              (1509.7)
Net Revenue                         $  4,133.5          $  3,951.4          $    8,084.9            $         126.0            $     131.3            $  8,342.2
Gross Adjusted EBITDA               $  1,383.8          $  1,111.3          $    2,495.1            $          30.3            $      28.0            $  2,553.4
Adjusted EBITDA allocations         $     16.0          $     14.5          $       28.0            $             -            $     (28.0)           $        -
Net Adjusted EBITDA                 $  1,399.8          $  1,125.8          $    2,523.1            $          30.3            $         -            $  2,553.4
Adjusted EBITDA margin                    33.3  %             28.0  %               30.7    %                  24.1    %                 -    %             30.6  %
Capital Expenditures                $    420.6          $    341.9          $      762.5            $          14.9            $     126.8            $    904.2
Total Assets                        $ 12,018.7          $  9,723.4          $   21,742.1            $         852.2            $   1,834.6            $ 24,428.9


Significant changes in the revenue and adjusted EBITDA margins of our reportable
segments comparing the three and nine months ended September 30, 2022 and 2021
are discussed below.

Group 1

Revenue for the three months ended September 30, 2022 increased 10.4% due to an
increase in average yield in all lines of business and volume in our landfill,
residential, and small- and large- container collection lines of business,
partially offset by volume declines in our transfer station line of business.
The increase in landfill volume was attributable to an increase in special waste
and construction and demolition volumes. Revenue for the nine months ended
September 30, 2022 increased 10.8% due to an increase in both average yield and
volume in all lines of business. Revenue also increased due to
acquisition-related growth.

Adjusted EBITDA in Group 1 increased from $487.4 million for the three months
ended September 30, 2021, or a 33.2% adjusted EBITDA margin, to $521.6 million
for the three months ended September 30, 2022, or a 32.3% adjusted EBITDA
margin. Adjusted EBITDA in Group 1 increased from $1,399.8 million for the nine
months ended September 30, 2021, or a 33.3% adjusted EBITDA margin, to $1,521.1
million for the nine months ended September 30, 2022, or a 32.7% adjusted EBITDA
margin.

Adjusted EBITDA margin for the three and nine months ended September 30, 2022
was primarily 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 both acquisition activity and the economic recovery from the
COVID-19 pandemic.

Group 2

Revenue for the three and nine months ended September 30, 2022 increased 12.5%
and 13.1%, respectively, due to an increase in average yield in all lines of
business. Additionally, volume increased in our landfill, small- and
large-container collection lines of business. These increases were partially
offset by volume declines in our residential and transfer station lines of
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business. The increase in landfill volume was attributable to an increase in
special waste and construction and demolition volumes. Revenue also increased
due to acquisition-related growth.

Adjusted EBITDA in Group 2 increased from $394.8 million for the three months
ended September 30, 2021, or a 28.0% adjusted EBITDA margin, to $455.1 million
for the three months ended September 30, 2022, or a 28.7% adjusted EBITDA
margin. Adjusted EBITDA in Group 2 increased from $1,125.8 million for the nine
months ended September 30, 2021, or a 28.0% adjusted EBITDA margin, to $1,304.1
million for the nine months ended September 30, 2022, or a 28.8% adjusted EBITDA
margin.

Adjusted EBITDA margin for the three and nine months ended September 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.

Group 3

Revenue for the three and nine months ended September 30, 2022 increased due to the acquisition of US Ecology.

Adjusted EBITDA in Group 3 increased from $12.8 million for the three months
ended September 30, 2021, or a 22.5% adjusted EBITDA margin, to $74.6 million
for the three months ended September 30, 2022, or an 18.7% adjusted EBITDA
margin. Adjusted EBITDA in Group 3 increased from $30.3 million for the nine
months ended September 30, 2021, or a 24.1% adjusted EBITDA margin, to $139.1
million for the nine months ended September 30, 2022, or a 17.5% adjusted EBITDA
margin.

Adjusted EBITDA margin for the three and nine months ended September 30, 2022
decreased due to the acquisition of US Ecology.

Landfill and environmental issues

Airspace available

As of September 30, 2022, we owned or operated 207 active landfills with total
available disposal capacity estimated to be 5.0 billion in-place cubic yards.
For these landfills, the following table reflects changes in capacity and
remaining capacity, as measured in cubic yards of airspace:
                                                                                                  Landfills             Permits Granted /
                                   Balance as of                                               Acquired, Net of             New Sites,                Airspace               Changes in                Balance as of
                                 December 31, 2021           New Expansions Undertaken           Divestitures            Net of Closures             

Consumed Technical Estimates September 30, 2022
Cubic yards (in millions): authorized airspace

                      4,826.7                             -                        76.4                        3.6                   (62.9)                         -                     4,843.8
Probable expansion airspace                 186                           7.2                           -                       (3.1)                      -                          -                       190.1
Total cubic yards (in millions)         5,012.7                           7.2                        76.4                        0.5                   (62.9)                         -                     5,033.9
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 September 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.
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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.

Property and Equipment

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

                                                                                                                         Gross Property and Equipment
                                                                                                                                           Non-cash                                     Impairments,
                                                                                                                                           Additions            Adjustments          Transfers, Foreign
                                                Balance as of                                                     Acquisitions,            for Asset             for Asset          Currency Translation        Balance as of
                                                 December 31,            Capital                                     Net of               Retirement            Retirement               and Other              September 30,
                                                     2021               Additions           Retirements           Divestitures            Obligations           Obligations             Adjustments                  2022
Land                                           $       694.9          $      0.1          $       (1.5)         $         58.0          $          -          $          -          $            (1.0)         $       750.5
Landfill development costs                           8,539.6                 6.3                     -                   518.9                  43.2                   7.3                      123.2                9,238.5
Vehicles and equipment                               8,576.9               416.6                (208.8)                  426.3                     -                     -                       55.0                9,266.0
Buildings and improvements                           1,508.4                28.4                  (3.0)                  195.8                     -                     -                        9.5                1,739.1
Construction-in-progress - landfill                    279.3               253.0                     -                    65.7                     -                     -                     (126.3)                 471.7
Construction-in-progress - other                       182.9               138.1                     -                    (1.1)                    -                     -                     (102.3)                 217.6
Total                                          $    19,782.0          $    842.5          $     (213.3)         $      1,263.6          $       43.2          $        7.3          $           (41.9)         $    21,683.4


                                                                              Accumulated Depreciation, Amortization and Depletion
                                                                                                                                             Impairments,
                                                                                                                                              Transfers,
                                                                                                                                                Foreign
                                                      Additions                                                         Adjustments            Currency
                               Balance as of           Charged                                  Acquisitions,            for Asset          Translation
and        Balance as of
                                December 31,              to                                       Net of               Retirement               Other             September 30,
                                    2021               Expense            Retirements           Divestitures            Obligations           Adjustments               2022

Landfill development costs $(4,625.6) $(330.2) $

-$(1.6) $1.6 $3.0 $(4,952.8)
Vehicles and equipment

             (5,231.6)            (544.1)                203.8                     5.0                     -                  16.6               (5,550.3)
Buildings and improvements           (692.7)             (57.9)                  2.6                     0.6                     -                   6.7                 (740.7)
Total                         $   (10,549.9)         $  (932.2)         $      206.4          $          4.0          $        1.6          $       26.3          $   (11,243.8)

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:

                                                            September 30, 2022           December 31, 2021
Cash and cash equivalents                                 $              81.4          $             29.0
Restricted cash and marketable securities                               121.7                       139.0
Less: restricted marketable securities                                  (55.3)                      (62.4)

Cash, cash equivalents, restricted cash and restricted cash equivalents

                                          $             147.8          $            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.
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Contents

The following table summarizes our restricted cash and marketable securities:

                                                            September 30, 2022           December 31, 2021
Financing proceeds                                        $                 -          $             12.4
Capping, closure and post-closure obligations                            38.8                        42.4
Insurance                                                                82.9                        84.2

Total restricted cash and marketable securities           $             121.7          $            139.0


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 (the "Commercial Paper Cap").
In August 2022, the Commercial Paper Cap was increased to $1.0 billion. As of
September 30, 2022, we had $1.0 billion principal value of commercial paper
issued and outstanding under the program, with a weighted average interest rate
of 3.134% and weighted average maturity of 28 days. In the event of a failed
re-borrowing, we currently have availability under our Credit Facility to fund
the commercial paper program until it is re-borrowed successfully. Accordingly,
we have classified these borrowings as long-term in our consolidated balance
sheet as of September 30, 2022.

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