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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
FORM 10-Q
 _________________________________________________________
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                     
Commission File Number: 1-14267
_________________________________________________________ 
REPUBLIC SERVICES, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________ 
Delaware65-0716904
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
18500 North Allied Way85054
Phoenix,Arizona
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (480627-2700
_________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareRSGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
¨
Smaller reporting company
Non-accelerated filer
¨
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
As of October 22, 2021, the registrant had outstanding 317,094,795 shares of Common Stock, par value $0.01 per share (excluding treasury shares of 2,349,914).


REPUBLIC SERVICES, INC.
INDEX
 
Item 1.
Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020
Unaudited Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2021 and 2020
Unaudited Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
Unaudited Consolidated Statement of Stockholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020
Unaudited Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
September 30,December 31,
20212020
 (Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$40.1 $38.2 
Accounts receivable, less allowance for doubtful accounts and other of $42.3 and $34.7, respectively
1,265.0 1,091.3 
Prepaid expenses and other current assets264.3 392.3 
Total current assets1,569.4 1,521.8 
Restricted cash and marketable securities155.6 149.1 
Property and equipment, net8,938.9 8,726.2 
Goodwill12,736.3 12,046.4 
Other intangible assets, net228.1 173.1 
Other assets800.6 817.4 
Total assets$24,428.9 $23,434.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$815.0 $779.0 
Notes payable and current maturities of long-term debt8.0 168.1 
Deferred revenue381.5 345.6 
Accrued landfill and environmental costs, current portion119.2 114.5 
Accrued interest52.0 54.6 
Other accrued liabilities957.7 820.2 
Total current liabilities2,333.4 2,282.0 
Long-term debt, net of current maturities9,257.0 8,766.1 
Accrued landfill and environmental costs, net of current portion1,793.0 1,694.7 
Deferred income taxes and other long-term tax liabilities, net1,218.8 1,238.8 
Insurance reserves, net of current portion291.7 281.8 
Other long-term liabilities656.1 681.8 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
  
   Common stock, par value $0.01 per share; 750 shares authorized; 319.4 and 318.8 issued including shares held in treasury, respectively
3.2 3.2 
Additional paid-in capital2,801.0 2,741.4 
Retained earnings6,309.4 5,751.8 
Treasury stock, at cost; 1.8 and shares, respectively
(230.7)(0.1)
Accumulated other comprehensive loss, net of tax(9.6)(12.4)
Total Republic Services, Inc. stockholders’ equity8,873.3 8,483.9 
Non-controlling interests in consolidated subsidiary5.6 4.9 
Total stockholders’ equity8,878.9 8,488.8 
Total liabilities and stockholders’ equity$24,428.9 $23,434.0 
The accompanying notes are an integral part of these statements.
3

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenue$2,933.9 $2,572.1 $8,342.2 $7,580.4 
Expenses:
Cost of operations1,744.0 1,535.4 4,928.0 4,553.3 
Depreciation, amortization and depletion301.3 270.7 886.5 808.4 
Accretion20.8 20.7 61.9 62.4 
Selling, general and administrative299.0 256.1 880.3 795.3 
Withdrawal costs - multiemployer pension funds
   35.9 
Loss (gain) on business divestitures and impairments, net 31.5 (0.2)32.9 
Restructuring charges4.6 9.8 11.2 15.8 
Operating income564.2 447.9 1,574.5 1,276.4 
Interest expense(78.1)(88.9)(234.9)(277.4)
Loss from unconsolidated equity method investments(15.1)(8.2)(44.0)(30.8)
Loss on extinguishment of debt (34.5) (34.5)
Interest income0.6 0.5 2.0 4.0 
Other (expense) income, net(0.9)1.9 0.6 3.7 
Income before income taxes470.7 318.7 1,298.2 941.4 
Provision for income taxes119.9 58.5 319.0 208.1 
Net income350.8 260.2 979.2 733.3 
Net income attributable to non-controlling interests in consolidated subsidiary
(0.5)(0.2)(1.9)(1.5)
Net income attributable to Republic Services, Inc.$350.3 $260.0 $977.3 $731.8 
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share$1.10 $0.81 $3.06 $2.29 
Weighted average common shares outstanding318.6 319.2 319.2 319.3 
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share$1.10 $0.81 $3.06 $2.29 
Weighted average common and common equivalent shares outstanding
319.4 319.7 319.7 319.8 
Cash dividends per common share$0.460 $0.425 $1.310 $1.235 
The accompanying notes are an integral part of these statements.

4

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income$350.8 $260.2 $979.2 $733.3 
Other comprehensive income (loss), net of tax
Hedging activity:
Realized loss reclassified into earnings1.2 1.2 3.5 3.2 
Unrealized loss (0.2) (22.5)
Pension activity:
 Change in funded status of pension plan obligations
  (0.7)1.6 
Other comprehensive income (loss), net of tax1.2 1.0 2.8 (17.7)
Comprehensive income352.0 261.2 982.0 715.6 
Comprehensive income attributable to non-controlling interests(0.5)(0.2)(1.9)(1.5)
Comprehensive income attributable to Republic Services, Inc.$351.5 $261.0 $980.1 $714.1 
The accompanying notes are an integral part of these statements.

5

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss) Income, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2020
318.8 $3.2 $2,741.4 $5,751.8  $(0.1)$(12.4)$4.9 $8,488.8 
Net income— — — 295.9 — — — 0.5 296.4 
Other comprehensive income— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (135.6)— — — — (135.6)
Issuances of common stock0.5 — 2.4 — (0.2)(14.7)— — (12.3)
Stock-based compensation— — 13.5 (0.9)— — — — 12.6 
Purchase of common stock for treasury— — — — (0.1)(12.7)— — (12.7)
Balance as of March 31, 2021
319.3 3.2 2,757.3 5,911.2 (0.3)(27.5)(11.3)5.4 8,638.3 
Net income— — — 331.1 — — — 0.9 332.0 
Other comprehensive income— — — — — — 0.5 — 0.5 
Cash dividends declared— — — (135.4)— — — — (135.4)
Issuances of common stock0.1 — 3.1 —  (0.2)— — 2.9 
Stock-based compensation— — 26.7 (0.9)— — — — 25.8 
Purchase of common stock for treasury— — — — (0.3)(79.5)— — (79.5)
Distributions paid— — — — — — — (1.2)(1.2)
Balance as of June 30, 2021
319.4 3.2 2,787.1 6,106.0 (0.6)(107.2)(10.8)5.1 8,783.4 
Net income— — — 350.3 — — — 0.5 350.8 
Other comprehensive income— — — — — — 1.2 — 1.2 
Cash dividends declared— — — (146.1)— — — — (146.1)
Issuances of common stock — 2.5 —  (0.2)— — 2.3 
Stock-based compensation— — 11.4 (0.8)— — — — 10.6 
Purchase of common stock
       for treasury
— — — — (1.2)(123.3)— — (123.3)
Balance as of September 30, 2021
319.4 $3.2 $2,801.0 $6,309.4 (1.8)$(230.7)$(9.6)$5.6 $8,878.9 
The accompanying notes are an integral part of these statements.










6

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (CONTINUED)
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss) Income, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2019
353.3 $3.5 $4,994.8 $5,317.3 (34.5)$(2,199.6)$2.2 $2.7 $8,120.9 
Net income— — — 246.3 — — — 0.5 246.8 
Other comprehensive loss— — — — — — (19.8)— (19.8)
Cash dividends declared— — — (128.9)— — — — (128.9)
Issuances of common stock0.7 — 7.5 — (0.2)(17.0)— — (9.5)
Stock-based compensation— — 10.8 (1.1)— — — — 9.7 
Purchase of common stock for treasury— — — — (1.2)(98.8)— — (98.8)
Distributions paid— — — — — — — (0.2)(0.2)
Balance as of March 31, 2020
354.0 3.5 5,013.1 5,433.6 (35.9)(2,315.4)(17.6)3.0 8,120.2 
Net income— — — 225.5 — — — 0.8 226.3 
Other comprehensive income— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (129.0)— — — — (129.0)
Issuances of common stock0.1 — 3.1 — — (0.3)— — 2.8 
Stock-based compensation— — 10.4 (0.9)— — — — 9.5 
Balance as of June 30, 2020
354.1 3.5 5,026.6 5,529.2 (35.9)(2,315.7)(16.5)3.8 8,230.9 
Net income— — — 260.0 — — — 0.2 260.2 
Other comprehensive loss— — — — — — 1.0 — 1.0 
Cash dividends declared— — — (135.4)— — — — (135.4)
Issuances of common stock0.3 — 8.1 — — (0.1)— — 8.0 
Stock-based compensation— — 10.4 (1.0)— — — — 9.4 
Balance as of September 30, 2020
354.4 $3.5 $5,045.1 $5,652.8 (35.9)$(2,315.8)$(15.5)$4.0 $8,374.1 
The accompanying notes are an integral part of these statements.
7

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Nine Months Ended September 30,
 20212020
Cash provided by operating activities:
Net income$979.2 $733.3 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, depletion and accretion948.4 870.8 
Non-cash interest expense52.4 47.8 
Stock-based compensation49.1 29.0 
Deferred tax provision (benefit)(32.8)45.7 
Provision for doubtful accounts, net of adjustments18.7 22.0 
Loss on extinguishment of debt 34.5 
Loss on disposition of assets and asset impairments, net0.5 30.6 
Withdrawal costs - multiemployer pension funds, net of payments 4.3 
Environmental adjustments(1.8)(1.2)
Loss from unconsolidated equity method investments44.0 30.8 
Other non-cash items(1.5)(2.9)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable(137.7)3.4 
Prepaid expenses and other assets105.7 135.0 
Accounts payable99.4 (60.4)
Capping, closure and post-closure expenditures(41.2)(39.5)
Remediation expenditures(32.2)(39.8)
Other liabilities87.6 77.0 
Payments for retirement of certain hedging relationships (11.4)
Cash provided by operating activities2,137.8 1,909.0 
Cash (used in) provided by investing activities:
Purchases of property and equipment(904.2)(889.0)
Proceeds from sales of property and equipment10.8 24.8 
Cash used in acquisitions and investments, net of cash and restricted cash acquired(936.3)(189.9)
Cash received from business divestitures46.3 32.5 
Purchases of restricted marketable securities(23.8)(16.9)
Sales of restricted marketable securities21.9 5.6 
Other(0.3) 
Cash used in investing activities(1,785.6)(1,032.9)
Cash (used in) provided by financing activities:
Proceeds from notes payable and long-term debt, net of fees4,646.5 2,439.5 
Proceeds from issuance of senior notes, net of discount and fees 1,626.6 
Payments of notes payable and long-term debt and senior notes(4,381.8)(4,101.9)
Premiums paid on extinguishment of debt (34.0)
Issuances of common stock, net(7.1)1.3 
Purchases of common stock for treasury(179.0)(98.8)
Cash dividends paid(406.5)(387.1)
Distributions paid to non-controlling interests in consolidated subsidiary(1.2)(0.2)
Contingent consideration payments(14.4)(9.7)
Cash used in financing activities(343.5)(564.3)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents8.7 311.8 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year114.2 177.4 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$122.9 $489.2 
The accompanying notes are an integral part of these statements.
8

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is one of the largest providers of environmental services in the United States, as measured by revenue. We manage and evaluate our operations through three operating segments, Group 1, Group 2, and Environmental Solutions.
The unaudited consolidated financial statements include the accounts of Republic Services, Inc. and its wholly owned and majority owned subsidiaries in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). We account for investments in entities in which we do not have a controlling financial interest under the equity method of accounting or, for investments that do not meet the criteria to be accounted for under the equity method, we reflect these investments at their fair value when it is readily determinable. If fair value is not readily determinable, we use an alternative measurement approach. All material intercompany accounts and transactions have been eliminated in consolidation.
We have prepared these unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information related to our organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments that, unless otherwise disclosed, are of a normal recurring nature and necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of the results you can expect for a full year. You should read these financial statements in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation. All dollar amounts in tabular presentations are in millions, except per share amounts and unless otherwise noted.
Management’s Estimates and Assumptions
In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs, and final capping, closure and post-closure costs; our valuation allowances for accounts receivable and deferred tax assets; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, multiemployer pension funds, employee benefit plans, deferred taxes, uncertain tax positions, and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. Each of these items is discussed in more detail in our description of our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Our actual results may differ significantly from our estimates.
In March 2020, the World Health Organization declared the outbreak of a new strain of coronavirus (COVID-19) a pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. The full extent of the impact of the COVID-19 pandemic on our operations and financial performance will depend on future developments, including the duration and spread of the pandemic and the impact of COVID-19 variants, all of which are uncertain and cannot be predicted at this time.
In mid-March 2020, certain customers in our small- and large-container businesses began adjusting their service levels, which included a decrease in the frequency of pickups or a temporary pause in service. In addition, we experienced a decline in volumes disposed at certain of our landfills and transfer stations. As service levels decreased, we also experienced a decrease in certain costs of our operations which are variable in nature. This decline in service activity peaked in the first half of April 2020 and improved sequentially through September 30, 2021.
In April 2020, we launched our Committed to Serve initiative and committed $20 million to support frontline employees and their families, as well as small business customers in the local communities we serve. In addition to this initiative, we have experienced an increase in certain costs of doing business as a direct result of the COVID-19 pandemic, including costs for additional safety equipment and hygiene products and increased facility and equipment cleaning. These costs are intended to assist in protecting the safety of our frontline employees as we continue to provide an essential service to our customers. In December 2020, we recognized our frontline employees for their commitment and contributions to their communities during
9

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


the pandemic with a $500 award that was paid in January 2021. In addition, we incurred incremental costs associated with expanding certain aspects of our existing healthcare programs.
New Accounting Pronouncements
Accounting Standards Adopted
Effective January 1, 2021, we adopted the following accounting standards updates (ASUs) as issued by the Financial Accounting Standards Board (FASB):
ASUEffective Date
ASU 2018-14
Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
January 1, 2021
ASU 2019-12
Simplifying the Accounting for Income Taxes
January 1, 2021
Changes to the Disclosure Requirements for Defined Benefit Plans
Effective January 1, 2021, we adopted ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14) on a retrospective basis. The standard removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. Our adoption of ASU 2018-14 did not have a material impact on our consolidated financial statements.
Simplifying the Accounting for Income Taxes
Effective January 1, 2021, we adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. Our adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements.
Accounting Standards Updates Issued but not yet Adopted
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities upon adoption during the period from March 12, 2020 through December 31, 2022. We are currently assessing the effect this guidance may have on our consolidated financial statements.
10

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


2. BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES
Acquisitions
We acquired various environmental services businesses during the nine months ended September 30, 2021 and 2020. The purchase price paid for these business acquisitions and the allocations of the purchase price follows:
20212020
Purchase price:
Cash used in acquisitions, net of cash acquired of $12.6 and $, respectively
$913.3 $133.9 
Holdbacks
9.0 7.5 
Fair value, future minimum finance lease payments
40.2 0.3 
Total$962.5 $141.7 
Allocated as follows:
Restricted cash
$7.2 $0.1 
Accounts receivable
55.4 4.7 
Landfill development costs
65.9  
Property and equipment
138.5 36.9 
Operating right-of-use lease assets
7.1 0.2 
Assets held for sale
43.6  
Other assets
6.4 0.2 
Inventory
1.7  
Accounts payable
(29.3)(1.2)
Environmental remediation liabilities
(25.6)(1.7)
Closure and post-closure liabilities
(32.2)(0.7)
Operating right-of-use lease liabilities
(7.1)(0.2)
Other liabilities
(40.0)(2.1)
Fair value of tangible assets acquired and liabilities assumed191.6 36.2 
Excess purchase price to be allocated$770.9 $105.5 
Excess purchase price allocated as follows:
Other intangible assets
$64.7 $9.8 
Goodwill
706.2 95.7 
Total allocated$770.9 $105.5 
The purchase price allocations are preliminary and based on information existing at the acquisition dates. Accordingly, the purchase price allocations are subject to change. Substantially all of the goodwill and intangible assets recorded for these acquisitions are deductible for tax purposes.
On May 5, 2021, we acquired all of the membership interests of Santek Waste Services, LLC (Santek). Santek's vertically integrated recycling and waste services operations are primarily located in the southeastern United States and complement Republic's existing core competencies and expertise in the environmental services industry. The purchase price allocation is preliminary and remains subject to revision as additional information is obtained about the facts and circumstances that existed at the valuation date. The preliminary allocation of purchase price, including the value assigned to tangible and intangible assets acquired as well as certain leases and environmental liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our valuations to be substantially completed by the end of 2021.
These acquisitions are not material to the Company's results of operations, individually or in the aggregate. As a result, no pro forma financial information is provided.
Investments
In 2021 and 2020, we acquired non-controlling equity interests in certain limited liability companies that qualified for investment tax credits under Section 48 of the Internal Revenue Code. In exchange for our non-controlling interests, we made capital contributions of $30.7 million and $56.7 million, which were recorded to other assets in our September 30, 2021 and 2020 consolidated balance sheets, respectively. During the three and nine months ended September 30, 2021, we reduced the
11

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


carrying value of these investments by $10.0 million and $35.7 million, respectively, and during the three and nine months ended September 30, 2020, we reduced the carrying value of these investments by $8.2 million and $