Rollins (ROL) 10-Q25 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-4422
Entity Registrant Name	ROLLINS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0068479
Entity Address, Address Line One	2170 Piedmont Road, N.E.
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30324
City Area Code	404
Local Phone Number	888-2000
Title of 12(b) Security	Common Stock
Trading Symbol	ROL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		484,313,840
Entity Central Index Key	0000084839
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 106,697	$ 103,825
Trade receivables, net of allowance for expected credit losses of $16,100 and $15,797, respectively	205,183	178,214
Financed receivables, short-term, net of allowance for expected credit losses of $1,971 and $1,874, respectively	39,959	37,025
Materials and supplies	37,925	33,383
Other current assets	84,528	54,192
Total current assets	474,292	406,639
Equipment and property, net of accumulated depreciation of $372,839 and $360,421, respectively	129,115	126,661
Goodwill	1,116,215	1,070,310
Intangible assets, net	545,979	545,734
Operating lease right-of-use assets	371,018	323,390
Financed receivables, long-term, net of allowance for expected credit losses of $4,436 and $3,728, respectively	85,498	75,909
Other assets	44,385	46,817
Total assets	2,766,502	2,595,460
LIABILITIES
Accounts payable	54,075	49,200
Accrued insurance - current	49,246	46,807
Accrued compensation and related liabilities	107,606	114,355
Unearned revenues	196,690	172,380
Operating lease liabilities - current	105,905	92,203
Other current liabilities	96,428	101,744
Total current liabilities	609,950	576,689
Accrued insurance, less current portion	57,602	48,060
Operating lease liabilities, less current portion	267,639	233,369
Long-term debt	502,043	490,776
Other long-term accrued liabilities	93,210	90,999
Total liabilities	1,530,444	1,439,893
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, without par value; 500,000 shares authorized, zero shares issued	0	0
Common stock, par value $1 per share; 800,000,000 shares authorized, 484,313,840 and 484,080,014 shares issued and outstanding, respectively	484,314	484,080
Additional paid in capital	137,914	131,840
Accumulated other comprehensive loss	(31,196)	(26,755)
Retained earnings	645,026	566,402
Total stockholders’ equity	1,236,058	1,155,567
Total liabilities and stockholders’ equity	2,766,502	2,595,460
Customer contracts, net
ASSETS
Intangible assets, net	386,211	386,152
Trademarks & tradenames, net
ASSETS
Intangible assets, net	151,334	151,368
Other intangible assets, net
ASSETS
Intangible assets, net	$ 8,434	$ 8,214

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowance for expected credit losses	$ 16,100	$ 15,797
Financed receivables, allowance for expected credit losses	1,971	1,874
Equipment and property, net of accumulated depreciation	372,839	360,421
Financed receivables, allowance for expected credit losses	$ 4,436	$ 3,728
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	484,313,840	484,080,014
Common stock, shares outstanding (in shares)	484,313,840	484,080,014

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Customer Services [Member]	Customer Services [Member]	Customer Services [Member]	Customer Services [Member]
Customer services	$ 891,920	$ 820,750	$ 1,640,269	$ 1,478,765
COSTS AND EXPENSES
Cost of services provided (exclusive of depreciation and amortization below)	410,285	384,191	775,843	711,033
Sales, general and administrative	271,547	255,331	494,604	451,762
Depreciation and amortization	27,711	26,439	55,021	48,941
Total operating expenses	709,543	665,961	1,325,468	1,211,736
OPERATING INCOME	182,377	154,789	314,801	267,029
Interest expense, net	7,775	4,785	15,500	5,250
Other income, net	(412)	(1,019)	(351)	(5,733)
CONSOLIDATED INCOME BEFORE INCOME TAXES	175,014	151,023	299,652	267,512
PROVISION FOR INCOME TAXES	45,617	40,880	75,861	69,135
NET INCOME	$ 129,397	$ 110,143	$ 223,791	$ 198,377
NET INCOME PER SHARE - BASIC (in USD per share)	$ 0.27	$ 0.22	$ 0.46	$ 0.40
NET INCOME PER SHARE - DILUTED (in USD per share)	$ 0.27	$ 0.22	$ 0.46	$ 0.40
Weighted average shares outstanding - basic (in shares)	484,244	492,700	484,187	492,593
Weighted average shares outstanding - diluted (in shares)	484,419	492,891	484,356	492,764
DIVIDENDS PAID PER SHARE (in USD per share)	$ 0.15	$ 0.13	$ 0.30	$ 0.26

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
NET INCOME	$ 129,397	$ 110,143	$ 223,791	$ 198,377
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	1,306	2,362	(4,468)	2,459
Unrealized (loss) gain on available for sale securities	(30)	(110)	27	52
Other comprehensive (loss) income, net of tax	1,276	2,252	(4,441)	2,511
Comprehensive income	$ 130,673	$ 112,395	$ 219,350	$ 200,888

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in- Capital	Accumulated Other Comprehensive Income / (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		492,448,000
Beginning balance at Dec. 31, 2022	$ 1,267,197	$ 492,448	$ 119,242	$ (31,562)	$ 687,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	198,377				198,377
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	2,459			2,459
Unrealized gain (losses) on available for sale securities	52			52
Cash dividends	(127,996)				(127,996)
Stock compensation (in shares)		643,000
Stock compensation	12,331	$ 643	11,688
Shares withheld for payment of employee taxes (in shares)		(270,000)
Shares withheld for payment of employee taxes	(10,195)	$ (270)	(9,925)
Ending balance (in shares) at Jun. 30, 2023		492,821,000
Ending balance at Jun. 30, 2023	1,342,225	$ 492,821	121,005	(29,051)	757,450
Beginning balance (in shares) at Mar. 31, 2023		492,787,000
Beginning balance at Mar. 31, 2023	1,287,752	$ 492,787	115,018	(31,303)	711,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,143				110,143
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	2,362			2,362
Unrealized gain (losses) on available for sale securities	(110)			(110)
Cash dividends	(63,943)				(63,943)
Stock compensation (in shares)		42,000
Stock compensation	6,384	$ 42	6,342
Shares withheld for payment of employee taxes (in shares)		(8,000)
Shares withheld for payment of employee taxes	(363)	$ (8)	(355)
Ending balance (in shares) at Jun. 30, 2023		492,821,000
Ending balance at Jun. 30, 2023	$ 1,342,225	$ 492,821	121,005	(29,051)	757,450
Beginning balance (in shares) at Dec. 31, 2023	484,080,014	484,080,000
Beginning balance at Dec. 31, 2023	$ 1,155,567	$ 484,080	131,840	(26,755)	566,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	223,791				223,791
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	(4,468)			(4,468)
Unrealized gain (losses) on available for sale securities	27			27
Cash dividends	(145,167)				(145,167)
Stock compensation (in shares)		511,000
Stock compensation	17,867	$ 511	17,356
Shares withheld for payment of employee taxes (in shares)		(277,000)
Shares withheld for payment of employee taxes	$ (11,559)	$ (277)	(11,282)
Ending balance (in shares) at Jun. 30, 2024	484,313,840	484,314,000
Ending balance at Jun. 30, 2024	$ 1,236,058	$ 484,314	137,914	(31,196)	645,026
Beginning balance (in shares) at Mar. 31, 2024		484,230,000
Beginning balance at Mar. 31, 2024	1,167,496	$ 484,230	127,531	(32,472)	588,207
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129,397				129,397
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	1,306			1,306
Unrealized gain (losses) on available for sale securities	(30)			(30)
Cash dividends	(72,578)				(72,578)
Stock compensation (in shares)		97,000
Stock compensation	10,686	$ 97	10,589
Shares withheld for payment of employee taxes (in shares)		(13,000)
Shares withheld for payment of employee taxes	$ (219)	$ (13)	(206)
Ending balance (in shares) at Jun. 30, 2024	484,313,840	484,314,000
Ending balance at Jun. 30, 2024	$ 1,236,058	$ 484,314	$ 137,914	$ (31,196)	$ 645,026

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income	$ 223,791	$ 198,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,021	48,941
Stock-based compensation expense	15,560	12,331
Provision for expected credit losses	15,137	9,946
Gain on sale of assets, net	(781)	(5,734)
Provision for deferred income taxes	0	144
Changes in operating assets and liabilities:
Trade accounts receivable	(39,904)	(28,425)
Financing receivables	(12,523)	(13,000)
Materials and supplies	(4,142)	(2,233)
Other current assets	(30,775)	(28,513)
Accounts payable and accrued expenses	15,289	34,055
Unearned revenue	24,304	18,047
Other long-term assets and liabilities	11,571	4,250
Net cash provided by operating activities	272,548	248,186
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(81,654)	(327,892)
Capital expenditures	(15,867)	(14,411)
Proceeds from sale of assets	2,313	10,186
Other investing activities, net	1,587	495
Net cash used in investing activities	(93,621)	(331,622)
FINANCING ACTIVITIES
Payment of contingent consideration	(30,289)	(4,350)
Borrowings under revolving commitment	271,000	585,000
Repayments of term loan	0	(55,000)
Repayments of revolving commitment	(260,000)	(245,000)
Payment of dividends	(145,167)	(127,996)
Cash paid for common stock purchased	(11,559)	(11,808)
Other financing activities, net	2,129	(651)
Net cash (used in) provided by financing activities	(173,886)	140,195
Effect of exchange rate changes on cash	(2,169)	2,642
Net increase in cash and cash equivalents	2,872	59,401
Cash and cash equivalents at beginning of period	103,825	95,346
Cash and cash equivalents at end of period	106,697	154,747
Supplemental disclosure of cash flow information:
Cash paid for interest	17,558	4,197
Cash paid for income taxes, net	93,272	84,583
Non-cash additions to operating lease right-of-use assets	$ 103,235	$ 55,353

BASIS OF PREPARATION

BASIS OF PREPARATION	6 Months Ended
BASIS OF PREPARATION	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PREPARATION	Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, the instructions to Form 10-Q and applicable sections of Securities and Exchange Commission ("SEC") regulation S-X, and therefore do not include all information and footnotes required by U.S. GAAP for complete financial statements. There have been no material changes in the Company’s significant accounting policies or the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (including its subsidiaries unless the context otherwise requires, “Rollins,” “we,” “us,” “our,” or the “Company”) for the year ended December 31, 2023. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2023 Annual Report on Form 10-K. The Company’s condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements. The Company considered the impact of economic trends on the assumptions and estimates used in preparing the condensed consolidated financial statements. In the opinion of management, all material adjustments necessary for a fair presentation of the Company’s financial results for the quarter have been made. These adjustments are of a normal recurring nature but complicated by the continued uncertainty surrounding economic trends. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results for the entire year. The severity, magnitude and duration of certain economic trends continue to be uncertain and are difficult to predict. Therefore, our accounting estimates and assumptions may change over time in response to economic trends and may change materially in future periods.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting standards and disclosure rules issued but not yet adopted In October 2023, the FASB issued Accounting Standards Update ("ASU") 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have a material impact on its disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impact of adopting this new guidance on its disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC voluntarily stayed the effective date of the final rule pending judicial review of petitions challenging it, which have been consolidated for review by the U.S. District Court of Appeals for the 8th Circuit. Notwithstanding any changes as a result of these challenges, the disclosure requirements will apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the impact this final rule will have on its financial statement disclosures.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS 2024 Acquisitions The Company made 26 acquisitions during the six months ended June 30, 2024. The aggregate preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition are included in the reconciliation of the total preliminary consideration as follows (in thousands): June 30, 2024 Accounts receivable $ 2,965 Materials and supplies 598 Other current assets 543 Equipment and property 4,450 Goodwill 47,654 Customer contracts 36,227 Trademarks & tradenames 1,108 Other intangible assets 1,307 Current liabilities (783) Unearned revenue (103) Other assets and liabilities, net (1,771) Assets acquired and liabilities assumed $ 92,195 Included in the total consideration of $92.2 million are acquisition holdback liabilities of $10.5 million. Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The factors contributing to the amount of goodwill are based on strategic and synergistic benefits that are expected to be realized. A majority of the recognized goodwill is expected to be deductible for tax purposes. Valuations of certain assets and liabilities, including intangible assets and goodwill, as of the acquisition date have not been finalized at this time and are provisional. Fox Pest Control Acquisition On April 1, 2023, the Company acquired 100% of FPC Holdings, LLC (“Fox Pest Control”, or "Fox"). As part of funding the Fox acquisition, on April 3, 2023, the Company borrowed incremental amounts under the Credit Agreement of $305.0 million. The proceeds were used to pay cash consideration at closing. The Fox acquisition has been accounted for as a business combination. The valuation of the Fox acquisition was performed by a third-party valuation specialist under our management’s supervision. The values of identified assets acquired and liabilities assumed were finalized as of March 31, 2024 and are summarized in the table below (in thousands). Final Fair Value Cash $ 4,560 Accounts receivable 1,542 Materials and supplies 431 Operating lease right-of-use assets 8,689 Other current assets 487 Goodwill 188,176 Customer contracts 118,000 Trademarks & tradenames 38,000 Current liabilities (5,538) Unearned revenue (6,144) Operating lease liabilities (8,689) Assets acquired and liabilities assumed $ 339,514 The Company purchased Fox for $339.5 million. Included in the total consideration are cash payments of $302.8 million made upon closing, contingent consideration valued at $28.0 million that is based on Fox's financial performance in the twelve months following acquisition, and holdback liabilities valued at $8.7 million to be held by the Company to settle indemnity claims and working capital adjustments. The fair value of the contingent consideration was estimated using a Monte Carlo simulation. During the six months ended June 30, 2024, we recognized a charge of $1.0 million related to adjustments to the fair value of contingent consideration resulting from the acquisition of Fox. This charge is reported within sales, general and administrative expenses in our condensed consolidated statement of income. Acquired customer contracts are estimated to have a remaining useful life of 7 years. The acquired trademarks and tradenames are expected to have an indefinite useful life. Goodwill from this acquisition represents the excess of the purchase price over the fair value of net assets of the business acquired. The factors contributing to the amount of goodwill are based on strategic and synergistic benefits that are expected to be realized. The recognized goodwill is expected to be deductible for tax purposes. Pro Forma Financial Information The following table presents unaudited consolidated pro forma information as if the acquisition of Fox had occurred on January 1, 2022. The information presented below is for illustrative purposes only and is not necessarily indicative of results that would have been achieved if the acquisition had actually occurred as of the beginning of such years or results which may be achieved in the future. (in thousands) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenues $ 820,750 $ 1,507,673 Net income 109,564 191,999

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue, classified by the major geographic areas in which our customers are located, was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 United States $ 827,839 $ 763,646 $ 1,521,699 $ 1,372,654 Other countries 64,081 57,104 118,570 106,111 Total Revenues $ 891,920 $ 820,750 $ 1,640,269 $ 1,478,765 Revenue from external customers, classified by significant product and service offerings, was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Residential revenue $ 408,414 $ 384,087 $ 737,752 $ 666,844 Commercial revenue 287,770 261,900 545,884 493,607 Termite completions, bait monitoring, & renewals 186,024 166,398 338,084 302,529 Franchise revenues 4,445 4,304 8,406 8,093 Other revenues 5,267 4,061 10,143 7,692 Total Revenues $ 891,920 $ 820,750 $ 1,640,269 $ 1,478,765 Revenues classified by significant product and service offerings for the three and six months ended June 30, 2023 were misstated by an immaterial amount and have been restated from the amounts previously reported to correct the classification of such revenues. There was no impact on our condensed consolidated statements of income, financial position, or cash flows. The Company records unearned revenue when we have either received payment or contractually have the right to bill for services in advance of the services or performance obligations being performed. Unearned revenue recognized in the three months ended June 30, 2024 and 2023 was $63.4 million and $57.8 million, and $125.3 million and $113.3 million in the six months ended June 30, 2024 and 2023, respectively. Changes in unearned revenue were as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Beginning balance $ 222,967 $ 198,154 $ 210,059 $ 187,994 Deferral of unearned revenue 74,369 77,911 149,165 143,537 Recognition of unearned revenue (63,437) (57,791) (125,325) (113,257) Ending balance $ 233,899 $ 218,274 $ 233,899 $ 218,274 As of June 30, 2024 and December 31, 2023, the Company had long-term unearned revenue of $37.2 million and $37.7 million, respectively, recorded in other long-term accrued liabilities. Unearned short-term revenue is recognized over the next 12-month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2034. Incremental Costs of Obtaining a Contract with a Customer Incremental costs of obtaining a contract include only those costs that we incur to obtain a contract that we would not have incurred if the contract had not been obtained, primarily sales commissions. These costs are recorded as an asset and amortized to expense over the life of the contract to the extent such costs are expected to be recovered. As of June 30, 2024, we have $27.9 million of unamortized capitalized costs to obtain a contract, of which $22.7 million is recorded within other current assets and $5.2 million is recorded within other assets on our condensed consolidated statement of financial position. As of December 31, 2023, we had $22.0 million of unamortized capitalized costs to obtain a contract, of which $15.3 million was recorded within other current assets and $6.7 million was recorded within other assets on our condensed consolidated statement of financial position. During the three and six months ended June 30, 2024, we recorded approximately $4.2 million and $8.0 million of amortization of capitalized costs, which is recorded within sales, general and administrative expense on our condensed consolidated statement of income. During the three and six months ended June 30, 2023, we recorded $1.2 million of amortization of capitalized costs.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
ALLOWANCE FOR CREDIT LOSSES	Jun. 30, 2024
Receivables [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES The Company is exposed to credit losses primarily related to accounts receivables and financed receivables derived from customer services revenue. To reduce credit risk for residential pest control accounts receivable, we promote enrollment in our auto-pay programs. In general, we may suspend future services for customers with past due balances. The Company’s credit risk is generally low with a large number of individuals and entities comprising Rollins’ customer base and dispersion across many different geographical regions. The Company manages its financed receivables on an aggregate basis when assessing and monitoring credit risks. The Company’s established credit evaluation and monitoring procedures seek to minimize the amount of business we conduct with higher risk customers. The credit quality of a potential obligor is evaluated at the loan origination based on an assessment of the individual’s credit bureau score. Rollins requires a potential obligor to have good credit worthiness with low risk before entering into a contract. Depending upon the individual’s credit score, the Company may accept with 100% financing, require a significant down payment or turn down the contract. Delinquencies of accounts are monitored each month. Financed receivables include installment receivable amounts, some of which are due subsequent to one year from the balance sheet dates. The Company’s allowances for credit losses for trade accounts receivable and financed receivables are developed using historical collection experience, current economic and market conditions, reasonable and supportable forecasts, and a review of the current status of customers’ receivables. The Company’s receivable pools are classified between residential customers, commercial customers, large commercial customers, and financed receivables. Accounts are written off against the allowance for credit losses when the Company determines that amounts are uncollectible, and recoveries of amounts previously written off are recorded when collected. The Company stops accruing interest to these receivables when they are deemed uncollectible. Below is a roll forward of the Company’s allowance for credit losses for the three and six months ended June 30, 2024 and 2023. Allowance for Credit Losses (in thousands) Trade Financed Total Balance at December 31, 2023 $ 15,797 $ 5,602 $ 21,399 Provision for expected credit losses 4,823 2,870 7,693 Write-offs charged against the allowance (7,184) (2,362) (9,546) Recoveries collected 1,428 146 1,574 Balance at March 31, 2024 $ 14,864 $ 6,256 $ 21,120 Provision for expected credit losses 4,503 2,941 7,444 Write-offs charged against the allowance (4,690) (2,985) (7,675) Recoveries collected 1,423 195 1,618 Balance at June 30, 2024 $ 16,100 $ 6,407 $ 22,507 Allowance for Credit Losses (in thousands) Trade Financed Total Balance at December 31, 2022 $ 14,073 $ 4,968 $ 19,041 Provision for expected credit losses 1,461 2,435 3,896 Write-offs charged against the allowance (4,687) (1,927) (6,614) Recoveries collected 1,629 — 1,629 Balance at March 31, 2023 $ 12,476 $ 5,476 $ 17,952 Provision for expected credit losses 3,185 2,865 6,050 Write-offs charged against the allowance (4,271) (2,332) (6,603) Recoveries collected 1,349 — 1,349 Balance at June 30, 2023 $ 12,739 $ 6,009 $ 18,748

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The following table summarizes changes in goodwill during the six months ended June 30, 2024 (in thousands): Balance at December 31, 2023 $ 1,070,310 Additions 47,654 Adjustments due to currency translation and other (1,749) Balance at June 30, 2024 $ 1,116,215 The following table sets forth the components of indefinite-lived and amortizable intangible assets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Gross Accumulated Carrying Gross Accumulated Carrying Useful Life Amortizable intangible assets: Customer contracts $ 660,242 $ (274,031) $ 386,211 $ 625,920 $ (239,768) $ 386,152 3-20 Trademarks and tradenames 22,527 (10,924) 11,603 21,566 (9,933) 11,633 7-20 Other intangible assets 26,050 (19,843) 6,207 24,766 (18,779) 5,987 3-20 Total amortizable intangible assets $ 708,819 $ (304,798) $ 404,021 $ 672,252 $ (268,480) 403,772 Indefinite-lived intangible assets 141,958 141,962 Total customer contracts and other intangible assets $ 545,979 $ 545,734 Amortization expense related to intangible assets was $19.3 million and $18.0 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to intangible assets was $38.0 million and $32.0 million for the six months ended June 30, 2024 and 2023, respectively. Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. Estimated amortization expense for the existing carrying amount of amortizable intangible assets for each of the five succeeding fiscal years as of June 30, 2024 are as follows: (in thousands) 2024 (excluding the six months ended June 30, 2024) $ 42,771 2025 74,333 2026 70,233 2027 66,367 2028 64,356

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
FAIR VALUE MEASUREMENT	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT The Company’s financial instruments consist of cash and cash equivalents, trade receivables, financed and notes receivable, accounts payable, other short-term liabilities, and debt. The carrying amounts of these financial instruments approximate their respective fair values. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs. As of June 30, 2024 and December 31, 2023, we had investments in international bonds of $9.1 million and $10.2 million, respectively. These bonds are accounted for as available for sale securities and are level 2 assets under the fair value hierarchy. The bonds are recorded at their fair market values and reported within other current assets and other assets in our condensed consolidated statement of financial position. The unrealized gain or loss activity during the three and six months ended June 30, 2024 and 2023 was not significant. As of June 30, 2024 and December 31, 2023, the Company had $22.6 million and $46.1 million of acquisition holdback and earnout liabilities payable to former owners of acquired companies, respectively. The earnout liabilities were adjusted to reflect the expected probability of payout, and both earnout and holdback liabilities were discounted to their net present value on the Company’s books and are considered level 3 liabilities. The table below presents a summary of the changes in fair value for these liabilities. Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Beginning balance $ 51,858 $ 10,533 $ 46,104 $ 13,496 New acquisitions and measurement adjustments 3,785 38,731 10,449 40,031 Payouts (33,012) (252) (34,486) (4,350) Interest and fair value adjustments 9 1,084 543 1,106 Charge offset, forfeit and other (3) (788) 27 (975) Ending balance $ 22,637 $ 49,308 $ 22,637 $ 49,308

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT On February 24, 2023, the Company entered into a revolving credit agreement (the "Credit Agreement") with, among others, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent (in such capacity, the “Administrative Agent”), which refinanced its previous credit facility. The Credit Agreement provides for a $1.0 billion revolving credit facility (the “Credit Facility”), which may be denominated in U.S. Dollars and other currencies, including Euros, Australian Dollars, Canadian Dollars, New Zealand Dollars, Pounds Sterling and Japanese Yen, subject to a $400 million foreign currency sublimit. The Credit Facility also includes sub-facilities for the issuance of letters of credit of up to $150 million and swing line loans at the Administrative Agent’s discretion of up to $50 million. Certain subsidiaries of Rollins provide unsecured guarantees of the Credit Facility. Rollins has the ability to expand its borrowing availability under the Credit Agreement in the form of increased revolving commitments or one or more tranches of term loans by up to an additional $750 million, subject to the agreement of the participating lenders and certain other customary conditions. The maturity date of the loans under the Credit Agreement is February 24, 2028. Loans under the Credit Agreement bear interest, at Rollins’ election, at (i) for loans denominated in U.S. Dollars, (A) an alternate base rate (subject to a floor of 0.00%), which is the greatest of (x) the prime rate publicly announced from time to time by JPMorgan Chase, (y) the greater of the federal funds effective rate and the Federal Reserve Bank of New York overnight bank funding rate, plus 50 basis points, and (z) Adjusted Term SOFR for a one month interest period, plus a margin ranging from 0.00% to 0.50% per annum based on Rollins’ consolidated total net leverage ratio; or (B) the greater of term SOFR for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) and zero, plus a margin ranging from 1.00% to 1.50% per annum based on Rollins’ consolidated total net leverage ratio; and (ii) for loans denominated in other currencies, including Euros, Australian Dollars, Canadian Dollars, New Zealand Dollars, Pounds Sterling and Japanese Yen, such interest rates as set forth in the Credit Agreement. As of June 30, 2024, the Company had outstanding borrowings of $504.0 million under the Credit Facility. Borrowings under the Credit Facility are presented under the long-term debt caption of our condensed consolidated balance sheet, net of $2.0 million in unamortized debt issuance costs as of June 30, 2024. The aggregate effective interest rate on the debt outstanding as of June 30, 2024 was 6.4%. As of December 31, 2023, the Company had outstanding borrowings of $493.0 million under the Credit Facility. Borrowings under the Credit Facility are presented under the long-term debt caption of our condensed consolidated balance sheet, net of $2.2 million in unamortized debt issuance costs as of December 31, 2023. The aggregate effective interest rate on the debt outstanding as of December 31, 2023 was 6.5%. The Company maintained $71.7 million in letters of credit as of June 30, 2024 and December 31, 2023. These letters of credit are required by the Company’s insurance companies, due to the Company’s high deductible insurance program, to secure various workers’ compensation and casualty insurance contracts coverage. The Company believes that it has adequate liquid assets, funding sources and insurance accruals to accommodate potential future insurance claims. The Credit Agreement contains customary terms and conditions, including, without limitation, certain financial covenants including covenants restricting Rollins’ ability to incur certain indebtedness or liens, or to merge or consolidate with or sell substantially all of its assets to another entity. Further, the Credit Agreement contains a financial covenant restricting Rollins’ ability to permit the ratio of Rollins’ consolidated total net debt to EBITDA to exceed 3.50 to 1.00. Following certain acquisitions, Rollins may elect to increase the financial covenant level to 4.00 to 1.00 temporarily. The ratio is calculated as of the last day of the fiscal quarter most recently ended. The Credit Agreement also contains provisions permitting a future environmental, social and governance amendment, subject to certain terms and conditions contained therein, by which pricing may be adjusted pursuant to the Company's performance measured against certain sustainability-linked metrics. The Company is in compliance with applicable debt covenants as of June 30, 2024.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES In the normal course of business, the Company and its subsidiaries are involved in, and will continue to be involved in, various claims, arbitrations, contractual disputes, investigations, and regulatory and litigation matters relating to, and arising out of, our businesses and our operations. These matters may involve, but are not limited to, allegations that our services or vehicles caused damage or injury, claims that our services did not achieve the desired results, claims related to acquisitions and allegations by federal, state or local authorities, including taxing authorities, of violations of regulations or statutes. In addition, we are parties to employment-related cases and claims from time to time, which may include claims on a representative or class action basis alleging wage and hour law violations. We are also involved from time to time in certain environmental matters primarily arising in the normal course of business. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. The Company retains, up to specified limits, certain risks related to general liability, workers’ compensation and auto liability. The estimated costs of existing and future claims under the retained loss program are accrued based upon historical trends as incidents occur, whether reported or unreported (although actual settlement of the claims may not be made until future periods) and may be subsequently revised based on developments relating to such claims. The Company contracts with an independent third party to provide the Company an estimated liability based upon historical claims information. The actuarial study is a major consideration in establishing the reserve, along with management’s knowledge of changes in business practice and existing claims compared to current balances. Management’s judgment is inherently subjective as a number of factors are outside management’s knowledge and control. Additionally, historical information is not always an accurate indication of future events. The accruals and reserves we hold are based on estimates that involve a degree of judgment and are inherently variable and could be overestimated or insufficient. If actual claims exceed our estimates, our operating results could be materially affected, and our ability to take timely corrective actions to limit future costs may be limited. Management does not believe that any pending claim, proceeding or litigation, regulatory action or investigation, either alone or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters could result in a charge that might be material to the results of an individual quarter or year.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
STOCKHOLDERS’ EQUITY	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY During the three months ended June 30, 2024, the Company paid $72.6 million, or $0.15 per share, in cash dividends compared to $63.9 million, or $0.13 per share, during the same period in 2023. During the six months ended June 30, 2024, the Company paid $145.2 million, or $0.30 per share, in cash dividends compared to $128.0 million, or $0.26 per share, during the same period in 2023. The Company withholds shares from employees for the payment of their taxes on equity awards that have vested. The Company withheld $0.2 million and $0.4 million in connection with employee tax obligations during the three month periods ended June 30, 2024 and 2023, respectively. The Company withheld $11.6 million and $10.2 million in connection with employee tax obligations during the six month periods ended June 30, 2024 and 2023, respectively. The Company did not repurchase shares on the open market during the three and six months ended June 30, 2024 and June 30, 2023. The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Restricted shares and PSUs: Compensation expense $ 8,197 $ 6,192 $ 14,804 $ 11,948 Employee Stock Purchase Plan As more fully discussed in Note 13 of the Company’s notes to the consolidated financial statements in its 2023 Annual Report on Form 10-K, shareholders approved the Rollins, Inc. 2022 Employee Stock Purchase Plan ("ESPP") which provides eligible employees with the option to purchase shares of Company common stock, at a discount, through payroll deductions during six-month offering periods. The Company recorded compensation expense associated with its ESPP of $0.2 million and $0.8 million during the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.4 million during the three and six months ended June 30, 2023. Compensation expense for the ESPP is included in cost of services provided and sales, general and administrative expenses in our condensed consolidated statements of income.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company reports both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period. Diluted earnings per share is calculated by dividing the net income available to participating common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive equity. A reconciliation of weighted average shares outstanding is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Weighted-average outstanding common shares 482,147 490,168 482,012 490,058 Add participating securities: Weighted-average time-lapse restricted awards 2,097 2,532 2,175 2,535 Total weighted-average shares outstanding – basic 484,244 492,700 484,187 492,593 Dilutive effect of restricted stock units and PSUs 175 191 169 171 Weighted-average shares outstanding – diluted 484,419 492,891 484,356 492,764

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s provision for income taxes is recorded on an interim basis based upon the Company’s estimate of the annual effective income tax rate for the full year applied to “ordinary” income or loss, adjusted each quarter for discrete items. The Company recorded a provision for income taxes of $45.6 million and $40.9 million for the three months ended June 30, 2024 and 2023, and $75.9 million and $69.1 million for the six months ended June 30, 2024 and 2023, respectively. The Company’s effective tax rate decreased to 26.1% in the second quarter of 2024 compared with 27.1% rate in the second quarter of 2023. During the six months ended June 30, 2024, the Company's effective tax rate decreased to 25.3% compared to 25.8% in 2023. The reduced rate was due to a decrease in foreign tax expense in 2024.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Quarterly Dividend On July 23, 2024, the Company’s Board of Directors declared a regular quarterly cash dividend on its common stock of $0.15 per share payable on September 10, 2024 to stockholders of record at the close of business on August 12, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
NET INCOME	$ 129,397	$ 110,143	$ 223,791	$ 198,377

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Elizabeth B. Chandler [Member]
Trading Arrangements, by Individual
Name	Elizabeth B. Chandler
Title	Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 1, 2024
Expiration Date	May 1, 2025
Aggregate Available	14,056	14,056
Officer Trading Arrangement [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended June 30, 2024, the following executive officer entered into, modified or terminated, contracts, instructions or written plans for the sale of the Company’s securities, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1 of the Exchange Act, referred to as Rule 10b5-1 trading plans. Name and Title Date of Adoption of the Rule 10b5-1 Trading Plan Scheduled Expiration Date of the Rule 10b5-1 Trading Plan Total Amount of Securities to Be Sold Transactions Pursuant to 10b5-1 Trading Plan Early Termination of the Rule 10b5-1 Trading Plan Elizabeth B. Chandler Vice President, General Counsel and Corporate Secretary May 1, 2024 May 1, 2025 14,056 shares of Company common stock Sales to occur on or after August 1, 2024, if certain limit prices are met If all 14,056 shares of Company common stock are sold prior to the scheduled expiration date, the trading plan will terminate on such earlier date
Officer Trading Arrangement [Member] \| Elizabeth B. Chandler [Member]
Trading Arrangements, by Individual
Arrangement Duration	365 days

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	6 Months Ended
BASIS OF PREPARATION (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Preparation	BASIS OF PREPARATION Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, the instructions to Form 10-Q and applicable sections of Securities and Exchange Commission ("SEC") regulation S-X, and therefore do not include all information and footnotes required by U.S. GAAP for complete financial statements. There have been no material changes in the Company’s significant accounting policies or the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (including its subsidiaries unless the context otherwise requires, “Rollins,” “we,” “us,” “our,” or the “Company”) for the year ended December 31, 2023. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2023 Annual Report on Form 10-K. The Company’s condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements. The Company considered the impact of economic trends on the assumptions and estimates used in preparing the condensed consolidated financial statements. In the opinion of management, all material adjustments necessary for a fair presentation of the Company’s financial results for the quarter have been made. These adjustments are of a normal recurring nature but complicated by the continued uncertainty surrounding economic trends. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results for the entire year. The severity, magnitude and duration of certain economic trends continue to be uncertain and are difficult to predict. Therefore, our accounting estimates and assumptions may change over time in response to economic trends and may change materially in future periods.
Recently standards and disclosure rules issued but not yet adopted	Accounting standards and disclosure rules issued but not yet adopted In October 2023, the FASB issued Accounting Standards Update ("ASU") 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have a material impact on its disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impact of adopting this new guidance on its disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC voluntarily stayed the effective date of the final rule pending judicial review of petitions challenging it, which have been consolidated for review by the U.S. District Court of Appeals for the 8th Circuit. Notwithstanding any changes as a result of these challenges, the disclosure requirements will apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the impact this final rule will have on its financial statement disclosures.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
ACQUISITIONS (Tables)	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Assets Acquired and Liabilities Assumed Recorded at the Date of Acquisition	The aggregate preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition are included in the reconciliation of the total preliminary consideration as follows (in thousands): June 30, 2024 Accounts receivable $ 2,965 Materials and supplies 598 Other current assets 543 Equipment and property 4,450 Goodwill 47,654 Customer contracts 36,227 Trademarks & tradenames 1,108 Other intangible assets 1,307 Current liabilities (783) Unearned revenue (103) Other assets and liabilities, net (1,771) Assets acquired and liabilities assumed $ 92,195 Final Fair Value Cash $ 4,560 Accounts receivable 1,542 Materials and supplies 431 Operating lease right-of-use assets 8,689 Other current assets 487 Goodwill 188,176 Customer contracts 118,000 Trademarks & tradenames 38,000 Current liabilities (5,538) Unearned revenue (6,144) Operating lease liabilities (8,689) Assets acquired and liabilities assumed $ 339,514
Schedule of Business Acquisition, Pro Forma Information	The following table presents unaudited consolidated pro forma information as if the acquisition of Fox had occurred on January 1, 2022. The information presented below is for illustrative purposes only and is not necessarily indicative of results that would have been achieved if the acquisition had actually occurred as of the beginning of such years or results which may be achieved in the future. (in thousands) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenues $ 820,750 $ 1,507,673 Net income 109,564 191,999

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Geographic Area, and by Significant Product and Service Offerings	Revenue, classified by the major geographic areas in which our customers are located, was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 United States $ 827,839 $ 763,646 $ 1,521,699 $ 1,372,654 Other countries 64,081 57,104 118,570 106,111 Total Revenues $ 891,920 $ 820,750 $ 1,640,269 $ 1,478,765 Revenue from external customers, classified by significant product and service offerings, was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Residential revenue $ 408,414 $ 384,087 $ 737,752 $ 666,844 Commercial revenue 287,770 261,900 545,884 493,607 Termite completions, bait monitoring, & renewals 186,024 166,398 338,084 302,529 Franchise revenues 4,445 4,304 8,406 8,093 Other revenues 5,267 4,061 10,143 7,692 Total Revenues $ 891,920 $ 820,750 $ 1,640,269 $ 1,478,765
Schedule of Changes in Unearned Revenue	Changes in unearned revenue were as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Beginning balance $ 222,967 $ 198,154 $ 210,059 $ 187,994 Deferral of unearned revenue 74,369 77,911 149,165 143,537 Recognition of unearned revenue (63,437) (57,791) (125,325) (113,257) Ending balance $ 233,899 $ 218,274 $ 233,899 $ 218,274

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
ALLOWANCE FOR CREDIT LOSSES (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Allowance For Credit Losses	Below is a roll forward of the Company’s allowance for credit losses for the three and six months ended June 30, 2024 and 2023. Allowance for Credit Losses (in thousands) Trade Financed Total Balance at December 31, 2023 $ 15,797 $ 5,602 $ 21,399 Provision for expected credit losses 4,823 2,870 7,693 Write-offs charged against the allowance (7,184) (2,362) (9,546) Recoveries collected 1,428 146 1,574 Balance at March 31, 2024 $ 14,864 $ 6,256 $ 21,120 Provision for expected credit losses 4,503 2,941 7,444 Write-offs charged against the allowance (4,690) (2,985) (7,675) Recoveries collected 1,423 195 1,618 Balance at June 30, 2024 $ 16,100 $ 6,407 $ 22,507 Allowance for Credit Losses (in thousands) Trade Financed Total Balance at December 31, 2022 $ 14,073 $ 4,968 $ 19,041 Provision for expected credit losses 1,461 2,435 3,896 Write-offs charged against the allowance (4,687) (1,927) (6,614) Recoveries collected 1,629 — 1,629 Balance at March 31, 2023 $ 12,476 $ 5,476 $ 17,952 Provision for expected credit losses 3,185 2,865 6,050 Write-offs charged against the allowance (4,271) (2,332) (6,603) Recoveries collected 1,349 — 1,349 Balance at June 30, 2023 $ 12,739 $ 6,009 $ 18,748

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table summarizes changes in goodwill during the six months ended June 30, 2024 (in thousands): Balance at December 31, 2023 $ 1,070,310 Additions 47,654 Adjustments due to currency translation and other (1,749) Balance at June 30, 2024 $ 1,116,215
Schedule of Components of Indefinite-lived and Amortizable Intangible Assets	The following table sets forth the components of indefinite-lived and amortizable intangible assets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Gross Accumulated Carrying Gross Accumulated Carrying Useful Life Amortizable intangible assets: Customer contracts $ 660,242 $ (274,031) $ 386,211 $ 625,920 $ (239,768) $ 386,152 3-20 Trademarks and tradenames 22,527 (10,924) 11,603 21,566 (9,933) 11,633 7-20 Other intangible assets 26,050 (19,843) 6,207 24,766 (18,779) 5,987 3-20 Total amortizable intangible assets $ 708,819 $ (304,798) $ 404,021 $ 672,252 $ (268,480) 403,772 Indefinite-lived intangible assets 141,958 141,962 Total customer contracts and other intangible assets $ 545,979 $ 545,734
Schedule of Estimated Amortization Expense	Estimated amortization expense for the existing carrying amount of amortizable intangible assets for each of the five succeeding fiscal years as of June 30, 2024 are as follows: (in thousands) 2024 (excluding the six months ended June 30, 2024) $ 42,771 2025 74,333 2026 70,233 2027 66,367 2028 64,356

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Changes in Fair Value	The table below presents a summary of the changes in fair value for these liabilities. Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Beginning balance $ 51,858 $ 10,533 $ 46,104 $ 13,496 New acquisitions and measurement adjustments 3,785 38,731 10,449 40,031 Payouts (33,012) (252) (34,486) (4,350) Interest and fair value adjustments 9 1,084 543 1,106 Charge offset, forfeit and other (3) (788) 27 (975) Ending balance $ 22,637 $ 49,308 $ 22,637 $ 49,308

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
STOCKHOLDERS’ EQUITY (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Components of Stock-based Compensation	The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Restricted shares and PSUs: Compensation expense $ 8,197 $ 6,192 $ 14,804 $ 11,948

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Weighted Average Shares Outstanding	A reconciliation of weighted average shares outstanding is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Weighted-average outstanding common shares 482,147 490,168 482,012 490,058 Add participating securities: Weighted-average time-lapse restricted awards 2,097 2,532 2,175 2,535 Total weighted-average shares outstanding – basic 484,244 492,700 484,187 492,593 Dilutive effect of restricted stock units and PSUs 175 191 169 171 Weighted-average shares outstanding – diluted 484,419 492,891 484,356 492,764

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands		6 Months Ended
ACQUISITIONS - Narrative (Details) $ in Thousands	Apr. 01, 2023 USD ($)	Jun. 30, 2024 USD ($) business	Mar. 31, 2024 USD ($)	Apr. 03, 2023 USD ($)
Business Acquisition [Line Items]
Number of businesses acquired \| business		26
Long-term line of credit				$ 305,000
Customer contracts, net
Business Acquisition [Line Items]
Useful life of customer contracts		7 years
FPC Holdings, LLC
Business Acquisition [Line Items]
Assets acquired and liabilities assumed		$ 339,500	$ 339,514
Contingent consideration		8,700
Percentage of voting interests acquired	100%
Contingent consideration transferred	$ 302,800
Earnout liabilities		28,000
Adjustments fair value contingent consideration		1,000
2024 Acquisitions
Business Acquisition [Line Items]
Assets acquired and liabilities assumed		92,195
Contingent consideration		$ 10,500

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 1,116,215		$ 1,070,310
FPC Holdings, LLC
Business Acquisition [Line Items]
Cash		$ 4,560
Accounts receivable		1,542
Materials and supplies		431
Operating lease right-of-use assets		8,689
Other current assets		487
Goodwill		188,176
Customer contracts		118,000
Current liabilities		(5,538)
Unearned revenue		(6,144)
Operating lease liabilities		(8,689)
Assets acquired and liabilities assumed	339,500	339,514
FPC Holdings, LLC \| Trademarks & tradenames, net
Business Acquisition [Line Items]
Intangible assets		$ 38,000
2024 Acquisitions
Business Acquisition [Line Items]
Accounts receivable	2,965
Materials and supplies	598
Other current assets	543
Equipment and property	4,450
Goodwill	47,654
Current liabilities	(783)
Unearned revenue	(103)
Other assets and liabilities, net	(1,771)
Assets acquired and liabilities assumed	92,195
2024 Acquisitions \| Customer contracts, net
Business Acquisition [Line Items]
Customer contracts	36,227
2024 Acquisitions \| Trademarks & tradenames, net
Business Acquisition [Line Items]
Intangible assets	1,108
2024 Acquisitions \| Other intangible assets, net
Business Acquisition [Line Items]
Intangible assets	$ 1,307

ACQUISITIONS - Schedule of Busi

ACQUISITIONS - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 820,750	$ 1,507,673
Net income	$ 109,564	$ 191,999

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 891,920	$ 820,750	$ 1,640,269	$ 1,478,765
United States
Disaggregation of Revenue [Line Items]
Total Revenues	827,839	763,646	1,521,699	1,372,654
Other countries
Disaggregation of Revenue [Line Items]
Total Revenues	$ 64,081	$ 57,104	$ 118,570	$ 106,111

REVENUE - Significant Product A

REVENUE - Significant Product And Service Offerings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 891,920	$ 820,750	$ 1,640,269	$ 1,478,765
Residential revenue
Disaggregation of Revenue [Line Items]
Total Revenues	408,414	384,087	737,752	666,844
Commercial revenue
Disaggregation of Revenue [Line Items]
Total Revenues	287,770	261,900	545,884	493,607
Termite completions, bait monitoring, & renewals
Disaggregation of Revenue [Line Items]
Total Revenues	186,024	166,398	338,084	302,529
Franchise revenues
Disaggregation of Revenue [Line Items]
Total Revenues	4,445	4,304	8,406	8,093
Other revenues
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,267	$ 4,061	$ 10,143	$ 7,692

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue recognized from both the beginning balance and current period increase in contract liability	$ 63,437	$ 57,791	$ 125,325	$ 113,257
Long-term unearned revenue	37,200		$ 37,200		$ 37,700
Unearned long-term revenue recognized period			5 years
Capitalized contract cost	27,900		$ 27,900		22,000
Capitalized contract cost, amortization	4,200	$ 1,200	8,000	$ 1,200
Other Current Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost	22,700		22,700		15,300
Other Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost	$ 5,200		$ 5,200		$ 6,700

REVENUE - Changes in Unearned R

REVENUE - Changes in Unearned Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 222,967	$ 198,154	$ 210,059	$ 187,994
Deferral of unearned revenue	74,369	77,911	149,165	143,537
Recognition of unearned revenue	(63,437)	(57,791)	(125,325)	(113,257)
Ending balance	$ 233,899	$ 218,274	$ 233,899	$ 218,274

ALLOWANCE FOR CREDIT LOSSES (De

ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024
Receivables [Abstract]
Financing receivable, percentage of finance subject to credit score					100%
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Roll Forward]
Beginning Balance	$ 21,120	$ 21,399	$ 17,952	$ 19,041	$ 21,399
Provision for expected credit losses	7,444	7,693	6,050	3,896
Write-offs charged against the allowance	(7,675)	(9,546)	(6,603)	(6,614)
Recoveries collected	1,618	1,574	1,349	1,629
Ending Balance	22,507	21,120	18,748	17,952	22,507
Trade Receivables
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Roll Forward]
Beginning Balance	14,864	15,797	12,476	14,073	15,797
Provision for expected credit losses	4,503	4,823	3,185	1,461
Write-offs charged against the allowance	(4,690)	(7,184)	(4,271)	(4,687)
Recoveries collected	1,423	1,428	1,349	1,629
Ending Balance	16,100	14,864	12,739	12,476	16,100
Financed Receivables
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Roll Forward]
Beginning Balance	6,256	5,602	5,476	4,968	5,602
Provision for expected credit losses	2,941	2,870	2,865	2,435
Write-offs charged against the allowance	(2,985)	(2,362)	(2,332)	(1,927)
Recoveries collected	195	146	0	0
Ending Balance	$ 6,407	$ 6,256	$ 6,009	$ 5,476	$ 6,407

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,070,310
Additions	47,654
Adjustments due to currency translation and other	(1,749)
Goodwill, ending balance	$ 1,116,215

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Components of Indefinite-lived and Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 708,819	$ 672,252
Accumulated Amortization	(304,798)	(268,480)
Carrying Value	404,021	403,772
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	141,958	141,962
Total customer contracts and other intangible assets	545,979	545,734
Customer contracts, net
Finite-Lived Intangible Assets [Line Items]
Gross	660,242	625,920
Accumulated Amortization	(274,031)	(239,768)
Carrying Value	$ 386,211	$ 386,152
Useful Life in Years	7 years
Customer contracts, net \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	3 years	3 years
Customer contracts, net \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	20 years	20 years
Trademarks & tradenames, net
Finite-Lived Intangible Assets [Line Items]
Gross	$ 22,527	$ 21,566
Accumulated Amortization	(10,924)	(9,933)
Carrying Value	$ 11,603	$ 11,633
Trademarks & tradenames, net \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	7 years	7 years
Trademarks & tradenames, net \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	20 years	20 years
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	$ 26,050	$ 24,766
Accumulated Amortization	(19,843)	(18,779)
Carrying Value	$ 6,207	$ 5,987
Other intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	3 years	3 years
Other intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life in Years	20 years	20 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 19.3	$ 18	$ 38	$ 32

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 42,771
2025	74,333
2026	70,233
2027	66,367
2028	$ 64,356

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 9,100		$ 10,200
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition holdback and earn out liabilities	$ 22,637	$ 51,858	$ 46,104	$ 49,308	$ 10,533	$ 13,496

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes in Fair Value (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 51,858	$ 10,533	$ 46,104	$ 13,496
New acquisitions and measurement adjustments	3,785	38,731	10,449	40,031
Payouts	(33,012)	(252)	(34,486)	(4,350)
Interest and fair value adjustments	9	1,084	543	1,106
Charge offset, forfeit and other	(3)	(788)	27	(975)
Ending balance	$ 22,637	$ 49,308	$ 22,637	$ 49,308

DEBT (Details)

DEBT (Details)		6 Months Ended
DEBT (Details)	Feb. 24, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 03, 2023 USD ($)
Line of Credit Facility [Line Items]
Long-term line of credit				$ 305,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding		$ 71,700,000	$ 71,700,000
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Current borrowing capacity	$ 1,000,000,000
Foreign currency sublimit	400,000,000
Letters of credit outstanding	$ 150,000,000
Leverage ratio	0
Long-term line of credit		504,000,000	493,000,000
Unamortized debt issuance costs		$ 2,000,000	$ 2,200,000
Effective interest rate		6.40%
Revolving Credit Agreement \| Interest Rate Floor
Line of Credit Facility [Line Items]
Variable interest rate	0%
Revolving Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable interest rate	0.10%
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Variable interest rate	0%
Leverage ratio	0.0100
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
Leverage ratio	0.0150
Revolving Credit Agreement \| Swing line Loans
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 50,000,000
Revolving Credit Agreement \| Tranches Term Loan
Line of Credit Facility [Line Items]
Available increase in borrowing capacity	$ 750,000,000
Revolving Credit Agreement \| 2019 Credit Agreement
Line of Credit Facility [Line Items]
Effective interest rate			6.50%
Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio		3.50
Covenant leverage ratio		4

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Payment of dividends	$ 72,600	$ 63,900	$ 145,167	$ 127,996
Dividends paid (in USD per share)	$ 0.15	$ 0.13	$ 0.30	$ 0.26
Stock redeemed	$ 200	$ 400	$ 11,600	$ 10,200
Employee Stock
Class of Stock [Line Items]
Compensation expense	$ 200	$ 200	$ 800	$ 400

STOCKHOLDERS' EQUITY - Componen

STOCKHOLDERS' EQUITY - Components of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted shares and PSUs:
Restricted shares and PSUs:
Compensation expense	$ 8,197	$ 6,192	$ 14,804	$ 11,948

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-average outstanding common shares (in shares)	482,147	490,168	482,012	490,058
Weighted-average time-lapse restricted awards (in shares)	2,097	2,532	2,175	2,535
Total weighted-average shares outstanding – basic (in shares)	484,244	492,700	484,187	492,593
Dilutive effect of restricted stock units and PSUs (in shares)	175	191	169	171
Weighted-average shares outstanding - diluted (in shares)	484,419	492,891	484,356	492,764

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 45,617	$ 40,880	$ 75,861	$ 69,135
Effective income tax rate	26.10%	27.10%	25.30%	25.80%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jul. 23, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in USD per share)	$ 0.15