REPUBLIC SERVICES, INC.
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
RSG$246.85-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0001060391-25-000170
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001060391-25-000216
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 174 previous paragraphs and 182 current paragraphs.
80 unchanged; 89 reworded; 11 added; 3 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 16 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three months ended June 30, 2024.
Current report
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2025 and 2024.
Current report
Gain on extinguishment of debt and other related costs. During the three and six months ended June 30, 2025, we did not incur any gains or losses on extinguishment of debt. During the three and six months ended June 30, 2024, we recognized a gain of $8 million attributable to the early settlement of certain cash flow hedges related to certain debt obligations. The gain was recognized as a reduction of interest expense.
Current report
•Volume increased revenue by 0.2% during the three months ended June 30, 2025, primarily due to an increase in volume in our landfill line of business. The increase was primarily driven by construction and demolition volume related to Hurricane Helene recovery efforts and special waste volume related to the Los Angeles area wildfire remediation. This increase was partially offset by a decline in volume in all collection lines of business as well as a decline in solid waste volumes in our landfill line of business.
Current report
30, 2025 was the impact of one less workday compared to the six months ended June 30, 2024.
Current report
•Landfill operating costs increased primarily due to an increase in monitoring and maintenance costs on our gas and leachate extraction systems.
Current report
•Other costs of operations increased due to increased occupancy and facility related expenses.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law. The Act, among other things, implements changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and includes phase-outs and restrictions on several clean energy tax incentives. We are evaluating the Act, and the total financial impact to the Company is unknown at this time. We currently expect to recognize approximately $80 million of cash tax benefit during the year ended December 31, 2025 as a result of changes to bonus depreciation.
Current report
•Net revenue for the six months ended June 30, 2025 increased 6.1% due to an increase in average yield in all lines of business and an increase in volumes in our landfill line of business. The increase in volumes in our landfill line of business was driven by higher special waste volumes attributable to the Los Angeles area wildfire remediation, partially offset by a decline in solid waste volumes. The increases were partially offset by decreased volume in our collection and transfer lines of business.
Current report
•Cost of operations for the three months ended June 30, 2025 decreased primarily due to a decrease in subcontract costs relative to the same period in 2024.
Current report
•Dividends paid were $362 million and $337 million during the six months ended June 30, 2025 and 2024, respectively.
Removed paragraphs (3)
Previous report
The volume decline was partially offset by an increase in overall volume in our landfill line of business primarily attributable to increased special waste and construction and demolition volumes. The increase in overall landfill volumes was partially offset by a decline in solid waste volumes due to adverse winter weather.
Previous report
(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
Previous report
•Dividends paid were $181 million and $168 million during the three months ended March 31, 2025 and 2024, respectively.
Reworded paragraphs (89)
Previous wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of March 31, 2025, we operated across the United States and Canada through 369 collection operations, 251 transfer stations, 77 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 80 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills as of March 31, 2025.
Current wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of June 30, 2025, we operated across the United States and Canada through 372 collection operations, 254 transfer stations, 79 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 81 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of June 30, 2025.
Previous wording
Revenue for the three months ended March 31, 2025 increased by 3.8% to $4,009 million compared to $3,862 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.5%, increased revenue from acquisitions, net of divestitures of 0.9%, an increase in recycling processing and commodity sales of 0.3% and an increase in environmental solutions revenue of 0.2%. These increases were partially offset by a decrease in volume of 1.2%, a decrease in fuel recovery fees of 0.4% and a decrease of 0.5% due to the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024.
Current wording
Revenue for the six months ended June 30, 2025 increased by 4.2% to $8,244 million compared to $7,910 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.3%, increased revenue from acquisitions, net of divestitures of 1.2%, and an increase in recycling processing and commodity sales of 0.1%. These increases were partially offset by a decrease in volume of 0.5%, a decrease in fuel recovery fees of 0.4%, a decrease in environmental solutions revenue of 0.3%, and a decrease of 0.2% due to the number of workdays during the six months ended June 30, 2025, as compared to the same period in 2024.
Previous wording
The following table summarizes our revenue, expenses and operating income for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our revenue, expenses and operating income for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
Our pre-tax income was $665 million for the three months ended March 31, 2025, compared to $599 million for the same period in 2024. Our net income attributable to Republic Services, Inc. was $495 million for the three months ended March 31, 2025, or $1.58 per diluted share, compared to $454 million, or $1.44 per diluted share for the same period in 2024.
Current wording
Our pre-tax income was $720 million and $1,385 million for the three and six months ended June 30, 2025, respectively, compared to $654 million and $1,253 million for the same periods in 2024, respectively. Our net income attributable to Republic Services, Inc. was $550 million and $1,045 million for the three and six months ended June 30, 2025, or $1.75 and $3.33 per diluted share, respectively, compared to $512 million and $965 million, or $1.62 and $3.06 per diluted share for the same periods in 2024, respectively.
Previous wording
During each of the three months ended March 31, 2025 and 2024, 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 months ended March 31, 2025 and 2024.
Current wording
During each of the three and six months ended June 30, 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and six months ended June 30, 2025 and 2024.
Previous wording
Restructuring charges. During thethree months ended March 31, 2025 and 2024, we incurred restructuring charges of$4 million and$6 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thethree months ended March 31, 2025 and 2024, we paid $3 million and $6 million, respectively, related to these restructuring efforts.
Current wording
Restructuring charges. During thethree and six months ended June 30, 2025, we incurred restructuring charges of$6 million and$9 million, respectively, and during the three and six months ended June 30, 2024, we incurred restructuring charges of $6 million and $12 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thesix months ended June 30, 2025 and 2024, we paid $7 million and $10 million, respectively, related to these restructuring efforts.
Previous wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$10 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Current wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$6 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous wording
Gain on business divestitures and impairments, net. During the three months ended March 31, 2025, we recorded a gain on business divestitures and impairments of $2 million. During the three months ended March 31, 2024, we did not record a gain or loss on business divestitures and impairments.
Current wording
Loss (gain) on business divestitures and impairments, net. During the three and six months ended June 30, 2025, we recorded a loss on business divestitures and impairments of $3 million and $1 million, respectively. During the three and six months ended June 30, 2024, we recorded a gain on business divestitures and impairments of $2 million.
Previous wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous 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 centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant 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. The following table reflects our revenue by service line for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous 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 centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant 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. The following table reflects our revenue by service line for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three months ended March 31, 2025 and 2024:
Current wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2025 and 2024:
Previous wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months ended March 31, 2025 and 2024:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2025 and 2024:
Previous wording
During the three months ended March 31, 2025, we experienced the following changes in our revenue as compared to the same period in 2024:
Current wording
During the three and six months ended June 30, 2025, we experienced the following changes in our revenue as compared to the same periods in 2024:
Previous wording
•Average yield increased revenue by 4.5% for the three months ended March 31, 2025, due to positive pricing changes in all lines of business.
Current wording
•Average yield increased revenue by 4.1% and 4.3% for the three and six months ended June 30, 2025, due to positive pricing changes in all lines of business.
Previous wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.4% for the three months ended March 31, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Current wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.3% and 0.4% for the three and six months ended June 30, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Previous wording
•Volume decreased revenue by 1.2% during the three months ended March 31, 2025, primarily due to a decline in volume in our residential, large-container and small-container lines of business as well as our transfer line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity and certain manufacturing end markets as well as adverse weather in January and February. The decline in our residential and small-container lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Current wording
Volume decreased revenue by 0.5% during the six months ended June 30, 2025, primarily due to a decline in volume in our collection and transfer lines of business as well as a decrease in solid waste volumes in our landfill line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity as well as adverse weather in January and February. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Previous wording
•Revenue decreased by 0.5% due to the impact of the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our large-container, landfill, and transfer lines of business.
Current wording
•Revenue decreased by 0.2% due to the impact of the number of workdays during the six months ended June 30, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our collection, landfill, and transfer lines of business. The impact of the number of workdays resulted in no change to revenue during the three months ended June 30, 2025, as compared to the same period in 2024.
Previous wording
•Recycling processing and commodity sales increased revenue by 0.3% during the three months ended March 31, 2025, primarily due to increased volumes at the Las Vegas Polymer Center and reopening a recycling center on the west coast. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three months ended March 31, 2025 was $155 per ton, compared to $153 per ton for the same period in 2024.
Current wording
•Recycling processing and commodity sales increased revenue by 0.1% during the six months ended June 30, 2025, primarily due to increased volumes at the Las Vegas Polymer Center, the opening of the Indianapolis Polymer Center and reopening a recycling center on the west coast. There was no change to revenue as a result of recycling processing and commodity sales during the three months ended June 30, 2025, as compared to the same period in 2024. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and six months ended June 30, 2025 was $149 and $152 per ton, respectively, compared to $173 and $163 per ton for the same periods in 2024, respectively.
Previous wording
•Environmental solutions increased revenue by 0.2% during the three months ended March 31, 2025, primarily due to an increase in event-based volumes and price increases relative to the same period in 2024.
Current wording
•Environmental solutions decreased revenue by 0.9% and 0.3% during the three and six months ended June 30, 2025, primarily due to a decrease in event-based volumes relative to the same periods in 2024.
Previous wording
•Acquisitions, net of divestitures, increased revenue by 0.9% during the three months ended March 31, 2025, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Current wording
•Acquisitions, net of divestitures, increased revenue by 1.5% and 1.2% during the three and six months ended June 30, 2025, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Previous wording
The following table summarizes the major components of our cost of operations for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items impacting our cost of operations during the three months ended March 31, 2025 and 2024 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three and six months ended June 30, 2025 and 2024 are summarized below:
Previous wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition-related growth. Partially offsetting these increases was the impact of one less workday during 2025.
Current wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition-related growth. Partially offsetting these increases for the six months ended June
Previous wording
•During both thethree months ended March 31, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Current wording
•During both the three and six months ended June 30, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Previous wording
•Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for thethree months ended March 31, 2025 and 2024 was $3.63 and $3.96, respectively.
Current wording
•Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three and six months ended June 30, 2025 was $3.56 and $3.59, respectively, as compared to $3.86 and $3.91, respectively, for the same periods in 2024.
Previous wording
The following table summarizes depreciation, amortization and depletion of property and equipment for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
Depreciation and amortization of property and equipment increased for the three months ended March 31, 2025 primarily due to assets added through acquisitions.
Current wording
Depreciation and amortization of property and equipment increased for the three and six months ended June 30, 2025, largely due to an increased investment in trucks and the supporting infrastructure as well as the addition of assets through acquisitions.
Previous wording
Landfill depletion and amortization expense increased for the three months ended March 31, 2025 due to an increase in our overall average depletion rate.
Current wording
Landfill depletion and amortization expense increased for the three and six months ended June 30, 2025 due to increased construction and demolition volumes related to the Hurricane Helene recovery efforts and increased special waste volumes attributable to the Los Angeles area wildfire remediation. Landfill depletion and amortization expense also increased due to an increase in our overall average depletion rate. Additionally, during the three and six months ended June 30, 2025, we recognized certain unfavorable amortization adjustments related to our asset retirement obligations.
Previous wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $21 million, or 0.5% of revenue for the three months ended March 31, 2025, compared to $18 million, or 0.5% of revenue, for the same period in 2024. Amortization expense increased due to assets added through acquisition activity.
Current wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $22 million and $43 million, or 0.5% of revenue for the three and six months ended June 30, 2025, respectively, compared to $19 million and $36 million, or 0.5% and 0.4% of revenue, for the same periods in 2024, respectively. Amortization expense increased due to assets added through acquisition activity.
Previous wording
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 $24 million, or 0.6% of revenue for the three months ended March 31, 2025, compared to $17 million, or 0.4% of revenue for the same period in 2024.
Current wording
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 $26 million and $50 million, or 0.6% of revenue for the three and six months ended June 30, 2025, respectively, compared to $19 million and $36 million, or 0.5% and 0.4% of revenue for the same periods in 2024, respectively.
Previous wording
Accretion expense was $28 million, or 0.7% of revenue, for the three months ended March 31, 2025, compared to $27 million, or 0.7% of revenue for the same period in 2024.
Current wording
Accretion expense was $28 million and $57 million, or 0.7% of revenue, for the three and six months ended June 30, 2025, respectively, compared to $27 million and $53 million, or 0.7% of revenue for the same periods in 2024, respectively.
Previous wording
The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items affecting our selling, general and administrative expenses during the three months ended March 31, 2025 and 2024 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three and six months ended June 30, 2025 and 2024 are summarized below:
Previous wording
•Salaries and related benefits increased primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Current wording
•Salaries and related benefits increased in aggregate dollars primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Previous wording
•Provision for doubtful accounts increased primarily due to an increase in days sales outstanding. As of March 31, 2025, our days sales outstanding were 42.1, or 30.7 days net of deferred revenue, compared to 41.5, or 30.4 days net of deferred revenue, as of March 31, 2024.
Current wording
•Provision for doubtful accounts decreased primarily due to the management of aged accounts receivable balances. As of June 30, 2025, our days sales outstanding were 40.4, or 29.9 days net of deferred revenue, compared to 40.9, or 30.2 days net of deferred revenue, as of June 30, 2024.
Previous wording
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 of 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 months ended March 31, 2025, we recorded a net gain on business divestitures and impairments of $2 million. During the three months ended March 31, 2024, we did not recognize a gain or loss on business divestitures and impairments.
Current wording
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 of certain assets and reallocate resources to other markets. Business divestitures could result in gains, losses or impairment charges that may be material to our results of operations in a given period. During the three and six months ended June 30, 2025, we recorded a net loss on business divestitures and impairments of $3 million and $1 million, respectively, as compared to a $2 million gain for each of the same periods in 2024.
Previous wording
For a discussion of Restructuring Charges incurred during the three months ended March 31, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
For a discussion of Restructuring Charges incurred during the three and six months ended June 30, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
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 months ended March 31, 2025 and 2024 (in millions of dollars):
Current wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and six months ended June 30, 2025 and 2024 (in millions of dollars):
Previous wording
Total interest expense for the three months ended March 31, 2025 increased primarily due to higher interest rates on our fixed rate debt.
Current wording
Total interest expense for the three and six months ended June 30, 2025 increased primarily due to higher interest rates on our fixed rate debt.
Previous wording
For the three months ended March 31, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $105 million and $118 million, respectively.
Current wording
For the six months ended June 30, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $243 million and $238 million, respectively.
Previous wording
As of March 31, 2025, we had $2,022 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $20 million.
Current wording
As of June 30, 2025, we had $1,674 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $17 million.
Showing the first 40 of 89 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Loss (Gain) on Business Divestitures and Impairments, Net
Current report — wording carried from elsewhere
•Cost of operations increased primarily due to an increase in labor costs and equipment maintenance.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Gain on Business Divestitures and Impairments, Net
Previous report — wording carried elsewhere
•Cost of operations decreased primarily due to a decrease in fuel costs due to a decrease in average fuel price per gallon.