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Item 1. Business

2024-02-29 compared with 2023-02-23 · 124 added, 98 removed, 543 unchanged (29% of the section changed)

Republic is one of the largest providers of environmental services in the United States, as measured by revenue.

We operate across the United States and Canada through 353 collection operations, 233 transfer stations, 71 recycling centers, 206 active landfills, 3 treatment, recovery and disposal facilities, 20 treatment, storage and disposal facilities (TSDF), 6 salt water disposal wells and 7 deep injection wells.

We operate across the United States and Canada through 364 collection operations, 246 transfer stations, 74 recycling centers, 207 active landfills, 3 treatment, recovery and disposal facilities, 22 treatment, storage and disposal facilities (TSDF), 6 salt water disposal wells, 12 deep injection wells, and 1 polymer center.

We are engaged in 76 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 126 closed landfills.

We believe the total addressable North American environmental services market in which we operate generates approximately $107 billion of annual revenue, which includes the $78 billion United States and Canada recycling and solid waste industry and $29 billion of the broader environmental solutions industry.

Within our recycling and solid waste business, we prioritize investments in market verticals with above average growth rates and higher return profiles.

We believe the total addressable North American environmental services market in which we operate generates approximately $114 billion of annual revenue, which includes the $83 billion United States and Canada recycling and waste industry and $31 billion of the broader environmental solutions industry.

Within our recycling and waste business, we prioritize investments in market verticals with above average growth rates and higher return profiles.

Environmental solutions remains fragmented which provides consolidation opportunities to drive scale.

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We believe that our products and services are valuable to our customers and essential for long-term sustainability.

We further believe our focus and commitment to sustainability allows us to attract and retain the best talent, win more customers, increase customer loyalty and, ultimately, drive higher revenue and profits.

We further believe our focus on and commitment to sustainability allows us to attract and retain the best talent, win more customers, increase customer loyalty and, ultimately, drive higher revenue and profits.

Foundational Elements

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Our goal is to develop the best vertically integrated market position to enable us to build density and improve returns.

We strive to have leading market position in each of the markets we serve, or have a clear path toward how we will achieve a leading market position over time.

We strive to have a leading market position in each of the markets we serve, or have a clear path toward how we will achieve a leading market position over time.

In situations 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.

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In addition, by securing long-term agreements, we are better able to help ensure we earn an appropriate return on the capital deployed.

• Price Increases - We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, landfills, transfer stations, recycling centers and other post-collection infrastructure.

• Price Increases - We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, recycling centers, transfer stations, TSDFs, deep well injection facilities, landfills, and other post-collection infrastructure.

• Expansion of Recycling Capabilities - Based on the most recent United States Environmental Protection Agency (EPA) data, approximately 32% of municipal solid waste is recycled and/or composted.

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As a key player in the circular economy, we are strategically focused on expanding recycling volume through innovative material handling processes and programs to help our customers achieve their goals related to sustainability and environmentally sound waste practices while also generating an appropriate return.

In 2022, we announced the development of our first Polymer Center, a vertical integration that will advance circularity for plastics and help us manage the plastics stream from curbside collection to delivery of recycled content for consumer packaging.

In 2023, we completed construction at our first Polymer Center in Las Vegas, Nevada.

The Polymer Center is a vertical integration that will advance circularity for plastics and help us manage the plastics stream from curbside collection to delivery of recycled content for consumer packaging.

The Polymer Center will enable us to produce food-grade drop-in substitutes for virgin plastics, while allowing us to expand recycling of plastics across North America.

In 2023, we announced the development of Blue Polymers, a joint-venture with Ravago JV Holdings, LLC, creating vertical integration that will further advance circularity by acquiring all olefins produced by the Polymer Centers to further process and manufacture custom blended pellets for food-grade and non-food-grade packaging.

We will continue to look for opportunities to expand or enhance our recycling capabilities in markets where customers are demanding these services, demonstrating a willingness to pay and where we can earn an appropriate return on our investment.

• Infrastructure Development - We seek to identify opportunities to further our position as a vertically integrated service provider in markets where we are not fully integrated.

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, transfer stations, landfills and recycling centers.

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, recycling centers, transfer stations, TSDFs, deep well injection facilities, and landfills.

Where appropriate, we seek to obtain permits to build transfer stations, recycling centers and landfills that would vertically integrate our waste services or expand the service areas for our existing disposal sites.

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We undertake development projects when we believe there is a reasonable probability of success and where reasonably priced acquisition opportunities are not available.

Through landfill and fleet innovation, recycling and circularity of key materials and renewable energy production, we are committed to environmentally responsible operations that increase our efficiency as well as our ability to partner with customers to create a more sustainable world.

Through landfill and fleet innovation, recycling and circularity of key materials and renewable energy production, we are committed to continuous development of environmentally responsible operations that increase our efficiency as well as our ability to partner with customers to create a more sustainable world.

External Growth

• Acquisitions and Public-Private Partnerships - 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.

• Acquisitions and Public-Private Partnerships - Our acquisition growth strategy focuses primarily on acquiring privately held recycling and waste companies and environmental solutions businesses that complement our existing business platform.

We believe our ability to successfully complete these acquisitions is enhanced by the challenges facing many privately-held companies, including increasing competition in the environmental services industry, increasing capital requirements due to changes in regulatory requirements and technology and the limited number of exit strategies for privately-held companies.

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The Republic Way is the key to harnessing the best of what we do as operators and translating that across all facets of our business.

Key elements of our operating model are our

organizational structure, safety, fleet automation, compressed natural gas vehicles, fleet electrification and standardized maintenance.

Key elements of our operating model are our organizational structure, safety, fleet automation, compressed natural gas vehicles, fleet electrification and standardized maintenance.

Organizational Structure

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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 primarily in geographic areas located in the western United States.

Group 2 is our recycling and solid waste business operating primarily in geographic areas located in the southeastern and mid-western United States and the eastern seaboard of the United States.

Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States.

Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States and Canada.

Group 3 is our environmental solutions business operating in geographic areas located across the United States and Canada.

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We employ the latest technologies in our fleet, including automation, rear cameras, in-cab backup alarms and event recording systems, and we take a data-driven approach to support our employees.

We’re also working with equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

We believe our Safety Amplified program will provide additional benefits for our Company and stakeholders including:

working with equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

We believe our Safety Amplified program provides additional benefits for our Company and stakeholders including:

• further strengthening relationships within the communities we service;

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Compressed Natural Gas (CNG) Vehicles

Approximately 20% of our recycling and solid waste collection fleet operates on CNG and approximately 17% of our replacement recycling and solid waste vehicle purchases during 2022 were CNG vehicles.

Approximately 20% of our recycling and waste collection fleet operates on CNG and approximately 13% of our replacement recycling and waste vehicle purchases during 2023 were CNG vehicles.

We believe using CNG vehicles provides us with a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment.

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Fleet Electrification

We believe we are taking a leadership position in electric technology innovation for our recycling and solid waste collection fleet.

We believe we are taking a leadership position in electric technology innovation for our recycling and waste collection fleet.

This is a critical step toward reducing our environmental impact through lower fleet emissions.

We believe it will also improve our total cost of ownership while providing a competitive advantage in certain communities.

We are partnering with multiple manufacturers to pilot electric-powered recycling and solid waste trucks.

We are partnering with multiple manufacturers to pilot electric-powered recycling and waste trucks.

As electric vehicle technology continues to develop, we expect to further deploy electrification to our fleet.

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We strive to maintain an environment that attracts and retains the best talent.

Our approximately 40,000 full-time employees are a critical component in successfully executing our strategy and running our operations.

Our approximately 41,000 full-time employees are a critical component in successfully executing our

strategy and running our operations.

We work hard to remain a company where the best people, with exceptional talents and diverse backgrounds, can thrive and foster a culture of caring where people feel respected, supported and encouraged to bring their best selves to work every day.

We are dedicated to driving our people and talent agenda, which includes (1) representing the diversity of the communities we serve and sustaining a safe and inclusive culture, (2) maintaining a highly engaged workforce, (3) developing our talent through learning and development experiences and (4) offering rewards that attract and retain the best workforce.

We review key progress metrics such as representation, engagement and turnover and regularly report on these metrics to our Board of Directors.

We review key progress metrics such as engagement and turnover and regularly report on these metrics to our Board of Directors.

This level of reporting holds all of our leaders accountable for the continued growth and development of our people.

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We believe the composite strength of our employees’ ideas, built on their unique experiences and backgrounds, is essential to our ability to meet and anticipate our customers’ needs.

We are proud of the diversity of our front-line workforce, as it closely represents the demographics of the communities we serve.

We are relentless in our focus to improve representation of diverse groups across all levels of the Company.

We are proud of the diversity of our frontline workforce, as it closely represents the demographics of the communities we serve.

We continue to improve representation of diverse groups across all levels of the Company.

Our commitment to inclusion and diversity starts at the top of our organization, as outlined in our Mission of Supporting an Inclusive Culture (MOSAIC), established in 2013 and supported by the MOSAIC Council.

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This enables us to continue to develop new strategies and activities that are tied to the needs of our employees, customers and business with the goal of creating an even more inclusive work environment and diverse workforce.

We support inclusion and connectivity for our diverse populations through our Business Resource Groups (BRG) and focus on the involvement of our field locations in all of our BRGs, including Women of Republic, VALOR (Veterans, Advocacy, Learning, Outreach and Recruiting), UNIDOS and the Black Employee Network (BEN).

In January 2023, we also launched a new LGBTQ+ BRG.

In 2022, we continued our focus on providing programs and virtual events to advance awareness, education and connectivity across our workforce.

Our well-attended “Let’s Talk” series aimed at furthering our employees' understanding and empathy related to the topic of inclusion and diversity.

In conjunction with this series, we have held multiple "Let's Connect" sessions, providing an opportunity for employees across an array of intersectionalities to share their unique experiences and perspectives directly with our CEO.

We will continue to offer opportunities to help our employees conduct courageous and authentic conversations with one another.

We are committed to maintaining a work environment where people of all backgrounds feel valued and safe to share their perspectives.

In January 2023, we launched a new BRG called PRISM in support of the LGBTQ+ community.

Employee Engagement

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Our goal is to achieve and maintain employee engagement scores at or above 88 by 2030.

Our employee engagement score was 85 in 2022, which is above national benchmarks by five points.

Approximately 97% of our employees participated in the engagement survey process in April and October 2022, which represented an all-time high participation rate and is more than 20% higher than the national benchmark.

Our employee engagement score was 86 in 2023, which is above a national benchmark by seven points.

Approximately 99% of our employees participated in the engagement survey process in October 2023, which represented an all-time high participation rate and is 24% higher than the national benchmark.

Employee engagement is a core part of our business strategy, which is why we compensate our General Managers, in part, on their employee engagement scores.

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We relaunched our successful Leadership Fundamentals program in 2022, targeting field leaders.

With a goal of reaching all leaders through this program, approximately 650 leaders completed this training in 2022, with approximately 2,150 more slated in 2023.

With a goal of reaching all leaders through this program, approximately 1,000 leaders completed this training in 2023, with approximately 1,000 more slated to participate in 2024.

Targeted development experiences support the growth of people in key roles, including Driver Training, Technician Training, Supervisor Training, Sales Acceleration and General Manager Onboarding, among others.

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Additionally, to meet the specific needs of the business, we opened a comprehensive Technical Training Institute in April 2021 where we train and develop our technicians.

We have had 98 participants in the course so far.

Our leadership programs are a critical part of growing our people.

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Since the beginning of these programs in 2017, 84 leaders have graduated into leadership positions.

Additionally, our MBA intern program, with 24 participants since 2019, introduces

strong talent to the organization and is a path of opportunity into the GMAP program.

Additionally, our MBA intern program, with 35 participants since 2019, introduces strong talent to the organization and is a path of opportunity into the GMAP program.

We have found that these programs and experiences help ensure that the next generation of leaders build the necessary skills and experiences to be successful in their roles today and in the future.

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We remain committed to expanding employee participation in learning programs that are relevant to our business strategy and contribute to career advancement for our employees.

As we continue to grow as a Company, we are investing in new technology and tools so employees can do their jobs safely and effectively, while providing day-to-day stability and professional development.

Compensation and Benefits

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The goal of customer zeal is to drive customer loyalty by offering differentiated products and services specifically designed to meet our customers’ needs.

We believe this increases customer satisfaction and willingness to pay for a higher value service.

We offer a broad set of environmental services across the United States and Canada as the sole provider, which we believe sets us apart in the industry.

Customers appreciate our track record of safe and environmentally compliant operations, with the expertise to manage complex waste streams.

We believe our value proposition increases customer loyalty and willingness to pay for our differentiated offerings.

Customer zeal is a cultural commitment to enable and empower our employees to own their role in the customer experience.

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For services that we don’t provide, we fulfill demand through our alliance partnerships while maintaining the customer facing relationship.

To help ensure a consistent customer experience, we invested in our customer service capabilities and our centralized Customer Experience function.

To help ensure a consistent customer experience, we have invested in our customer service capabilities and our centralized Customer Experience function.

This modern technology provides our customer services employees with the tools and capabilities they need to provide better levels of service through a variety of communication channels.

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To help ensure our efforts are making an impact and building customer loyalty, we solicit feedback from our customers, including Net Promoter Score℠, so that every General Manager receives recent, relevant feedback that allows him or her the ability to reach out to customers directly and address issues immediately.

The goal of our digital priority is to allow us to provide a consistent experience across our business while enabling our customers to do business with us through more channels and with better access to information.

The goal of prioritizing our digital capabilities is to allow us to provide a consistent experience across our business.

We believe investments in our digital platforms enable our customers to do business with us through more channels and with better access to information, ultimately driving increased customer loyalty.

By increasing the ease of use and functionality of our web-based market presence, we believe we enhance customer satisfaction, interaction and connectivity while lowering our costs.

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• Our e-commerce sales channel allows customers to secure services on a real-time basis, provides capabilities to meet our customers' evolving buying preferences and provides a lower cost sales channel.

We are also leveraging technology to digitally connect our customers, drivers, dispatchers, supervisors and trucks via our "RISE" dispatch platform and in-cab technology.

We are leveraging technology to digitally connect our customers, drivers, dispatchers, supervisors and trucks via our "RISE" dispatch platform and in-cab technology.

We are utilizing an agile iterative approach to the development and multi-year roll-out of this technology to ensure durable adoption and an appropriate return on our investment.

With the roll-out of this technology we are improving productivity through more real-time routing information and data visualization tools, increasing customer connectivity and enabling automated service verification communications and enhancing the employee experience by providing better tools and technology designed around employee interaction.

The rollout of the "RISE" in-cab technology enhancements across our collection fleet will continue through 2023.

We are also in the early stages of deploying advanced technology on recycling and waste collection routes that utilizes cameras to identify recycling contamination and overfilled containers.

We expect this technology will reduce recycling contamination over time and drive incremental revenue.

Sustainability

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Our elements, Safety, Talent, Climate Leadership and Communities, are deeply integrated into our business and anchor our ambitious 2030 sustainability goals.

Our Board of Directors’ Sustainability & Corporate Responsibility Committee has oversight responsibility with respect to our sustainability performance, our corporate responsibilities, our role as a socially responsible organization and our enterprise risks, including environmental, climate related risks and opportunities and reputational risks.

The Committee meets at least quarterly to be updated on progress and conducts a formal comprehensive review of the Company’s performance in these areas on an annual basis.

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As we grow, so does our opportunity to make a meaningful, positive impact on the environment and society.

Our ambitious 2030 goals are aligned with the UN Sustainable Development Goals (1) and our greenhouse gas reduction goal is aligned with The Paris Agreement, an international treaty on climate change adopted in 2015.

Our ambitious 2030 goals are aligned with the UN Sustainable Development Goals (1) and our greenhouse gas reduction goal is aligned with The Paris Agreement.

Each goal is aligned with one of the Company's elements of sustainability.

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We believe that reducing our impact on the planet and improving the quality of life for its inhabitants are the right things to do, and they are also necessary actions to ensure a vibrant future for our organization.

Refer to our Sustainability Report for our progress toward our 2030 sustainability goals, and refer to our full suite of climate-related sustainability reporting for updates regarding our progress toward our climate goals, including Task Force on Climate-Related Financial Disclosures (TCFD), SASB, Global Reporting Initiative (GRI) and CDP Climate Change, all of which can be found at investor.republicservices.com/sustainability.

Refer to our Sustainability Report for our progress toward our 2030 sustainability goals, and refer to our full suite of climate-related sustainability reporting for updates regarding our progress toward our climate goals, including the Task Force on Climate-Related Financial Disclosures (TCFD), SASB, Global Reporting Initiative (GRI) and CDP Climate Change, all of which can be found at republicservices.com/sustainability/reporting.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

(1) We have aligned our 2030 goals with the following UN Sustainable Development Goals:

(8) Decent Work and Economic Growth, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production and (13) Climate Action.

(2) Data points used 2017 as the baseline year.

(3) Good Health and Well-being, (7) Affordable Clean Energy, (8) Decent Work and Economic Growth, (10) Reduced Inequalities, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production and (13) Climate Action.

(2) Targets are relative to the 2017 baseline year.

(3) SBTi, or Science Based Targets initiative, is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

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The predictability of our free cash flows allows us to efficiently execute our capital allocation strategy, which includes investing in acquisitions and returning free cash flow to our shareholders through dividends and share repurchases.

We are committed to an efficient capital structure and maintaining our investment grade credit ratings on our senior debt, which was rated BBB+ by Standard & Poor’s Ratings Services, BBB+ by Fitch Ratings, Inc.

and Baa1 by Moody’s Investors Service, Inc.

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In October 2020, our Board of Directors approved a $2.0 billion share repurchase authorization effective starting January 1, 2021, and extending through December 31, 2023.

In October 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective starting January 1, 2024, and extending through December 31, 2026.

Share repurchases under the current program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws.

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The share repurchase program may be extended, suspended or discontinued at any time.

On a quarterly basis, our Board of Directors reviews the intrinsic value of our stock and the parameters around which we repurchase our shares.

On a quarterly basis, our Board of Directors reviews the parameters around which we repurchase our shares.

Refer to Item 5.

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Bales was an accountant for PwC (formerly Price Waterhouse) from 1986 to 1988.

Bales serves on the Board of Directors of Insurance Auto Auctions, Inc.

Bales serves on the Board of Directors of RB Global, Inc.

Gregg Brummer was named Executive Vice President, Chief Operating Officer in August 2023.

Prior to his current role, Mr.

Brummer served as Senior Vice President, Operations from June 2019 to August 2023 where he was responsible for maximizing field performance, ensuring superior service delivery, executing the operating plan, and achieving financial and

operational results across the Company.

Brummer joined the Company in January 2014 as Area President, a role he held until June 2019.

Prior to joining the Company, Mr.

Brummer was a Regional Vice President as well as General Manager at BlueLinx Corporation and held various leadership positions at Georgia Pacific Corporation.

Brian DelGhiaccio was named Executive Vice President, Chief Financial Officer in June 2020.

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Before that, Mr.

DelGhiaccio served as Vice President, Investor Relations from 2012 to

2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

DelGhiaccio served as Vice President, Investor Relations from 2012 to 2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

Prior to his time at Republic, Mr.

DelGhiaccio was a senior consultant with Arthur Andersen.

DelGhiaccio worked in the audit practice of Arthur Andersen.

DelGhiaccio serves on the Board of Directors of Aramark.

Ellingsen was named Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary in June 2016.

Ellingsen joined the Company as Corporate Counsel in August 2001 and has experience in a variety of roles of increasing responsibility.

Ellingsen has over 20 years of experience with Republic in a variety of roles of increasing responsibility.

She was named Managing Corporate Counsel in January 2003, Director, Legal and Associate General Counsel in January 2005 and Vice President and Deputy General Counsel in June 2007.

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Ellingsen was an attorney at Steptoe & Johnson LLP from 1996 to 2001 and at Bryan Cave LLP from 1993 to 1996.

Ellingsen serves on the Boards of Directors of Bunker Hill Group, Nebraska Distributing Company and Daseke, Inc.

Ellingsen serves on the Board of Directors of Daseke, Inc.

Amanda Hodges was named Executive Vice President, Chief Marketing Officer in November 2020.

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Prior to joining Republic, Ms.

Hodges spent 15 years in leadership roles for Dell Technologies, most recently serving as Senior Vice President of North America Marketing and the Global Executive Briefing Program.

Hodges spent 15 years in leadership roles for Dell Technologies, most recently serving as Senior Vice President of North America Marketing and the Global Customer Briefing Program.

Before joining Dell, Ms.

Hodges worked as a consultant for McKinsey & Company.

Katrina Liddell was named Executive Vice President, Chief Commercial Officer in June 2021.

In this role, she is responsible for leading the Company’s Sales organization, which includes Field Sales, National Accounts, Manufacturing and Environmental Services and Municipal Services.

She also oversees the Customer Resource Centers.

Prior to joining the Company, Ms.

Liddell held the role of President, Global Forwarding and Expedite for XPO Logistics Inc., a global transportation and contract logistics company.

Before joining XPO, Ms.

Liddell spent 14 years with Johnson Controls International, where she held senior leadership roles in enterprise account management, vertical market development, operations, product development and customer relations.

Liddell serves on the Board of Directors of The Kristine Pettoni Foundation.

Tim Stuart was named Executive Vice President, Chief Operating Officer in May 2019.

Prior to his current role, Mr.

Stuart served as Executive Vice President, Operations from January 2016 to May 2019, where he was responsible for maximizing field performance, executing the operating plan and achieving financial and operational results across the Company.

Stuart has over 20 years of experience in the waste industry.

He previously served as the Company’s East Region President from September 2013 to January 2016.

He joined Republic in April 2006 as Director of Operations and has held a variety of roles with the Company, including Area President, Vice President of Customer Experience and Region Vice President.

Courtney Rodriguez was named Executive Vice President, Chief Human Resources Officer in March 2023.

In this role, she is responsible for all aspects of the Company’s talent strategy, including talent acquisition and retention, learning and development, and total rewards.

Prior to joining Republic, Ms.

Rodriguez served as Senior Vice President, Global HR, for Dell Technologies.

She has over 20 years of HR experience, including frontline, customer operations, culture transformation and M&A support.

Rodriguez started her career in finance as a senior auditor for Arthur Andersen before moving to Dell as a financial analyst.

Our local and area management teams have extensive industry experience in growing, operating and managing environmental services companies and have substantial experience in their local geographic markets.

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We offer a wide array of products and services with a proven track record in safety, compliance and environmental stewardship.

Recycling & Solid Waste Services

Recycling & Waste Services

We have a strong, national, vertically-integrated operating platform that allows us to compete more effectively and efficiently in the local markets in which we operate.

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We own or operate 74 recycling centers.

These centers generate revenue through the and sale of old corrugated containers (OCC), old newsprint (ONP), aluminum, glass and other materials, which accounted for approximately 3% of our total revenue during 2022.

These centers generate revenue through the processing and sale of old corrugated containers (OCC), old newsprint (ONP), aluminum, glass and other materials, which accounted for approximately 2% of our total revenue during 2023.

Approximately 82% of our total recycling center volume is fiber based and includes OCC, ONP and other mixed paper.

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We also receive rebates when we dispose of recycled commodities at third-party processing facilities.

As consumer demand for recycling services has increased, we have met that demand by integrating recycling components across our collection service offerings.

We have met increased consumer demand for recycling services by integrating recycling components across our collection service offerings.

Our goal is to provide a complete material stream management solution to our customers in a vertically integrated, environmentally sustainable way.

We continue to invest in proven technologies to control costs and to simplify and streamline recycling for our customers.

For example, robotics and advanced sorting equipment, such as disk screens, magnets and optical sorters, identifies and separates different kinds of paper, metals, plastics and other materials to increase efficiency and maximize our recycling efforts.

For example, robotics and advanced sorting equipment, such as disk screens, magnets and optical sorters, identify and separate different kinds of paper, metals, plastics and other materials to increase efficiency and maximize our recycling efforts.

Landfill Services

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however, all proposed or future expansions may not be permitted.

Republic is committed to harnessing landfill gas, the natural byproduct of decomposing waste, and converting it to energy.

The use of landfill gas provides economic and environmental benefits, including reducing greenhouse gas emissions through the capture and use of methane.

As of December 31, 2022, we operated 73 landfill gas and renewable energy projects.

The majority of these projects were developed and are owned by a third party.

We also have responsibility for 126 closed landfills, for which we have associated closure and post-closure obligations.

Environmental Solutions

We have the capabilities to address the complex sustainability needs of our customers.

We have the capabilities to address the complex environmental and sustainability needs of our customers.

Our environmental solutions offerings include collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste;

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As an integral part of our services, we employ highly trained staff and operate a network of service centers that characterize, package and collect hazardous and non-hazardous wastes from customers and transport such wastes to and between our facilities for treatment or bulking for shipment to final disposal locations.

Sustainability Innovation

We are uniquely positioned to offer products and services to address the complex sustainability needs of our customers.

Our sustainability innovation product and service offerings include operations that allow for greater material circularity and support decarbonization.

Demand for post-consumer content in consumer packaging and low carbon energy alternatives continues to increase.

We are able to invest independently or through joint ventures to create solutions for the evolving marketplace.

In 2023, we completed construction at our first Polymer Center in Las Vegas, Nevada.

The Polymer Center represents the first time a single U.S.

company will manage the plastics stream through an integrated process from curbside collection of recycled material to production and delivery of high-quality recycled content for consumer packaging.

Rigid plastics – polyethylene terephthalate (PET), high-density polyethylene (HDPE) and polypropylene (PP) – collected from residential and commercial customers and sorted at local recycling facilities will be delivered to the Polymer Center for secondary processing.

The facility is expected to produce more than 100 million pounds per year of recycled plastic, including 100% post-consumer PET flake delivered to the food-grade marketplace to enable bottle-to-bottle circularity.

In addition, HDPE and PP packaging such as detergent jugs or butter tubs, which today are collected in multicolored bundles, can be separated by plastic type and color.

We anticipate opening at least three more centers to provide national coverage and further drive circularity, with the Indianapolis Polymer Center construction scheduled to be completed in late 2024.

In 2023, we announced the creation of Blue Polymers, LLC, a joint venture with Ravago, creating vertical integration that will further advance circularity in the plastics industry.

The Blue Polymers facilities will utilize recycled HDPE and PP from our Polymer Centers to create custom recycled resins for consumer packaging and other applications.

The process is expected to convert HDPE and PP into fully formulated products for use in both food-grade and non-food-grade sustainable applications.

Four Blue Polymers facilities are planned to open over the next four years, beginning in 2025.

Once operational, these facilities are expected to produce a combined 300 million pounds per year of recycled plastics.

Products are expected to include custom-blended and compounded materials for individual customers to help them achieve their sustainability goals and comply with federal, state or local requirements for recycled content.

Decarbonization

Our customers are increasingly looking for decarbonization solutions, and Republic is leveraging our network of landfills to meet that need.

Republic is committed to harnessing landfill gas, a natural byproduct of decomposing waste, and converting it to energy.

More than 87% of our landfill acreage is covered by gas collection systems.

Collecting and converting landfill gas into renewable energy provides economic and environmental benefits, including reducing fugitive greenhouse gas emissions.

As of December 31, 2023, we operated 76 landfill gas-to- energy projects.

The majority of these projects were developed and are owned by a third party, where we earn a royalty based on renewable energy sold.

We have more than 50 landfill gas-to-renewable natural gas (RNG) projects in development that are expected to begin operation in the coming years.

The majority of the development portfolio is part of a joint venture with Archaea Energy, a bp company, in which Republic is a minority equity owner.

RNG is a low-carbon, pipeline-quality fuel that’s fully interchangeable with fossil fuel-derived natural gas;

it can be used as a transportation fuel in commercial fleets, including our own.

We also are producing renewable energy at our landfills through solar projects we host at eight sites, which generate clean electricity for local communities.

Other Services

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Our second and third quarter revenues and results of operations typically reflect this seasonality.

We provide essential recycling and solid waste collection and disposal services in the communities we serve and our operations can be adversely affected by periods of inclement or severe weather and natural disasters, which could increase the volume of material collected under our existing contracts (without corresponding compensation), delay the collection and disposal of material, reduce the volume of material delivered to our disposal sites or delay the construction or expansion of our landfill sites and other facilities and may increase with the physical impacts of climate change.

We provide essential environmental services in the communities we serve and our operations can be adversely affected by periods of inclement or severe weather and natural disasters, which could increase the volume of material collected under our existing contracts (without corresponding compensation), delay the collection and disposal of material, reduce the volume of material delivered to our disposal sites or delay the construction or expansion of our landfill sites and other facilities and may increase with the physical impacts of climate change.

The impacts from adverse weather and natural disasters have the potential to last several months and to affect several facilities.

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Our facilities and operations are subject to a variety of federal, state, provincial and local requirements that regulate, among other things, the environment, public health, safety, zoning and land use.

Operating and other permits, licenses and other approvals generally are required for landfills and transfer stations, recycling centers, certain solid waste collection vehicles, fuel storage tanks and other equipment and facilities that we own or operate.

Operating and other permits, licenses and other approvals generally are required for landfills and transfer stations, recycling centers, certain waste collection vehicles, fuel storage tanks and other equipment and facilities that we own or operate.

These permits are subject to denial, revocation, modification and renewal in certain circumstances.

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Regulations with respect to hazardous waste are particularly relevant for our Group 3 reportable segment that provides treatment, recycling and disposal of hazardous waste.

In order to comply with these regulations, we must incur substantial capital expenditures relating to our vehicles, landfills, transfer stations, recycling centers and in connection with our capping, closure, post-closure and environmental remediation activities.

Compliance with existing and future legal and regulatory requirements, including changes relating to per- and

polyfluoroalkyl substances (commonly referred to as PFAS) and other chemicals of emerging concern, and limitations or bans on disposal of certain types of wastes or on the transportation of waste, could increase our costs to operate or require additional capital expenditures.

In order to comply with these regulations, we must incur substantial capital expenditures relating to our vehicles, landfills, transfer stations, recycling centers and other assets, and in connection with our capping, closure, post-closure and environmental remediation activities.

Compliance with existing and future legal and regulatory requirements, including changes relating to per- and polyfluoroalkyl substances (commonly referred to as PFAS) and other chemicals of emerging concern, and limitations or bans on disposal of certain types of wastes or on the transportation of waste, could increase our costs to operate or require additional capital expenditures.

A decrease in regulation may lower barriers to entry for our competitors.

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that rule has also been challenged in court.

In August 2011, the EPA and the NHTSA finalized standards for heavy-duty trucks, including solid waste collection

vehicles and tractor trailers, for model years 2014 through 2018.

In August 2011, the EPA and the NHTSA finalized standards for heavy-duty trucks, including solid waste collection vehicles and tractor trailers, for model years 2014 through 2018.

In August 2016, the EPA and the NHTSA jointly issued additional regulations that would impose more stringent standards for heavy-duty vehicles through model-year 2027.

In August 2021, the EPA announced its intent to move forward with a Clean Trucks Plan, which would involve setting emissions standards for model years 2027 and beyond and the EPA released a proposed rule on March 28, 2022.

In August 2021, the EPA announced its intent to move forward with a Clean Trucks Plan, which would involve setting emissions standards for model years 2027 and beyond;

the EPA released a proposed rule on March 28, 2022 and issued a final rule on December 20, 2022.

In 2023, NHTSA released proposed rules for 2027-2032 light-duty vehicles and 2030-2035 heavy-duty pickups and vans, and EPA released a proposed rule for 2027-2032 light and medium duty vehicles.

• The Occupational Safety and Health Act of 1970 (OSHA).

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For example, several states have enacted laws that require counties or municipalities to adopt comprehensive plans to reduce, through solid waste planning, composting, recycling or other programs, the volume of solid waste deposited in landfills.

Additionally, laws and regulations restricting the disposal of certain waste in solid waste landfills, including yard waste, food waste, newspapers, beverage containers, unshredded tires, lead-acid batteries, electronic wastes and household appliances, have been adopted in several states and are being considered in others.

Additionally, laws and regulations restricting the disposal of certain waste in solid waste landfills, including yard waste, food waste, newspapers, beverage containers, unshredded tires,

lead-acid batteries, electronic wastes and household appliances, have been adopted in several states and are being considered in others.

Some jurisdictions have enacted or are considering enacting “extended producer responsibility” regulations, which are designed to obligate producers to fund the post-use life cycle of their products by providing recycling programs for their products.

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Certain of our facilities are subject to the Québec Environment Quality Act, the Ontario Environmental Protection Act or the Alberta Environmental Protection and Enhancement Act and their respective regulations.

These statutes and regulations regulate the generation, collection, characterization, transport, storage, treatment, recovery and disposal of hazardous wastes, establish the requirements for waste management facilities and govern actual or potential releases of contaminants in the environment, such as air emissions and soil, groundwater and surface water contamination issues.

Hazardous waste transporters are required to hold a permit to operate under the provincial regulations and are also subject to the safety and reporting requirements of the Canadian Transportation of Dangerous Goods Act, 1992.

These statutes and regulations regulate the generation, collection, characterization, documentation, transport, storage, treatment, recovery and disposal of hazardous wastes, establish the requirements for waste management facilities and waste transportation systems and govern actual or potential releases of contaminants in the environment, such as air emissions and soil, groundwater and surface water contamination issues.

Hazardous waste transporters are required to hold permits to operate under the provincial statutes and regulations and are also subject to safety documentation and reporting requirements under provincial law and the federal Transportation of Dangerous Goods Act, 1992.

Maritime Regulations

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Chapters 121, 505 and 551 and the related regulations, which are commonly referred to collectively as the “Jones Act.” The Jones Act restricts transportation of merchandise by water or by land and water, either directly or via a foreign port, between points in the United States and certain of its island territories.

Subject to limited exceptions, the Jones Act requires that vessels engaged in United States coastwise trade be owned and operated by United States citizens within the meaning of the Jones Act, be built in and registered under the laws of the United States and manned by predominantly United States Citizen crews.

We have systems in place designed to assist with monitoring and maintaining compliance with the ownership requirements of the Jones Act.

registered under the laws of the United States and manned by predominantly United States Citizen crews.

We have compliance mechanisms in place designed to assist with monitoring and maintaining compliance with the ownership requirements of the Jones Act.

All of our offshore vessels are subject to either United States or international safety and classification standards and sometimes both.

United States-flag vessels, barges and crew boats are required to undergo periodic inspections pursuant to United States Coast Guard regulations.

We are also subject to the International Ship and Port Facility Security Code (ISPFS Code), an amendment to the International Convention for the Safety of Life at Sea (SOLAS) as implemented in the Maritime Transportation and Security Act of 2002 to align United States regulations with those of SOLAS and the ISPS Code.

We are also subject to a number of safety, security and environmental laws and regulations, including the International Ship and Port Facility Security Code (ISPFS Code), an amendment to the International Convention for the Safety of Life at Sea (SOLAS) as implemented in the Maritime Transportation and Security Act of 2002 to align United States regulations with those of SOLAS and the ISPS Code.

The ISPS Code provides that owners or operators of certain vessels and facilities must provide security and security plans for their vessels and facilities and obtain appropriate certification of compliance.

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In 1994, the United States Supreme Court ruled that a flow control law, which attempted to restrict solid waste from leaving its place of generation, imposes an impermissible burden upon interstate commerce and is unconstitutional.

In 2007, however, the United States Supreme Court upheld the right of a local government to direct the flow of solid waste to a publicly-owned and publicly-

operated waste facility.

In 2007, however, the United States Supreme Court upheld the right of a local government to direct the flow of solid waste to a publicly-owned and publicly-operated waste facility.

A number of county and other local jurisdictions have enacted ordinances or other regulations restricting the free movement of solid waste across jurisdictional boundaries.

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Jurisdictions have been updating climate policies toward the goal of reporting and reducing greenhouse gas (GHG) emissions through a broad range of sustainability initiatives.

We believe reducing our impact on the planet and improving the quality of life of its inhabitants are the right things to do, and have continually committed to heightened emissions reduction goals.

We believe reducing our impact on the planet and improving the quality of life of its inhabitants are the right things to do, and have committed to heightened emissions reduction goals.

Taking into account the challenges associated with quantifying environmental services emissions precisely, we evaluate and offer strategic opportunities to provide our customers with sustainable solutions to reduce their GHG emissions as new regulatory and business developments related to concerns about climate change arise.

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In addition, we cooperate with and support initiatives at the federal and state level in support of legislation that encourages sustainable practices including the production and use of renewable, low-carbon fuels and electricity and the processing of recyclables and organics.

We have long been a leader in sustainability as it relates to environmental services and expect to maintain this reputation.

We have long been a leader in sustainability as it relates to environmental services and strive to maintain this reputation.

Our sustainability commitments, as well as our progress toward our current goals, are published in our Sustainability Report and accompanying reports and can be found at investor.republicservices.com/sustainability.

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We make available on that website, free of charge, access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Schedule 14A and amendments to those materials filed or furnished with the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

We make such materials available as soon as reasonably practicable after we electronically submit them to the SEC.

We make such materials available as soon as reasonably practicable after

we electronically submit them to the SEC.

Our corporate website also contains our Certificate of Incorporation, Bylaws, Corporate Governance Guidelines, Code of Ethics and Conduct, Political Contributions Policy, Human Rights Policy and Charters of the Audit Committee, Management Development and Compensation Committee, Nominating and Corporate Governance Committee and Sustainability and Corporate Responsibility Committee of the Board of Directors.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business