REPUBLIC SERVICES, INC.
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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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.
Sep 30, 2026 · Filed Oct 30, 2026
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 2026-06-30; filed 2026-08-07.
0001060391-26-000275
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001060391-26-000327
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 180 previous paragraphs and 184 current paragraphs.
89 unchanged; 81 reworded; 11 added; 8 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 18 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
Labor disruption. During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million during both the three and nine months ended September 30, 2025, including $16 million of customer credits and $40 million of cost of operations.
Current report
(1) Other represents customer credits recognized in connection with labor disruptions for the three and nine months ended September 30, 2025, and the impact of revenue recognized from the related customer contracts during the three and nine months ended September 30, 2026.
Current report
•Environmental solutions increased revenue by 2.1% and 0.3% during the three and nine months ended September 30, 2026, respectively, primarily due to an increase in emergency response activity relative to the same periods in 2025.
Current report
•Maintenance and repairs expense increased in aggregate dollars primarily due to acquisition related growth and higher costs associated with our fleet and equipment. As a percentage of revenue, maintenance and repairs expense decreased 40 basis points and 30 basis points, respectively, primarily due to revenue growth.
Current report
•Risk management expenses decreased primarily due to favorable actuarial developments.
Current report
•During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. We incurred $40 million of cost of operations primarily as a result of an increase in labor and other cost of operations.
Current report
•Other selling, general and administrative expenses decreased during the three months ended September 30, 2026 primarily due to an unfavorable legal settlement in 2025, partially offset by increased professional service costs. Other selling, general and administrative expenses decreased during the nine months ended September 30, 2026 primarily due to a favorable legal settlement in 2026, partially offset by increased professional service costs.
Current report
•Cost of operations increased primarily due to an increase in fuel and subcontract costs as well as transfer and disposal costs.
Current report
Adjusted EBITDA in Group 3 increased from $91 million and $298 million for the three and nine months ended September 30, 2025, respectively, to $134 million and $304 million for the three and nine months ended September 30, 2026, respectively.
Current report
•Net revenue for the three and nine months ended September 30, 2026 increased primarily due to an increase in emergency response activity relative to the same periods in 2025.
Current report
•Dividends paid were $577 million and $544 million during the nine months ended September 30, 2026 and 2025, respectively.
Removed paragraphs (8)
Previous report
•Environmental solutions decreased revenue by 0.2% and 0.7% during the three and six months ended June 30, 2026, respectively, due to a decline in event-based volumes relative to the same periods in 2025.
Previous report
•Other selling, general and administrative expenses decreased during the six months ended June 30, 2026 primarily due to a favorable legal settlement, partially offset by professional services recognized during the period.
Previous report
•Cost of operations increased primarily due to an increase in fuel, subcontract and labor costs.
Previous report
Adjusted EBITDA in Group 3 decreased from $113 million and $206 million for the three and six months ended June 30, 2025, respectively, to $93 million and $171 million for the three and six months ended June 30, 2026, respectively.
Previous report
•Net revenue for the three and six months ended June 30, 2026 decreased primarily due to a decline in event-based volumes relative to the same periods in 2025.
Previous report
•Cost of operations decreased for the six months ended June 30, 2026 primarily due to a decrease in subcontract costs.
Previous report
•Dividends paid were $385 million and $362 million during the six months ended June 30, 2026 and 2025, respectively.
Previous report
On August 6, 2026, the Company amended its commercial paper program to increase the Commercial Paper Cap from $1.5 billion to $2.0 billion.
Reworded paragraphs (81)
Previous wording
Revenue for the six months ended June 30, 2026 increased by 3.6% to $8,544 million compared to $8,244 million for the same period in 2025. This change in revenue is due to increases in average yield of 3.4%, increased revenue from acquisitions, net of divestitures of 1.1% and increased fuel recovery fees of 1.0%. These increases were partially offset by a decrease in environmental solutions revenue of 0.7% and a decrease in volume of 1.2%.
Current wording
Revenue for the nine months ended September 30, 2026 increased by 5.2% to $13,103 million compared to $12,456 million for the same period in 2025. This change in revenue is due to increases in average yield of 3.2%, increased fuel recovery fees of 1.3%, increased revenue from acquisitions, net of divestitures of 1.2%, an increase in environmental solutions revenue of 0.3%, an increase in recycling processing and commodity sales of 0.1%, and the impact of revenue recognized from customer contracts impacted by prior year labor disruptions of 0.1%. These increases were partially offset by a decrease in volume of 1.0%.
Previous wording
The following table summarizes our revenue, expenses and operating income for the three and six months ended June 30, 2026 and 2025 (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 nine months ended September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
Our pre-tax income was $699 million and $1,355 million for the three and six months ended June 30, 2026, respectively, compared to $720 million and $1,385 million for the same periods in 2025, respectively. Our net income attributable to Republic Services, Inc. was $566 million and $1,092 million for the three and six months ended June 30, 2026, or $1.84 and $3.54 per diluted share, respectively, compared to $550 million and $1,045 million, or $1.75 and $3.33 per diluted share, for the same periods in 2025, respectively.
Current wording
Our pre-tax income was $719 million and $2,073 million for the three and nine months ended September 30, 2026, respectively, compared to $645 million and $2,030 million for the same periods in 2025, respectively. Our net income attributable to Republic Services, Inc. was $592 million and $1,683 million for the three and nine months ended September 30, 2026, or $1.93 and $5.47 per diluted share, respectively, compared to $550 million and $1,595 million, or $1.76 and $5.10 per diluted share, for the same periods in 2025, respectively.
Previous wording
During each of the three and six months ended June 30, 2026 and 2025, 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, 2026 and 2025.
Current wording
During each of the three and nine months ended September 30, 2026 and 2025, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and nine months ended September 30, 2026 and 2025.
Previous wording
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2026 and 2025.
Current wording
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2026.
Previous wording
Restructuring charges. During thethree and six months ended June 30, 2026, we incurred restructuring charges of$4 million and$6 million, respectively. During the three and six months ended June 30, 2025, we incurred restructuring charges of $6 million and $9 million, respectively. The charges related to the design and implementation of our new accounts receivable system.
Current wording
Restructuring charges. During thethree and nine months ended September 30, 2026, we incurred restructuring charges of$4 million and$10 million, respectively. During the three and nine months ended September 30, 2025, we incurred restructuring charges of $3 million and $13 million, respectively. The charges in all periods related to the design and implementation of our new accounts receivable system.
Previous wording
During the remainder of 2026, we expect to incur additional restructuring charges of approximately $14 million, related primarily to the continuing design and implementation of our new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Current wording
During the remainder of 2026, we expect to incur additional restructuring charges of approximately $5 million, related primarily to the continuing design and implementation of our new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous wording
(Gain) loss on business divestitures and impairments, net. During thesix months ended June 30, 2026, we recorded a net gain on business divestitures and impairments of $1 million. 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.
Current wording
Gain on business divestitures and impairments, net. During thenine months ended September 30, 2026, we recorded a net gain on business divestitures and impairments of $1 million. We did not record a gain or loss on business divestitures and impairments during the three months ended September 30, 2026. During both the three and nine months ended September 30, 2025, we did not record a gain or loss on business divestitures and impairments.
Previous wording
The following table reflects our revenue by service line for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Current wording
The following table reflects our revenue by service line for the three and nine months ended September 30, 2026 and 2025 (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 and six months ended June 30, 2026 and 2025:
Current wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2026 and 2025:
Previous 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, 2026 and 2025:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2026 and 2025:
Previous wording
During the three and six months ended June 30, 2026, we experienced the following changes in our revenue as compared to the same period in 2025:
Current wording
During the three and nine months ended September 30, 2026, we experienced the following changes in our revenue as compared to the same periods in 2025:
Previous wording
•Average yield increased revenue by 3.4% for the three and six months ended June 30, 2026 due to positive pricing changes in all lines of business.
Current wording
•Average yield increased revenue by 2.9% and 3.2%, respectively, for the three and nine months ended September 30, 2026, due to positive pricing changes in all lines of business.
Previous wording
•Fuel recovery fees, which mitigate our exposure to changes in fuel prices, increased revenue by 1.8% and 1.0% for the three and six months ended June 30, 2026, respectively, due to an increase in fuel prices compared to the same periods in 2025.
Current wording
•Fuel recovery fees, which mitigate our exposure to changes in fuel prices, increased revenue by 1.8% and 1.3% for the three and nine months ended September 30, 2026, respectively, due to an increase in fuel prices compared to the same periods in 2025.
Previous wording
•Volume decreased revenue by 1.6% and 1.2% during the three and six months ended June 30, 2026, respectively, primarily due to a decrease in volume in our collection lines 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. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses.
Current wording
•Volume decreased revenue by 0.6% during the three months ended September 30, 2026, due to a decline in our residential collection line of business. Volume decreased revenue by 1.0% during the nine months ended September 30, 2026, due to a decline in our residential and large-container collection lines of business. The decline in our residential collection line of business in both periods was primarily attributable to certain municipal contract losses. 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.
Previous wording
Landfill volume decreased during the three and six months ended June 30, 2026 primarily due to a decrease in construction and demolition volumes which was primarily related to non-recurring Hurricane Helene recovery efforts in 2025. This decrease in landfill volume during the six months ended June 30, 2026 was partially offset by an increase in solid waste and special waste landfill volumes.
Current wording
Landfill volume also decreased during the three and nine months ended September 30, 2026, due to a decrease in construction and demolition volumes which was primarily related to non-recurring Hurricane Helene recovery efforts in 2025. This decrease in landfill volume was partially offset by an increase in event-based special waste landfill volumes.
Previous wording
•Recycling processing and commodity sales increased revenue by 0.1% during the three months ended June 30, 2026, primarily due to increased volume at our Polymer Centers. The volume increase was partially offset by a decrease in overall commodity prices compared to the same period in 2025. There was no net change to revenue as a result of recycling processing and commodity sales during the six months ended June 30, 2026 as compared to the same period in 2025. For the six months ended June 30, 2026, volume increased at our Polymer Centers. The volume increase was offset by a decrease in overall commodity prices compared to the same period in 2025. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and six months ended June 30, 2026 was $136 and $128 per ton, respectively, compared to $149 and $152 per ton for the same periods in 2025, respectively.
Current wording
•Recycling processing and commodity sales increased revenue by 0.3% during the three months ended September 30, 2026, primarily due to increased volume at our Polymer Centers and an increase in overall commodity prices. Recycling processing and commodity sales increased revenue by 0.1%, during the nine months ended September 30, 2026, primarily due to increased volume at our Polymer Centers, which was partially offset by a decrease in overall commodity prices. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and nine months ended September 30, 2026, was $142 and $133 per ton, respectively, compared to $126 and $143 per ton for the same periods in 2025, respectively.
Previous wording
•Acquisitions, net of divestitures, increased revenue by 1.1% during the three and six months ended June 30, 2026, 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 1.3% and 1.2% during the three and nine months ended September 30, 2026, 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 and six months ended June 30, 2026 and 2025 (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 nine months ended September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items impacting our cost of operations during the three and six months ended June 30, 2026 and 2025 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three and nine months ended September 30, 2026 and 2025 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 offset by lower collection volumes.
Current wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases, increased benefits costs, as well as acquisition related growth.
Previous wording
•Transfer and disposal costs increased in aggregate dollars primarily due to activity from acquisitions.
Current wording
•Transfer and disposal costs increased in aggregate dollars primarily due to activity from acquisitions and an increase in disposal rates.
Previous wording
During both the three and six months ended June 30, 2026 and 2025 , 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 nine months ended September 30, 2026 and 2025, 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 increased due to an increase in the average diesel fuel cost per gallon. The national average diesel fuel cost per gallon for the three and six months ended June 30, 2026 was $5.35 and $4.73, respectively, compared to $3.56 and $3.59 for the same periods in 2025, respectively.
Current wording
•Our fuel costs increased due to an increase in the average diesel fuel cost per gallon. The national average diesel fuel cost per gallon for the three and nine months ended September 30, 2026 was $5.56 and $5.01, respectively, compared to $3.76 and $3.65 for the same periods in 2025, respectively.
Previous wording
•For the six months ended June 30, 2026, other costs of operations increased due to increased occupancy and facility related expenses as well as a favorable non-recurring insurance recovery recognized during 2025 that did not repeat in 2026.
Current wording
•For the nine months ended September 30, 2026, other cost of operations increased due to increased occupancy and facility related expenses as well as a favorable non-recurring insurance recovery recognized during 2025 that did not repeat in 2026.
Previous wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three and six months ended June 30, 2026 and 2025 (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 nine months ended September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
Depreciation and amortization of property and equipment increased for the three and six months ended June 30, 2026, largely due to asset additions at one of of our Polymer Centers and amortization associated with internally developed software. Depreciation and amortization of property and equipment also increased due to the addition of assets through acquisitions.
Current wording
Depreciation and amortization of property and equipment increased for the three and nine months ended September 30, 2026, largely due to asset additions at one of our Polymer Centers, purchases of vehicles and equipment, and increased amortization associated with internally developed software. Depreciation and amortization of property and equipment also increased due to the addition of assets through acquisitions.
Previous wording
Landfill depletion and amortization expense decreased for the three months ended June 30, 2026 primarily due to decreased volumes, partially offset by a higher overall depletion rate. For the six months ended June 30, 2026, landfill depletion and amortization expense decreased primarily due to recognition of certain favorable amortization adjustments related to our asset retirement obligations compared to unfavorable amortization adjustments in the same period in 2025.
Current wording
Landfill depletion and amortization expense increased for the three months ended September 30, 2026, primarily due to a higher overall depletion rate, partially offset by decreased volumes. For the nine months ended September 30, 2026, landfill depletion and amortization expense decreased primarily due to the recognition of certain favorable amortization adjustments related to our asset retirement obligations compared to unfavorable amortization adjustments in the same period in 2025.
Previous wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $23 million and $46 million, or 0.5% of revenue, for the three and six months ended June 30, 2026, respectively, compared to $22 million and $43 million, or 0.5% of revenue, for the same periods in 2025, respectively. 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 $24 million and $69 million, or 0.5% of revenue, for the three and nine months ended September 30, 2026, respectively, compared to $22 million and $65 million, or 0.5% of revenue, for the same periods in 2025, 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 $37 million and $73 million, or 0.8% of revenue, for the three and six months ended June 30, 2026, respectively, compared to $26 million and $50 million, or 0.6% of revenue, for the same periods in 2025, respectively.
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 $32 million and $104 million, or 0.7% and 0.8% of revenue, for the three and nine months ended September 30, 2026, respectively, compared to $31 million and $81 million, or 0.7% of revenue, for the same respective periods in 2025.
Previous wording
Accretion expense was $30 million and $60 million, or 0.7% of revenue, for the three and six months ended June 30, 2026, respectively, compared to $28 million and $57 million, or 0.7% of revenue, for the same periods in 2025, respectively.
Current wording
Accretion expense was $30 million and $91 million, or 0.7% of revenue, for the three and nine months ended September 30, 2026, respectively, compared to $29 million and $85 million, or 0.7% of revenue, for the same respective periods in 2025.
Previous wording
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2026 and 2025 (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 nine months ended September 30, 2026 and 2025 (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 and six months ended June 30, 2026 and 2025 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three and nine months ended September 30, 2026 and 2025 are summarized below:
Previous wording
For a discussion of Restructuring Charges incurred during the three and six months ended June 30, 2026 and 2025, 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 nine months ended September 30, 2026 and 2025, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
For additional information on gain on business divestitures and impairments, net incurred during the three and six months ended June 30, 2026 and 2025, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
For additional information on gain on business divestitures and impairments, net incurred during the three and nine months ended September 30, 2026 and 2025, 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 and six months ended June 30, 2026 and 2025 (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 nine months ended September 30, 2026 and 2025 (in millions of dollars):
Previous wording
Total interest expense for the three and six months ended June 30, 2026 increased primarily due to a higher overall debt balance and higher interest rates on our debt compared to the same periods in 2025.
Current wording
Total interest expense for the three and nine months ended September 30, 2026 increased primarily due to a higher overall debt balance and higher interest rates on our debt compared to the same periods in 2025.
Previous wording
For the six months ended June 30, 2026 and 2025, cash paid for interest was $260 million and $243 million, respectively.
Current wording
For the nine months ended September 30, 2026 and 2025, cash paid for interest was $380 million and $355 million, respectively.
Previous wording
As of June 30, 2026, we had $1.8 billion 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 $18 million.
Current wording
As of September 30, 2026, we had $2.3 billion 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 $23 million.
Previous wording
Our effective tax rate, exclusive of non-controlling interests, for the three and six months ended June 30, 2026 was 19.0% and 19.4%, respectively. Our effective tax rate, exclusive of non-controlling interests, for the three and six months ended June 30, 2025 was 23.6% and 24.6%, respectively.
Current wording
Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2026 was 17.6% and 18.8%, respectively. Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2025 was 14.7% and 21.4%, respectively.
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Gain on Business Divestitures and Impairments, Net
Current report — wording carried from elsewhere
Our effective tax rate for the three months ended September 30, 2026, reflects net benefits of $41 million from investments in renewable energy assets and $11 million from investments in renewable natural gas projects and electric vehicle infrastructure. Our effective tax rate for the nine months ended September 30, 2026, reflects net benefits of $119 million from investments in renewable energy assets and $24 million from investments in renewable natural gas projects and electric vehicle infrastructure. The effective tax rate for both the three and nine months ended September 30, 2026, reflects a benefit of $11 million from the realization of additional federal and state tax benefits and adjustments to deferred taxes resulting from the completion of our 2025 tax returns.
Current report — wording carried from elsewhere
Future changes in our estimates of the costs, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(Gain) Loss on Business Divestitures and Impairments, Net
Previous report — wording carried elsewhere
Our effective tax rate for the three and six months ended June 30, 2025 reflects net benefits of $7 million and $9 million, respectively, from investments in renewable natural gas projects and commercial electric vehicles.