Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'WASTE CONNECTIONS, INC. | ' | ' |
Entity Central Index Key | '0001057058 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 123,600,251 | ' |
Entity Public Float | ' | ' | $5,048,673,977 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and equivalents | $13,591 | $23,212 | ||
Accounts receivable, net of allowance for doubtful accounts of $7,348 and $6,548 at December 31, 2013 and 2012, respectively | 234,001 | 235,762 | ||
Deferred income taxes | 41,275 | 45,798 | ||
Prepaid expenses and other current assets | 39,638 | 57,714 | ||
Total current assets | 328,505 | 362,486 | ||
Property and equipment, net | 2,450,649 | 2,457,606 | ||
Goodwill | 1,675,154 | 1,636,557 | ||
Intangible assets, net | 527,871 | 541,908 | ||
Restricted assets | 35,921 | 34,889 | ||
Other assets, net | 46,152 | 42,580 | ||
Total Assets | 5,064,252 | [1] | 5,076,026 | [1] |
Current liabilities: | ' | ' | ||
Accounts payable | 105,394 | 130,260 | ||
Book overdraft | 12,456 | 12,567 | ||
Accrued liabilities | 119,026 | 121,829 | ||
Deferred revenue | 71,917 | 69,930 | ||
Current portion of long-term debt and notes payable | 5,385 | 33,968 | ||
Total current liabilities | 345,018 | 417,572 | ||
Long-term debt and notes payable | 2,067,590 | 2,204,967 | ||
Other long-term liabilities | 77,035 | 75,129 | ||
Deferred income taxes | 501,692 | 464,882 | ||
Total liabilities | 3,016,045 | 3,192,896 | ||
Commitments and contingencies (Note 11) | ' | ' | ||
Equity: | ' | ' | ||
Preferred stock: $0.01 par value per share; 7,500,000 shares authorized; none issued and outstanding | ' | ' | ||
Common stock: $0.01 par value per share; 250,000,000 shares authorized; 123,566,487 and 123,019,494 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,236 | 1,230 | ||
Additional paid-in capital | 796,085 | 779,904 | ||
Accumulated other comprehensive loss | -1,869 | -6,165 | ||
Retained earnings | 1,247,630 | 1,103,188 | ||
Total Waste Connections' equity | 2,043,082 | 1,878,157 | ||
Noncontrolling interest in subsidiaries | 5,125 | 4,973 | ||
Total equity | 2,048,207 | 1,883,130 | ||
Total Liabilities and Stockholders' Equity | 5,064,252 | 5,076,026 | ||
Current Liabilities [Member] | ' | ' | ||
Current liabilities: | ' | ' | ||
Contingent considerations | 30,840 | 49,018 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Current liabilities: | ' | ' | ||
Contingent considerations | $24,710 | $30,346 | ||
[1] | Goodwill is included within total assets for each of the Company’s four operating segments. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $7,348 | $6,548 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 7,500,000 | 7,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 123,566,487 | 123,019,494 |
Common stock, shares outstanding | 123,566,487 | 123,019,494 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $1,928,795 | $1,661,618 | $1,505,366 |
Operating expenses: | ' | ' | ' |
Cost of operations | 1,064,819 | 956,357 | 857,580 |
Selling, general and administrative | 212,637 | 197,454 | 161,967 |
Depreciation | 218,454 | 169,027 | 147,036 |
Amortization of intangibles | 25,410 | 24,557 | 20,064 |
Loss on disposal of assets | 2,853 | 1,627 | 1,657 |
Gain from litigation settlement | ' | -3,551 | ' |
Loss on prior office leases | 9,902 | ' | ' |
Operating income | 394,720 | 316,147 | 317,062 |
Interest expense | -73,579 | -53,037 | -44,520 |
Other income (expense), net | -220 | 1,993 | 587 |
Income before income tax provision | 320,921 | 265,103 | 273,129 |
Income tax provision | -124,916 | -105,443 | -106,958 |
Net income | 196,005 | 159,660 | 166,171 |
Less: Net income attributable to noncontrolling interests | -350 | -567 | -932 |
Net income attributable to Waste Connections | $195,655 | $159,093 | $165,239 |
Earnings per common share attributable to Waste Connections' common stockholders: | ' | ' | ' |
Basic | $1.58 | $1.31 | $1.47 |
Diluted | $1.58 | $1.31 | $1.45 |
Shares used in the per share calculations: | ' | ' | ' |
Basic | 123,597,540 | 121,172,381 | 112,720,444 |
Diluted | 124,165,052 | 121,824,349 | 113,583,486 |
Cash dividends per common share | $0.42 | $0.37 | $0.32 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $196,005 | $159,660 | $166,171 |
Other comprehensive income (loss), before tax: | ' | ' | ' |
Other comprehensive income (loss) before tax | 6,949 | -4,363 | -621 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | -2,653 | 1,678 | 236 |
Other comprehensive income (loss), net of tax | 4,296 | -2,685 | -385 |
Comprehensive income | 200,301 | 156,975 | 165,786 |
Less: Comprehensive income attributable to noncontrolling interests | -350 | -567 | -932 |
Comprehensive income attributable to Waste Connections | 199,951 | 156,408 | 164,854 |
Interest Rate Swap [Member] | ' | ' | ' |
Other comprehensive income (loss), before tax: | ' | ' | ' |
Amounts reclassified, gross | 5,641 | 5,289 | 5,803 |
Changes in fair value, gross | 296 | -7,333 | -5,200 |
Fuel [Member] | Commodity Contract [Member] | ' | ' | ' |
Other comprehensive income (loss), before tax: | ' | ' | ' |
Amounts reclassified, gross | ' | -4,513 | -4,297 |
Changes in fair value, gross | $1,012 | $2,194 | $3,073 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total |
In Thousands, except Share data | ||||||
Beginning Balances at Dec. 31, 2010 | $1,139 | $509,218 | ($3,095) | $858,887 | $4,269 | $1,370,418 |
Beginning Balances, shares at Dec. 31, 2010 | 113,950,081 | ' | ' | ' | ' | ' |
Vesting of restricted stock units (in shares) | 545,223 | ' | ' | ' | ' | ' |
Vesting of restricted stock units | 6 | -6 | ' | ' | ' | ' |
Tax withholdings related to net share settlements of restricted stock units | -2 | -5,509 | ' | ' | ' | -5,511 |
Tax withholdings related to net share settlements of restricted stock units, shares | -186,811 | ' | ' | ' | ' | ' |
Equity-based compensation | ' | 11,879 | ' | ' | ' | 11,879 |
Exercise of stock options and warrants | 4 | 5,155 | ' | ' | ' | 5,159 |
Exercise of stock options and warrants, shares | 407,012 | ' | ' | ' | ' | ' |
Excess tax benefit associated with equity-based compensation | ' | 4,763 | ' | ' | ' | 4,763 |
Repurchase of common stock | -38 | -116,779 | ' | ' | ' | -116,817 |
Repurchase of common stock, shares | -3,807,723 | ' | ' | ' | ' | ' |
Cash dividends on common stock | ' | ' | ' | -35,566 | ' | -35,566 |
Amounts reclassified into earnings, net of taxes | ' | ' | 934 | ' | ' | 934 |
Changes in fair value of cash flow hedges, net of taxes | ' | ' | -1,319 | ' | ' | -1,319 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -675 | -675 |
Fair value of noncontrolling interest associated with business acquired | ' | ' | ' | ' | 251 | 251 |
Net income | ' | ' | ' | 165,239 | 932 | 166,171 |
Ending Balances at Dec. 31, 2011 | 1,109 | 408,721 | -3,480 | 988,560 | 4,777 | 1,399,687 |
Ending Balances, Shares at Dec. 31, 2011 | 110,907,782 | ' | ' | ' | ' | ' |
Vesting of restricted stock units (in shares) | 591,165 | ' | ' | ' | ' | ' |
Vesting of restricted stock units | 6 | -6 | ' | ' | ' | ' |
Tax withholdings related to net share settlements of restricted stock units | -2 | -6,060 | ' | ' | ' | -6,062 |
Tax withholdings related to net share settlements of restricted stock units, shares | -189,939 | ' | ' | ' | ' | ' |
Equity-based compensation | ' | 17,289 | ' | ' | ' | 17,289 |
Exercise of stock options and warrants | 3 | 4,054 | ' | ' | ' | 4,057 |
Exercise of stock options and warrants, shares | 329,933 | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs of $376 (in shares) | 12,000,000 | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs of $376 | 120 | 369,464 | ' | ' | ' | 369,584 |
Excess tax benefit associated with equity-based compensation | ' | 5,033 | ' | ' | ' | 5,033 |
Repurchase of common stock | -6 | -18,591 | ' | ' | ' | -18,597 |
Repurchase of common stock, shares | -619,447 | ' | ' | ' | ' | ' |
Cash dividends on common stock | ' | ' | ' | -44,465 | ' | -44,465 |
Amounts reclassified into earnings, net of taxes | ' | ' | 481 | ' | ' | 481 |
Changes in fair value of cash flow hedges, net of taxes | ' | ' | -3,166 | ' | ' | -3,166 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -198 | -198 |
Divestiture of noncontrolling interest | ' | ' | ' | ' | -173 | -173 |
Net income | ' | ' | ' | 159,093 | 567 | 159,660 |
Ending Balances at Dec. 31, 2012 | 1,230 | 779,904 | -6,165 | 1,103,188 | 4,973 | 1,883,130 |
Ending Balances, Shares at Dec. 31, 2012 | 123,019,494 | ' | ' | ' | ' | 123,019,494 |
Vesting of restricted stock units (in shares) | 482,403 | ' | ' | ' | ' | ' |
Vesting of restricted stock units | 5 | -5 | ' | ' | ' | ' |
Tax withholdings related to net share settlements of restricted stock units | -1 | -5,438 | ' | ' | ' | -5,439 |
Tax withholdings related to net share settlements of restricted stock units, shares | -152,191 | ' | ' | ' | ' | ' |
Equity-based compensation | ' | 15,397 | ' | ' | ' | 15,397 |
Exercise of stock options and warrants | 2 | 2,462 | ' | ' | ' | 2,464 |
Exercise of stock options and warrants, shares | 216,781 | ' | ' | ' | ' | ' |
Excess tax benefit associated with equity-based compensation | ' | 3,765 | ' | ' | ' | 3,765 |
Cash dividends on common stock | ' | ' | ' | -51,213 | ' | -51,213 |
Amounts reclassified into earnings, net of taxes | ' | ' | 3,483 | ' | ' | 3,483 |
Changes in fair value of cash flow hedges, net of taxes | ' | ' | 813 | ' | ' | 813 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -198 | -198 |
Net income | ' | ' | ' | 195,655 | 350 | 196,005 |
Ending Balances at Dec. 31, 2013 | $1,236 | $796,085 | ($1,869) | $1,247,630 | $5,125 | $2,048,207 |
Ending Balances, Shares at Dec. 31, 2013 | 123,566,487 | ' | ' | ' | ' | 123,566,487 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' |
Issuance costs of common stock | $376 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $196,005 | $159,660 | $166,171 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Loss on disposal of assets | 2,853 | 1,627 | 1,657 |
Depreciation | 218,454 | 169,027 | 147,036 |
Amortization of intangibles | 25,410 | 24,557 | 20,064 |
Deferred income taxes, net of acquisitions | 38,680 | 29,689 | 50,989 |
Amortization of debt issuance costs | 3,655 | 1,993 | 1,420 |
Equity-based compensation | 15,397 | 17,289 | 11,879 |
Interest income on restricted assets | -386 | -603 | -454 |
Interest accretion | 4,812 | 4,000 | 2,771 |
Excess tax benefit associated with equity-based compensation | -3,765 | -5,033 | -4,763 |
Payment of contingent consideration recorded in earnings | -5,059 | ' | ' |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts receivable, net | 1,612 | 1,549 | -14,507 |
Prepaid expenses and other current assets | 1,696 | -733 | -4,236 |
Accounts payable | -26,993 | 2,761 | -2,912 |
Deferred revenue | 1,403 | 180 | 4,161 |
Accrued liabilities | 6,117 | 7,835 | 9,551 |
Other long-term liabilities | 4,170 | 2,529 | -657 |
Net cash provided by operating activities | 484,061 | 416,327 | 388,170 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Payments for acquisitions, net of cash acquired | -64,156 | -1,579,869 | -257,852 |
Proceeds from adjustment to acquisition consideration | 18,000 | ' | ' |
Capital expenditures for property and equipment | -209,874 | -153,517 | -141,924 |
Proceeds from disposal of assets | 11,019 | 2,741 | 4,434 |
Decrease (increase) in restricted assets, net of interest income | -646 | 2,983 | 351 |
Other | -5,358 | -6,185 | -5,014 |
Net cash used in investing activities | -251,015 | -1,733,847 | -400,005 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from long-term debt | 327,600 | 1,647,000 | 592,500 |
Principal payments on notes payable and long-term debt | -493,560 | -609,014 | -421,872 |
Payment of contingent consideration recorded at acquisition date | -23,941 | -12,473 | -500 |
Change in book overdraft | -110 | 398 | -227 |
Proceeds from option and warrant exercises | 2,464 | 4,057 | 5,159 |
Excess tax benefit associated with equity-based compensation | 3,765 | 5,033 | 4,763 |
Payments for repurchase of common stock | 0 | -18,597 | -116,817 |
Payments for cash dividends | -51,213 | -44,465 | -35,566 |
Tax withholdings related to net share settlements of restricted stock units | -5,439 | -6,062 | -5,511 |
Distributions to noncontrolling interests | -198 | -198 | -675 |
Debt issuance costs | -2,035 | -7,174 | -6,649 |
Proceeds from common stock offering, net | ' | 369,584 | ' |
Net cash provided by (used in) financing activities | -242,667 | 1,328,089 | 14,605 |
Net increase (decrease) in cash and equivalents | -9,621 | 10,569 | 2,770 |
Cash and equivalents at beginning of year | 23,212 | 12,643 | 9,873 |
Cash and equivalents at end of year | 13,591 | 23,212 | 12,643 |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH TRANSACTIONS: | ' | ' | ' |
Cash paid for income taxes | 81,710 | 69,954 | 52,729 |
Cash paid for interest | 66,985 | 49,826 | 39,499 |
In connection with its acquisitions, the Company assumed liabilities as follows: | ' | ' | ' |
Fair value of assets acquired | 67,271 | 1,748,458 | 404,550 |
Cash paid for current year acquisitions | -64,156 | -1,579,869 | -257,852 |
Liabilities assumed and notes payable issued to sellers of businesses acquired | $3,115 | $168,589 | $146,698 |
Organization_Business_And_Summ
Organization, Business And Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Organization, Business and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Organization, Business and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
1.ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||
Organization and Business | |||||||||||||||||||||
Waste Connections, Inc. (“WCI” or the “Company”) was incorporated in Delaware on September 9, 1997, and commenced its operations on October 1, 1997, through the purchase of certain solid waste operations in the state of Washington. The Company is an integrated municipal solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets in the U.S. and a leading provider of non-hazardous exploration and production (“E&P”) waste treatment, recovery and disposal services in several of the most active natural resource producing areas of the U.S. The Company also provides intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest. | |||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||
These consolidated financial statements include the accounts of WCI and its wholly-owned and majority-owned subsidiaries. The consolidated entity is referred to herein as the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less at purchase to be cash equivalents. As of December 31, 2013 and 2012, cash equivalents consisted of demand money market accounts. | |||||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted assets and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted assets are invested primarily in U.S. government and agency securities. The Company has not experienced any losses related to its cash and equivalents or restricted asset accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for losses based on the expected collectability of accounts receivable. | |||||||||||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||||||||||
Revenues are recognized when persuasive evidence of an arrangement exists, the service has been provided, the price is fixed or determinable and collection is reasonably assured. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer is presented in the statements of net income on a net basis (excluded from revenues). | |||||||||||||||||||||
The Company’s receivables are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, type of customer such as municipal or non-municipal, the age of outstanding receivables and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | |||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter. | |||||||||||||||||||||
The estimated useful lives are as follows: | |||||||||||||||||||||
Buildings | 10 – 20 years | ||||||||||||||||||||
Leasehold and land improvements | 3 – 10 years | ||||||||||||||||||||
Machinery and equipment | 3 – 12 years | ||||||||||||||||||||
Rolling stock | 2 – 10 years | ||||||||||||||||||||
Containers | 5 – 12 years | ||||||||||||||||||||
Rail cars | 20 years | ||||||||||||||||||||
Landfill Accounting | |||||||||||||||||||||
The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill. | |||||||||||||||||||||
- | Landfill development costs. Landfill development costs include the costs of acquisition, construction associated with excavation, liners, site berms, groundwater monitoring wells, gas recovery systems and leachate collection systems. The Company estimates the total costs associated with developing each landfill site to its final capacity. This includes certain projected landfill site costs that are uncertain because they are dependent on future events and thus actual costs could vary significantly from estimates. The total cost to develop a site to its final capacity includes amounts previously expended and capitalized, net of accumulated depletion, and projections of future purchase and development costs, liner construction costs, and operating construction costs. Total landfill costs include the development costs associated with expansion airspace. Expansion airspace is addressed below. | ||||||||||||||||||||
- | Final capping, closure and post-closure obligations. The Company accrues for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and five of the six landfills that it operates, but does not own under life-of-site agreements. Accrued final capping, closure and post-closure costs represent an estimate of the current value of the future obligation associated with final capping, closure and post-closure monitoring of non-hazardous solid waste landfills currently owned or operated under life-of-site agreements by the Company. Final capping costs represent the costs related to installation of clay liners, drainage and compacted soil layers and topsoil constructed over areas of the landfill where total airspace capacity has been consumed. Closure and post-closure monitoring and maintenance costs represent the costs related to cash expenditures yet to be incurred when a landfill facility ceases to accept waste and closes. Accruals for final capping, closure and post-closure monitoring and maintenance requirements in the U.S. consider site inspection, groundwater monitoring, leachate management, methane gas control and recovery, and operating and maintenance costs to be incurred during the period after the facility closes. Certain of these environmental costs, principally capping and methane gas control costs, are also incurred during the operating life of the site in accordance with the landfill operation requirements of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company for which it is responsible for final capping, closure and post-closure. | ||||||||||||||||||||
The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting current market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing 2013 and 2012 “layers” for final capping, closure and post-closure obligations was 5.75% for each year, which reflects the Company’s long-term cost of borrowing as of the end of 2012 and 2011. The Company’s inflation rate assumption was 2.5% for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately 5 to 200 years, with an average remaining life of approximately 42 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes. | |||||||||||||||||||||
The estimates for landfill final capping, closure and post-closure costs consider when the costs would actually be paid and factor in inflation and discount rates. Interest is accreted on the recorded liability using the corresponding discount rate. When using discounted cash flow techniques, reliable estimates of market premiums may not be obtainable. In the waste industry, there is no market for selling the responsibility for final capping, closure and post-closure obligations independent of selling the landfill in its entirety. Accordingly, the Company does not believe that it is possible to develop a methodology to reliably estimate a market risk premium and has therefore excluded any such market risk premium from its determination of expected cash flows for landfill asset retirement obligations. The possibility of changing legal and regulatory requirements and the forward-looking nature of these types of costs make any estimation or assumption less certain. | |||||||||||||||||||||
The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2011 to December 31, 2013: | |||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2011 | $ | 30,883 | |||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | 3,535 | ||||||||||||||||||||
Liabilities incurred | 2,926 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,581 | ||||||||||||||||||||
Closure payments | -22 | ||||||||||||||||||||
Assumption of closure liabilities from acquisitions | 6,570 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2012 | 46,473 | ||||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | -3,528 | ||||||||||||||||||||
Liabilities incurred | 4,668 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,749 | ||||||||||||||||||||
Closure payments | -234 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2013 | $ | 50,128 | |||||||||||||||||||
The Adjustments to final capping, closure and post-closure liabilities for the year ended December 31, 2013, primarily consisted of increases in estimated airspace at some of the Company’s landfills at which expansions are being pursued or have been granted, decreases in estimated closure costs at some of the Company’s landfills and revisions in engineering estimates, partially offset by an increase in estimates of annual tonnage consumption at some of the Company’s landfills. The Adjustments to final capping, closure and post-closure liabilities for the year ended December 31, 2012, primarily consisted of increases in estimated closure costs and changes in timing of closure activities at some of the Company’s landfills, partially offset by a decrease in closure liabilities from third parties due to changes in timing of closure activities and reduced closure expenses. The final capping, closure and post-closure liability is included in Other long-term liabilities in the Consolidated Balance Sheets. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. | |||||||||||||||||||||
At December 31, 2013, $33,466 of the Company’s restricted assets balance was for purposes of securing its performance of future final capping, closure and post-closure obligations. | |||||||||||||||||||||
- | Disposal capacity. The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. This is done by using surveys and other methods to calculate, based on the terms of the permit, height restrictions and other factors, how much airspace is left to fill and how much waste can be disposed of at a landfill before it has reached its final capacity. The Company’s landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns, and certain landfills it operates, but does not own, under life-of-site agreements. The Company’s landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets the following criteria is included in the estimate of total landfill airspace: | ||||||||||||||||||||
1) | whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; | ||||||||||||||||||||
2) | whether total development costs, final capping costs, and closure/post-closure costs have been determined; | ||||||||||||||||||||
3) | whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; | ||||||||||||||||||||
4) | whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and | ||||||||||||||||||||
5) | whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion). | ||||||||||||||||||||
It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. | |||||||||||||||||||||
The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired. | |||||||||||||||||||||
Cell Processing Reserves | |||||||||||||||||||||
The Company records a cell processing reserve related to its E&P segment for certain locations in Louisiana and Texas for the estimated amount of expenses to be incurred upon the treatment and excavation of oilfield waste received. The cell processing reserve is the future cost to properly treat and dispose of existing waste within the cells at the various facilities. The reserve generally covers estimated costs to be incurred over a period of time up to 24 months, with the current portion representing costs estimated to be incurred in the next 12 months. The estimate is calculated based on current estimated volume in the cells, estimated percentage of waste treated, and historical average costs to treat and excavate the waste. The processing reserve represents the estimated costs to process the volumes of oilfield waste on-hand for which revenue has been recognized. At December 31, 2013 and 2012, the current portion of cell processing reserves was $7,013 and $6,442, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2013 and 2012, the long-term portion of cell processing reserves was $2,416 and $2,043, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||||
Business Combination Accounting | |||||||||||||||||||||
The Company accounts for business combinations as follows: | |||||||||||||||||||||
· | The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of net assets acquired and liabilities assumed. | ||||||||||||||||||||
· | At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company measures the fair values of all noncontractual contingencies if, as of the acquisition date, it is more likely than not that the contingency will give rise to an asset or liability. | ||||||||||||||||||||
Finite-Lived Intangible Assets | |||||||||||||||||||||
The amounts assigned to franchise agreements, contracts and customer lists are being amortized on a straight-line basis over the expected term of the related agreements (ranging from 1 to 56 years). | |||||||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||||||
The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories and to operate exploration and production waste treatment and disposal facilities. The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below. | |||||||||||||||||||||
Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In the first step of testing for goodwill impairment, the Company estimates the fair value of each reporting unit, which the Company has determined to be its three geographic operating segments and its E&P segment, and compares the fair value with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than the carrying value, then the Company would perform a second step and determine the fair value of the goodwill. In this second step, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. | |||||||||||||||||||||
To determine the fair value of each of the Company’s reporting units as a whole and each indefinite-lived intangible asset, the Company uses discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the Company’s 2013 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2014 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2013 results and perpetual revenue growth rates of 3.2%. The Company’s discount rate assumptions are based on an assessment of the Company’s weighted average cost of capital which approximated 5.4%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market capitalization. | |||||||||||||||||||||
In addition, the Company would evaluate a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: | |||||||||||||||||||||
· | a significant adverse change in legal factors or in the business climate; | ||||||||||||||||||||
· | an adverse action or assessment by a regulator; | ||||||||||||||||||||
· | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | ||||||||||||||||||||
· | the testing for recoverability of a significant asset group within the segment. | ||||||||||||||||||||
As a result of performing the tests for potential impairment of goodwill and indefinite-lived intangible assets, the Company determined that no impairment existed as of December 31, 2013 or 2012, and, therefore, there were no write-downs to any of its goodwill or indefinite-lived intangible assets. | |||||||||||||||||||||
Impairments of Property, Plant and Equipment and Finite-Lived Intangible Assets | |||||||||||||||||||||
Property, plant, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and non-competition agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | |||||||||||||||||||||
Typical indicators that an asset may be impaired include: | |||||||||||||||||||||
· | a significant adverse change in legal factors or in the business climate; | ||||||||||||||||||||
· | an adverse action or assessment by a regulator; | ||||||||||||||||||||
· | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | ||||||||||||||||||||
· | the testing for recoverability of a significant asset group within a segment. | ||||||||||||||||||||
If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below. | |||||||||||||||||||||
Landfills – There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion projects. A regulator or court may deny or overturn a landfill development or landfill expansion permit application before the development or expansion permit is ultimately granted. For example, see Note 11 for discussion of the Chaparral, New Mexico Landfill Permit Litigation, the Harper County, Kansas Landfill Permit Litigation and the Solano County, California Measure E/Landfill Expansion Litigation. Management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry. | |||||||||||||||||||||
Restricted Assets | |||||||||||||||||||||
Restricted assets held by trustees consist principally of funds deposited in connection with landfill final capping, closure and post-closure obligations and other financial assurance requirements. Proceeds from these financing arrangements are directly deposited into trust funds, and the Company does not have the ability to utilize the funds in regular operating activities. See Note 8 for further information on restricted assets. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted assets, trade payables, debt instruments, contingent consideration obligations, interest rate swaps and a fuel hedge. As of December 31, 2013 and 2012, the carrying values of cash and equivalents, trade receivables, restricted assets, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of December 31, 2013 and 2012, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||
Carrying Value at | Fair Value* at | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
6.22% Senior Notes due 2015 | $ | 175,000 | $ | 175,000 | $ | 187,206 | $ | 193,949 | |||||||||||||
3.30% Senior Notes due 2016 | $ | 100,000 | $ | 100,000 | $ | 102,066 | $ | 103,068 | |||||||||||||
4.00% Senior Notes due 2018 | $ | 50,000 | $ | 50,000 | $ | 50,992 | $ | 52,476 | |||||||||||||
5.25% Senior Notes due 2019 | $ | 175,000 | $ | 175,000 | $ | 185,037 | $ | 195,584 | |||||||||||||
4.64% Senior Notes due 2021 | $ | 100,000 | $ | 100,000 | $ | 100,341 | $ | 107,418 | |||||||||||||
______________________ | |||||||||||||||||||||
*Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value is based on quotes of bonds with similar ratings in similar industries. | |||||||||||||||||||||
For details on the fair value of the Company’s interest rate swaps, fuel hedge and restricted assets, refer to Note 8. | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
The Company recognizes all derivatives on the balance sheet at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the effective portion of the changes in the fair value of derivatives will be recognized in accumulated other comprehensive loss (“AOCL”) until the hedged item is recognized in earnings. The ineffective portion of the changes in the fair value of derivatives will be immediately recognized in earnings. The Company classifies cash inflows and outflows from derivatives within operating activities on the statement of cash flows. | |||||||||||||||||||||
One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings issued under its revolving credit facility. The Company’s strategy to achieve that objective involves entering into interest rate swaps that are specifically designated to the Company’s revolving credit facility and accounted for as cash flow hedges. | |||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included three interest rate swap agreements as follows: | |||||||||||||||||||||
Notional Amount | Fixed Interest Rate Paid* | Variable Interest Rate Received | Effective Date | ||||||||||||||||||
Date Entered | Expiration Date | ||||||||||||||||||||
Mar-09 | $ | 175,000 | 2.85% | 1-month LIBOR | Feb-11 | Feb-14 | |||||||||||||||
Aug-11 | $ | 150,000 | 0.80% | 1-month LIBOR | Apr-12 | Jan-15 | |||||||||||||||
Dec-11 | $ | 175,000 | 1.60% | 1-month LIBOR | Feb-14 | Feb-17 | |||||||||||||||
____________________ | |||||||||||||||||||||
* plus applicable margin. | |||||||||||||||||||||
Another of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the price of diesel fuel. The Company’s strategy to achieve that objective involves periodically entering into fuel hedges that are specifically designated to certain forecasted diesel fuel purchases and accounted for as cash flow hedges. | |||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included one fuel hedge agreement as follows: | |||||||||||||||||||||
Date Entered | Notional Amount | Diesel Rate Paid Fixed (per gallon) | Diesel Rate Received Variable | Effective Date | Expiration | ||||||||||||||||
(in gallons per month) | Date | ||||||||||||||||||||
Jun-12 | 300,000 | $ | 3.60 | DOE Diesel Fuel Index* | Jan-14 | Dec-15 | |||||||||||||||
____________________ | |||||||||||||||||||||
* If the national U.S. on-highway average price for a gallon of diesel fuel (“average price”), as published by the Department of Energy, exceeds the contract price per gallon, the Company receives the difference between the average price and the contract price (multiplied by the notional number of gallons) from the counterparty. If the average price is less than the contract price per gallon, the Company pays the difference to the counterparty. | |||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2013, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities(a) | $ | -3,373 | ||||||||||||||||||
Other long-term liabilities | -1,853 | ||||||||||||||||||||
Fuel hedge | Prepaid expenses and other current assets(b) | $ | 1,304 | ||||||||||||||||||
Other assets, net | 895 | ||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 2,199 | $ | -5,226 | |||||||||||||||||
____________________ | |||||||||||||||||||||
(a)Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2013 (based on the interest rate yield curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. | |||||||||||||||||||||
(b)Represents the estimated amount of the existing unrealized gains on the fuel hedge as of December 31, 2013 (based on the forward DOE diesel fuel index curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in diesel fuel prices. | |||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2012, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities | $ | -5,374 | ||||||||||||||||||
Other long-term liabilities | -5,789 | ||||||||||||||||||||
Fuel hedge | Other assets, net | $ | 1,187 | ||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 1,187 | $ | -11,163 | |||||||||||||||||
The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income and AOCL for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion)(a) | Statement of Income Classification | Amount of (Gain) or Loss Reclassified from AOCL into Earnings, | ||||||||||||||||||
Net of Tax (Effective Portion)(b), (c) | |||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Interest rate swaps | $ | 188 | $ | -4,524 | $ | -3,224 | Interest expense | $ | 3,483 | $ | 3,279 | $ | 3,598 | ||||||||
Fuel hedge | 625 | 1,358 | 1,905 | Cost of operations | - | -2,798 | -2,664 | ||||||||||||||
Total | $ | 813 | $ | -3,166 | $ | -1,319 | $ | 3,483 | $ | 481 | $ | 934 | |||||||||
____________________ | |||||||||||||||||||||
(a)In accordance with the derivatives and hedging guidance, the effective portions of the changes in fair values of interest rate swaps and the fuel hedge have been recorded in equity as a component of AOCL. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in AOCL. Because changes in the actual price of diesel fuel and changes in the DOE index price do not offset exactly each reporting period, the Company assesses whether the fuel hedge is highly effective using the cumulative dollar offset approach. | |||||||||||||||||||||
(b)Amounts reclassified from AOCL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. | |||||||||||||||||||||
(c)Amounts reclassified from AOCL into earnings related to realized gains and losses on the fuel hedge are recognized when settlement payments or receipts occur related to the hedge contract, which correspond to when the underlying fuel is consumed. | |||||||||||||||||||||
The Company measures and records ineffectiveness on the fuel hedge in Cost of operations in the Consolidated Statements of Net Income on a monthly basis based on the difference between the DOE index price and the actual price of diesel fuel purchased, multiplied by the notional number of gallons on the contracts. There was no significant ineffectiveness recognized on the fuel hedges during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
See Note 13 for further discussion on the impact of the Company’s hedge accounting to its consolidated Comprehensive income and AOCL. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records valuation allowances to reduce net deferred tax assets to the amount considered more likely than not to be realized. | |||||||||||||||||||||
The Company is required to evaluate whether the tax positions taken on its federal and state income tax returns will more likely than not be sustained upon examination by the appropriate taxing authority. If the Company determines that such tax positions will not be sustained, it records a liability for the related unrecognized tax benefits. The Company classifies its liability for unrecognized tax benefits as a current liability to the extent it anticipates making a payment within one year. | |||||||||||||||||||||
Equity-Based Compensation | |||||||||||||||||||||
The fair value of restricted stock units is determined based on the number of shares granted and the closing price of the Company’s common stock. | |||||||||||||||||||||
All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized on a straight-line basis as expense over the employee’s requisite service period. The Company calculates potential income tax windfalls and shortfalls under the treasury stock method by including the impact of pro forma deferred tax assets in the calculation of diluted earnings per common share. Under the stock-based compensation guidance, the Company elected to use the short-cut method to calculate the historical pool of windfall tax benefits. The Company elected to use the tax law ordering approach for purposes of determining whether an excess of tax benefit has been realized. | |||||||||||||||||||||
Warrants are valued using the Black-Scholes pricing model with a contractual life of five years, a risk free interest rate based on the 5-year U.S. treasury yield curve and expected volatility. The Company uses the historical volatility of its common stock over a period equivalent to the contractual life of the warrants to estimate the expected volatility. Warrants issued to consultants are recorded as an element of the related cost of landfill development projects or to expense for warrants issued in connection with acquisitions. | |||||||||||||||||||||
Equity-based compensation expense recognized during the years ended December 31, 2013, 2012 and 2011, was approximately $15,397 ($9,508 net of taxes), $17,289 ($11,803 net of taxes) and $11,879 ($7,365 net of taxes), respectively, and consisted of restricted stock unit and warrant expense. The Company records equity-based compensation expense in Selling, general and administrative expenses in the Consolidated Statements of Net Income. The total unrecognized compensation cost at December 31, 2013, related to unvested restricted stock unit awards was $25,138 and that future expense will be recognized over the remaining vesting period of the restricted stock unit awards, which extends to 2017. The weighted average remaining vesting period of those awards is 1.1 years. | |||||||||||||||||||||
Per Share Information | |||||||||||||||||||||
Basic net income per share attributable to Waste Connections’ common stockholders is computed using the weighted average number of common shares outstanding and vested and unissued restricted stock units deferred for issuance into the deferred compensation plan. Diluted net income per share attributable to Waste Connections’ common stockholders is computed using the weighted average number of common and potential common shares outstanding. Potential common shares are excluded from the computation if their effect is anti-dilutive. | |||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013, 2012 and 2011, was $3,704, $3,737 and $3,679, respectively, which is included in Selling, general and administrative expense in the Consolidated Statements of Net Income. | |||||||||||||||||||||
Insurance Liabilities | |||||||||||||||||||||
As a result of its high deductible or self-insured retention insurance policies, the Company is effectively self-insured for automobile liability, general liability, employer’s liability, environmental liability, cyber liability, employment practices liability, directors’ and officers’ liability as well as for employee group health insurance, property and workers’ compensation. The Company’s insurance accruals are based on claims filed and estimates of claims incurred but not reported and are developed by the Company’s management with assistance from its third-party actuary and its third-party claims administrator. The insurance accruals are influenced by the Company’s past claims experience factors, which have a limited history, and by published industry development factors. At December 31, 2013 and 2012, the Company’s total accrual for self-insured liabilities was $42,732 and $43,935, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||||
Reclassification | |||||||||||||||||||||
Certain amounts reported in the Company’s prior year’s financial statements have been reclassified to conform with the 2013 presentation. | |||||||||||||||||||||
Use_of_Estimates_and_Assumptio
Use of Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2013 | |
Use of Estimates and Assumptions [Abstract] | ' |
Use of Estimates and Assumptions | ' |
2.USE OF ESTIMATES AND ASSUMPTIONS | |
In preparing the Company’s consolidated financial statements, several estimates and assumptions are made that affect the accounting for and recognition of assets, liabilities, revenues and expenses. These estimates and assumptions must be made because certain of the information that is used in the preparation of the Company’s consolidated financial statements is dependent on future events, cannot be calculated with a high degree of precision from data available or is simply not capable of being readily calculated based on generally accepted methodologies. In some cases, these estimates are particularly difficult to determine and the Company must exercise significant judgment. The most difficult, subjective and complex estimates and the assumptions that deal with the greatest amount of uncertainty are related to the Company’s accounting for landfills, self-insurance accruals, income taxes, allocation of acquisition purchase price and asset impairments, which are discussed in Note 1. An additional area that involves estimation is when the Company estimates the amount of potential exposure it may have with respect to litigation, claims and assessments in accordance with the accounting guidance on contingencies. Actual results for all estimates could differ materially from the estimates and assumptions that the Company uses in the preparation of its consolidated financial statements. | |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Acquisitions [Abstract] | ' | |||||||||
Acquisitions | ' | |||||||||
3.ACQUISITIONS | ||||||||||
The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company's previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, the Company will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once the Company receives the information it was seeking; however, this period will not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected retrospectively in the consolidated financial statements of the subsequent period. The Company recognizes acquisition-related costs as expense. | ||||||||||
R360 Acquisition | ||||||||||
On October 25, 2012, the Company completed the acquisition of all of the outstanding equity interests in certain entities that, together with the operating subsidiaries of such entities, hold the business of R360 Environmental Solutions, Inc. (“R360”) for total cash consideration of $1,338,344, net of cash acquired, the assumption of outstanding debt totaling $9,306 and the assumption of contingent consideration totaling $37,293. The acquisition was funded with available cash and with borrowings of $475,000 under the Company’s senior revolving credit facility and of $800,000 under an uncollateralized term loan facility. The R360 business consists of E&P landfills, E&P liquid waste injection wells, E&P waste treatment and recovery facilities and oil recovery facilities at 24 operating locations across Louisiana, New Mexico, North Dakota, Oklahoma, Texas and Wyoming. The R360 acquisition enabled the Company to significantly expand its scope of E&P waste services and contributed towards the achievement of the Company’s strategy to expand through acquisitions. | ||||||||||
The results of operations of the R360 business have been included in the Company’s consolidated financial statements from its acquisition date. Total revenues during the period from October 25, 2012 to December 31, 2012, generated from the R360 operations and included within consolidated revenues were $40,190. Total pre-tax earnings during the period from October 25, 2012 to December 31, 2012, generated from the R360 operations and included within consolidated income before income taxes, were $8,669. | ||||||||||
The following table summarizes the consideration transferred to acquire the R360 business and the amounts of identifiable assets acquired and liabilities assumed: | ||||||||||
Fair value of consideration transferred: | ||||||||||
Cash | $ | 1,338,344 | ||||||||
Debt assumed* | 9,306 | |||||||||
Contingent consideration | 37,293 | |||||||||
1,384,943 | ||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | ||||||||||
Accounts receivable | 50,161 | |||||||||
Other current assets | 19,716 | |||||||||
Property and equipment | 894,651 | |||||||||
Indefinite-lived intangibles | 27,096 | |||||||||
Customer lists | 21,016 | |||||||||
Accounts payable | -31,702 | |||||||||
Accrued liabilities | -19,286 | |||||||||
Other long-term liabilities | -8,066 | |||||||||
Deferred income taxes | -14,568 | |||||||||
Total identifiable net assets | 939,018 | |||||||||
Goodwill | $ | 445,925 | ||||||||
____________________ | ||||||||||
*Debt assumed was paid at close of acquisition. | ||||||||||
Contingent consideration consists of obligations assumed by the Company related to previous acquisitions completed by R360, and consists of the following: | ||||||||||
Prairie Disposal contingent consideration | $ | 24,376 | ||||||||
Oilfield Holdings contingent consideration | 8,000 | |||||||||
Calpet contingent consideration | 4,176 | |||||||||
Claco Services contingent consideration | 741 | |||||||||
$ | 37,293 | |||||||||
The Prairie Disposal contingent consideration represents the fair value of up to $25,000 of contingent consideration payable to the former owners of Prairie Disposal, LLC and Prairie Liquids, LLC (“Prairie”) based on the future achievement of certain milestones over an expected two-year period. The fair value of the contingent consideration was determined using probability assessments of the expected future cash flows over the two-year period in which the obligation is expected to be settled, and applied a discount rate of 2.0%. As of December 31, 2013, the fair value of the obligation increased to $24,944 due to the accretion of interest on the liability. Any changes in the fair value of the contingent consideration subsequent to the acquisition date will be charged or credited to expense until the contingency is settled. | ||||||||||
The Oilfield Holdings contingent consideration represents the fair value of up to $8,000 payable to the former owners of Oilfield Holdings if R360 completed a qualifying cash event, as defined in the Oilfield Holdings purchase agreement. A qualifying cash event included the sale of R360. Payment of the contingent consideration required the qualifying cash event to generate a return on investment above a certain minimum threshold. The Company’s R360 acquisition generated a return on investment that resulted in the payment of the $8,000 liability to the former owners of Oilfield Holdings in November 2012. | ||||||||||
The Calpet contingent consideration represents the fair value of up to $4,221 payable to the former owners of Calpet, LLC based on the future achievement of revenue targets through June 2013. The fair value of the contingent consideration was determined using probability assessments of the expected future cash flows over the one-year period in which the obligations is expected to be settled, and applied a discount rate of 2.0%. During the year ended December 31, 2013, $2,500 of the contingent consideration was earned and paid to the former owners and $1,250 of the contingent consideration was not earned and credited to expense. Any changes in the fair value of the $471 remaining contingent consideration obligation at December 31, 2013 will be charged or credited to expense until the contingency is settled. | ||||||||||
The Claco Services contingent consideration represents the fair value of up to $750 payable to the former owners of Claco Services through December 2013. The Company paid $375 of this assumed liability in both December 2012 and December 2013. | ||||||||||
The R360 acquisition resulted in goodwill acquired totaling $395,339, which is expected to be deductible for tax purposes. The goodwill is attributable to growth opportunities, at existing R360 operations as well additional acquisitions of companies providing non-hazardous oilfield waste treatment and disposal services, and synergies that are expected to arise as a result of the acquisition. | ||||||||||
Cash consideration for the R360 acquisition included payment for the estimated net working capital of $18,906, as defined in the acquisition agreement, which was subject to final adjustment subsequent to the close of the acquisition. In March 2013, Waste Connections received $18,000 from the former owners of R360 due to the final adjustment to the net working capital that was estimated at the closing date. | ||||||||||
The gross amount of trade receivables due under contracts was $52,777, of which $2,616 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the R360 acquisition. | ||||||||||
The Company incurred $2,655, of acquisition-related costs for the R360 acquisition. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. | ||||||||||
Other Acquisitions | ||||||||||
The Company acquired eight individually immaterial non-hazardous solid waste collection businesses during the year ended December 31, 2013. The total acquisition-related costs incurred for these acquisitions was $1,946. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. | ||||||||||
In July 2012, the Company completed the acquisition of 100% of the interests in the operations of SKB Environmental, Inc. (“SKB”), a provider of solid waste transfer and disposal services in Minnesota, in exchange for total consideration of $86,763. Pursuant to the stock purchase agreement, the Company was required to remit additional consideration to the former shareholders of SKB if the acquired operations exceeded earnings targets specified in the stock purchase agreement over a one-year earn out period ending June 30, 2013. The Company computed the fair value of the contingent consideration at the purchase date to be $20,711, based upon probability assessments of the expected future cash flows over the one-year period in which the obligation was expected to be settled, to which the Company had applied a discount rate of 2.0%. Based upon the actual earnings of SKB over the one-year earn out period, the final additional consideration was $25,768, which the Company paid in July 2013. The difference between the final contingent consideration paid and the fair value of the contingent consideration at the purchase date was charged to expense in the Company’s Consolidated Statements of Net Income. | ||||||||||
On March 1, 2012, the Company completed the acquisition of 100% of the interests in the operations of Alaska Pacific Environmental Services Anchorage, LLC and Alaska Green Waste Solutions, LLC (together, “Alaska Waste”). Alaska Waste provides solid waste collection, transfer and composting services in Anchorage, the Mat-Su Valley, Fairbanks, the Kenai Peninsula and Kodiak Island. The Company paid $133,402 for the purchased operations. Pursuant to the asset purchase agreement, the Company is required to remit up to $4,000 of additional consideration to the former owners of Alaska Waste if new business is generated through the privatization of certain markets currently serviced by municipalities. The Company computed the fair value of the contingent consideration at the purchase date to be $602, based upon probability assessments of the expected future cash flows over the two-year period in which the obligation is expected to be settled, to which the Company applied a discount rate of 2.8%. As of December 31, 2013, the obligation recognized at the purchase date has not materially changed. Any changes in the fair value of the contingent consideration subsequent to the acquisition date will be charged or credited to expense until the contingency is settled. | ||||||||||
In addition to the acquisitions of SKB and Alaska Waste, the Company acquired 10 individually immaterial non-hazardous solid waste collection, transfer, disposal and E&P businesses during the year ended December 31, 2012. The total acquisition-related costs incurred for these acquisitions was $2,658. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. | ||||||||||
In August 2011, the Company’s subsidiary, Capital Region Landfills, Inc. (“CRL”), entered into an agreement with the Town of Colonie, a municipal corporation of the state of New York, to operate a municipal solid waste disposal facility (the “Colonie Landfill”) for an initial term of 25 years. The agreement became effective on September 19, 2011. As consideration for operating equipment and the right to operate the Colonie Landfill, CRL remitted an initial payment of $23,860. CRL is also required to remit up to $55,470 of additional consideration over the term of the agreement, comprised of $11,500 payable over a five-year period ending September 2016 and up to $43,970 payable over the term of the agreement if certain expansion criteria are met and certain annual tonnage targets are exceeded as specified in the operating agreement. The Company computed the fair value of the additional consideration using probability assessments of the expected future cash flows over estimated payment terms of four to 25 years, to which the Company applied discount rates ranging from 2.5% to 5.0%, resulting in a total obligation recognized at the effective date of $32,928, which consisted of $10,656 recorded as Notes issued to sellers and $22,272 recorded as contingent consideration in Long-term contingent consideration. CRL is also responsible for all final capping, closure and post-closure liabilities and estimates the total obligation in current dollars to be $21,287, the net present value of which is $1,429. This obligation was recorded in Other long-term liabilities. The obligation for contingent consideration recognized at the purchase date increased $1,144, $1,086 and $301 during the years ended December 31, 2013, 2012 and 2011, respectively, due to the accretion of interest on the liability. Any changes in the fair value of the contingent consideration subsequent to the acquisition date will be charged or credited to income until the contingency is settled. | ||||||||||
On April 1, 2011, the Company completed the acquisition of a 100% interest in Hudson Valley Waste Holding, Inc., and its wholly-owned subsidiary, County Waste and Recycling Service, Inc. (collectively, “County Waste”). As part of this acquisition, the Company acquired a 50% interest in Russell Sweepers, LLC, a provider of sweeper services, resulting in a 50% noncontrolling interest that was recognized at fair value on the purchase date. The operations include six collection operations, three transfer stations and one recycling facility across six markets in New York and Massachusetts. The Company paid $299,000 for the purchased operations plus amounts paid for the purchase of accounts receivable and other prepaid assets and estimated working capital, which amounts were subject to post-closing adjustments. No other consideration, including contingent consideration, was transferred by the Company to acquire these operations. Total revenues during the year ended December 31, 2011, generated from the County Waste operations and included within consolidated revenues were $93,713. Total pre-tax earnings during the year ended December 31, 2011, generated from the County Waste operations and included within consolidated income before income taxes were $7,276. | ||||||||||
In addition to the County Waste acquisition and Colonie Landfill transaction, the Company acquired 11 individually immaterial non-hazardous solid waste collection and transfer businesses during the year ended December 31, 2011. The total acquisition-related costs incurred for these acquisitions was $1,744. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income. | ||||||||||
The results of operations of the acquired businesses have been included in the Company’s consolidated financial statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses. | ||||||||||
The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired, liabilities assumed and noncontrolling interests associated with businesses acquired at the acquisition date for acquisitions consummated in the years ended December 31, 2013, 2012 and 2011: | ||||||||||
2013 | 2012 | 2011 Acquisitions | ||||||||
Acquisitions | Acquisitions | |||||||||
Fair value of consideration transferred: | ||||||||||
Cash | $ | 64,156 | $ | 241,525 | $ | 257,852 | ||||
Debt assumed* | - | 12,986 | 84,737 | |||||||
Notes issued to sellers | - | - | 10,656 | |||||||
Contingent consideration | 40 | 21,314 | 22,486 | |||||||
64,196 | 275,825 | 375,731 | ||||||||
Recognized amounts of identifiable assets acquired, liabilities assumed and noncontrolling interests associated with businesses acquired: | ||||||||||
Accounts receivable | 211 | 10,874 | 9,613 | |||||||
Other current assets | 317 | 1,062 | 1,056 | |||||||
Restricted assets | - | 6,725 | - | |||||||
Property and equipment | 12,775 | 127,023 | 114,463 | |||||||
Long-term franchise agreements and contracts | 1,043 | 10,307 | 3,269 | |||||||
Indefinite-lived intangibles | - | 35,344 | 42,283 | |||||||
Customer lists | 13,024 | 21,837 | 34,463 | |||||||
Permits | - | 2,295 | 10,367 | |||||||
Other long-term assets | - | 185 | - | |||||||
Deferred revenue | -539 | -5,056 | -6,376 | |||||||
Accounts payable | -735 | -3,393 | -6,183 | |||||||
Accrued liabilities | -1,034 | -2,139 | -2,398 | |||||||
Noncontrolling interests | - | - | -251 | |||||||
Other long-term liabilities | -767 | -3,480 | -2,145 | |||||||
Deferred income taxes | - | - | -11,466 | |||||||
Total identifiable net assets | 24,295 | 201,584 | 186,695 | |||||||
Goodwill | $ | 39,901 | $ | 74,241 | $ | 189,036 | ||||
____________________ | ||||||||||
*Debt assumed as part of 2011 and 2012 acquisitions was paid at close of acquisition. | ||||||||||
Goodwill acquired in 2013 totaling $39,731 is expected to be deductible for tax purposes. The 2012 acquisitions of SKB, Alaska Waste and other individually immaterial non-hazardous solid waste collection, transfer, disposal and E&P businesses resulted in goodwill acquired in 2012 totaling $74,241, which is expected to be deductible for tax purposes. Goodwill acquired in 2011 totaling $24,242 is expected to be deductible for tax purposes. | ||||||||||
The fair value of acquired working capital related to three individually immaterial acquisitions completed during the year ended December 31, 2013, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the working capital for these three acquisitions are not expected to be material to the Company’s financial position. | ||||||||||
The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2013, was $414, of which $203 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired with the acquisitions of SKB, Alaska Waste and other individually immaterial non-hazardous solid waste collection, transfer, disposal and E&P businesses during the year ended December 31, 2012, was $10,984, of which $110 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2011, was $10,232, of which $619 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses. | ||||||||||
The Company paid $4,099 of contingent consideration during the year ended December 31, 2012, related to the achievement of earnings targets for certain acquisitions closed in 2011 and 2010. The Company paid $500 of contingent consideration during the year ended December 31, 2011, which primarily represented the achievement of earnings targets for an acquisition closed in 2010. | ||||||||||
Pro Forma Results of Operations | ||||||||||
The following pro forma results of operations assume that the Company’s significant acquisitions occurring in 2012 and 2011, including the R360 acquisition, were acquired as of January 1, 2011 (unaudited): | ||||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | |||||||||
Total revenue | $ | 1,866,458 | $ | 1,792,220 | ||||||
Net income | 164,176 | 184,109 | ||||||||
Basic income per share | 1.35 | 1.63 | ||||||||
Diluted income per share | 1.35 | 1.62 | ||||||||
The unaudited pro forma results of operations do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on January 1, 2011, nor are they necessarily indicative of future operating results. The above unaudited pro forma financial information includes adjustments to acquisition expenses incurred by the Company and the acquired businesses, interest expense for additional financing and repayments of debt as part of the acquisitions, depreciation expense on acquired property, plant and equipment, amortization of identifiable intangible assets acquired, accretion of closure and post-closure interest expense on acquired landfills and provision for income taxes. | ||||||||||
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets, Net [Abstract] | ' | ||||||||
Intangible Assets, Net | ' | ||||||||
4.INTANGIBLE ASSETS, NET | |||||||||
Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2013: | |||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||
Finite-lived intangible assets: | |||||||||
Long-term franchise agreements and contracts | $ | 196,110 | $ | -45,114 | $ | 150,996 | |||
Customer lists | 152,378 | -59,950 | 92,428 | ||||||
Permits and non-competition agreements | 41,369 | -10,565 | 30,804 | ||||||
389,857 | -115,629 | 274,228 | |||||||
Indefinite-lived intangible assets: | |||||||||
Solid waste collection and transportation permits | 151,505 | - | 151,505 | ||||||
Material recycling facility permits | 42,283 | - | 42,283 | ||||||
E&P facility permits | 59,855 | - | 59,855 | ||||||
253,643 | - | 253,643 | |||||||
Intangible assets, exclusive of goodwill | $ | 643,500 | $ | -115,629 | $ | 527,871 | |||
The weighted-average amortization period of long-term franchise agreements and contracts acquired during the year ended December 31, 2013 was 10.0 years. The weighted-average amortization period of customer lists acquired during the year ended December 31, 2013 was 6.4 years. | |||||||||
Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2012: | |||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||
Finite-lived intangible assets: | |||||||||
Long-term franchise agreements and contracts | $ | 198,779 | $ | -38,447 | $ | 160,332 | |||
Customer lists | 139,354 | -43,457 | 95,897 | ||||||
Permits and non-competition agreements | 41,472 | -9,436 | 32,036 | ||||||
379,605 | -91,340 | 288,265 | |||||||
Indefinite-lived intangible assets: | |||||||||
Solid waste collection and transportation permits | 151,505 | - | 151,505 | ||||||
Material recycling facility permits | 42,283 | - | 42,283 | ||||||
E&P facility permits | 59,855 | - | 59,855 | ||||||
253,643 | - | 253,643 | |||||||
Intangible assets, exclusive of goodwill | $ | 633,248 | $ | -91,340 | $ | 541,908 | |||
The weighted-average amortization period of long-term franchise agreements and contracts acquired during the year ended December 31, 2012 was 12.3 years. The weighted-average amortization period of customer lists acquired during the year ended December 31, 2012 was 9.7 years. The weighted-average amortization period of permits acquired during the year ended December 31, 2012 was 40.0 years. | |||||||||
Estimated future amortization expense for the next five years relating to finite-lived intangible assets is as follows: | |||||||||
For the year ending December 31, 2014 | $ | 26,641 | |||||||
For the year ending December 31, 2015 | $ | 25,991 | |||||||
For the year ending December 31, 2016 | $ | 22,037 | |||||||
For the year ending December 31, 2017 | $ | 20,066 | |||||||
For the year ending December 31, 2018 | $ | 19,113 | |||||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property and Equipment, Net [Abstract] | ' | |||||
Property and Equipment, Net | ' | |||||
5.PROPERTY AND EQUIPMENT, NET | ||||||
Property and equipment, net consists of the following: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Landfill site costs | $ | 2,015,085 | $ | 1,974,994 | ||
Rolling stock | 602,838 | 555,680 | ||||
Land, buildings and improvements | 386,099 | 349,567 | ||||
Containers | 265,432 | 247,440 | ||||
Machinery and equipment | 311,953 | 266,196 | ||||
Construction in progress | 14,707 | 27,346 | ||||
3,596,114 | 3,421,223 | |||||
Less accumulated depreciation and depletion | -1,145,465 | -963,617 | ||||
$ | 2,450,649 | $ | 2,457,606 | |||
The Company’s landfill depletion expense, recorded in Depreciation in the Consolidated Statements of Net Income, for the years ended December 31, 2013, 2012 and 2011, was $80,227, $53,429 and $43,217, respectively. | ||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accrued Liabilities [Abstract] | ' | |||||
Accrued Liabilities | ' | |||||
6.ACCRUED LIABILITIES | ||||||
Accrued liabilities consist of the following: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Insurance claims | $ | 42,732 | $ | 43,935 | ||
Payroll and payroll-related | 40,197 | 35,601 | ||||
Interest payable | 9,579 | 8,555 | ||||
Cell processing reserve - current portion | 7,013 | 6,442 | ||||
Unrealized interest rate losses | 3,373 | 5,374 | ||||
Environmental remediation reserve - current portion | 3,226 | 4,097 | ||||
Other | 12,906 | 17,825 | ||||
$ | 119,026 | $ | 121,829 | |||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
7.LONG-TERM DEBT | ||||||||||||||||
Long-term debt consists of the following: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Revolver under Credit Facility | $ | 727,100 | $ | 787,000 | ||||||||||||
Term Loan Facility | 700,000 | 800,000 | ||||||||||||||
2015 Notes | 175,000 | 175,000 | ||||||||||||||
2016 Notes | 100,000 | 100,000 | ||||||||||||||
2018 Notes | 50,000 | 50,000 | ||||||||||||||
2019 Notes | 175,000 | 175,000 | ||||||||||||||
2021 Notes | 100,000 | 100,000 | ||||||||||||||
Tax-exempt bonds | 33,030 | 35,655 | ||||||||||||||
Notes payable to sellers and other third parties, bearing interest at 2.5% to 10.9%, principal and interest payments due periodically with due dates ranging from 2014 to 2036 | 12,845 | 16,280 | ||||||||||||||
2,072,975 | 2,238,935 | |||||||||||||||
Less – current portion | -5,385 | -33,968 | ||||||||||||||
$ | 2,067,590 | $ | 2,204,967 | |||||||||||||
Revolver under Credit Facility | ||||||||||||||||
The Company has a senior revolving credit facility with a syndicate of banks for which Bank of America, N.A. acts as administrative agent. The maximum borrowings available under the Company’s credit facility were $1,200,000 as of December 31, 2013 and 2012. The Company has the ability to increase commitments under the revolving credit facility from $1,200,000 to $1,500,000, subject to conditions including that no default, as defined in the credit agreement, has occurred, although no existing lender has any obligation to increase its commitment. Swing line loans may be issued at the request of the Company in an aggregate amount not to exceed a $25,000 sublimit and there is no maximum amount of standby letters of credit that can be issued under the credit facility; however, the issuance of swing line loans and standby letters of credit both reduce the amount of total borrowings available. As of December 31, 2013, $727,100 was outstanding under the credit facility, exclusive of outstanding standby letters of credit of $75,166. As of December 31, 2012, $787,000 was outstanding under the credit facility, exclusive of outstanding standby letters of credit of $87,252. The credit facility matures in May 2018. The Company has $4,722 of debt issuance costs recorded in Other assets, net in the Consolidated Balance Sheets at December 31, 2013 which are being amortized through the maturity date, or May 2018. | ||||||||||||||||
The borrowings under the credit facility bear interest, at the Company’s option, at either the base rate plus the applicable base rate margin (approximately 3.75% and 3.53% at December 31, 2013 and 2012, respectively) on base rate loans and swing line loans, or the LIBOR rate plus the applicable LIBOR margin (approximately 1.67% and 1.48% at December 31, 2013 and 2012, respectively) on LIBOR loans. The applicable margins under the credit facility vary depending on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2013 and 2012, the margins were 1.50% and 1.28%, respectively, for LIBOR loans and 0.50% and 0.28%, respectively, for base rate loans and swing line loans. As of December 31, 2013 and 2012, all outstanding borrowings under the credit facility were in LIBOR loans and swing line loans. | ||||||||||||||||
The credit facility requires the Company to pay an annual commitment fee on the unused portion of the facility. The commitment fee was 0.23% as of each of December 31, 2013 and 2012. | ||||||||||||||||
The borrowings under the credit facility are not collateralized. The credit agreement contains representations, warranties, covenants and events of default, including a change of control event of default and limitations on incurrence of indebtedness and liens, new lines of business, mergers, transactions with affiliates and restrictive payments. During the continuance of an event of default, the lenders may take a number of actions, including declaring the entire amount then outstanding under the credit agreement due and payable. The credit facility contains cross-defaults if the Company defaults on the term loan facility, the Master Note Purchase Agreement or certain other debt. The credit facility requires that the Company maintain specified quarterly leverage and interest coverage ratios. The required leverage ratio cannot exceed 3.50x total debt to earnings before interest, taxes, depreciation and amortization, or EBITDA. The required interest coverage ratio must be at least 2.75x total interest expense to earnings before interest and taxes, or EBIT. As of December 31, 2013 and 2012, the Company’s leverage ratio was 3.08x and 3.28x, respectively. As of December 31, 2013 and 2012, the Company’s interest coverage ratio was 6.33x and 6.88x, respectively. | ||||||||||||||||
Term Loan Facility | ||||||||||||||||
On October 25, 2012, the Company entered into a term loan facility in the original principal amount of $800,000 with Bank of America, N.A. and the other banks and lending institutions party thereto, as lenders, Bank of America, N.A., as administrative agent, and JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as co-syndication agents. The term loan is subject to principal payments which commenced at $10,000 per quarter in April 2013, increase to $20,000 per quarter in April 2014 and increase again to $30,000 per quarter in April 2015. A final principal payment of $390,000 is due upon maturity of the term loan facility on October 25, 2017. The Borrowings under the term loan facility were required to be used only to fund the R360 acquisition pursuant to the R360 purchase and sale agreement and to pay fees and expenses incurred in connection with the R360 acquisition and the Company’s entry into the term loan facility. The Company is amortizing the $7,245 debt issuance costs through the maturity date, or October 2017. | ||||||||||||||||
Outstanding amounts on the term loan facility can be either base rate loans or LIBOR loans. At December 31, 2013 and 2012, all amounts outstanding under the term loan facility were in LIBOR loans which bear interest at the LIBOR rate plus the applicable LIBOR margin (approximately 2.04% and 2.21% at December 31, 2013 and 2012, respectively). The LIBOR rate is determined by the administrative agent in a customary manner as described in the term loan agreement. The applicable margins under the term loan agreement vary depending on the Company’s leverage ratio, as defined in the term loan agreement, as amended, and range from 1.375% per annum to 2.375% per annum for LIBOR loans. As of December 31, 2013 and 2012, the margin was 1.875% and 2.0%, respectively, for LIBOR loans. Borrowings under the term loan facility are not collateralized. | ||||||||||||||||
The term loan facility contains representations and warranties and places certain business, financial and operating restrictions on the Company relating to, among other things, indebtedness, liens, investments, mergers, consolidation and disposition of assets, sale and leaseback transactions, restricted payments and redemptions, burdensome agreements, business activities, transactions with affiliates, prepayments of indebtedness and accounting changes. During the continuance of an event of default, the lenders may take a number of actions, including declaring the entire amount then outstanding under the term loan facility due and payable. The term loan facility contains cross-defaults if the Company defaults on the senior revolving credit facility, the Master Note Purchase Agreement or certain other debt. The term loan facility requires that the Company maintain specified quarterly leverage and interest coverage ratios. The required leverage ratio cannot exceed 3.50x total debt to EBITDA. The required interest coverage ratio must be at least 2.75x total interest expense to EBIT. As of December 31, 2013 and 2012, the Company’s leverage ratio was 3.08x and 3.28x, respectively. As of December 31, 2013 and 2012, the Company’s interest coverage ratio was 6.33x and 6.88x, respectively. | ||||||||||||||||
Master Note Purchase Agreement | ||||||||||||||||
Senior Notes due 2015 | ||||||||||||||||
On July 15, 2008, the Company entered into a Master Note Purchase Agreement with certain accredited institutional investors pursuant to which the Company issued and sold to the investors at a closing on October 1, 2008, $175,000 of senior uncollateralized notes due October 1, 2015 in a private placement. The 2015 Notes bear interest at the fixed rate of 6.22% per annum with interest payable in arrears semi-annually on April 1 and October 1 beginning on April 1, 2009, and with principal payable at the maturity of the 2015 Notes on October 1, 2015. The Company is amortizing the $1,026 debt issuance costs over a seven-year term through the maturity date, or October 1, 2015. | ||||||||||||||||
Senior Notes due 2019 | ||||||||||||||||
On October 26, 2009, the Company entered into a First Supplement to the Master Note Purchase Agreement with certain accredited institutional investors pursuant to which the Company issued and sold to the investors on that date $175,000 of senior uncollateralized notes due November 1, 2019 in a private placement. The 2019 Notes bear interest at the fixed rate of 5.25% per annum with interest payable in arrears semi-annually on May 1 and November 1 beginning on May 1, 2010, and with principal payable at the maturity of the 2019 Notes on November 1, 2019. The Company is amortizing the $152 debt issuance costs over a 10-year term through the maturity date, or November 1, 2019. | ||||||||||||||||
Senior Notes due 2016, 2018 and 2021 | ||||||||||||||||
On April 1, 2011, the Company entered into a Second Supplement to the Master Note Purchase Agreement with certain accredited institutional investors, pursuant to which the Company issued and sold to the investors on that date $250,000 of senior uncollateralized notes at fixed interest rates with interest payable in arrears semi-annually on October 1 and April 1 beginning on October 1, 2011 in a private placement. Of these notes, $100,000 will mature on April 1, 2016 with an annual interest rate of 3.30% (the “2016 Notes”), $50,000 will mature on April 1, 2018 with an annual interest rate of 4.00% (the “2018 Notes”), and $100,000 will mature on April 1, 2021 with an annual interest rate of 4.64% (the “2021 Notes”). The Company is amortizing the $1,489 debt issuance costs through the maturity dates of the respective notes. | ||||||||||||||||
The 2015 Notes, 2016 Notes, 2018 Notes, 2019 Notes, and 2021 Notes (collectively, the “Senior Notes”) are uncollateralized obligations and rank equally in right of payment with each of the Senior Notes, the obligations under the Company’s senior uncollateralized revolving credit facility and the obligations under the Company’s term loan facility. The Senior Notes are subject to representations, warranties, covenants and events of default. The Master Note Purchase Agreement contains cross-defaults if the Company defaults on the credit facility, the term loan facility or certain other debt. The Master Note Purchase Agreement requires that the Company maintain specified quarterly leverage and interest coverage ratios. The required leverage ratio cannot exceed 3.75x total debt to EBITDA. The required interest coverage ratio must be at least 2.75x total interest expense to EBIT. As of December 31, 2013 and 2012, the Company’s leverage ratio was 3.08x and 3.28x, respectively. As of December 31, 2013 and 2012, the Company’s interest coverage ratio was 6.33x and 6.88x, respectively. | ||||||||||||||||
Upon the occurrence of an event of default, payment of the Senior Notes may be accelerated by the holders of the respective notes. The Senior Notes may also be prepaid at any time in whole or from time to time in any part (not less than 5% of the then-outstanding principal amount) by the Company at par plus a make-whole amount determined in respect of the remaining scheduled interest payments on the Senior Notes, using a discount rate of the then current market standard for United States treasury bills plus 0.50%. In addition, the Company will be required to offer to prepay the Senior Notes upon certain changes in control. | ||||||||||||||||
The Company may issue additional series of senior uncollateralized notes, including floating rate notes, pursuant to the terms and conditions of the Master Note Purchase Agreement, as amended, provided that the purchasers of the Senior Notes shall not have any obligation to purchase any additional notes issued pursuant to the Master Note Purchase Agreement and the aggregate principal amount of the outstanding notes and any additional notes issued pursuant to the Master Note Purchase Agreement shall not exceed $1,250,000. | ||||||||||||||||
Tax-Exempt Bonds | ||||||||||||||||
The Company’s tax-exempt bond financings are as follows: | ||||||||||||||||
Type of | Interest Rate on Bond at December 31, | Maturity Date of | Outstanding Balance at December 31, | Backed by Letter of Credit | ||||||||||||
Name of Bond | Interest Rate | 2013 | Bond | 2013 | 2012 | (Amount) | ||||||||||
Tehama Bond | Variable | 0.16% | June 1, 2014 | $ | 205 | $ | 290 | $ | 208 | |||||||
San Jose Bond – Series 2001A | Variable | 0.16 | September 1, 2016 | 1,395 | 1,815 | 1,642 | ||||||||||
West Valley Bond | Variable | 0.10 | August 1, 2018 | 15,500 | 15,500 | 15,678 | ||||||||||
LeMay Washington Bond | Variable | 0.08 | April 1, 2033 | 15,930 | 15,930 | 16,126 | ||||||||||
LeMay Olympia Bond | Variable | - | April 1, 2019 | - | 2,120 | - | ||||||||||
$ | 33,030 | $ | 35,655 | $ | 33,654 | |||||||||||
In August 2013, the Company gave notice to redeem its LeMay Olympia Bond with a remaining principal balance of $2,120. The Company paid in full the principal and accrued interest on this bond on October 2, 2013. | ||||||||||||||||
In October 2013, the Company gave notice to redeem its Tehama Bond with a remaining principal balance of $205. The Company paid in full the principal and accrued interest on this bond on January 8, 2014. | ||||||||||||||||
The variable-rate bonds are all remarketed weekly by a remarketing agent to effectively maintain a variable yield. If the remarketing agent is unable to remarket the bonds, then the remarketing agent can put the bonds to the Company. The Company has obtained standby letters of credit, issued under its senior revolving credit facility, to guarantee repayment of the bonds in this event. The Company classified these borrowings as long-term at December 31, 2013, because the borrowings are supported by standby letters of credit issued under the Company’s senior revolving credit facility which matures in May 2018. | ||||||||||||||||
As of December 31, 2013, aggregate contractual future principal payments by calendar year on long-term debt are due as follows: | ||||||||||||||||
2014 | $ | 5,385 | ||||||||||||||
2015 | 259,084 | |||||||||||||||
2016 | 212,027 | |||||||||||||||
2017 | 510,437 | |||||||||||||||
2018 | 793,018 | |||||||||||||||
Thereafter | 293,024 | |||||||||||||||
$ | 2,072,975 | |||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
8.FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||
The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted assets. The Company’s derivative instruments are pay-fixed, receive-variable interest rate swaps and a pay-fixed, receive-variable diesel fuel hedge. The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. The Company uses a discounted cash flow (“DCF”) model to determine the estimated fair value of the diesel fuel hedge. The assumptions used in preparing the DCF model include: (i) estimates for the forward DOE index curve; and (ii) the discount rate based on risk-free interest rates over the term of the hedge contract. The DOE index curve used in the DCF model was obtained from financial institutions that trade these contracts and ranged from $3.79 to $4.00 at December 31, 2013 and from $3.68 to $3.87 at December 31, 2012. The weighted average DOE index curve used in the DCF model was $3.91 and $3.77 at December 31, 2013 and 2012, respectively. Significant increases (decreases) in the forward DOE index curve would result in a significantly higher (lower) fair value measurement. For the Company’s interest rate swaps and fuel hedge, the Company also considers the Company’s creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the banks’ creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company’s restricted assets are valued at quoted market prices in active markets for identical assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted assets measured at fair value are invested primarily in U.S. government and agency securities. | |||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012, were as follows: | |||||||||||||
Fair Value Measurement at December 31, 2013 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Interest rate swap derivative instruments – net liability position | $ | -5,226 | $ | - | $ | -5,226 | $ | - | |||||
Fuel hedge derivative instruments –net asset position | $ | 2,199 | $ | - | $ | - | $ | 2,199 | |||||
Restricted assets | $ | 32,782 | $ | 32,782 | $ | - | $ | - | |||||
Fair Value Measurement at December 31, 2012 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Interest rate swap derivative instruments – net liability position | $ | -11,163 | $ | - | $ | -11,163 | $ | - | |||||
Fuel hedge derivative instruments – net asset position | $ | 1,187 | $ | - | $ | - | $ | 1,187 | |||||
Restricted assets | $ | 33,425 | $ | 33,425 | $ | - | $ | - | |||||
The following table summarizes the change in the fair value for Level 3 derivatives for the years ended December 31, 2013 and 2012: | |||||||||||||
Level 3 Derivatives | |||||||||||||
Balance as of December 31, 2011 | $ | 3,506 | |||||||||||
Realized gains included in earnings | -4,513 | ||||||||||||
Unrealized gains included in AOCL | 2,194 | ||||||||||||
Balance as of December 31, 2012 | 1,187 | ||||||||||||
Unrealized gains included in AOCL | 1,012 | ||||||||||||
Balance as of December 31, 2013 | $ | 2,199 | |||||||||||
Office_Relocations
Office Relocations | 12 Months Ended |
Dec. 31, 2013 | |
Office Relocations [Abstract] | ' |
Office Relocations | ' |
9.OFFICE RELOCATIONS | |
In December 2011, the Company commenced a relocation of its corporate headquarters from Folsom, California to The Woodlands, Texas, which was substantially completed in 2012. Costs related to personnel and office relocation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Net Income. During the year ended December 31, 2013, the Company incurred losses on the cessation of use of prior office leases of $9,160 for its former corporate headquarters in Folsom, California, and $742 for its E&P segment’s former regional offices in Houston, Texas. In October 2013, the Company remitted a payment to terminate the remaining lease obligation of its former headquarters in Folsom, California. These costs are recorded in Loss on prior office leases in the Consolidated Statements of Net Income. | |
Gain_from_Litigation_Settlemen
Gain from Litigation Settlement | 12 Months Ended |
Dec. 31, 2013 | |
Gain From Litigation Settlement [Abstract] | ' |
Gain from Litigation Settlement | ' |
10.GAIN FROM LITIGATION SETTLEMENT | |
In November 2010, the Company’s subsidiary, Potrero Hills Landfill, Inc. (“PHLF”), which owns and operates the Potrero Hills Landfill in Solano County, California, initiated contractual arbitration proceedings with Judicial Arbitration and Mediation Services, Inc. in San Francisco against The Ratto Group of Companies, Inc. (“Ratto”) alleging Ratto’s breach of the parties’ Solid Waste Disposal Agreement. | |
The case was arbitrated in February and March 2012 before the Honorable Fern Smith (ret.). On August 13, 2012, Judge Smith issued her Final Award finding that Ratto had breached the Solid Waste Disposal Agreement by failing to include PHLF in its 2010 bid to Sonoma County and awarding PHLF lost profits, attorney’s fees and costs. Pursuant to this Final Award, on September 13, 2012, Ratto remitted to PHLF $3,551, which was recorded as Gain from litigation settlement in the Consolidated Statements of Net Income. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
11.COMMITMENTS AND CONTINGENCIES | |||
COMMITMENTS | |||
Leases | |||
The Company leases certain facilities and certain equipment under non-cancelable operating leases for periods ranging from one to 45 years, with renewal options for certain leases. The Company’s total rent expense under operating leases during the years ended December 31, 2013, 2012 and 2011, was $30,893, $19,424 and $13,519, respectively. | |||
As of December 31, 2013, future minimum lease payments, by calendar year, are as follows: | |||
2014 | $ | 18,343 | |
2015 | 16,457 | ||
2016 | 14,773 | ||
2017 | 13,210 | ||
2018 | 10,595 | ||
Thereafter | 75,203 | ||
$ | 148,581 | ||
Financial Surety Bonds | |||
The Company uses financial surety bonds for a variety of corporate guarantees. The two largest uses of financial surety bonds are for municipal contract performance guarantees and asset closure and retirement requirements under certain environmental regulations. Environmental regulations require demonstrated financial assurance to meet final capping, closure and post-closure requirements for landfills. In addition to surety bonds, these requirements may also be met through alternative financial assurance instruments, including insurance, letters of credit and restricted asset deposits. | |||
At December 31, 2013 and 2012, the Company had provided customers and various regulatory authorities with surety bonds in the aggregate amount of approximately $304,416 and $277,841, respectively, to secure its asset closure and retirement requirements and $89,196 and $83,738, respectively, to secure performance under collection contracts and landfill operating agreements. | |||
The Company owns a 9.9% interest in a company that, among other activities, issues financial surety bonds to secure landfill final capping, closure and post-closure obligations for companies operating in the solid waste industry. The Company accounts for this investment under the cost method of accounting. There have been no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. This investee company and the parent company of the investee have written financial surety bonds for the Company, of which $163,187 and $153,337 were outstanding as of December 31, 2013 and 2012, respectively. The Company’s reimbursement obligations under these bonds are secured by a pledge of its stock in the investee company. | |||
Unconditional Purchase Obligations | |||
At December 31, 2013, the Company’s unconditional purchase obligations consist of multiple fixed-price fuel purchase contracts under which it has 4.6 million gallons remaining to be purchased for a total of $16,089, plus taxes and transportation upon delivery. These fuel purchase contracts expire on or before December 31, 2014. | |||
CONTINGENCIES | |||
Environmental Risks | |||
The Company expenses costs incurred to investigate and remediate environmental issues unless they extend the economic useful life of related assets. The Company records liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. The remediation reserves cover anticipated costs, including remediation of environmental damage that waste facilities may have caused to neighboring landowners or residents as a result of contamination of soil, groundwater or surface water, including damage resulting from conditions existing prior to the Company’s acquisition of such facilities. The Company’s estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. The Company does not discount remediation obligations. At December 31, 2013 and 2012, the current portion of remediation reserves was $3,226 and $4,097, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2013 and 2012, the long-term portion of remediation reserves was $725 and $1,214, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. The Company’s liabilities for remediation reserves were assumed in the R360 acquisition. The Company did not have liabilities for remediation reserves recorded at December 31, 2011. Any substantial increase in the liabilities for remediation of environmental damage incurred by the Company could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. | |||
Legal Proceedings | |||
In the normal course of its business and as a result of the extensive governmental regulation of the solid waste and E&P waste industries, the Company is subject to various judicial and administrative proceedings involving federal, state or local agencies. In these proceedings, an agency may seek to impose fines on the Company or to revoke or deny renewal of an operating permit held by the Company. From time to time, the Company may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills, transfer stations, and E&P waste treatment, recovery and disposal operations, or alleging environmental damage or violations of the permits and licenses pursuant to which the Company operates. | |||
In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the waste management business. Except as noted in the matters described below, as of December 31, 2013, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse impact on its business, financial condition, results of operations or cash flows. | |||
Chaparral, New Mexico Landfill Permit Litigation | |||
The Company’s subsidiary, High Desert Solid Waste Facility, Inc. (formerly known as Rhino Solid Waste, Inc.) (“HDSWF”), owns undeveloped property in Chaparral, New Mexico, for which it sought a permit to operate a municipal solid waste landfill. The New Mexico Environment Department (the “Department”) approved the permit for the facility on January 30, 2002. Colonias Development Council (“CDC”), a nonprofit organization, appealed the Department’s decision to the courts of New Mexico, alleging primarily that the Department failed to consider the social impact of the landfill on the community of Chaparral, and failed to consider regional planning issues. On July 18, 2005, in Colonias Dev. Council v. Rhino Envtl. Servs., Inc. (In re Rhino Envtl. Servs.), 2005 NMSC 24, 117 P.3d 939, the New Mexico Supreme Court remanded the matter back to the Department to conduct a limited public hearing on certain evidence that CDC claimed was wrongfully excluded from consideration by the hearing officer, and to allow the Department to reconsider the evidence already proffered concerning the impact of the landfill on the surrounding community’s quality of life. In July 2007, the Department, CDC, the Company and Otero County signed a stipulation requesting a postponement of the limited public hearing to allow the Company time to explore a possible relocation of the landfill to a new site. Since 2007, the Department has issued several orders postponing the limited public hearing, and on October 17, 2012, it granted a request by the parties to hold the limited public hearing in abeyance until further notice. | |||
In July 2009, HDSWF purchased approximately 325 acres of undeveloped land comprising a proposed new site from the State of New Mexico. HDSWF filed a formal landfill permit application for the new site with the Department on September 17, 2010. On September 12, 2011, the Department deemed the permit application complete and a public hearing on the matter had been tentatively scheduled for April 9, 2012, in Chaparral, New Mexico. On November 9, 2011, HDSWF filed a motion with the Department to hold in abeyance indefinitely the notice for public hearing and the permit hearing, and HDSWF agreed to provide the Department with at least 120 days’ prior notice of any desired, future permit hearing. The Department granted the motion. HDSWF requested the abeyance to defer capital expenditures related to permitting the new site until mid to late 2014, when HDSWF expects to have a better understanding of several current market conditions and regulatory factors that affect the timing and feasibility of the project. These conditions and factors include: the status of the Company’s Solid Waste Disposal and Operating Agreement for the collection and disposal of solid waste generated within the City of El Paso, effective April 28, 2004, which has a 10-year term; the status of El Paso Disposal, LP’s Solid Waste Franchise Agreement for the collection of solid waste generated within the City of El Paso, effective September 1, 2011, which has a 40-month term; and whether certain closed or non-operating disposal facilities in the El Paso market area are reopened and whether those facilities are operated by private or public entities. On February 4, 2014, the Mayor of the City of El Paso approved and the City Council passed an ordinance amending the El Paso City Code to, among other things, rescind the City’s flow control requirement directing waste collected within its boundaries to City-owned disposal facilities, which was scheduled to become effective on September 1, 2014. | |||
At December 31, 2013, the Company had $11,778 of capitalized expenditures related to this landfill development project. Depending on the outcome of the market conditions and regulatory factors described above, the Company may decide in mid to late 2014 to abandon the project and expense the $11,778 of capitalized expenditures, less the recoverable value of the undeveloped properties and other amounts recovered, which would likely have a material adverse effect on the Company’s results of operations for that period. Alternatively, if the outcome of the market conditions and regulatory factors described above is such that the Company believes the market for disposal of solid waste generated in the City of El Paso will remain competitive, HDSWF may decide in mid to late 2014 to resume its permitting process for the new site. Under those circumstances, if the Department ultimately denies the landfill permit application for the new site, HDSWF intends to actively resume its efforts to enforce the previously issued landfill permit for the original site in Chaparral. If the Company is ultimately issued a permit to operate the landfill at the new site purchased in July 2009, the Company will be required to expense in a future period $10,324 of capitalized expenditures related to the original Chaparral property, less the recoverable value of that undeveloped property and other amounts recovered, which would likely have a material adverse effect on the Company’s results of operations for that period. If the Company instead is ultimately issued a permit to operate the landfill at the original Chaparral property, the Company will be required to expense in a future period $1,454 of capitalized expenditures related to the new site purchased in July 2009, less the recoverable value of that undeveloped property and other amounts recovered. If the Company is not ultimately issued a permit to operate the landfill at either one of the two sites, the Company will be required to expense in a future period the $11,778 of capitalized expenditures, less the recoverable value of the undeveloped properties and other amounts recovered, which would likely have a material adverse effect on the Company’s results of operations for that period. | |||
Harper County, Kansas Landfill Permit Litigation | |||
The Company opened a municipal solid waste landfill in Harper County, Kansas in January 2006, following the issuance by the Kansas Department of Health and Environment (“KDHE”) of a permit to operate the landfill. The landfill has operated continuously since that time. In 2005, landfill opponents (the “Plaintiffs”) filed a suit (Board of Comm’rs of Sumner County, Kansas, Tri-County Concerned Citizens and Dalton Holland v. Roderick Bremby, Sec’y of the Kansas Dep’t of Health and Env’t, et al.) in the District Court of Shawnee County, Kansas, seeking a judicial review of KDHE’s decision to issue the permit, alleging that a site analysis prepared for the Company and submitted to KDHE as part of the process leading to the issuance of the permit was deficient in several respects. The action sought to stay the effectiveness of the permit and to nullify it. The Company intervened in this lawsuit shortly after it was filed. In June 2012, the District Court denied the Plaintiffs’ demand for revocation of the permit, and affirmed KDHE’s decision that the issuance of the permit met all applicable regulatory requirements. The Plaintiffs filed an appeal with the Kansas Court of Appeals. On September 13, 2013, the Kansas Court of Appeals affirmed KDHE’s issuance of the landfill permit to the Company. On October 15, 2013, the Plaintiffs petitioned the Kansas Supreme Court to review the decision of the Court of Appeals, which review is discretionary. To date, the Kansas Supreme Court has not decided if it will review this matter. The Company believes that it will ultimately prevail in this matter, and the Company will continue to have the right to operate the landfill during the pendency of any further appeal. Only in the event that a final, materially adverse determination with respect to the permit is received would there likely be a material adverse effect on the Company’s reported results of operations in the future. If as a result of this litigation, after exhausting all appeals, the Company was unable to continue to operate the landfill, the Company estimates that it would be required to record a pre-tax impairment charge of approximately $20,000 to reduce the carrying value of the landfill to its estimated fair value. In addition, the Company estimates the current annual impact to its pre-tax earnings that would result if it was unable to continue to operate the landfill would be approximately $3,400 per year. | |||
Solano County, California Measure E/Landfill Expansion Litigation | |||
The Company and one of its subsidiaries, Potrero Hills Landfill, Inc. (“PHLF”), were named as real parties in interest in an amended complaint captioned Sustainability, Parks, Recycling and Wildlife Legal Defense Fund v. County of Solano, which was filed in the Superior Court of California, County of Solano, on July 9, 2009 (the original complaint was filed on June 12, 2009). This lawsuit sought to compel Solano County to comply with Measure E, a ballot initiative and County ordinance passed in 1984 that the County has not enforced against PHLF since at least 1992. Measure E directed in part that Solano County shall not allow the importation into the County of any solid waste which originated or was collected outside the County in excess of 95,000 tons per year. The Sustainability, Parks, Recycling and Wildlife Legal Defense Fund (“SPRAWLDEF”) lawsuit also sought to overturn Solano County’s approval of the use permit for the expansion of the Potrero Hills Landfill and the related Environmental Impact Report (“EIR”), arguing that both violated Measure E and that the EIR violated the California Environmental Quality Act (“CEQA”). Two similar actions seeking to enforce Measure E, captioned Northern California Recycling Association v. County of Solano and Sierra Club v. County of Solano, were filed in the same court on June 10, 2009, and August 10, 2009, respectively. The Northern California Recycling Association (“NCRA”) case did not name the Company or any of its subsidiaries as parties and did not contain any CEQA claims, but sought to enforce Measure E and overturn the use permit for the expansion. The Sierra Club case named PHLF as a real party in interest, and sought to overturn the use permit for the expansion of the landfill on Measure E grounds (but did not raise CEQA claims). | |||
On May 12, 2010, the Solano County Superior Court issued a written opinion addressing all three cases. The Court upheld Measure E in part by judicially rewriting the law, and then issued a writ of mandamus directing Solano County to enforce Measure E as rewritten. The Court decided that it could cure the law’s discrimination against out-of-county waste by revising Measure E to only limit the importation of waste into Solano County from other counties in California, but not from other states. In the same opinion, the Superior Court rejected the requests from petitioners in the cases for a writ of administrative mandamus to overturn the use permit approved by Solano County in June 2009 for the expansion of PHLF’s landfill, thereby leaving the expansion use permit in place. | |||
In December 2010, the Superior Court entered final judgments and writs of mandamus in the three cases, and Solano County, the Company, PHLF and numerous waste hauling company intervenors filed notices of appeal, which stayed the judgments and writs pending the outcome of the appeal. Petitioners Sierra Club and SPRAWLDEF cross-appealed the Court’s ruling denying their petitions for writs to overturn PHLF’s use permit for the expansion. | |||
As part of the final judgments, the Solano County Superior Court retained jurisdiction over any motions for attorneys’ fees under California's Private Attorney General statute. Petitioners NCRA, SPRAWLDEF and Sierra Club each filed a bill of costs and a motion for attorney fees totaling $771. On May 31, 2011, the court issued a final order awarding petitioners $452 in attorneys’ fees, $411 of which relates to the SPRAWLDEF and Sierra Club cases in which the Company or PHLF is a named party. The court allocated 50% of the fee amount to PHLF, none of which the Company recorded as a liability at December 31, 2013. The Company and Solano County appealed this attorneys’ fees order in July 2011, which stayed the fee order. As explained below, in January 2014 the Court of Appeal reversed the attorney fee award. | |||
On September 25, 2012, Governor Jerry Brown signed into law Assembly Bill 845 (“AB 845”), an act of the California Legislature, effective January 1, 2013. AB 845 expressly prohibits counties from restricting or limiting the importation of solid waste into a privately owned facility in a county based on the waste’s place of origin. In light of AB 845, the Company filed a motion to dismiss the cross appeals and reverse and remand the portions of the judgments rendered in petitioners’ favor regarding enforcement and implementation of Measure E by Solano County, including petitioners’ recovery of costs, on mootness grounds. | |||
On July 31, 2013, the Court of Appeal granted the Company’s motion and ruled that AB 845 preempted Measure E and therefore precluded the writ of mandate enforcing Measure E as judicially rewritten. The Court reversed the judgment and writ of mandate, and directed the trial court to dismiss the petitions. The Court also dismissed on mootness grounds the cross-appeals by the petitioners of the trial court’s denial of their request for a writ of mandate vacating the use permit for the expansion. Regarding the trial court’s award of attorney fees to the petitioners, the Court of Appeal stated that petitioners were no longer successful parties under California law and “the award of attorney fees must necessarily be reversed.” Because the appeal of the attorney fees award was a separate case from the merits appeal, the Court’s ruling did not include an order regarding the fees award. On August 19, 2013, the Company filed a Motion for Summary Reversal of Judgment Granting Attorney’s Fees in light of the Court of Appeal’s merits ruling, which the Court deferred until a remittitur was issued in the underlying merits appeal. On September 9, 2013, Sierra Club and SPRAWLDEF filed petitions for review of the Court of Appeal’s decision with the California Supreme Court. On October 23, 2013, the Supreme Court denied the petitions and issued a remittitur directing each party to bear its own costs on appeal. On January 22, 2014, the Court of Appeal granted the Company’s pending motion and reversed the attorney fee award. On January 23, 2014, the Solano County Superior Court dismissed the petitions filed by SPRAWLDEF, Sierra Club, and NCRA in accordance with the Court of Appeal’s decision, which officially concluded the litigation in the Company’s favor. | |||
On December 17, 2010, SPRAWLDEF and one its members filed a petition for writ of mandate in San Francisco Superior Court seeking to overturn the October 2010 approval of the marsh development permit issued by the San Francisco Bay Conservation and Development Commission (“BCDC”) for PHLF’s landfill expansion, alleging that the approval is contrary to the Suisun Marsh Protection Act. The petition, captioned SPRAWLDEF v. San Francisco Bay Conservation and Development Commission, names BCDC as a respondent and the Company as the real party in interest. The San Francisco Superior Court stayed the action and, on April 5, 2012, transferred the case to Solano County Superior Court, citing that court’s experience in the related CEQA case and judicial economy. On June 5, 2012, Solano County Superior Court assigned the case to Judge Beeman. On November 29, 2012, the Superior Court issued an order finding that the administrative record before BCDC did not contain sufficient evidence regarding net profits for the proposed project or the alternative to support the agency’s finding that the alternative was economically infeasible. The Superior Court therefore issued a writ of mandamus and final judgment on January 14, 2013, setting aside the BCDC permit and remanding it back to the agency for further consideration. Both the Company and BCDC filed notices of appeal, staying execution of the writ and judgment pending the appeal. The Court of Appeal held oral argument on the appeal on February 4, 2014, and took the matter under submission. The County of Solano, Suisun Resource Conservation District, California Refuse Recycling Council and Napa-Vallejo Waste Management Authority each filed amici briefs in this case on behalf of Appellants BCDC and the Company. At this point the Company is not able to determine the likelihood of any outcome in this matter. | |||
On June 10, 2011, June Guidotti, a property owner adjacent to PHLF, and SPRAWLDEF and one of its members, each filed administrative petitions for review with the State Water Resources Control Board (“State Board”) seeking to overturn a May 11, 2011 Order No. 2166-(a) approving waste discharge requirements issued by the San Francisco Bay Regional Water Quality Control Board (“Regional Board”) for PHLF’s landfill expansion, alleging that the order is contrary to the State Board’s Title 27 regulations authorizing waste discharge requirements for landfills, and in the case of the SPRAWLDEF petition, further alleging that the Regional Board’s issuance of a Clean Water Act section 401 certification is not supported by an adequate alternatives analysis as required by the federal Clean Water Act. The Regional Board is preparing the administrative record of its decision to issue Order 2166-(a) to be filed with the State Board as well as its response to the petitions for review. It is anticipated that the Regional Board will vigorously defend its actions and seek dismissal of the petitions for review. A hearing date has not yet been set on either petition, and the State Board has held both the Guidotti and SPRAWLDEF petitions in abeyance at the petitioners’ requests. At this point, the Company is not able to determine the likelihood of any outcome in this matter. | |||
If as a result of any of the matters described above, after exhausting all appeals, PHLF’s marsh development permit is permanently rescinded, the Company estimates that it would be required to recognize a pre-tax impairment charge of approximately $11,000 to reduce the carrying value of PHLF to its estimated fair value. | |||
Madera County, California Materials Recovery Facility Contract Litigation | |||
The Company’s subsidiary, Madera Disposal Systems, Inc. (“MDSI”) was named in a complaint captioned County of Madera vs. Madera Disposal Systems, Inc., et al, filed in Madera County Superior Court (Case No. MCV 059402) on March 5, 2012, and subsequently transferred to Fresno County Superior Court. Madera County alleges in the complaint that from 2007 through 2010, MDSI breached a contract with the County for the operation of a materials recovery facility by withholding profits from facility operations in excess of those authorized by the contract. The County further alleges that the breach gives the County the unilateral right to terminate all of its contracts with MDSI, including contracts for (1) the collection of residential and commercial waste in the unincorporated parts of the County, (2) operation of the materials recovery facility, (3) operation of the North Fork Transfer Station and (4) operation of the Fairmead Landfill. The County seeks monetary damages of $2,962 from MDSI, plus pre-judgment interest at 10% per annum. | |||
MDSI had been under contract with the County to collect residential and commercial waste and operate the county-owned Fairmead Landfill continuously since at least 1981. In 1993, MDSI contracted with the County to construct and operate a materials recovery facility for the County on the premises of the Fairmead Landfill. After it entered into the materials recovery facility contract, MDSI entered into new contracts with the County for waste collection and landfill operation to run concurrently with the materials recovery facility contract. In 1998, MDSI and the County agreed to extend the terms of the County contracts until November 10, 2012, with MDSI holding a unilateral option to extend the contracts for an additional five-year term. | |||
In March 2011, the County issued a Notice of Default to MDSI under the materials recovery facility contract and gave MDSI 30 days to cure the default. MDSI provided information that it believed demonstrated that it was not in default under the contract and had not withheld profits that it was obligated to deliver to the County under the terms of the contract. | |||
On February 7, 2012, the County issued a Notice of Termination to MDSI terminating all of its contracts effective November 1, 2012. The lawsuit followed on March 5, 2012. MDSI answered the complaint and asserted a claim against the County for wrongful termination of the contracts. On October 31, 2012, MDSI ceased providing services and vacated the County premises. The case is set for trial in Fresno in June 2014. | |||
At this point, the Company is not able to determine the likelihood of any outcome in this matter. The Company disputes Madera County’s right to terminate the MDSI contracts effective November 1, 2012, and seeks damages for the profits lost as a result of the wrongful termination. The Company estimates that the current annual impact to its pre-tax earnings resulting from the termination of MDSI’s contracts with Madera County is approximately $2,300 per year, not including any monetary damages and interest the Court could order MDSI to pay the County. | |||
Collective Bargaining Agreements | |||
Seven of the Company’s collective bargaining agreements have expired or are set to expire in 2014. The Company does not expect any significant disruption in its overall business in 2014 as a result of labor negotiations, employee strikes or organizational efforts. | |||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||
Stockholders' Equity | ' | ||||||||||||||
12.STOCKHOLDERS' EQUITY | |||||||||||||||
Sale of Common Stock | |||||||||||||||
On February 27, 2012, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, in connection with the offer and sale by the Company of 12,000,000 shares of its common stock, par value $0.01 per share. The shares of common stock were sold to Morgan Stanley & Co. LLC at a price of $30.83 per share. The offering closed on March 2, 2012. The Company received net proceeds from this offering of $369,584 after deducting transaction expenses paid by the Company of approximately $376. | |||||||||||||||
Cash Dividend | |||||||||||||||
The Company’s Board of Directors authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis. In October 2013, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $0.015, from $0.10 to $0.115 per share. Cash dividends of $51,213, $44,465 and $35,566 were paid during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||
Share Repurchase Program | |||||||||||||||
The Company’s Board of Directors has authorized a common stock repurchase program for the repurchase of up to $1,200,000 of common stock through December 31, 2014. Under the program, stock repurchases may be made in the open market or in privately negotiated transactions from time to time at management's discretion. The timing and amounts of any repurchases will depend on many factors, including the Company's capital structure, the market price of the common stock and overall market conditions. As of December 31, 2012, the Company had repurchased in aggregate 39,865,266 shares of its common stock at an aggregate cost of $784,040. The Company did not repurchase any shares of its common stock during the year ended December 31, 2013. As of December 31, 2013, the remaining maximum dollar value of shares available for repurchase under the program was approximately $415,960. The Company’s policy related to repurchases of its common stock is to charge any excess of cost over par value entirely to additional paid-in capital. | |||||||||||||||
Common Stock | |||||||||||||||
Of the 126,433,513 shares of common stock authorized but unissued as of December 31, 2013, the following shares were reserved for issuance: | |||||||||||||||
Stock option and restricted stock unit plans | 2,788,260 | ||||||||||||||
Consultant Incentive Plan | 90,501 | ||||||||||||||
2,878,761 | |||||||||||||||
Restricted Stock, Stock Options and Restricted Stock Units | |||||||||||||||
In 2004, the Company’s Board of Directors authorized the 2004 Equity Incentive Plan. On May 7, 2010, the Company’s stockholders approved the latest amendment to the plan, now the Third Amended and Restated 2004 Equity Incentive Plan (the “2004 Equity Incentive Plan”). A total of 7,162,500 shares of the Company’s common stock were reserved for future issuance under the 2004 Equity Incentive Plan, all of which may be used for grants of stock options, restricted stock, and/or restricted stock units. Participation in the 2004 Equity Incentive Plan is limited to employees, officers, directors and consultants. Options granted under the 2004 Equity Incentive Plan are nonqualified stock options and have a term of no longer than five years from the date they are granted. Restricted stock, restricted stock units, and options generally vest in installments pursuant to a vesting schedule set forth in each option or restricted stock or unit agreement. The Board of Directors authorizes the granting of options, restricted stock and restricted stock units, and determines the employees and consultants to whom options, restricted stock, and restricted stock units are to be granted, the number of shares subject to each option, restricted stock, or restricted stock unit, the exercise price, term, vesting schedule and other terms and conditions of the options, restricted stock, or restricted stock units. The exercise prices of the options shall not be less than the fair market value of the Company’s common stock on the date of grant. Restricted stock awards under the plan may or may not require a cash payment from a participant to whom an award is made; restricted stock unit awards under the plan do not require any cash payment from the participant to whom an award is made. The fair value of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011, was determined based on the number of restricted stock units granted and the quoted price of the Company’s common stock on the date of grant. As of December 31, 2013, 1,046,592 shares of common stock were available to be issued pursuant to future awards granted under the 2004 Equity Incentive Plan. | |||||||||||||||
The following table summarizes restricted stock units activity for the 2004 Equity Incentive Plan: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Restricted stock units granted | 574,017 | 635,266 | 500,048 | ||||||||||||
Weighted average grant-date fair value of restricted stock units granted | $ | 34.06 | $ | 31.52 | $ | 29.28 | |||||||||
Total fair value of restricted stock units granted | $ | 19,550 | $ | 20,025 | $ | 14,643 | |||||||||
Restricted stock units becoming free of restrictions | 543,921 | 662,909 | 576,522 | ||||||||||||
Weighted average restriction period (in years) | 3.9 | 3.2 | 3.9 | ||||||||||||
A summary of activity related to restricted stock units under the 2004 Equity Incentive Plan during the year ended December 31, 2013, is presented below: | |||||||||||||||
Unvested Shares | Weighted-Average Grant Date Fair Value Per Share | ||||||||||||||
Outstanding at December 31, 2012 | 1,317,798 | $ | 26.34 | ||||||||||||
Granted | 574,017 | 34.06 | |||||||||||||
Forfeited | -48,428 | 31.04 | |||||||||||||
Vested and Issued | -482,403 | 23.73 | |||||||||||||
Vested and Unissued | -61,518 | 24.95 | |||||||||||||
Outstanding at December 31, 2013 | 1,299,466 | 29.98 | |||||||||||||
The Company has stock options outstanding, vested and exercisable under equity-based compensation plans that expired in 2012. A summary of the Company’s stock option activity and related information during the year ended December 31, 2013, is presented below: | |||||||||||||||
Number of Shares (Options) | Weighted Average Exercise Price | ||||||||||||||
Outstanding as of December 31, 2012 | 484,794 | $ | 13.26 | ||||||||||||
Granted | - | - | |||||||||||||
Forfeited | -1,688 | 10.70 | |||||||||||||
Exercised | -208,204 | 11.83 | |||||||||||||
Outstanding as of December 31, 2013 | 274,902 | 14.36 | |||||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2013: | |||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||
Exercise Price | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | |||||||||
(in years) | |||||||||||||||
$11.08 to $15.45 | 274,902 | $ | 14.36 | 1.3 | 274,902 | $ | 14.36 | 1.3 | |||||||
The aggregate intrinsic value for both options outstanding and options exercisable at December 31, 2013, was $8,322. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011, was $5,729, $6,239 and $7,597, respectively. As of December 31, 2013, 2012 and 2011, a total of 274,902, 484,794 and 813,767 options to purchase common stock, respectively, were exercisable under all stock option plans. | |||||||||||||||
Stock Purchase Warrants | |||||||||||||||
The Company has outstanding stock purchase warrants issued under an incentive plan which expired in 2012. Warrants to purchase the Company’s common stock were issued to certain consultants to the Company. Warrants issued were fully vested and exercisable at the date of grant. Warrants outstanding at December 31, 2013, expire between 2015 and 2017. | |||||||||||||||
A summary of warrant activity during the year ended December 31, 2013, is presented below: | |||||||||||||||
Warrants | Weighted-Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | 117,461 | $ | 29.69 | ||||||||||||
Granted | - | - | |||||||||||||
Forfeited | -18,383 | 25.93 | |||||||||||||
Exercised | -8,577 | 24.85 | |||||||||||||
Outstanding at December 31, 2013 | 90,501 | 30.92 | |||||||||||||
The following table summarizes information about warrants outstanding as of December 31, 2013 and 2012: | |||||||||||||||
Warrants | Fair Value of Warrants | Outstanding at December 31, | |||||||||||||
Grant Date | Issued | Exercise Price | Issued | 2013 | 2012 | ||||||||||
Throughout 2009 | 5,589 | $14.67 to $19.61 | 22 | - | 713 | ||||||||||
Throughout 2010 | 51,627 | $20.64 to $27.41 | 351 | 9,199 | 35,446 | ||||||||||
Throughout 2011 | 9,324 | $27.53 to $33.14 | 79 | 9,324 | 9,324 | ||||||||||
Throughout 2012 | 71,978 | $30.52 to $33.03 | 628 | 71,978 | 71,978 | ||||||||||
90,501 | 117,461 | ||||||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||
Other Comprehensive Income (Loss) | ' | |||||||||
13.OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Other comprehensive income (loss) includes changes in the fair value of interest rate swaps and the fuel hedge that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the years ended December 31, 2013, 2012 and 2011, are as follows: | ||||||||||
Year Ended December 31, 2013 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,641 | $ | -2,158 | $ | 3,483 | ||||
Changes in fair value of interest rate swaps | 296 | -108 | 188 | |||||||
Changes in fair value of fuel hedge | 1,012 | -387 | 625 | |||||||
$ | 6,949 | $ | -2,653 | $ | 4,296 | |||||
Year Ended December 31, 2012 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,289 | $ | -2,010 | $ | 3,279 | ||||
Fuel hedge amounts reclassified into cost of operations | -4,513 | 1,715 | -2,798 | |||||||
Changes in fair value of interest rate swaps | -7,333 | 2,809 | -4,524 | |||||||
Changes in fair value of fuel hedge | 2,194 | -836 | 1,358 | |||||||
$ | -4,363 | $ | 1,678 | $ | -2,685 | |||||
Year Ended December 31, 2011 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,803 | $ | -2,205 | $ | 3,598 | ||||
Fuel hedge amounts reclassified into cost of operations | -4,297 | 1,633 | -2,664 | |||||||
Changes in fair value of interest rate swaps | -5,200 | 1,976 | -3,224 | |||||||
Changes in fair value of fuel hedge | 3,073 | -1,168 | 1,905 | |||||||
$ | -621 | $ | 236 | $ | -385 | |||||
A rollforward of the amounts included in AOCL, net of taxes, is as follows: | ||||||||||
Fuel Hedge | Interest Rate Swaps | Accumulated Other Comprehensive Loss | ||||||||
Balance at December 31, 2011 | $ | 2,172 | $ | -5,652 | $ | -3,480 | ||||
Amounts reclassified into earnings | -2,798 | 3,279 | 481 | |||||||
Changes in fair value | 1,358 | -4,524 | -3,166 | |||||||
Balance at December 31, 2012 | 732 | -6,897 | -6,165 | |||||||
Amounts reclassified into earnings | - | 3,483 | 3,483 | |||||||
Changes in fair value | 625 | 188 | 813 | |||||||
Balance at December 31, 2013 | $ | 1,357 | $ | -3,226 | $ | -1,869 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
14.INCOME TAXES | ||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011, consists of the following: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
Federal | $ | 73,243 | $ | 65,099 | $ | 45,922 | ||||
State | 12,993 | 10,655 | 10,047 | |||||||
86,236 | 75,754 | 55,969 | ||||||||
Deferred: | ||||||||||
Federal | 35,797 | 24,795 | 48,011 | |||||||
State | 2,883 | 4,894 | 2,978 | |||||||
38,680 | 29,689 | 50,989 | ||||||||
Provision for income taxes | $ | 124,916 | $ | 105,443 | $ | 106,958 | ||||
The significant components of deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred income tax assets: | ||||||||||
Accounts receivable reserves | $ | 2,810 | $ | 2,504 | ||||||
Accrued expenses | 31,330 | 30,926 | ||||||||
Compensation | 10,901 | 9,625 | ||||||||
Interest rate and fuel hedges | 1,158 | 3,811 | ||||||||
Leases | 1,308 | 1,181 | ||||||||
State taxes | 3,917 | 3,482 | ||||||||
Contingent liabilities | 19,415 | 28,390 | ||||||||
Other | 723 | - | ||||||||
Gross deferred income tax assets | 71,562 | 79,919 | ||||||||
Less: Valuation allowance | - | - | ||||||||
Net deferred income tax assets | 71,562 | 79,919 | ||||||||
Deferred income tax liabilities: | ||||||||||
Goodwill and other intangibles | -247,082 | -213,564 | ||||||||
Property and equipment | -242,556 | -246,091 | ||||||||
Landfill closure/post-closure | -30,085 | -26,363 | ||||||||
Prepaid expenses | -12,256 | -12,493 | ||||||||
Other | - | -492 | ||||||||
Total deferred income tax liabilities | -531,979 | -499,003 | ||||||||
Net deferred income tax liability | $ | -460,417 | $ | -419,084 | ||||||
During the years ended December 31, 2013, 2012 and 2011, the Company reduced its taxes payable by $8,781, $9,603 and $8,990 respectively, as a result of the exercise of non-qualified stock options, the vesting of restricted stock units, and the disqualifying disposition of incentive stock options. The excess tax benefit associated with equity-based compensation of $3,765, $5,033 and $4,763 for the years ended December 31, 2013, 2012 and 2011, respectively, was recorded in additional paid-in capital. | ||||||||||
The differences between the Company’s income tax provision as presented in the accompanying Consolidated Statements of Net Income and income tax provision computed at the federal statutory rate consist of the items shown in the following table as a percentage of pre-tax income: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Income tax provision at the statutory rate | 35.0% | 35.0% | 35.0% | |||||||
State taxes, net of federal benefit | 3.7 | 3.6 | 3.7 | |||||||
Deferred income tax liability adjustments | - | 1.0 | - | |||||||
Noncontrolling interests | - | -0.1 | -0.1 | |||||||
Other | 0.2 | 0.3 | 0.6 | |||||||
38.9% | 39.8% | 39.2% | ||||||||
During the year ended December 31, 2012, the Deferred income tax liability adjustments, due primarily to changes in the geographical apportionment of the Company’s state income taxes associated with the R360 acquisition, resulted in an increase to tax expense of $2,602. | ||||||||||
At December 31, 2013 and 2012, the Company did not have any significant federal or state net operating loss carryforwards. | ||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax as well as to income tax of multiple state jurisdictions. The Company has concluded all U.S. federal income tax matters for years through 2009. All material state and local income tax matters have been concluded for years through 2008. | ||||||||||
In September 2013, the U.S. Treasury Department issued final regulations governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property, effective for tax years beginning in 2014. The impact of these final regulations is not material to the Company’s financial statements. | ||||||||||
The Company did not have any unrecognized tax benefits recorded at December 31, 2013 or 2012. The Company does not anticipate the total amount of unrecognized tax benefits will significantly change by December 31, 2014. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | ||||||||||
The following is a rollforward of the Company’s unrecognized tax benefits from January 1, 2011 to December 31, 2013: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Unrecognized tax benefits at beginning of period | $ | - | $ | - | $ | 341 | ||||
Gross increases – tax positions in prior periods | - | - | - | |||||||
Gross decreases – tax positions in prior periods | - | - | - | |||||||
Lapse of statutes of limitations | - | - | -341 | |||||||
Unrecognized tax benefits at end of period | $ | - | $ | - | $ | - | ||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||
15.SEGMENT REPORTING | ||||||||||||||||||||||
The Company’s revenues are generated from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented. | ||||||||||||||||||||||
Prior to October 2012, the Company managed its operations through three geographic operating segments (Western, Central and Eastern), which were also its reportable segments. In October 2012, as a result of the R360 acquisition described in Note 3, the Company realigned its reporting structure and created a fourth operating segment, the E&P segment, which includes the majority of the Company’s E&P waste treatment and disposal operations. As a result, the Company’s three geographic operating segments and its E&P segment comprise the Company’s reportable segments. Additionally, in January 2013, the Company transferred an E&P operation in Louisiana, owned by the Company prior to the R360 acquisition, from its Central segment to its E&P segment. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. The segment information presented herein reflects the addition of the new E&P segment and the transfer of the Company’s E&P operation in Louisiana to the E&P segment. Under the current structure, the Company’s Western segment is comprised of operating locations in Alaska, California, Idaho, Montana, Nevada, Oregon, Washington and western Wyoming; the Company’s Central segment is comprised of operating locations in Arizona, Colorado, Kansas, Louisiana, Minnesota, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, Utah and eastern Wyoming; and the Company’s Eastern segment is comprised of operating locations in Alabama, Illinois, Iowa, Kentucky, Massachusetts, Michigan, Mississippi, New York, North Carolina, South Carolina and Tennessee. The E&P segment is comprised of the Company’s E&P operations in Louisiana, New Mexico, North Dakota, Oklahoma, Texas, Wyoming and along the Gulf of Mexico. | ||||||||||||||||||||||
The Company’s Chief Operating Decision Maker (“CODM”) evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is EBITDA. The Company defines EBITDA as earnings before interest, taxes, depreciation, amortization, gain (loss) on disposal of assets, loss on prior office leases and other income (expense). EBITDA is not a measure of operating income, operating performance or liquidity under generally accepted accounting principles and may not be comparable to similarly titled measures reported by other companies. The Company’s management uses EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments. A reconciliation of EBITDA to Income before income tax provision is included at the end of this Note 15. | ||||||||||||||||||||||
Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2013, 2012 and 2011, is shown in the following tables: | ||||||||||||||||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2013 | ||||||||||||||||||||||
Western | $ | 905,764 | $ | -99,974 | $ | 805,790 | $ | 249,548 | $ | 81,164 | $ | 70,960 | $ | 1,487,409 | ||||||||
Central | 573,366 | -62,438 | 510,928 | 182,790 | 64,165 | 57,952 | 1,173,089 | |||||||||||||||
Eastern | 447,844 | -76,072 | 371,772 | 108,173 | 51,546 | 39,703 | 807,124 | |||||||||||||||
E&P | 251,651 | -11,346 | 240,305 | 111,056 | 44,099 | 34,916 | 1,484,501 | |||||||||||||||
Corporate(a), (d) | - | - | - | -228 | 2,890 | 6,343 | 112,129 | |||||||||||||||
$ | 2,178,625 | $ | -249,830 | $ | 1,928,795 | $ | 651,339 | $ | 243,864 | $ | 209,874 | $ | 5,064,252 | |||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2012 | ||||||||||||||||||||||
Western | $ | 882,228 | $ | -100,094 | $ | 782,134 | $ | 229,427 | $ | 78,191 | $ | 64,583 | $ | 1,507,081 | ||||||||
Central | 517,916 | -56,041 | 461,875 | 164,756 | 54,743 | 51,300 | 1,114,479 | |||||||||||||||
Eastern | 441,907 | -75,082 | 366,825 | 101,046 | 49,289 | 32,037 | 826,687 | |||||||||||||||
E&P | 52,326 | -1,542 | 50,784 | 23,651 | 9,018 | 1,971 | 1,493,693 | |||||||||||||||
Corporate(a), (d) | - | - | - | -11,073 | 2,343 | 3,626 | 134,086 | |||||||||||||||
$ | 1,894,377 | $ | -232,759 | $ | 1,661,618 | $ | 507,807 | $ | 193,584 | $ | 153,517 | $ | 5,076,026 | |||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2011 | ||||||||||||||||||||||
Western | $ | 841,006 | $ | -98,418 | $ | 742,588 | $ | 232,940 | $ | 74,628 | $ | 57,037 | $ | 1,370,098 | ||||||||
Central | 471,375 | -51,658 | 419,717 | 145,088 | 48,690 | 45,758 | 995,312 | |||||||||||||||
Eastern | 401,137 | -68,536 | 332,601 | 95,301 | 41,135 | 35,139 | 841,251 | |||||||||||||||
E&P | 10,460 | - | 10,460 | 6,971 | 800 | 705 | 45,650 | |||||||||||||||
Corporate(a), (d) | - | - | - | 5,519 | 1,847 | 3,285 | 75,694 | |||||||||||||||
$ | 1,723,978 | $ | -218,612 | $ | 1,505,366 | $ | 485,819 | $ | 167,100 | $ | 141,924 | $ | 3,328,005 | |||||||||
____________________ | ||||||||||||||||||||||
(a)Corporate functions include accounting, legal, tax, treasury, information technology, risk management, human resources, training and other administrative functions. Amounts reflected are net of allocations to the four operating segments. | ||||||||||||||||||||||
(b)Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. | ||||||||||||||||||||||
(c)For those items included in the determination of EBITDA, the accounting policies of the segments are the same as those described in Note 1. | ||||||||||||||||||||||
(d)Corporate assets include cash, net deferred tax assets, debt issuance costs, equity investments, and corporate facility leasehold improvements and equipment. | ||||||||||||||||||||||
(e)Goodwill is included within total assets for each of the Company’s four operating segments. | ||||||||||||||||||||||
The following table shows changes in goodwill during the years ended December 31, 2012 and 2013, by reportable segment: | ||||||||||||||||||||||
Western | Central | Eastern | E&P | Total | ||||||||||||||||||
Balance as of December 31, 2011 | $ | 313,038 | $ | 424,223 | $ | 379,627 | $ | - | $ | 1,116,888 | ||||||||||||
Goodwill acquired | 60,105 | 6,686 | 934 | 452,441 | 520,166 | |||||||||||||||||
Goodwill divested | - | -497 | - | - | -497 | |||||||||||||||||
Balance as of December 31, 2012 | 373,143 | 430,412 | 380,561 | 452,441 | 1,636,557 | |||||||||||||||||
Goodwill transferred | - | -9,196 | - | 9,196 | - | |||||||||||||||||
Goodwill acquired | 521 | 37,838 | 564 | 978 | 39,901 | |||||||||||||||||
Goodwill divested | -749 | - | -555 | - | -1,304 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 372,915 | $ | 459,054 | $ | 380,570 | $ | 462,615 | $ | 1,675,154 | ||||||||||||
The Company has no accumulated impairment losses associated with goodwill. | ||||||||||||||||||||||
A reconciliation of the Company’s primary measure of segment profitability (EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows: | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Western segment EBITDA | $ | 249,548 | $ | 229,427 | $ | 232,940 | ||||||||||||||||
Central segment EBITDA | 182,790 | 164,756 | 145,088 | |||||||||||||||||||
Eastern segment EBITDA | 108,173 | 101,046 | 95,301 | |||||||||||||||||||
E&P segment EBITDA | 111,056 | 23,651 | 6,971 | |||||||||||||||||||
Subtotal reportable segments | 651,567 | 518,880 | 480,300 | |||||||||||||||||||
Unallocated corporate overhead | -228 | -11,073 | 5,519 | |||||||||||||||||||
Depreciation | -218,454 | -169,027 | -147,036 | |||||||||||||||||||
Amortization of intangibles | -25,410 | -24,557 | -20,064 | |||||||||||||||||||
Loss on disposal of assets | -2,853 | -1,627 | -1,657 | |||||||||||||||||||
Gain from litigation settlement | - | 3,551 | - | |||||||||||||||||||
Loss on prior office leases | -9,902 | - | - | |||||||||||||||||||
Interest expense | -73,579 | -53,037 | -44,520 | |||||||||||||||||||
Other income (expense), net | -220 | 1,993 | 587 | |||||||||||||||||||
Income before income tax provision | $ | 320,921 | $ | 265,103 | $ | 273,129 | ||||||||||||||||
The table below shows, for the periods indicated, the Company’s total reported revenues by service line and with intercompany eliminations: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Solid waste collection | $ | 1,219,091 | $ | 1,176,333 | $ | 1,069,065 | ||||||||||||||||
Solid waste disposal and transfer | 579,379 | 524,861 | 497,584 | |||||||||||||||||||
E&P waste treatment, disposal and recovery | 262,286 | 61,350 | 12,746 | |||||||||||||||||||
Solid waste recycling | 71,831 | 81,512 | 96,417 | |||||||||||||||||||
Intermodal and other | 46,038 | 50,321 | 48,166 | |||||||||||||||||||
2,178,625 | 1,894,377 | 1,723,978 | ||||||||||||||||||||
Less: intercompany elimination | -249,830 | -232,759 | -218,612 | |||||||||||||||||||
Total revenues | $ | 1,928,795 | $ | 1,661,618 | $ | 1,505,366 | ||||||||||||||||
Net_Income_Per_Share_Informati
Net Income Per Share Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Net Income Per Share Information [Abstract] | ' | ||||||||
Net Income Per Share Information | ' | ||||||||
16.NET INCOME PER SHARE INFORMATION | |||||||||
The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s common stockholders for the years ended December 31, 2013, 2012 and 2011: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator: | |||||||||
Net income attributable to Waste Connections for basic and diluted earnings per share | $ | 195,655 | $ | 159,093 | $ | 165,239 | |||
Denominator: | |||||||||
Basic shares outstanding | 123,597,540 | 121,172,381 | 112,720,444 | ||||||
Dilutive effect of stock options and warrants | 186,006 | 308,681 | 425,085 | ||||||
Dilutive effect of restricted stock units | 381,506 | 343,287 | 437,957 | ||||||
Diluted shares outstanding | 124,165,052 | 121,824,349 | 113,583,486 | ||||||
As of December 31, 2013, all outstanding warrants were dilutive and included in the computation of diluted earnings per share. As of December 31, 2012 and 2011, warrants to purchase 72,324 and 5,301 shares of common stock, respectively, were excluded from the computation of diluted earnings per share as they were anti-dilutive. As of December 31, 2013, 2012 and 2011, all outstanding stock options were dilutive and included in the computation of diluted earnings per share. | |||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||
17.EMPLOYEE BENEFIT PLANS | |||||||||||||||||||
401K Plans: WCI has a voluntary savings and investment plan (the “WCI 401(k) Plan”), as do certain of its subsidiaries (together with the WCI 401(k) Plan, the “401(k) Plans”). The 401(k) Plans are available to all eligible employees of WCI and its subsidiaries. WCI and its subsidiaries make matching contributions under the 401(k) Plans of 50% to 100% of every dollar of a participating employee’s pre-tax contributions until the employee’s contributions equal from 3% to 6% of the employee’s eligible compensation, subject to certain limitations imposed by the U.S. Internal Revenue Code. | |||||||||||||||||||
Total employer expenses, including employer matching contributions, for the 401(k) Plans were $4,024, $3,304 and $2,759, respectively, during the years ended December 31, 2013, 2012 and 2011. These amounts include matching contributions WCI made under the Deferred Compensation Plan, described below. | |||||||||||||||||||
Multiemployer Pension Plans: The Company also participates in two “multiemployer” pension plans. The Company does not administer these multiemployer plans. In general, these plans are managed by the trustees, with the unions appointing certain trustees, and other contributing employers of the plan appointing certain members. The Company is generally not represented on the board of trustees. The Company makes periodic contributions to these plans pursuant to its collective bargaining agreements. The Company’s participation in multiemployer pension plans is summarized as follows: | |||||||||||||||||||
Pension Protection Act Zone Status(b) | Company Contributions | Expiration Date of | |||||||||||||||||
Plan Name | EIN/Pension Plan Number | 2013 | 2012 | 2013 | 2012 | 2011 | Collective Bargaining Agreement | ||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 - 001 | Green | Green | $ | 3,662 | $ | 3,591 | $ | 3,689 | 12/31/13 to 6/30/16 | (a) | ||||||||
Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan | 91-6028571 - 001 | Green | Green | 223 | 221 | 217 | 9/30/16 | ||||||||||||
$ | 3,885 | $ | 3,812 | $ | 3,906 | ||||||||||||||
______________________ | |||||||||||||||||||
(a) There is one collective bargaining agreement, representing 15 employees, which expired on December 31, 2013, and is currently being negotiated for extension. | |||||||||||||||||||
(b) The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plans’ years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||
The status is based on information that the Company received from the pension plans and is certified by the pension plans’ actuary. Plans with “green” status are at least 80% funded. The Company’s contributions to each individual multiemployer pension plan represent less than 5% of total contributions to such plan. Under current law regarding multiemployer benefit plans, a plan’s termination, the Company’s voluntary withdrawal, or the withdrawal of all contributing employers from any under-funded multiemployer pension plan would require the Company to make payments to the plan for its proportionate share of the multiemployer plan’s unfunded vested liabilities. The Company could have adjustments to its estimates for these matters in the near term that could have a material effect on its consolidated financial condition, results of operations or cash flows. | |||||||||||||||||||
Deferred Compensation Plan: Effective for compensation paid on and after July 1, 2004, the Company established a Deferred Compensation Plan for eligible employees, which was amended and restated effective January 1, 2008, January 1, 2010 and January 1, 2014 (the “Deferred Compensation Plan”). The Deferred Compensation Plan is a non-qualified deferred compensation program under which the eligible participants, including officers and certain employees who meet a minimum salary threshold, may voluntarily elect to defer up to 80% of their base salaries and up to 100% of their bonuses, commissions and restricted stock unit grants. Members of the Company’s Board of Directors are eligible to participate in the Deferred Compensation Plan with respect to their Director fees. Although the Company periodically contributes the amount of its obligation under the plan to a trust for the benefit of the participants, the amounts of any compensation deferred under the Deferred Compensation Plan constitute an unsecured obligation of the Company to pay the participants in the future and, as such, are subject to the claims of other creditors in the event of insolvency proceedings. Participants may elect certain future distribution dates on which all or a portion of their accounts will be paid to them, including in the case of a change in control of the Company. Their accounts will be distributed to them in cash, except for amounts credited with respect to deferred restricted stock unit grants, which will be distributed in shares of the Company’s common stock pursuant to the Third Amended and Restated 2004 Equity Incentive Plan or any successor plan or plans. In addition to the amount of participants’ contributions, the Company will pay participants an amount reflecting a deemed return based on the returns of various mutual funds or measurement funds selected by the participants, except in the case of restricted stock units that are deferred, which are credited to their accounts as shares of Company common stock. The measurement funds are used only to determine the amount of return the Company pays to participants and participant funds are not actually invested in the measurement fund, nor are any shares of Company common stock acquired under the Deferred Compensation Plan. In each of the three years ending December 31, 2013, the Company also made matching contributions to the Deferred Compensation Plan of 50% of every dollar of a participating employee’s pre-tax eligible contributions until the employee’s contributions equal 5% of the employee’s eligible compensation, less the amount of any match the Company makes on behalf of the employee under the WCI 401(k) Plan, and subject to certain deferral limitations imposed by the U.S. Internal Revenue Code on 401(k) plans, except that the Company’s matching contributions under the Deferred Compensation Plan were 100% vested when made. The Company’s total liability for deferred compensation at December 31, 2013 and 2012 was $15,335 and $12,541, respectively, which was recorded in Other long-term liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||
18.SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||
The following table summarizes the unaudited consolidated quarterly results of operations for 2013: | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Revenues | $ | 449,892 | $ | 489,381 | $ | 503,646 | $ | 485,877 | |||||
Operating income | 86,913 | 93,074 | 115,620 | 99,112 | |||||||||
Net income | 41,680 | 43,995 | 60,913 | 49,417 | |||||||||
Net income attributable to Waste Connections | 41,556 | 43,967 | 60,706 | 49,426 | |||||||||
Basic income per common share attributable to Waste Connections’ common stockholders | 0.34 | 0.36 | 0.49 | 0.40 | |||||||||
Diluted income per common share attributable to Waste Connections’ common stockholders | 0.34 | 0.35 | 0.49 | 0.40 | |||||||||
In December 2011, the Company commenced a relocation of its corporate headquarters from Folsom, California to The Woodlands, Texas. During the year ended December 31, 2013, the Company incurred $750 ($463 net of taxes) related to this relocation. The amounts incurred were materially consistent throughout the four quarters. During the second quarter of 2013, the Company estimated and recorded $10,498 ($6,483 net of taxes) of expense associated with the cessation of use of its former corporate headquarters in Folsom, California, which was reduced by $1,338 ($826 net of taxes) during the third quarter of 2013 as a result of entering into a binding agreement to remit a payment to terminate the remaining lease obligation. During the third quarter of 2013, the Company recorded $742 ($458 net of taxes) of expense associated with the cessation of use of its E&P segment’s former regional offices in Houston, Texas. | |||||||||||||
The following table summarizes the unaudited consolidated quarterly results of operations for 2012: | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Revenues | $ | 376,430 | $ | 410,731 | $ | 425,654 | $ | 448,803 | |||||
Operating income | 65,056 | 81,737 | 89,147 | 80,206 | |||||||||
Net income | 31,439 | 42,515 | 49,620 | 36,086 | |||||||||
Net income attributable to Waste Connections | 31,303 | 42,415 | 49,385 | 35,989 | |||||||||
Basic income per common share attributable to Waste Connections’ common stockholders | 0.27 | 0.34 | 0.40 | 0.29 | |||||||||
Diluted income per common share attributable to Waste Connections’ common stockholders | 0.27 | 0.34 | 0.40 | 0.29 | |||||||||
In December 2011, the Company commenced a relocation of its corporate headquarters from Folsom, California to The Woodlands, Texas. During the year ended December 31, 2012, the Company incurred $8,031 ($4,975 net of taxes) related to this relocation. The amounts incurred were materially consistent throughout the four quarters. During the first quarter of 2012, the Company recognized $3,585 of pre-tax expense ($3,315 net of taxes) in Selling, general and administrative expense resulting from a grant of immediately vested restricted stock units to certain executive officers at the time the executives agreed to modification to their employment contracts. During the third quarter of 2012, the Company received an award from an arbitration it filed against a counter-party to a disposal agreement that breached that agreement. The award in the amount of $3,551 ($2,202 net of taxes) was recorded as Gain from litigation settlement. | |||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
19. Subsequent Event | |
On January 28, 2014, the Company announced that its Board of Directors approved a regular quarterly cash dividend of $0.115 per share on the Company’s common stock. The dividend will be paid on February 25, 2014, to stockholders of record on the close of business on February 11, 2014. | |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ' | |||||||||||||||||||||||||||||
WASTE CONNECTIONS, INC. | ||||||||||||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Additions | Deductions | |||||||||||||||||||||||||||||
Description | Balance at Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts | (Write-offs, Net of Collections) | Balance at End of Year | |||||||||||||||||||||||||
Allowance for Doubtful Accounts: | ||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 6,548 | $ | 6,617 | $ | - | $ | -5,817 | $ | 7,348 | ||||||||||||||||||||
Year Ended December 31, 2012 | 6,617 | 5,153 | - | -5,222 | 6,548 | |||||||||||||||||||||||||
Year Ended December 31, 2011 | 5,084 | 6,428 | - | -4,895 | 6,617 | |||||||||||||||||||||||||
Recovered_Sheet1
Organization, Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Organization, Business and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Organization and Business | ' | ||||||||||||||||||||
Organization and Business | |||||||||||||||||||||
Waste Connections, Inc. (“WCI” or the “Company”) was incorporated in Delaware on September 9, 1997, and commenced its operations on October 1, 1997, through the purchase of certain solid waste operations in the state of Washington. The Company is an integrated municipal solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets in the U.S. and a leading provider of non-hazardous exploration and production (“E&P”) waste treatment, recovery and disposal services in several of the most active natural resource producing areas of the U.S. The Company also provides intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest. | |||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||
These consolidated financial statements include the accounts of WCI and its wholly-owned and majority-owned subsidiaries. The consolidated entity is referred to herein as the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less at purchase to be cash equivalents. As of December 31, 2013 and 2012, cash equivalents consisted of demand money market accounts. | |||||||||||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted assets and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted assets are invested primarily in U.S. government and agency securities. The Company has not experienced any losses related to its cash and equivalents or restricted asset accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for losses based on the expected collectability of accounts receivable. | |||||||||||||||||||||
Revenue Recognition and Accounts Receivable | ' | ||||||||||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||||||||||
Revenues are recognized when persuasive evidence of an arrangement exists, the service has been provided, the price is fixed or determinable and collection is reasonably assured. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer is presented in the statements of net income on a net basis (excluded from revenues). | |||||||||||||||||||||
The Company’s receivables are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, type of customer such as municipal or non-municipal, the age of outstanding receivables and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | |||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter. | |||||||||||||||||||||
The estimated useful lives are as follows: | |||||||||||||||||||||
Buildings | 10 – 20 years | ||||||||||||||||||||
Leasehold and land improvements | 3 – 10 years | ||||||||||||||||||||
Machinery and equipment | 3 – 12 years | ||||||||||||||||||||
Rolling stock | 2 – 10 years | ||||||||||||||||||||
Containers | 5 – 12 years | ||||||||||||||||||||
Rail cars | 20 years | ||||||||||||||||||||
Landfill Accounting | ' | ||||||||||||||||||||
Landfill Accounting | |||||||||||||||||||||
The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill. | |||||||||||||||||||||
- | Landfill development costs. Landfill development costs include the costs of acquisition, construction associated with excavation, liners, site berms, groundwater monitoring wells, gas recovery systems and leachate collection systems. The Company estimates the total costs associated with developing each landfill site to its final capacity. This includes certain projected landfill site costs that are uncertain because they are dependent on future events and thus actual costs could vary significantly from estimates. The total cost to develop a site to its final capacity includes amounts previously expended and capitalized, net of accumulated depletion, and projections of future purchase and development costs, liner construction costs, and operating construction costs. Total landfill costs include the development costs associated with expansion airspace. Expansion airspace is addressed below. | ||||||||||||||||||||
- | Final capping, closure and post-closure obligations. The Company accrues for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and five of the six landfills that it operates, but does not own under life-of-site agreements. Accrued final capping, closure and post-closure costs represent an estimate of the current value of the future obligation associated with final capping, closure and post-closure monitoring of non-hazardous solid waste landfills currently owned or operated under life-of-site agreements by the Company. Final capping costs represent the costs related to installation of clay liners, drainage and compacted soil layers and topsoil constructed over areas of the landfill where total airspace capacity has been consumed. Closure and post-closure monitoring and maintenance costs represent the costs related to cash expenditures yet to be incurred when a landfill facility ceases to accept waste and closes. Accruals for final capping, closure and post-closure monitoring and maintenance requirements in the U.S. consider site inspection, groundwater monitoring, leachate management, methane gas control and recovery, and operating and maintenance costs to be incurred during the period after the facility closes. Certain of these environmental costs, principally capping and methane gas control costs, are also incurred during the operating life of the site in accordance with the landfill operation requirements of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company for which it is responsible for final capping, closure and post-closure. | ||||||||||||||||||||
The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting current market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing 2013 and 2012 “layers” for final capping, closure and post-closure obligations was 5.75% for each year, which reflects the Company’s long-term cost of borrowing as of the end of 2012 and 2011. The Company’s inflation rate assumption was 2.5% for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately 5 to 200 years, with an average remaining life of approximately 42 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes. | |||||||||||||||||||||
The estimates for landfill final capping, closure and post-closure costs consider when the costs would actually be paid and factor in inflation and discount rates. Interest is accreted on the recorded liability using the corresponding discount rate. When using discounted cash flow techniques, reliable estimates of market premiums may not be obtainable. In the waste industry, there is no market for selling the responsibility for final capping, closure and post-closure obligations independent of selling the landfill in its entirety. Accordingly, the Company does not believe that it is possible to develop a methodology to reliably estimate a market risk premium and has therefore excluded any such market risk premium from its determination of expected cash flows for landfill asset retirement obligations. The possibility of changing legal and regulatory requirements and the forward-looking nature of these types of costs make any estimation or assumption less certain. | |||||||||||||||||||||
The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2011 to December 31, 2013: | |||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2011 | $ | 30,883 | |||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | 3,535 | ||||||||||||||||||||
Liabilities incurred | 2,926 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,581 | ||||||||||||||||||||
Closure payments | -22 | ||||||||||||||||||||
Assumption of closure liabilities from acquisitions | 6,570 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2012 | 46,473 | ||||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | -3,528 | ||||||||||||||||||||
Liabilities incurred | 4,668 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,749 | ||||||||||||||||||||
Closure payments | -234 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2013 | $ | 50,128 | |||||||||||||||||||
The Adjustments to final capping, closure and post-closure liabilities for the year ended December 31, 2013, primarily consisted of increases in estimated airspace at some of the Company’s landfills at which expansions are being pursued or have been granted, decreases in estimated closure costs at some of the Company’s landfills and revisions in engineering estimates, partially offset by an increase in estimates of annual tonnage consumption at some of the Company’s landfills. The Adjustments to final capping, closure and post-closure liabilities for the year ended December 31, 2012, primarily consisted of increases in estimated closure costs and changes in timing of closure activities at some of the Company’s landfills, partially offset by a decrease in closure liabilities from third parties due to changes in timing of closure activities and reduced closure expenses. The final capping, closure and post-closure liability is included in Other long-term liabilities in the Consolidated Balance Sheets. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. | |||||||||||||||||||||
At December 31, 2013, $33,466 of the Company’s restricted assets balance was for purposes of securing its performance of future final capping, closure and post-closure obligations. | |||||||||||||||||||||
- | Disposal capacity. The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. This is done by using surveys and other methods to calculate, based on the terms of the permit, height restrictions and other factors, how much airspace is left to fill and how much waste can be disposed of at a landfill before it has reached its final capacity. The Company’s landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns, and certain landfills it operates, but does not own, under life-of-site agreements. The Company’s landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets the following criteria is included in the estimate of total landfill airspace: | ||||||||||||||||||||
1) | whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; | ||||||||||||||||||||
2) | whether total development costs, final capping costs, and closure/post-closure costs have been determined; | ||||||||||||||||||||
3) | whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; | ||||||||||||||||||||
4) | whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and | ||||||||||||||||||||
5) | whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion). | ||||||||||||||||||||
It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. | |||||||||||||||||||||
The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired. | |||||||||||||||||||||
Cell Processing Reserves | ' | ||||||||||||||||||||
Cell Processing Reserves | |||||||||||||||||||||
The Company records a cell processing reserve related to its E&P segment for certain locations in Louisiana and Texas for the estimated amount of expenses to be incurred upon the treatment and excavation of oilfield waste received. The cell processing reserve is the future cost to properly treat and dispose of existing waste within the cells at the various facilities. The reserve generally covers estimated costs to be incurred over a period of time up to 24 months, with the current portion representing costs estimated to be incurred in the next 12 months. The estimate is calculated based on current estimated volume in the cells, estimated percentage of waste treated, and historical average costs to treat and excavate the waste. The processing reserve represents the estimated costs to process the volumes of oilfield waste on-hand for which revenue has been recognized. At December 31, 2013 and 2012, the current portion of cell processing reserves was $7,013 and $6,442, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2013 and 2012, the long-term portion of cell processing reserves was $2,416 and $2,043, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||||
Business Combination Accounting | ' | ||||||||||||||||||||
Business Combination Accounting | |||||||||||||||||||||
The Company accounts for business combinations as follows: | |||||||||||||||||||||
· | The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of net assets acquired and liabilities assumed. | ||||||||||||||||||||
· | At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company measures the fair values of all noncontractual contingencies if, as of the acquisition date, it is more likely than not that the contingency will give rise to an asset or liability. | ||||||||||||||||||||
Finite-Lived Intangible Assets | ' | ||||||||||||||||||||
Finite-Lived Intangible Assets | |||||||||||||||||||||
The amounts assigned to franchise agreements, contracts and customer lists are being amortized on a straight-line basis over the expected term of the related agreements (ranging from 1 to 56 years). | |||||||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | ' | ||||||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||||||
The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories and to operate exploration and production waste treatment and disposal facilities. The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below. | |||||||||||||||||||||
Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In the first step of testing for goodwill impairment, the Company estimates the fair value of each reporting unit, which the Company has determined to be its three geographic operating segments and its E&P segment, and compares the fair value with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than the carrying value, then the Company would perform a second step and determine the fair value of the goodwill. In this second step, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income. | |||||||||||||||||||||
To determine the fair value of each of the Company’s reporting units as a whole and each indefinite-lived intangible asset, the Company uses discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the Company’s 2013 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2014 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2013 results and perpetual revenue growth rates of 3.2%. The Company’s discount rate assumptions are based on an assessment of the Company’s weighted average cost of capital which approximated 5.4%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market capitalization. | |||||||||||||||||||||
In addition, the Company would evaluate a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: | |||||||||||||||||||||
· | a significant adverse change in legal factors or in the business climate; | ||||||||||||||||||||
· | an adverse action or assessment by a regulator; | ||||||||||||||||||||
· | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | ||||||||||||||||||||
· | the testing for recoverability of a significant asset group within the segment. | ||||||||||||||||||||
As a result of performing the tests for potential impairment of goodwill and indefinite-lived intangible assets, the Company determined that no impairment existed as of December 31, 2013 or 2012, and, therefore, there were no write-downs to any of its goodwill or indefinite-lived intangible assets. | |||||||||||||||||||||
Impairments of Property, Plant and Equipment and Finite-Lived Intangible Assets | ' | ||||||||||||||||||||
Impairments of Property, Plant and Equipment and Finite-Lived Intangible Assets | |||||||||||||||||||||
Property, plant, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and non-competition agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | |||||||||||||||||||||
Typical indicators that an asset may be impaired include: | |||||||||||||||||||||
· | a significant adverse change in legal factors or in the business climate; | ||||||||||||||||||||
· | an adverse action or assessment by a regulator; | ||||||||||||||||||||
· | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | ||||||||||||||||||||
· | the testing for recoverability of a significant asset group within a segment. | ||||||||||||||||||||
If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below. | |||||||||||||||||||||
Landfills – There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion projects. A regulator or court may deny or overturn a landfill development or landfill expansion permit application before the development or expansion permit is ultimately granted. For example, see Note 11 for discussion of the Chaparral, New Mexico Landfill Permit Litigation, the Harper County, Kansas Landfill Permit Litigation and the Solano County, California Measure E/Landfill Expansion Litigation. Management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry. | |||||||||||||||||||||
Restricted Assets | ' | ||||||||||||||||||||
Restricted Assets | |||||||||||||||||||||
Restricted assets held by trustees consist principally of funds deposited in connection with landfill final capping, closure and post-closure obligations and other financial assurance requirements. Proceeds from these financing arrangements are directly deposited into trust funds, and the Company does not have the ability to utilize the funds in regular operating activities. See Note 8 for further information on restricted assets. | |||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted assets, trade payables, debt instruments, contingent consideration obligations, interest rate swaps and a fuel hedge. As of December 31, 2013 and 2012, the carrying values of cash and equivalents, trade receivables, restricted assets, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of December 31, 2013 and 2012, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||
Carrying Value at | Fair Value* at | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
6.22% Senior Notes due 2015 | $ | 175,000 | $ | 175,000 | $ | 187,206 | $ | 193,949 | |||||||||||||
3.30% Senior Notes due 2016 | $ | 100,000 | $ | 100,000 | $ | 102,066 | $ | 103,068 | |||||||||||||
4.00% Senior Notes due 2018 | $ | 50,000 | $ | 50,000 | $ | 50,992 | $ | 52,476 | |||||||||||||
5.25% Senior Notes due 2019 | $ | 175,000 | $ | 175,000 | $ | 185,037 | $ | 195,584 | |||||||||||||
4.64% Senior Notes due 2021 | $ | 100,000 | $ | 100,000 | $ | 100,341 | $ | 107,418 | |||||||||||||
______________________ | |||||||||||||||||||||
*Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value is based on quotes of bonds with similar ratings in similar industries. | |||||||||||||||||||||
For details on the fair value of the Company’s interest rate swaps, fuel hedge and restricted assets, refer to Note 8. | |||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
The Company recognizes all derivatives on the balance sheet at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the effective portion of the changes in the fair value of derivatives will be recognized in accumulated other comprehensive loss (“AOCL”) until the hedged item is recognized in earnings. The ineffective portion of the changes in the fair value of derivatives will be immediately recognized in earnings. The Company classifies cash inflows and outflows from derivatives within operating activities on the statement of cash flows. | |||||||||||||||||||||
One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings issued under its revolving credit facility. The Company’s strategy to achieve that objective involves entering into interest rate swaps that are specifically designated to the Company’s revolving credit facility and accounted for as cash flow hedges. | |||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included three interest rate swap agreements as follows: | |||||||||||||||||||||
Notional Amount | Fixed Interest Rate Paid* | Variable Interest Rate Received | Effective Date | ||||||||||||||||||
Date Entered | Expiration Date | ||||||||||||||||||||
Mar-09 | $ | 175,000 | 2.85% | 1-month LIBOR | Feb-11 | Feb-14 | |||||||||||||||
Aug-11 | $ | 150,000 | 0.80% | 1-month LIBOR | Apr-12 | Jan-15 | |||||||||||||||
Dec-11 | $ | 175,000 | 1.60% | 1-month LIBOR | Feb-14 | Feb-17 | |||||||||||||||
____________________ | |||||||||||||||||||||
* plus applicable margin. | |||||||||||||||||||||
Another of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the price of diesel fuel. The Company’s strategy to achieve that objective involves periodically entering into fuel hedges that are specifically designated to certain forecasted diesel fuel purchases and accounted for as cash flow hedges. | |||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included one fuel hedge agreement as follows: | |||||||||||||||||||||
Date Entered | Notional Amount | Diesel Rate Paid Fixed (per gallon) | Diesel Rate Received Variable | Effective Date | Expiration | ||||||||||||||||
(in gallons per month) | Date | ||||||||||||||||||||
Jun-12 | 300,000 | $ | 3.60 | DOE Diesel Fuel Index* | Jan-14 | Dec-15 | |||||||||||||||
____________________ | |||||||||||||||||||||
* If the national U.S. on-highway average price for a gallon of diesel fuel (“average price”), as published by the Department of Energy, exceeds the contract price per gallon, the Company receives the difference between the average price and the contract price (multiplied by the notional number of gallons) from the counterparty. If the average price is less than the contract price per gallon, the Company pays the difference to the counterparty. | |||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2013, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities(a) | $ | -3,373 | ||||||||||||||||||
Other long-term liabilities | -1,853 | ||||||||||||||||||||
Fuel hedge | Prepaid expenses and other current assets(b) | $ | 1,304 | ||||||||||||||||||
Other assets, net | 895 | ||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 2,199 | $ | -5,226 | |||||||||||||||||
____________________ | |||||||||||||||||||||
(a)Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2013 (based on the interest rate yield curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. | |||||||||||||||||||||
(b)Represents the estimated amount of the existing unrealized gains on the fuel hedge as of December 31, 2013 (based on the forward DOE diesel fuel index curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in diesel fuel prices. | |||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2012, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities | $ | -5,374 | ||||||||||||||||||
Other long-term liabilities | -5,789 | ||||||||||||||||||||
Fuel hedge | Other assets, net | $ | 1,187 | ||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 1,187 | $ | -11,163 | |||||||||||||||||
The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income and AOCL for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion)(a) | Statement of Income Classification | Amount of (Gain) or Loss Reclassified from AOCL into Earnings, | ||||||||||||||||||
Net of Tax (Effective Portion)(b), (c) | |||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Interest rate swaps | $ | 188 | $ | -4,524 | $ | -3,224 | Interest expense | $ | 3,483 | $ | 3,279 | $ | 3,598 | ||||||||
Fuel hedge | 625 | 1,358 | 1,905 | Cost of operations | - | -2,798 | -2,664 | ||||||||||||||
Total | $ | 813 | $ | -3,166 | $ | -1,319 | $ | 3,483 | $ | 481 | $ | 934 | |||||||||
____________________ | |||||||||||||||||||||
(a)In accordance with the derivatives and hedging guidance, the effective portions of the changes in fair values of interest rate swaps and the fuel hedge have been recorded in equity as a component of AOCL. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in AOCL. Because changes in the actual price of diesel fuel and changes in the DOE index price do not offset exactly each reporting period, the Company assesses whether the fuel hedge is highly effective using the cumulative dollar offset approach. | |||||||||||||||||||||
(b)Amounts reclassified from AOCL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. | |||||||||||||||||||||
(c)Amounts reclassified from AOCL into earnings related to realized gains and losses on the fuel hedge are recognized when settlement payments or receipts occur related to the hedge contract, which correspond to when the underlying fuel is consumed. | |||||||||||||||||||||
The Company measures and records ineffectiveness on the fuel hedge in Cost of operations in the Consolidated Statements of Net Income on a monthly basis based on the difference between the DOE index price and the actual price of diesel fuel purchased, multiplied by the notional number of gallons on the contracts. There was no significant ineffectiveness recognized on the fuel hedges during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
See Note 13 for further discussion on the impact of the Company’s hedge accounting to its consolidated Comprehensive income and AOCL. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records valuation allowances to reduce net deferred tax assets to the amount considered more likely than not to be realized. | |||||||||||||||||||||
The Company is required to evaluate whether the tax positions taken on its federal and state income tax returns will more likely than not be sustained upon examination by the appropriate taxing authority. If the Company determines that such tax positions will not be sustained, it records a liability for the related unrecognized tax benefits. The Company classifies its liability for unrecognized tax benefits as a current liability to the extent it anticipates making a payment within one year. | |||||||||||||||||||||
Equity-Based Compensation | ' | ||||||||||||||||||||
Equity-Based Compensation | |||||||||||||||||||||
The fair value of restricted stock units is determined based on the number of shares granted and the closing price of the Company’s common stock. | |||||||||||||||||||||
All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized on a straight-line basis as expense over the employee’s requisite service period. The Company calculates potential income tax windfalls and shortfalls under the treasury stock method by including the impact of pro forma deferred tax assets in the calculation of diluted earnings per common share. Under the stock-based compensation guidance, the Company elected to use the short-cut method to calculate the historical pool of windfall tax benefits. The Company elected to use the tax law ordering approach for purposes of determining whether an excess of tax benefit has been realized. | |||||||||||||||||||||
Warrants are valued using the Black-Scholes pricing model with a contractual life of five years, a risk free interest rate based on the 5-year U.S. treasury yield curve and expected volatility. The Company uses the historical volatility of its common stock over a period equivalent to the contractual life of the warrants to estimate the expected volatility. Warrants issued to consultants are recorded as an element of the related cost of landfill development projects or to expense for warrants issued in connection with acquisitions. | |||||||||||||||||||||
Equity-based compensation expense recognized during the years ended December 31, 2013, 2012 and 2011, was approximately $15,397 ($9,508 net of taxes), $17,289 ($11,803 net of taxes) and $11,879 ($7,365 net of taxes), respectively, and consisted of restricted stock unit and warrant expense. The Company records equity-based compensation expense in Selling, general and administrative expenses in the Consolidated Statements of Net Income. The total unrecognized compensation cost at December 31, 2013, related to unvested restricted stock unit awards was $25,138 and that future expense will be recognized over the remaining vesting period of the restricted stock unit awards, which extends to 2017. The weighted average remaining vesting period of those awards is 1.1 years. | |||||||||||||||||||||
Per Share Information | ' | ||||||||||||||||||||
Per Share Information | |||||||||||||||||||||
Basic net income per share attributable to Waste Connections’ common stockholders is computed using the weighted average number of common shares outstanding and vested and unissued restricted stock units deferred for issuance into the deferred compensation plan. Diluted net income per share attributable to Waste Connections’ common stockholders is computed using the weighted average number of common and potential common shares outstanding. Potential common shares are excluded from the computation if their effect is anti-dilutive. | |||||||||||||||||||||
Advertising Costs | ' | ||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013, 2012 and 2011, was $3,704, $3,737 and $3,679, respectively, which is included in Selling, general and administrative expense in the Consolidated Statements of Net Income. | |||||||||||||||||||||
Insurance Liabilities | ' | ||||||||||||||||||||
Insurance Liabilities | |||||||||||||||||||||
As a result of its high deductible or self-insured retention insurance policies, the Company is effectively self-insured for automobile liability, general liability, employer’s liability, environmental liability, cyber liability, employment practices liability, directors’ and officers’ liability as well as for employee group health insurance, property and workers’ compensation. The Company’s insurance accruals are based on claims filed and estimates of claims incurred but not reported and are developed by the Company’s management with assistance from its third-party actuary and its third-party claims administrator. The insurance accruals are influenced by the Company’s past claims experience factors, which have a limited history, and by published industry development factors. At December 31, 2013 and 2012, the Company’s total accrual for self-insured liabilities was $42,732 and $43,935, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||||
Organization_Business_and_Summ1
Organization, Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Property Plant and Equipment Estimated Useful Lives | ' | ||||||||||||||||||||
The estimated useful lives are as follows: | |||||||||||||||||||||
Buildings | 10 – 20 years | ||||||||||||||||||||
Leasehold and land improvements | 3 – 10 years | ||||||||||||||||||||
Machinery and equipment | 3 – 12 years | ||||||||||||||||||||
Rolling stock | 2 – 10 years | ||||||||||||||||||||
Containers | 5 – 12 years | ||||||||||||||||||||
Rail cars | 20 years | ||||||||||||||||||||
Reconciliation of Final Capping, Closure and Post-Closure Liability Balance | ' | ||||||||||||||||||||
The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2011 to December 31, 2013: | |||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2011 | $ | 30,883 | |||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | 3,535 | ||||||||||||||||||||
Liabilities incurred | 2,926 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,581 | ||||||||||||||||||||
Closure payments | -22 | ||||||||||||||||||||
Assumption of closure liabilities from acquisitions | 6,570 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2012 | 46,473 | ||||||||||||||||||||
Adjustments to final capping, closure and post-closure liabilities | -3,528 | ||||||||||||||||||||
Liabilities incurred | 4,668 | ||||||||||||||||||||
Accretion expense associated with landfill obligations | 2,749 | ||||||||||||||||||||
Closure payments | -234 | ||||||||||||||||||||
Final capping, closure and post-closure liability at December 31, 2013 | $ | 50,128 | |||||||||||||||||||
Carrying Values and Fair Values of Debt Instruments | ' | ||||||||||||||||||||
The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||
Carrying Value at | Fair Value* at | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
6.22% Senior Notes due 2015 | $ | 175,000 | $ | 175,000 | $ | 187,206 | $ | 193,949 | |||||||||||||
3.30% Senior Notes due 2016 | $ | 100,000 | $ | 100,000 | $ | 102,066 | $ | 103,068 | |||||||||||||
4.00% Senior Notes due 2018 | $ | 50,000 | $ | 50,000 | $ | 50,992 | $ | 52,476 | |||||||||||||
5.25% Senior Notes due 2019 | $ | 175,000 | $ | 175,000 | $ | 185,037 | $ | 195,584 | |||||||||||||
4.64% Senior Notes due 2021 | $ | 100,000 | $ | 100,000 | $ | 100,341 | $ | 107,418 | |||||||||||||
______________________ | |||||||||||||||||||||
*Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value is based on quotes of bonds with similar ratings in similar industries. | |||||||||||||||||||||
Fair Value of Derivative Instrument Designated as Cash Flow Hedges | ' | ||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2013, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities(a) | $ | -3,373 | ||||||||||||||||||
Other long-term liabilities | -1,853 | ||||||||||||||||||||
Fuel hedge | Prepaid expenses and other current assets(b) | $ | 1,304 | ||||||||||||||||||
Other assets, net | 895 | ||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 2,199 | $ | -5,226 | |||||||||||||||||
____________________ | |||||||||||||||||||||
(a)Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2013 (based on the interest rate yield curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. | |||||||||||||||||||||
(b)Represents the estimated amount of the existing unrealized gains on the fuel hedge as of December 31, 2013 (based on the forward DOE diesel fuel index curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in diesel fuel prices. | |||||||||||||||||||||
The fair values of derivative instruments designated as cash flow hedges as of December 31, 2012, were as follows: | |||||||||||||||||||||
Derivatives Designated as Cash | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Flow Hedges | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Interest rate swaps | Accrued liabilities | $ | -5,374 | ||||||||||||||||||
Other long-term liabilities | -5,789 | ||||||||||||||||||||
Fuel hedge | Other assets, net | $ | 1,187 | ||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 1,187 | $ | -11,163 | |||||||||||||||||
Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income and AOCL for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion)(a) | Statement of Income Classification | Amount of (Gain) or Loss Reclassified from AOCL into Earnings, | ||||||||||||||||||
Net of Tax (Effective Portion)(b), (c) | |||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Interest rate swaps | $ | 188 | $ | -4,524 | $ | -3,224 | Interest expense | $ | 3,483 | $ | 3,279 | $ | 3,598 | ||||||||
Fuel hedge | 625 | 1,358 | 1,905 | Cost of operations | - | -2,798 | -2,664 | ||||||||||||||
Total | $ | 813 | $ | -3,166 | $ | -1,319 | $ | 3,483 | $ | 481 | $ | 934 | |||||||||
____________________ | |||||||||||||||||||||
(a)In accordance with the derivatives and hedging guidance, the effective portions of the changes in fair values of interest rate swaps and the fuel hedge have been recorded in equity as a component of AOCL. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in AOCL. Because changes in the actual price of diesel fuel and changes in the DOE index price do not offset exactly each reporting period, the Company assesses whether the fuel hedge is highly effective using the cumulative dollar offset approach. | |||||||||||||||||||||
(b)Amounts reclassified from AOCL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. | |||||||||||||||||||||
(c)Amounts reclassified from AOCL into earnings related to realized gains and losses on the fuel hedge are recognized when settlement payments or receipts occur related to the hedge contract, which correspond to when the underlying fuel is consumed. | |||||||||||||||||||||
Interest Rate Swap [Member] | ' | ||||||||||||||||||||
Company's derivative instruments | ' | ||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included three interest rate swap agreements as follows: | |||||||||||||||||||||
Notional Amount | Fixed Interest Rate Paid* | Variable Interest Rate Received | Effective Date | ||||||||||||||||||
Date Entered | Expiration Date | ||||||||||||||||||||
Mar-09 | $ | 175,000 | 2.85% | 1-month LIBOR | Feb-11 | Feb-14 | |||||||||||||||
Aug-11 | $ | 150,000 | 0.80% | 1-month LIBOR | Apr-12 | Jan-15 | |||||||||||||||
Dec-11 | $ | 175,000 | 1.60% | 1-month LIBOR | Feb-14 | Feb-17 | |||||||||||||||
____________________ | |||||||||||||||||||||
* plus applicable margin. | |||||||||||||||||||||
Fuel Hedge Agreements | ' | ||||||||||||||||||||
Company's derivative instruments | ' | ||||||||||||||||||||
At December 31, 2013, the Company’s derivative instruments included one fuel hedge agreement as follows: | |||||||||||||||||||||
Date Entered | Notional Amount | Diesel Rate Paid Fixed (per gallon) | Diesel Rate Received Variable | Effective Date | Expiration | ||||||||||||||||
(in gallons per month) | Date | ||||||||||||||||||||
Jun-12 | 300,000 | $ | 3.60 | DOE Diesel Fuel Index* | Jan-14 | Dec-15 | |||||||||||||||
____________________ | |||||||||||||||||||||
* If the national U.S. on-highway average price for a gallon of diesel fuel (“average price”), as published by the Department of Energy, exceeds the contract price per gallon, the Company receives the difference between the average price and the contract price (multiplied by the notional number of gallons) from the counterparty. If the average price is less than the contract price per gallon, the Company pays the difference to the counterparty. | |||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Summary of Consideration Transferred To Acquire Businesses And Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests | ' | |||||||||
The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired, liabilities assumed and noncontrolling interests associated with businesses acquired at the acquisition date for acquisitions consummated in the years ended December 31, 2013, 2012 and 2011: | ||||||||||
2013 | 2012 | 2011 Acquisitions | ||||||||
Acquisitions | Acquisitions | |||||||||
Fair value of consideration transferred: | ||||||||||
Cash | $ | 64,156 | $ | 241,525 | $ | 257,852 | ||||
Debt assumed* | - | 12,986 | 84,737 | |||||||
Notes issued to sellers | - | - | 10,656 | |||||||
Contingent consideration | 40 | 21,314 | 22,486 | |||||||
64,196 | 275,825 | 375,731 | ||||||||
Recognized amounts of identifiable assets acquired, liabilities assumed and noncontrolling interests associated with businesses acquired: | ||||||||||
Accounts receivable | 211 | 10,874 | 9,613 | |||||||
Other current assets | 317 | 1,062 | 1,056 | |||||||
Restricted assets | - | 6,725 | - | |||||||
Property and equipment | 12,775 | 127,023 | 114,463 | |||||||
Long-term franchise agreements and contracts | 1,043 | 10,307 | 3,269 | |||||||
Indefinite-lived intangibles | - | 35,344 | 42,283 | |||||||
Customer lists | 13,024 | 21,837 | 34,463 | |||||||
Permits | - | 2,295 | 10,367 | |||||||
Other long-term assets | - | 185 | - | |||||||
Deferred revenue | -539 | -5,056 | -6,376 | |||||||
Accounts payable | -735 | -3,393 | -6,183 | |||||||
Accrued liabilities | -1,034 | -2,139 | -2,398 | |||||||
Noncontrolling interests | - | - | -251 | |||||||
Other long-term liabilities | -767 | -3,480 | -2,145 | |||||||
Deferred income taxes | - | - | -11,466 | |||||||
Total identifiable net assets | 24,295 | 201,584 | 186,695 | |||||||
Goodwill | $ | 39,901 | $ | 74,241 | $ | 189,036 | ||||
____________________ | ||||||||||
*Debt assumed as part of 2011 and 2012 acquisitions was paid at close of acquisition. | ||||||||||
Pro Forma Results of Operations | ' | |||||||||
The following pro forma results of operations assume that the Company’s significant acquisitions occurring in 2012 and 2011, including the R360 acquisition, were acquired as of January 1, 2011 (unaudited): | ||||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | |||||||||
Total revenue | $ | 1,866,458 | $ | 1,792,220 | ||||||
Net income | 164,176 | 184,109 | ||||||||
Basic income per share | 1.35 | 1.63 | ||||||||
Diluted income per share | 1.35 | 1.62 | ||||||||
R360 Environmental Solutions Inc [Member] | ' | |||||||||
Summary of Consideration Transferred To Acquire Businesses And Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests | ' | |||||||||
The following table summarizes the consideration transferred to acquire the R360 business and the amounts of identifiable assets acquired and liabilities assumed: | ||||||||||
Fair value of consideration transferred: | ||||||||||
Cash | $ | 1,338,344 | ||||||||
Debt assumed* | 9,306 | |||||||||
Contingent consideration | 37,293 | |||||||||
1,384,943 | ||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | ||||||||||
Accounts receivable | 50,161 | |||||||||
Other current assets | 19,716 | |||||||||
Property and equipment | 894,651 | |||||||||
Indefinite-lived intangibles | 27,096 | |||||||||
Customer lists | 21,016 | |||||||||
Accounts payable | -31,702 | |||||||||
Accrued liabilities | -19,286 | |||||||||
Other long-term liabilities | -8,066 | |||||||||
Deferred income taxes | -14,568 | |||||||||
Total identifiable net assets | 939,018 | |||||||||
Goodwill | $ | 445,925 | ||||||||
____________________ | ||||||||||
*Debt assumed was paid at close of acquisition. | ||||||||||
Contingent Consideration of Obligations Related to Previous Acquisitions | ' | |||||||||
Contingent consideration consists of obligations assumed by the Company related to previous acquisitions completed by R360, and consists of the following: | ||||||||||
Prairie Disposal contingent consideration | $ | 24,376 | ||||||||
Oilfield Holdings contingent consideration | 8,000 | |||||||||
Calpet contingent consideration | 4,176 | |||||||||
Claco Services contingent consideration | 741 | |||||||||
$ | 37,293 | |||||||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets, Net [Abstract] | ' | ||||||||
Intangible Assets Exclusive of Goodwill | ' | ||||||||
Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2013: | |||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||
Finite-lived intangible assets: | |||||||||
Long-term franchise agreements and contracts | $ | 196,110 | $ | -45,114 | $ | 150,996 | |||
Customer lists | 152,378 | -59,950 | 92,428 | ||||||
Permits and non-competition agreements | 41,369 | -10,565 | 30,804 | ||||||
389,857 | -115,629 | 274,228 | |||||||
Indefinite-lived intangible assets: | |||||||||
Solid waste collection and transportation permits | 151,505 | - | 151,505 | ||||||
Material recycling facility permits | 42,283 | - | 42,283 | ||||||
E&P facility permits | 59,855 | - | 59,855 | ||||||
253,643 | - | 253,643 | |||||||
Intangible assets, exclusive of goodwill | $ | 643,500 | $ | -115,629 | $ | 527,871 | |||
Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2012: | |||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||
Finite-lived intangible assets: | |||||||||
Long-term franchise agreements and contracts | $ | 198,779 | $ | -38,447 | $ | 160,332 | |||
Customer lists | 139,354 | -43,457 | 95,897 | ||||||
Permits and non-competition agreements | 41,472 | -9,436 | 32,036 | ||||||
379,605 | -91,340 | 288,265 | |||||||
Indefinite-lived intangible assets: | |||||||||
Solid waste collection and transportation permits | 151,505 | - | 151,505 | ||||||
Material recycling facility permits | 42,283 | - | 42,283 | ||||||
E&P facility permits | 59,855 | - | 59,855 | ||||||
253,643 | - | 253,643 | |||||||
Intangible assets, exclusive of goodwill | $ | 633,248 | $ | -91,340 | $ | 541,908 | |||
Estimated Future Amortization Expense of Amortizable Intangible Assets | ' | ||||||||
Estimated future amortization expense for the next five years relating to finite-lived intangible assets is as follows: | |||||||||
For the year ending December 31, 2014 | $ | 26,641 | |||||||
For the year ending December 31, 2015 | $ | 25,991 | |||||||
For the year ending December 31, 2016 | $ | 22,037 | |||||||
For the year ending December 31, 2017 | $ | 20,066 | |||||||
For the year ending December 31, 2018 | $ | 19,113 | |||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property and Equipment, Net [Abstract] | ' | |||||
Property and Equipment | ' | |||||
Property and equipment, net consists of the following: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Landfill site costs | $ | 2,015,085 | $ | 1,974,994 | ||
Rolling stock | 602,838 | 555,680 | ||||
Land, buildings and improvements | 386,099 | 349,567 | ||||
Containers | 265,432 | 247,440 | ||||
Machinery and equipment | 311,953 | 266,196 | ||||
Construction in progress | 14,707 | 27,346 | ||||
3,596,114 | 3,421,223 | |||||
Less accumulated depreciation and depletion | -1,145,465 | -963,617 | ||||
$ | 2,450,649 | $ | 2,457,606 | |||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accrued Liabilities [Abstract] | ' | |||||
Accrued Liabilities | ' | |||||
Accrued liabilities consist of the following: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Insurance claims | $ | 42,732 | $ | 43,935 | ||
Payroll and payroll-related | 40,197 | 35,601 | ||||
Interest payable | 9,579 | 8,555 | ||||
Cell processing reserve - current portion | 7,013 | 6,442 | ||||
Unrealized interest rate losses | 3,373 | 5,374 | ||||
Environmental remediation reserve - current portion | 3,226 | 4,097 | ||||
Other | 12,906 | 17,825 | ||||
$ | 119,026 | $ | 121,829 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
Long-term debt consists of the following: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Revolver under Credit Facility | $ | 727,100 | $ | 787,000 | ||||||||||||
Term Loan Facility | 700,000 | 800,000 | ||||||||||||||
2015 Notes | 175,000 | 175,000 | ||||||||||||||
2016 Notes | 100,000 | 100,000 | ||||||||||||||
2018 Notes | 50,000 | 50,000 | ||||||||||||||
2019 Notes | 175,000 | 175,000 | ||||||||||||||
2021 Notes | 100,000 | 100,000 | ||||||||||||||
Tax-exempt bonds | 33,030 | 35,655 | ||||||||||||||
Notes payable to sellers and other third parties, bearing interest at 2.5% to 10.9%, principal and interest payments due periodically with due dates ranging from 2014 to 2036 | 12,845 | 16,280 | ||||||||||||||
2,072,975 | 2,238,935 | |||||||||||||||
Less – current portion | -5,385 | -33,968 | ||||||||||||||
$ | 2,067,590 | $ | 2,204,967 | |||||||||||||
Tax-Exempt Bond Financing | ' | |||||||||||||||
The Company’s tax-exempt bond financings are as follows: | ||||||||||||||||
Type of | Interest Rate on Bond at December 31, | Maturity Date of | Outstanding Balance at December 31, | Backed by Letter of Credit | ||||||||||||
Name of Bond | Interest Rate | 2013 | Bond | 2013 | 2012 | (Amount) | ||||||||||
Tehama Bond | Variable | 0.16% | June 1, 2014 | $ | 205 | $ | 290 | $ | 208 | |||||||
San Jose Bond – Series 2001A | Variable | 0.16 | September 1, 2016 | 1,395 | 1,815 | 1,642 | ||||||||||
West Valley Bond | Variable | 0.10 | August 1, 2018 | 15,500 | 15,500 | 15,678 | ||||||||||
LeMay Washington Bond | Variable | 0.08 | April 1, 2033 | 15,930 | 15,930 | 16,126 | ||||||||||
LeMay Olympia Bond | Variable | - | April 1, 2019 | - | 2,120 | - | ||||||||||
$ | 33,030 | $ | 35,655 | $ | 33,654 | |||||||||||
Aggregate Contractual Future Principal Payments by Calendar Year on Long-Term Debt | ' | |||||||||||||||
As of December 31, 2013, aggregate contractual future principal payments by calendar year on long-term debt are due as follows: | ||||||||||||||||
2014 | $ | 5,385 | ||||||||||||||
2015 | 259,084 | |||||||||||||||
2016 | 212,027 | |||||||||||||||
2017 | 510,437 | |||||||||||||||
2018 | 793,018 | |||||||||||||||
Thereafter | 293,024 | |||||||||||||||
$ | 2,072,975 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||
Assets and Liabilities Measured At Fair Value on Recurring Basis | ' | ||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012, were as follows: | |||||||||||||
Fair Value Measurement at December 31, 2013 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Interest rate swap derivative instruments – net liability position | $ | -5,226 | $ | - | $ | -5,226 | $ | - | |||||
Fuel hedge derivative instruments –net asset position | $ | 2,199 | $ | - | $ | - | $ | 2,199 | |||||
Restricted assets | $ | 32,782 | $ | 32,782 | $ | - | $ | - | |||||
Fair Value Measurement at December 31, 2012 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Interest rate swap derivative instruments – net liability position | $ | -11,163 | $ | - | $ | -11,163 | $ | - | |||||
Fuel hedge derivative instruments – net asset position | $ | 1,187 | $ | - | $ | - | $ | 1,187 | |||||
Restricted assets | $ | 33,425 | $ | 33,425 | $ | - | $ | - | |||||
Change in Fair Value for Level 3 Derivatives | ' | ||||||||||||
The following table summarizes the change in the fair value for Level 3 derivatives for the years ended December 31, 2013 and 2012: | |||||||||||||
Level 3 Derivatives | |||||||||||||
Balance as of December 31, 2011 | $ | 3,506 | |||||||||||
Realized gains included in earnings | -4,513 | ||||||||||||
Unrealized gains included in AOCL | 2,194 | ||||||||||||
Balance as of December 31, 2012 | 1,187 | ||||||||||||
Unrealized gains included in AOCL | 1,012 | ||||||||||||
Balance as of December 31, 2013 | $ | 2,199 | |||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Future Minimum Lease Payments | ' | ||
As of December 31, 2013, future minimum lease payments, by calendar year, are as follows: | |||
2014 | $ | 18,343 | |
2015 | 16,457 | ||
2016 | 14,773 | ||
2017 | 13,210 | ||
2018 | 10,595 | ||
Thereafter | 75,203 | ||
$ | 148,581 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||
Common Stock Shares Reserved for Issuance | ' | ||||||||||||||
Of the 126,433,513 shares of common stock authorized but unissued as of December 31, 2013, the following shares were reserved for issuance: | |||||||||||||||
Stock option and restricted stock unit plans | 2,788,260 | ||||||||||||||
Consultant Incentive Plan | 90,501 | ||||||||||||||
2,878,761 | |||||||||||||||
Restricted Stock Units Activity for 2004 Equity Incentive Plan | ' | ||||||||||||||
The following table summarizes restricted stock units activity for the 2004 Equity Incentive Plan: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Restricted stock units granted | 574,017 | 635,266 | 500,048 | ||||||||||||
Weighted average grant-date fair value of restricted stock units granted | $ | 34.06 | $ | 31.52 | $ | 29.28 | |||||||||
Total fair value of restricted stock units granted | $ | 19,550 | $ | 20,025 | $ | 14,643 | |||||||||
Restricted stock units becoming free of restrictions | 543,921 | 662,909 | 576,522 | ||||||||||||
Weighted average restriction period (in years) | 3.9 | 3.2 | 3.9 | ||||||||||||
Summary of Activity Related to Restricted Stock Units | ' | ||||||||||||||
A summary of activity related to restricted stock units under the 2004 Equity Incentive Plan during the year ended December 31, 2013, is presented below: | |||||||||||||||
Unvested Shares | Weighted-Average Grant Date Fair Value Per Share | ||||||||||||||
Outstanding at December 31, 2012 | 1,317,798 | $ | 26.34 | ||||||||||||
Granted | 574,017 | 34.06 | |||||||||||||
Forfeited | -48,428 | 31.04 | |||||||||||||
Vested and Issued | -482,403 | 23.73 | |||||||||||||
Vested and Unissued | -61,518 | 24.95 | |||||||||||||
Outstanding at December 31, 2013 | 1,299,466 | 29.98 | |||||||||||||
Summary of Stock Option Activity and Related Information | ' | ||||||||||||||
The Company has stock options outstanding, vested and exercisable under equity-based compensation plans that expired in 2012. A summary of the Company’s stock option activity and related information during the year ended December 31, 2013, is presented below: | |||||||||||||||
Number of Shares (Options) | Weighted Average Exercise Price | ||||||||||||||
Outstanding as of December 31, 2012 | 484,794 | $ | 13.26 | ||||||||||||
Granted | - | - | |||||||||||||
Forfeited | -1,688 | 10.70 | |||||||||||||
Exercised | -208,204 | 11.83 | |||||||||||||
Outstanding as of December 31, 2013 | 274,902 | 14.36 | |||||||||||||
Stock Options Outstanding | ' | ||||||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2013: | |||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||
Exercise Price | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | |||||||||
(in years) | |||||||||||||||
$11.08 to $15.45 | 274,902 | $ | 14.36 | 1.3 | 274,902 | $ | 14.36 | 1.3 | |||||||
Summary of Warrant Activity | ' | ||||||||||||||
A summary of warrant activity during the year ended December 31, 2013, is presented below: | |||||||||||||||
Warrants | Weighted-Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | 117,461 | $ | 29.69 | ||||||||||||
Granted | - | - | |||||||||||||
Forfeited | -18,383 | 25.93 | |||||||||||||
Exercised | -8,577 | 24.85 | |||||||||||||
Outstanding at December 31, 2013 | 90,501 | 30.92 | |||||||||||||
Summarized Information about Warrants Outstanding | ' | ||||||||||||||
The following table summarizes information about warrants outstanding as of December 31, 2013 and 2012: | |||||||||||||||
Warrants | Fair Value of Warrants | Outstanding at December 31, | |||||||||||||
Grant Date | Issued | Exercise Price | Issued | 2013 | 2012 | ||||||||||
Throughout 2009 | 5,589 | $14.67 to $19.61 | 22 | - | 713 | ||||||||||
Throughout 2010 | 51,627 | $20.64 to $27.41 | 351 | 9,199 | 35,446 | ||||||||||
Throughout 2011 | 9,324 | $27.53 to $33.14 | 79 | 9,324 | 9,324 | ||||||||||
Throughout 2012 | 71,978 | $30.52 to $33.03 | 628 | 71,978 | 71,978 | ||||||||||
90,501 | 117,461 | ||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||
Components of Other Comprehensive Income (Loss) | ' | |||||||||
The components of other comprehensive income (loss) and related tax effects for the years ended December 31, 2013, 2012 and 2011, are as follows: | ||||||||||
Year Ended December 31, 2013 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,641 | $ | -2,158 | $ | 3,483 | ||||
Changes in fair value of interest rate swaps | 296 | -108 | 188 | |||||||
Changes in fair value of fuel hedge | 1,012 | -387 | 625 | |||||||
$ | 6,949 | $ | -2,653 | $ | 4,296 | |||||
Year Ended December 31, 2012 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,289 | $ | -2,010 | $ | 3,279 | ||||
Fuel hedge amounts reclassified into cost of operations | -4,513 | 1,715 | -2,798 | |||||||
Changes in fair value of interest rate swaps | -7,333 | 2,809 | -4,524 | |||||||
Changes in fair value of fuel hedge | 2,194 | -836 | 1,358 | |||||||
$ | -4,363 | $ | 1,678 | $ | -2,685 | |||||
Year Ended December 31, 2011 | ||||||||||
Gross | Tax effect | Net of tax | ||||||||
Interest rate swap amounts reclassified into interest expense | $ | 5,803 | $ | -2,205 | $ | 3,598 | ||||
Fuel hedge amounts reclassified into cost of operations | -4,297 | 1,633 | -2,664 | |||||||
Changes in fair value of interest rate swaps | -5,200 | 1,976 | -3,224 | |||||||
Changes in fair value of fuel hedge | 3,073 | -1,168 | 1,905 | |||||||
$ | -621 | $ | 236 | $ | -385 | |||||
Amounts Included In Accumulated Other Comprehensive Loss | ' | |||||||||
A rollforward of the amounts included in AOCL, net of taxes, is as follows: | ||||||||||
Fuel Hedge | Interest Rate Swaps | Accumulated Other Comprehensive Loss | ||||||||
Balance at December 31, 2011 | $ | 2,172 | $ | -5,652 | $ | -3,480 | ||||
Amounts reclassified into earnings | -2,798 | 3,279 | 481 | |||||||
Changes in fair value | 1,358 | -4,524 | -3,166 | |||||||
Balance at December 31, 2012 | 732 | -6,897 | -6,165 | |||||||
Amounts reclassified into earnings | - | 3,483 | 3,483 | |||||||
Changes in fair value | 625 | 188 | 813 | |||||||
Balance at December 31, 2013 | $ | 1,357 | $ | -3,226 | $ | -1,869 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Provision for Income Taxes | ' | |||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011, consists of the following: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
Federal | $ | 73,243 | $ | 65,099 | $ | 45,922 | ||||
State | 12,993 | 10,655 | 10,047 | |||||||
86,236 | 75,754 | 55,969 | ||||||||
Deferred: | ||||||||||
Federal | 35,797 | 24,795 | 48,011 | |||||||
State | 2,883 | 4,894 | 2,978 | |||||||
38,680 | 29,689 | 50,989 | ||||||||
Provision for income taxes | $ | 124,916 | $ | 105,443 | $ | 106,958 | ||||
Significant Components of Deferred Income Tax Assets and Liabilities | ' | |||||||||
The significant components of deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred income tax assets: | ||||||||||
Accounts receivable reserves | $ | 2,810 | $ | 2,504 | ||||||
Accrued expenses | 31,330 | 30,926 | ||||||||
Compensation | 10,901 | 9,625 | ||||||||
Interest rate and fuel hedges | 1,158 | 3,811 | ||||||||
Leases | 1,308 | 1,181 | ||||||||
State taxes | 3,917 | 3,482 | ||||||||
Contingent liabilities | 19,415 | 28,390 | ||||||||
Other | 723 | - | ||||||||
Gross deferred income tax assets | 71,562 | 79,919 | ||||||||
Less: Valuation allowance | - | - | ||||||||
Net deferred income tax assets | 71,562 | 79,919 | ||||||||
Deferred income tax liabilities: | ||||||||||
Goodwill and other intangibles | -247,082 | -213,564 | ||||||||
Property and equipment | -242,556 | -246,091 | ||||||||
Landfill closure/post-closure | -30,085 | -26,363 | ||||||||
Prepaid expenses | -12,256 | -12,493 | ||||||||
Other | - | -492 | ||||||||
Total deferred income tax liabilities | -531,979 | -499,003 | ||||||||
Net deferred income tax liability | $ | -460,417 | $ | -419,084 | ||||||
Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate | ' | |||||||||
The differences between the Company’s income tax provision as presented in the accompanying Consolidated Statements of Net Income and income tax provision computed at the federal statutory rate consist of the items shown in the following table as a percentage of pre-tax income: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Income tax provision at the statutory rate | 35.0% | 35.0% | 35.0% | |||||||
State taxes, net of federal benefit | 3.7 | 3.6 | 3.7 | |||||||
Deferred income tax liability adjustments | - | 1.0 | - | |||||||
Noncontrolling interests | - | -0.1 | -0.1 | |||||||
Other | 0.2 | 0.3 | 0.6 | |||||||
38.9% | 39.8% | 39.2% | ||||||||
Unrecognized Tax Benefits | ' | |||||||||
The following is a rollforward of the Company’s unrecognized tax benefits from January 1, 2011 to December 31, 2013: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Unrecognized tax benefits at beginning of period | $ | - | $ | - | $ | 341 | ||||
Gross increases – tax positions in prior periods | - | - | - | |||||||
Gross decreases – tax positions in prior periods | - | - | - | |||||||
Lapse of statutes of limitations | - | - | -341 | |||||||
Unrecognized tax benefits at end of period | $ | - | $ | - | $ | - | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Summary of Financial Information Concerning Company's Reportable Segments | ' | |||||||||||||||||||||
Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2013, 2012 and 2011, is shown in the following tables: | ||||||||||||||||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2013 | ||||||||||||||||||||||
Western | $ | 905,764 | $ | -99,974 | $ | 805,790 | $ | 249,548 | $ | 81,164 | $ | 70,960 | $ | 1,487,409 | ||||||||
Central | 573,366 | -62,438 | 510,928 | 182,790 | 64,165 | 57,952 | 1,173,089 | |||||||||||||||
Eastern | 447,844 | -76,072 | 371,772 | 108,173 | 51,546 | 39,703 | 807,124 | |||||||||||||||
E&P | 251,651 | -11,346 | 240,305 | 111,056 | 44,099 | 34,916 | 1,484,501 | |||||||||||||||
Corporate(a), (d) | - | - | - | -228 | 2,890 | 6,343 | 112,129 | |||||||||||||||
$ | 2,178,625 | $ | -249,830 | $ | 1,928,795 | $ | 651,339 | $ | 243,864 | $ | 209,874 | $ | 5,064,252 | |||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2012 | ||||||||||||||||||||||
Western | $ | 882,228 | $ | -100,094 | $ | 782,134 | $ | 229,427 | $ | 78,191 | $ | 64,583 | $ | 1,507,081 | ||||||||
Central | 517,916 | -56,041 | 461,875 | 164,756 | 54,743 | 51,300 | 1,114,479 | |||||||||||||||
Eastern | 441,907 | -75,082 | 366,825 | 101,046 | 49,289 | 32,037 | 826,687 | |||||||||||||||
E&P | 52,326 | -1,542 | 50,784 | 23,651 | 9,018 | 1,971 | 1,493,693 | |||||||||||||||
Corporate(a), (d) | - | - | - | -11,073 | 2,343 | 3,626 | 134,086 | |||||||||||||||
$ | 1,894,377 | $ | -232,759 | $ | 1,661,618 | $ | 507,807 | $ | 193,584 | $ | 153,517 | $ | 5,076,026 | |||||||||
Year Ended December 31, | Gross Revenues | Intercompany Revenues(b) | Net Revenues | EBITDA(c) | Depreciation and Amortization | Capital Expenditures | Total Assets(e) | |||||||||||||||
2011 | ||||||||||||||||||||||
Western | $ | 841,006 | $ | -98,418 | $ | 742,588 | $ | 232,940 | $ | 74,628 | $ | 57,037 | $ | 1,370,098 | ||||||||
Central | 471,375 | -51,658 | 419,717 | 145,088 | 48,690 | 45,758 | 995,312 | |||||||||||||||
Eastern | 401,137 | -68,536 | 332,601 | 95,301 | 41,135 | 35,139 | 841,251 | |||||||||||||||
E&P | 10,460 | - | 10,460 | 6,971 | 800 | 705 | 45,650 | |||||||||||||||
Corporate(a), (d) | - | - | - | 5,519 | 1,847 | 3,285 | 75,694 | |||||||||||||||
$ | 1,723,978 | $ | -218,612 | $ | 1,505,366 | $ | 485,819 | $ | 167,100 | $ | 141,924 | $ | 3,328,005 | |||||||||
____________________ | ||||||||||||||||||||||
(a)Corporate functions include accounting, legal, tax, treasury, information technology, risk management, human resources, training and other administrative functions. Amounts reflected are net of allocations to the four operating segments. | ||||||||||||||||||||||
(b)Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. | ||||||||||||||||||||||
(c)For those items included in the determination of EBITDA, the accounting policies of the segments are the same as those described in Note 1. | ||||||||||||||||||||||
(d)Corporate assets include cash, net deferred tax assets, debt issuance costs, equity investments, and corporate facility leasehold improvements and equipment. | ||||||||||||||||||||||
(e)Goodwill is included within total assets for each of the Company’s four operating segments. | ||||||||||||||||||||||
Changes In Goodwill by Reportable Segment | ' | |||||||||||||||||||||
The following table shows changes in goodwill during the years ended December 31, 2012 and 2013, by reportable segment: | ||||||||||||||||||||||
Western | Central | Eastern | E&P | Total | ||||||||||||||||||
Balance as of December 31, 2011 | $ | 313,038 | $ | 424,223 | $ | 379,627 | $ | - | $ | 1,116,888 | ||||||||||||
Goodwill acquired | 60,105 | 6,686 | 934 | 452,441 | 520,166 | |||||||||||||||||
Goodwill divested | - | -497 | - | - | -497 | |||||||||||||||||
Balance as of December 31, 2012 | 373,143 | 430,412 | 380,561 | 452,441 | 1,636,557 | |||||||||||||||||
Goodwill transferred | - | -9,196 | - | 9,196 | - | |||||||||||||||||
Goodwill acquired | 521 | 37,838 | 564 | 978 | 39,901 | |||||||||||||||||
Goodwill divested | -749 | - | -555 | - | -1,304 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 372,915 | $ | 459,054 | $ | 380,570 | $ | 462,615 | $ | 1,675,154 | ||||||||||||
Reconciliation of Primary Measure of Segment Profitability to Income before Income Tax Provision | ' | |||||||||||||||||||||
A reconciliation of the Company’s primary measure of segment profitability (EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows: | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Western segment EBITDA | $ | 249,548 | $ | 229,427 | $ | 232,940 | ||||||||||||||||
Central segment EBITDA | 182,790 | 164,756 | 145,088 | |||||||||||||||||||
Eastern segment EBITDA | 108,173 | 101,046 | 95,301 | |||||||||||||||||||
E&P segment EBITDA | 111,056 | 23,651 | 6,971 | |||||||||||||||||||
Subtotal reportable segments | 651,567 | 518,880 | 480,300 | |||||||||||||||||||
Unallocated corporate overhead | -228 | -11,073 | 5,519 | |||||||||||||||||||
Depreciation | -218,454 | -169,027 | -147,036 | |||||||||||||||||||
Amortization of intangibles | -25,410 | -24,557 | -20,064 | |||||||||||||||||||
Loss on disposal of assets | -2,853 | -1,627 | -1,657 | |||||||||||||||||||
Gain from litigation settlement | - | 3,551 | - | |||||||||||||||||||
Loss on prior office leases | -9,902 | - | - | |||||||||||||||||||
Interest expense | -73,579 | -53,037 | -44,520 | |||||||||||||||||||
Other income (expense), net | -220 | 1,993 | 587 | |||||||||||||||||||
Income before income tax provision | $ | 320,921 | $ | 265,103 | $ | 273,129 | ||||||||||||||||
Total Reported Revenues by Service Line | ' | |||||||||||||||||||||
The table below shows, for the periods indicated, the Company’s total reported revenues by service line and with intercompany eliminations: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Solid waste collection | $ | 1,219,091 | $ | 1,176,333 | $ | 1,069,065 | ||||||||||||||||
Solid waste disposal and transfer | 579,379 | 524,861 | 497,584 | |||||||||||||||||||
E&P waste treatment, disposal and recovery | 262,286 | 61,350 | 12,746 | |||||||||||||||||||
Solid waste recycling | 71,831 | 81,512 | 96,417 | |||||||||||||||||||
Intermodal and other | 46,038 | 50,321 | 48,166 | |||||||||||||||||||
2,178,625 | 1,894,377 | 1,723,978 | ||||||||||||||||||||
Less: intercompany elimination | -249,830 | -232,759 | -218,612 | |||||||||||||||||||
Total revenues | $ | 1,928,795 | $ | 1,661,618 | $ | 1,505,366 | ||||||||||||||||
Net_Income_Per_Share_Informati1
Net Income Per Share Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Net Income Per Share Information [Abstract] | ' | ||||||||
Basic and Diluted Net Income Per Common Share | ' | ||||||||
The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s common stockholders for the years ended December 31, 2013, 2012 and 2011: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator: | |||||||||
Net income attributable to Waste Connections for basic and diluted earnings per share | $ | 195,655 | $ | 159,093 | $ | 165,239 | |||
Denominator: | |||||||||
Basic shares outstanding | 123,597,540 | 121,172,381 | 112,720,444 | ||||||
Dilutive effect of stock options and warrants | 186,006 | 308,681 | 425,085 | ||||||
Dilutive effect of restricted stock units | 381,506 | 343,287 | 437,957 | ||||||
Diluted shares outstanding | 124,165,052 | 121,824,349 | 113,583,486 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||
Multiemployer Pension Plan | ' | ||||||||||||||||||
The Company’s participation in multiemployer pension plans is summarized as follows: | |||||||||||||||||||
Pension Protection Act Zone Status(b) | Company Contributions | Expiration Date of | |||||||||||||||||
Plan Name | EIN/Pension Plan Number | 2013 | 2012 | 2013 | 2012 | 2011 | Collective Bargaining Agreement | ||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 - 001 | Green | Green | $ | 3,662 | $ | 3,591 | $ | 3,689 | 12/31/13 to 6/30/16 | (a) | ||||||||
Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan | 91-6028571 - 001 | Green | Green | 223 | 221 | 217 | 9/30/16 | ||||||||||||
$ | 3,885 | $ | 3,812 | $ | 3,906 | ||||||||||||||
______________________ | |||||||||||||||||||
(a) There is one collective bargaining agreement, representing 15 employees, which expired on December 31, 2013, and is currently being negotiated for extension. | |||||||||||||||||||
(b) The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plans’ years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Consolidated Quarterly Results of Operations | ' | ||||||||||||
The following table summarizes the unaudited consolidated quarterly results of operations for 2013: | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Revenues | $ | 449,892 | $ | 489,381 | $ | 503,646 | $ | 485,877 | |||||
Operating income | 86,913 | 93,074 | 115,620 | 99,112 | |||||||||
Net income | 41,680 | 43,995 | 60,913 | 49,417 | |||||||||
Net income attributable to Waste Connections | 41,556 | 43,967 | 60,706 | 49,426 | |||||||||
Basic income per common share attributable to Waste Connections’ common stockholders | 0.34 | 0.36 | 0.49 | 0.40 | |||||||||
Diluted income per common share attributable to Waste Connections’ common stockholders | 0.34 | 0.35 | 0.49 | 0.40 | |||||||||
The following table summarizes the unaudited consolidated quarterly results of operations for 2012: | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Revenues | $ | 376,430 | $ | 410,731 | $ | 425,654 | $ | 448,803 | |||||
Operating income | 65,056 | 81,737 | 89,147 | 80,206 | |||||||||
Net income | 31,439 | 42,515 | 49,620 | 36,086 | |||||||||
Net income attributable to Waste Connections | 31,303 | 42,415 | 49,385 | 35,989 | |||||||||
Basic income per common share attributable to Waste Connections’ common stockholders | 0.27 | 0.34 | 0.40 | 0.29 | |||||||||
Diluted income per common share attributable to Waste Connections’ common stockholders | 0.27 | 0.34 | 0.40 | 0.29 | |||||||||
Organization_Business_and_Summ2
Organization, Business and Summary of Significant Accounting Policies (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | segment | |||
site | ||||
agreement | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of life-of-site landfills for which the Company is responsible for final capping, closure and post-closure maintenance obligations | ' | 5 | ' | ' |
Number of life-of-site landfills | ' | 6 | ' | ' |
Discount rate for purposes of computing layers for final capping, closure and post-closure obligations | ' | 5.75% | 5.75% | ' |
Inflation rate for purposes of computing layers for final capping, closure and post-closure obligations | ' | 2.50% | 2.50% | ' |
Life of Company's owned landfills and landfills operated under life of site operating agreements min range | ' | '5 years | ' | ' |
Life of Company's owned landfills and landfills operated under life of site operating agreements max range | ' | '200 years | ' | ' |
Average remaining landfill life based on permitted capacity, projected annual disposal volumes and probable expansion capacity | ' | '42 years | ' | ' |
Restricted asset balance for purposes of securing our performance of future final capping, closure and post-closure obligations | ' | $33,466 | ' | ' |
Cell processing reserve, current | ' | 7,013 | 6,442 | ' |
Cell processing reserve, noncurrent | ' | 2,416 | 2,043 | ' |
Perpetual revenue growth rate | ' | 3.20% | ' | ' |
Weighted average cost of capital | ' | 5.40% | ' | ' |
Number of geographic operating segments | ' | 3 | ' | ' |
Number of operating segments | 3 | 4 | ' | ' |
Impairment | ' | 0 | ' | ' |
Goodwill write-down | ' | 0 | 0 | ' |
Forecasts period used for discounted cash flow analyses | ' | '10 years | ' | ' |
Indefinite-lived intangible asset write-down | ' | 0 | 0 | ' |
Number of interest rate swap agreements | ' | 3 | ' | ' |
Number of fuel hedge agreements | ' | 1 | ' | ' |
Contractual life of warrants | ' | '5 years | ' | ' |
Equity-based compensation expense | ' | 15,397 | 17,289 | 11,879 |
Equity-based compensation expense, net of taxes | ' | 9,508 | 11,803 | 7,365 |
Unrecognized compensation cost related to unvested restricted stock unit awards | ' | 25,138 | ' | ' |
Restriced stock unit awards, vesting final year | ' | '2017 | ' | ' |
Weighted average remaining vesting period | ' | '1 year 1 month 6 days | ' | ' |
Advertising costs | ' | 3,704 | 3,737 | 3,679 |
Accrual for self insured liabilities | ' | 42,732 | 43,935 | ' |
Minimum [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Expected term of related agreements | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Expected term of related agreements | ' | '56 years | ' | ' |
Fuel [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Ineffectiveness recognized on hedge | ' | $0 | $0 | $0 |
Organization_Business_and_Summ3
Organization, Business and Summary of Significant Accounting Policies (Property Plant and Equipment Estimated Useful Lives) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | Minimum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '10 years |
Buildings [Member] | Maximum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '20 years |
Leasehold and Land Improvements [Member] | Minimum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '3 years |
Leasehold and Land Improvements [Member] | Maximum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '10 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '12 years |
Rolling Stock [Member] | Minimum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '2 years |
Rolling Stock [Member] | Maximum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '10 years |
Containers [Member] | Minimum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '5 years |
Containers [Member] | Maximum [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '12 years |
Rail Cars [Member] | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property, Plant and Equipment | '20 years |
Organization_Business_and_Summ4
Organization, Business and Summary of Significant Accounting Policies (Reconciliation of Final Capping, Closure and Post-Closure Liability Balance) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Business and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Final capping, closure and post-closure liability at the beginning of the year | $46,473 | $30,883 |
Adjustments to final capping, closure and post-closure liabilities | -3,528 | 3,535 |
Liabilities incurred | 4,668 | 2,926 |
Accretion expense associated with landfill obligations | 2,749 | 2,581 |
Closure payments | -234 | -22 |
Assumption of closure liabilities from acquisitions | ' | 6,570 |
Final capping, closure and post-closure liability at the end of the year | $50,128 | $46,473 |
Organization_Business_and_Summ5
Organization, Business and Summary of Significant Accounting Policies (Carrying Values and Fair Values of Debt Instruments) (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2008 | |||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | $2,072,975,000 | $2,238,935,000 | ' | ||
Senior Notes due 2015 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | 175,000,000 | 175,000,000 | ' | ||
Fair value of senior notes | 187,206,000 | [1] | 193,949,000 | [1] | ' |
Interest rate of senior notes | 6.22% | 6.22% | 6.22% | ||
Senior note year due | '2015 | '2015 | ' | ||
Senior Notes due 2016 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | 100,000,000 | 100,000,000 | ' | ||
Fair value of senior notes | 102,066,000 | [1] | 103,068,000 | [1] | ' |
Interest rate of senior notes | 3.30% | 3.30% | ' | ||
Senior note year due | '2016 | '2016 | ' | ||
Senior Notes due 2018 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | 50,000,000 | 50,000,000 | ' | ||
Fair value of senior notes | 50,992,000 | [1] | 52,476,000 | [1] | ' |
Interest rate of senior notes | 4.00% | 4.00% | ' | ||
Senior note year due | '2018 | '2018 | ' | ||
Senior Notes due 2019 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | 175,000,000 | 175,000,000 | ' | ||
Fair value of senior notes | 185,037,000 | [1] | 195,584,000 | [1] | ' |
Interest rate of senior notes | 5.25% | 5.25% | ' | ||
Senior note year due | '2019 | '2019 | ' | ||
Senior Notes due 2021 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Carrying value of senior notes | 100,000,000 | 100,000,000 | ' | ||
Fair value of senior notes | $100,341,000 | [1] | $107,418,000 | [1] | ' |
Interest rate of senior notes | 4.64% | 4.64% | ' | ||
Senior note year due | '2021 | '2021 | ' | ||
[1] | Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value is based on quotes of bonds with similar ratings in similar industries. |
Organization_Business_and_Summ6
Organization, Business and Summary of Significant Accounting Policies (Company's Derivative Instruments of Interest Rate Swaps) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Interest Rate Swap One | ' | |
Derivative [Line Items] | ' | |
Date Entered | '2009-03 | |
Notional Amount | $175,000 | |
Fixed Interest Rate Paid | 2.85% | [1] |
Variable Interest Rate Received | '1-month LIBOR | |
Effective Date | '2011-02 | |
Expiration Date | '2014-02 | |
Interest Rate Swap Two | ' | |
Derivative [Line Items] | ' | |
Date Entered | '2011-08 | |
Notional Amount | 150,000 | |
Fixed Interest Rate Paid | 0.80% | [1] |
Variable Interest Rate Received | '1-month LIBOR | |
Effective Date | '2012-04 | |
Expiration Date | '2015-01 | |
Interest Rate Swap Three | ' | |
Derivative [Line Items] | ' | |
Date Entered | '2011-12 | |
Notional Amount | $175,000 | |
Fixed Interest Rate Paid | 1.60% | [1] |
Variable Interest Rate Received | '1-month LIBOR | |
Effective Date | '2014-02 | |
Expiration Date | '2017-02 | |
[1] | plus applicable margin. |
Organization_Business_and_Summ7
Organization, Business and Summary of Significant Accounting Policies (Company's Derivative Instruments of Fuel Hedge Agreements) (Detail) (Fuel Hedge Agreements) | 12 Months Ended | |
Dec. 31, 2013 | ||
Fuel Hedge Agreements | ' | |
Derivative [Line Items] | ' | |
Date Entered | '2012-06 | |
Notional Amount (in gallons per month) | 300,000 | |
Diesel Rate Paid Fixed (per gallon) | 3.6 | |
Diesel Rate Received Variable | 'DOE Diesel Fuel Index* | [1] |
Effective Date | '2014-01 | |
Expiration Date | '2015-12 | |
[1] | If the national U.S. on-highway average price for a gallon of diesel fuel (“average priceâ€), as published by the Department of Energy, exceeds the contract price per gallon, the Company receives the difference between the average price and the contract price (multiplied by the notional number of gallons) from the counterparty. If the average price is less than the contract price per gallon, the Company pays the difference to the counterparty. |
Organization_Business_and_Summ8
Organization, Business and Summary of Significant Accounting Policies (Fair Values of Derivative Instruments Designated as Cash Flow Hedges) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, asset derivatives | $2,199 | $1,187 | |
Derivatives designated as cash flow hedges, liability derivatives | -5,226 | -11,163 | |
Other Long-term Liabilities [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, liability derivatives | -1,853 | ' | |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, liability derivatives | -3,373 | [1] | -5,374 |
Interest Rate Swap [Member] | Other Long-term Liabilities [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, liability derivatives | ' | -5,789 | |
Fuel [Member] | Commodity Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, asset derivatives | 1,304 | [2] | ' |
Fuel [Member] | Commodity Contract [Member] | Other Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivatives designated as cash flow hedges, asset derivatives | $895 | $1,187 | |
[1] | Represents the estimated amount of the existing unrealized losses on interest rate swaps as of December 31, 2013 (based on the interest rate yield curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. | ||
[2] | Represents the estimated amount of the existing unrealized gains on the fuel hedge as of December 31, 2013 (based on the forward DOE diesel fuel index curve at that date), included in AOCL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in diesel fuel prices. |
Organization_Business_and_Summ9
Organization, Business and Summary of Significant Accounting Policies (Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income and Accumulated Other Comprehensive Loss) (Detail) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion) | $813 | [1] | ($3,166) | [1] | ($1,319) | [1] |
Amount of (Gain) or Loss Reclassified from AOCL into Earnings, Net of Tax (Effective portion) | 3,483 | [2],[3] | 481 | [2],[3] | 934 | [2],[3] |
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion) | 188 | [1] | -4,524 | [1] | -3,224 | [1] |
Interest Expense [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Reclassified from AOCL into Earnings, Net of Tax (Effective portion) | 3,483 | [2],[3] | 3,279 | [2],[3] | 3,598 | [2],[3] |
Cost Of Operations [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Reclassified from AOCL into Earnings, Net of Tax (Effective portion) | ' | -2,798 | [2],[3] | -2,664 | [2],[3] | |
Fuel [Member] | Commodity Contract [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized as AOCL on Derivatives, Net of Tax (Effective Portion) | $625 | [1] | $1,358 | [1] | $1,905 | [1] |
[1] | In accordance with the derivatives and hedging guidance, the effective portions of the changes in fair values of interest rate swaps and the fuel hedge have been recorded in equity as a component of AOCL. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in AOCL. Because changes in the actual price of diesel fuel and changes in the DOE index price do not offset exactly each reporting period, the Company assesses whether the fuel hedge is highly effective using the cumulative dollar offset approach. | |||||
[2] | Amounts reclassified from AOCL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. | |||||
[3] | Amounts reclassified from AOCL into earnings related to realized gains and losses on the fuel hedge are recognized when settlement payments or receipts occur related to the hedge contract, which correspond to when the underlying fuel is consumed. |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 22 Months Ended | ||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Oct. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 25, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2011 | Apr. 01, 2011 | Apr. 01, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2013 | Mar. 01, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |||
entity | entity | Claco Services [Member] | Claco Services [Member] | Claco Services [Member] | Prairie Disposal [Member] | Prairie Disposal [Member] | Calpet [Member] | Calpet [Member] | Calpet [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | Capital Region Landfills [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Hudson Valley Waste Holding [Member] | Russell Sweepers, LLC [Member] | County Waste [Member] | County Waste [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | SKB Environmental Inc [Member] | SKB Environmental Inc [Member] | SKB Environmental Inc [Member] | Alaska Waste [Member] | Alaska Waste [Member] | Alaska Waste [Member] | Alaska Waste [Member] | |||||
Maximum [Member] | Maximum [Member] | Maximum [Member] | Expansion Criteria And Annual Tonnage Targets [Member] | Maximum [Member] | Minimum [Member] | property | Claco Services [Member] | Prairie Disposal [Member] | Oilfield Holdings [Member] | Oilfield Holdings [Member] | Calpet [Member] | Senior Revolving Credit Facility [Member] | Unsecured Term Loan Facility [Member] | entity | segment | Maximum [Member] | |||||||||||||||||||||||||||||||||
territory | |||||||||||||||||||||||||||||||||||||||||||||||||
site | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash consideration, net of cash acquired | $64,156 | $1,579,869 | $257,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,338,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt assumed | ' | 12,986 | [1] | 84,737 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,306 | ' | 9,306 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost financed through borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of operating locations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue generated from acquired entity and included in consolidated revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total pre-tax earnings from acquired entity and included in consolidated income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,669 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent consideration payable period | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '1 year | ' | ' | '5 years | ' | ' | ' | '25 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent consideration payable period end date | ' | ' | ' | ' | '2013-12 | ' | ' | ' | '2013-06 | '2013-06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent Consideration payment discount rate | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | 5.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 2.80% | ' | ' | |||
Goodwill expected to be deductible for tax purposes | 39,731 | ' | 24,242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 395,339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payment for the estimated net working capital for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Adjustment to net working capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Trade receivables acquired in business combination gross contractual amount | ' | ' | 10,232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,777 | 52,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,984 | ' | ' | ' | ' | ' | 414 | ' | ' | ' | ' | ' | ' | ' | |||
Trade receivables acquired In business combination expected to be uncollectible amount | ' | ' | 619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,616 | 2,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | ' | ' | 203 | ' | ' | ' | ' | ' | ' | ' | |||
Payment of contingent consideration gross | ' | ' | 500 | 375 | 375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | 4,099 | ' | ' | ' | ' | ' | ' | 25,768 | ' | ' | ' | ' | ' | ' | |||
Acquisition related costs | ' | ' | 1,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,946 | ' | ' | ' | ' | ' | 2,658 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 50.00% | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | |||
Amount paid for purchased operations | 64,156 | 241,525 | 257,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,338,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,000 | ' | ' | ' | ' | 86,763 | ' | 133,402 | ' | ' | ' | |||
Maximum additional consideration to former owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,470 | ' | ' | 43,970 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | |||
Additional consideration in current dollars | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,144 | 1,086 | 301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Additional consideration, earn out period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '2 years | ' | |||
Number of individual businesses acquired that are not specifically described | ' | 10 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Initial term of operating agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Initial payment for operating equipment and right to operate landfill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Additional consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent consideration | ' | ' | ' | ' | ' | 750 | 24,944 | 25,000 | 471 | 471 | 4,221 | ' | 22,272 | ' | ' | ' | ' | ' | ' | 37,293 | 37,293 | 37,293 | ' | 37,293 | 741 | 24,376 | 8,000 | 8,000 | 4,176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,711 | ' | 602 | ' | ' | ' | |||
Contingent consideration earned and paid to former owners | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent consideration not earned and expensed | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total additional consideration recognized at purchased date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes issued to sellers | ' | ' | 10,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assumption of closure liabilities from acquisitions current dollars | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assumption of closure liabilities from acquisitions | ' | $6,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business combination percentage of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of collection operations acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of transfer stations acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of recycling facilities acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operations across number of markets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of acquired working capital is provisional | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Debt assumed as part of 2011 and 2012 acquisitions was paid at close of acquisition. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Debt assumed was paid at close of acquisition. |
Acquisitions_Summary_of_Consid
Acquisitions (Summary of Consideration Transferred to Acquire Businesses and Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 25, 2012 | |||
R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | |||||||
Fair value of consideration transferred: | ' | ' | ' | ' | ' | ' | ' | |||
Cash | $64,156 | $241,525 | $257,852 | ' | $1,338,344 | ' | ' | |||
Debt assumed | ' | 12,986 | [1] | 84,737 | [1] | 9,306 | 9,306 | [2] | ' | ' |
Notes issued to sellers | ' | ' | 10,656 | ' | ' | ' | ' | |||
Contingent consideration | ' | ' | ' | ' | 37,293 | 37,293 | 37,293 | |||
Contingent consideration | 40 | 21,314 | 22,486 | ' | ' | ' | ' | |||
Total fair value of consideration transferred | 64,196 | 275,825 | 375,731 | ' | 1,384,943 | ' | ' | |||
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: | ' | ' | ' | ' | ' | ' | ' | |||
Accounts receivable | 211 | 10,874 | 9,613 | ' | 50,161 | ' | ' | |||
Other current assets | 317 | 1,062 | 1,056 | ' | 19,716 | ' | ' | |||
Restricted assets | ' | 6,725 | ' | ' | ' | ' | ' | |||
Property and equipment | 12,775 | 127,023 | 114,463 | ' | 894,651 | ' | ' | |||
Long-term franchise agreements and contracts | 1,043 | 10,307 | 3,269 | ' | ' | ' | ' | |||
Indefinite-lived intangibles | ' | 35,344 | 42,283 | ' | 27,096 | ' | ' | |||
Customer lists | 13,024 | 21,837 | 34,463 | ' | 21,016 | ' | ' | |||
Permits | ' | 2,295 | 10,367 | ' | ' | ' | ' | |||
Other long-term assets | ' | 185 | ' | ' | ' | ' | ' | |||
Deferred revenue | -539 | -5,056 | -6,376 | ' | ' | ' | ' | |||
Accounts payable | -735 | -3,393 | -6,183 | ' | -31,702 | ' | ' | |||
Accrued liabilities | -1,034 | -2,139 | -2,398 | ' | -19,286 | ' | ' | |||
Noncontrolling interests | ' | ' | -251 | ' | ' | ' | ' | |||
Other long-term liabilities | -767 | -3,480 | -2,145 | ' | -8,066 | ' | ' | |||
Deferred income taxes | ' | ' | -11,466 | ' | -14,568 | ' | ' | |||
Total identifiable net assets | 24,295 | 201,584 | 186,695 | ' | 939,018 | ' | ' | |||
Goodwill | $39,901 | $74,241 | $189,036 | ' | $445,925 | ' | ' | |||
[1] | Debt assumed as part of 2011 and 2012 acquisitions was paid at close of acquisition. | |||||||||
[2] | Debt assumed was paid at close of acquisition. |
Acquisitions_Contingent_Consid
Acquisitions (Contingent Consideration of Obligations Related to Previous Acquisitions) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Prairie Disposal [Member] | Calpet [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] | R360 Environmental Solutions Inc [Member] |
Prairie Disposal [Member] | Oilfield Holdings [Member] | Oilfield Holdings [Member] | Calpet [Member] | Claco Services [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | $24,944 | $471 | $37,293 | $37,293 | $37,293 | $24,376 | $8,000 | $8,000 | $4,176 | $741 |
Aqcuisitions_Pro_Forma_Results
Aqcuisitions (Pro Forma Results of Operations) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Acquisitions [Abstract] | ' | ' |
Total revenue | $1,866,458 | $1,792,220 |
Net income | $164,176 | $184,109 |
Basic income per share | $1.35 | $1.63 |
Diluted income per share | $1.35 | $1.62 |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net (Narrative) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Long-term Franchise Agreements and Contracts [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period of acquired intangible assets | '10 years | '12 years 3 months 23 days |
Customer Lists [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period of acquired intangible assets | '6 years 4 months 30 days | '9 years 8 months 6 days |
Permits and Non-Competition Agreements [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period of acquired intangible assets | ' | '40 years |
Intangible_Assets_Net_Intangib
Intangible Assets, Net (Intangible Assets Exclusive of Goodwill) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | $389,857 | $379,605 |
Intangible assets, exclusive of goodwill, Gross | 643,500 | 633,248 |
Finite-lived intangible assets, accumulated amortization | -115,629 | -91,340 |
Finite-lived intangible assets, net carrying amount | 274,228 | 288,265 |
Intangible assets, net, exclusive of goodwill | 527,871 | 541,908 |
Indefinite-lived intangible assets, gross carrying amount | 253,643 | 253,643 |
Indefinite-lived intangible assets, accumulated amortization | ' | ' |
Indefinite-lived intangible assets | 253,643 | 253,643 |
Solid Waste Collection and Transportation Permits | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, gross carrying amount | 151,505 | 151,505 |
Indefinite-lived intangible assets, accumulated amortization | ' | ' |
Indefinite-lived intangible assets | 151,505 | 151,505 |
Material Recycling Facility Permits | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, gross carrying amount | 42,283 | 42,283 |
Indefinite-lived intangible assets, accumulated amortization | ' | ' |
Indefinite-lived intangible assets | 42,283 | 42,283 |
Exploration and Production Facility Permits | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, gross carrying amount | 59,855 | 59,855 |
Indefinite-lived intangible assets, accumulated amortization | ' | ' |
Indefinite-lived intangible assets | 59,855 | 59,855 |
Long-term Franchise Agreements and Contracts [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 196,110 | 198,779 |
Finite-lived intangible assets, accumulated amortization | -45,114 | -38,447 |
Finite-lived intangible assets, net carrying amount | 150,996 | 160,332 |
Customer Lists [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 152,378 | 139,354 |
Finite-lived intangible assets, accumulated amortization | -59,950 | -43,457 |
Finite-lived intangible assets, net carrying amount | 92,428 | 95,897 |
Permits and Non-Competition Agreements [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 41,369 | 41,472 |
Finite-lived intangible assets, accumulated amortization | -10,565 | -9,436 |
Finite-lived intangible assets, net carrying amount | $30,804 | $32,036 |
Intangible_Assets_Net_Estimate
Intangible Assets, Net (Estimated Future Amortization Expense of Amortizable Intangible Assets) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Intangible Assets, Net [Abstract] | ' |
For the year ending December 31, 2014 | $26,641 |
For the year ending December 31, 2015 | 25,991 |
For the year ending December 31, 2016 | 22,037 |
For the year ending December 31, 2017 | 20,066 |
For the year ending December 31, 2018 | $19,113 |
Property_and_Equipment_Net_Nar
Property and Equipment, Net (Narrative) (Detail) (Landfill Site Costs, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Landfill Site Costs | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Landfill depletion expense | $80,227 | $53,429 | $43,217 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net (Property and Equipment) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | $3,596,114 | $3,421,223 |
Less accumulated depreciation and depletion | -1,145,465 | -963,617 |
Property and equipment net | 2,450,649 | 2,457,606 |
Landfill Site Costs | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | 2,015,085 | 1,974,994 |
Rolling Stock [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | 602,838 | 555,680 |
Land, Buildings and Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | 386,099 | 349,567 |
Containers [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | 265,432 | 247,440 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | 311,953 | 266,196 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment gross | $14,707 | $27,346 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Insurance claims | $42,732 | $43,935 |
Payroll and payroll-related | 40,197 | 35,601 |
Interest payable | 9,579 | 8,555 |
Cell processing reserve-current portion | 7,013 | 6,442 |
Unrealized interest rate losses | 3,373 | 5,374 |
Environmental remediation reserve-current portion | 3,226 | 4,097 |
Other | 12,906 | 17,825 |
Accrued liabilities | $119,026 | $121,829 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 26, 2009 | Dec. 31, 2013 | Apr. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 08, 2014 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | |
Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Senior Notes due 2015 [Member] | Senior Notes due 2015 [Member] | Senior Notes due 2015 [Member] | Senior Notes due 2019 [Member] | Senior Notes due 2019 [Member] | Senior Notes due 2019 [Member] | Senior Notes due 2016, 2018 and 2021 [Member] | Senior Notes due 2016, 2018 and 2021 [Member] | Senior Notes due 2016 [Member] | Senior Notes due 2016 [Member] | Senior Notes due 2016 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2021 [Member] | Senior Notes due 2021 [Member] | Senior Notes due 2021 [Member] | Tax-exempt bonds [Member] | Tax-exempt bonds [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Swing Line Loans [Member] | Swing Line Loans [Member] | Sub Limit Swing Line Loans [Member] | Tehama Bond [Member] | Tehama Bond [Member] | Lemay Olympia Bond [Member] | Lemay Olympia Bond [Member] | ||||
LIBOR [Member] | LIBOR [Member] | Minimum [Member] | Maximum [Member] | LIBOR [Member] | LIBOR [Member] | Year One [Member] | Year Two [Member] | Year Three [Member] | Final Year [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Revolver Under Credit Facility [Member] | Tax-exempt bonds [Member] | Tax-exempt bonds [Member] | ||||||||||||||||||||||||||||||||
LIBOR [Member] | LIBOR [Member] | Base Rate [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | $1,200,000,000 | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of increase in commitments under the revolving credit facility | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | 2,072,975,000 | 2,238,935,000 | ' | 727,100,000 | 787,000,000 | ' | ' | ' | ' | 700,000,000 | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | 175,000,000 | ' | 175,000,000 | 175,000,000 | ' | ' | ' | 100,000,000 | 100,000,000 | ' | 50,000,000 | 50,000,000 | ' | 100,000,000 | 100,000,000 | ' | 33,030,000 | 35,655,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' |
Amount of standby letters of credit outstanding | ' | ' | ' | 75,166,000 | 87,252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | 2,035,000 | 7,174,000 | 6,649,000 | 4,722,000 | ' | ' | ' | ' | ' | 7,245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,026,000 | ' | ' | 152,000 | ' | ' | 1,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturing | ' | ' | ' | '2018-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loans | ' | ' | ' | ' | ' | 1.67% | 1.48% | ' | ' | ' | ' | ' | 2.04% | 2.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.53% | ' | ' | 0.16% | ' | ' |
Margin rate for loans | ' | ' | ' | ' | ' | 1.50% | 1.28% | ' | ' | ' | ' | ' | 1.88% | 2.00% | ' | ' | ' | ' | ' | 1.38% | ' | 2.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | 0.50% | 0.28% | ' | ' | ' | ' | ' |
Commitment fee | ' | ' | ' | 0.23% | 0.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' | ' |
Required interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' |
Actual leverage ratio | ' | ' | ' | 3.08 | 3.28 | ' | ' | ' | ' | 3.08 | 3.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.08 | 3.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual interest coverage ratio | ' | ' | ' | 6.33 | 6.88 | ' | ' | ' | ' | 6.33 | 6.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.33 | 6.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | 175,000,000 | ' | 250,000,000 | ' | ' | 100,000,000 | ' | ' | 50,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-15 | ' | ' | 1-Nov-19 | ' | ' | ' | ' | 1-Apr-16 | ' | ' | 1-Apr-18 | ' | ' | 1-Apr-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-14 | ' | 1-Apr-19 |
Repayment of principal for term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 20,000,000 | 30,000,000 | 390,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.22% | 6.22% | 6.22% | 5.25% | 5.25% | ' | ' | ' | 3.30% | 3.30% | ' | 4.00% | 4.00% | ' | 4.64% | 4.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of notes, minimum percentage of outstanding principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum limit of aggregate principal amount of notes outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | 175,000,000 | ' | 250,000,000 | ' | ' | 100,000,000 | ' | ' | 50,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of principal and accrued interest on debt | $493,560,000 | $609,014,000 | $421,872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205,000 | ' | $2,120,000 | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt (Long-Term Debt) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Total debt | $2,072,975,000 | $2,238,935,000 |
Less - current portion | -5,385,000 | -33,968,000 |
Long-term debt and notes payable | 2,067,590,000 | 2,204,967,000 |
Revolver Under Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 727,100,000 | 787,000,000 |
Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 700,000,000 | 800,000,000 |
Senior Notes due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 175,000,000 | 175,000,000 |
Senior Notes due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 100,000,000 | 100,000,000 |
Senior Notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 50,000,000 | 50,000,000 |
Senior Notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 175,000,000 | 175,000,000 |
Senior Notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 100,000,000 | 100,000,000 |
Tax-exempt bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 33,030,000 | 35,655,000 |
2.50% to 10.9% Notes Payable to Sellers and Other Third Parties [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $12,845,000 | $16,280,000 |
Interest rate, minimum | 2.50% | 2.50% |
Interest rate, maximum | 10.90% | 10.90% |
Debt, maturity date range, start | '2014 | '2014 |
Debt, maturity date range, end | '2036 | '2036 |
LongTerm_Debt_TaxExempt_Bond_F
Long-Term Debt (Tax-Exempt Bond Financings) (Detail) (Tax-exempt bonds [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Outstanding balance of bonds | $33,030 | $35,655 |
Outstanding standby letters of credit | 33,654 | ' |
Tehama Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Type of interest rate | 'Variable | ' |
Interest rate on bond at December 31, 2013 | 0.16% | ' |
Maturity date of bond | 1-Jun-14 | ' |
Outstanding balance of bonds | 205 | 290 |
Outstanding standby letters of credit | 208 | ' |
San Jose Bond - Series 2001 A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Type of interest rate | 'Variable | ' |
Interest rate on bond at December 31, 2013 | 0.16% | ' |
Maturity date of bond | 1-Sep-16 | ' |
Outstanding balance of bonds | 1,395 | 1,815 |
Outstanding standby letters of credit | 1,642 | ' |
West Valley Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Type of interest rate | 'Variable | ' |
Interest rate on bond at December 31, 2013 | 0.10% | ' |
Maturity date of bond | 1-Aug-18 | ' |
Outstanding balance of bonds | 15,500 | 15,500 |
Outstanding standby letters of credit | 15,678 | ' |
Lemay Washington Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Type of interest rate | 'Variable | ' |
Interest rate on bond at December 31, 2013 | 0.08% | ' |
Maturity date of bond | 1-Apr-33 | ' |
Outstanding balance of bonds | 15,930 | 15,930 |
Outstanding standby letters of credit | 16,126 | ' |
Lemay Olympia Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Type of interest rate | 'Variable | ' |
Maturity date of bond | 1-Apr-19 | ' |
Outstanding balance of bonds | ' | $2,120 |
LongTerm_Debt_Aggregate_Contra
Long-Term Debt (Aggregate Contractual Future Principal Payments by Calendar Year on Long-Term Debt) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
2014 | $5,385 | ' |
2015 | 259,084 | ' |
2016 | 212,027 | ' |
2017 | 510,437 | ' |
2018 | 793,018 | ' |
Thereafter | 293,024 | ' |
Total debt | $2,072,975 | $2,238,935 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Abstract] | ' | ' |
Minimum range of DOE index curve used in DCF model | $3.79 | $3.68 |
Maximum range of DOE index curve used in DCF model | $4 | $3.87 |
Weighted average DOE index curve used in DCF model | $3.91 | $3.77 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted assets | $32,782 | $33,425 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instrument - net | -5,226 | -11,163 |
Fuel Hedge Agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instrument - net | 2,199 | 1,187 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted assets | 32,782 | 33,425 |
Fair Value, Inputs, Level 2 | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instrument - net | -5,226 | -11,163 |
Fair Value, Inputs, Level 3 | Fuel Hedge Agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instrument - net | $2,199 | $1,187 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Change in Fair Value for Level 3 Derivatives) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Abstract] | ' | ' |
Beginning balance | $1,187 | $3,506 |
Realized gains included in earnings | ' | -4,513 |
Unrealized gains included in AOCL | 1,012 | 2,194 |
Ending balance | $2,199 | $1,187 |
Office_Relocations_Narrative_D
Office Relocations (Narrative) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Gain (loss) on prior office leases | ($9,902) |
Corporate [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Gain (loss) on prior office leases | -9,160 |
Exploration and Production [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Gain (loss) on prior office leases | ($742) |
Recovered_Sheet2
Gain From Litigation Settlement (Narrative) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Gain From Litigation Settlement [Abstract] | ' |
Gain from litigation settlement | $3,551 |
Recovered_Sheet3
Commitments and Contingencies (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | 31-May-11 | Mar. 31, 2011 | Jul. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
acre | agreement | |||||
T | ||||||
gal | ||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' |
Total rent expense under operating leases | ' | ' | ' | $30,893 | $19,424 | $13,519 |
Amount of surety bonds to secure asset closure and retirement requirements | ' | ' | ' | 304,416 | 277,841 | ' |
Amount of surety bonds to secure performance under collection contracts and landfill operating agreements | ' | ' | ' | 89,196 | 83,738 | ' |
Percentage of interest in company that issues financial surety bonds | ' | ' | ' | 9.90% | ' | ' |
Outstanding amount of financial surety bonds | ' | ' | ' | 163,187 | 153,337 | ' |
Environmental remediation reserve-current portion | ' | ' | ' | 3,226 | 4,097 | ' |
Environmental remediation reserve-Non-current portion | ' | ' | ' | 725 | 1,214 | ' |
HDSWF purchased undeveloped land | ' | ' | 325 | ' | ' | ' |
Minimum number of days of prior notice for future permit hearing | ' | ' | ' | '120 days | ' | ' |
Term period of Solid Waste Disposal and Operating Agreement | ' | ' | ' | '10 years | ' | ' |
Term period of Solid Waste Franchise Agreement | ' | ' | ' | '40 months | ' | ' |
Capitalized expenditures related to landfill development projects | ' | ' | ' | 11,778 | ' | ' |
Capitalized expenditures company will be required to expense in future if new site permit approved | ' | ' | ' | 10,324 | ' | ' |
Capitalized expenditures the company will be required to expense in future if original site permit approved | ' | ' | ' | 1,454 | ' | ' |
Capitalized expenditures the company will be required to expense in future if site permits not approved | ' | ' | ' | 11,778 | ' | ' |
Pre-tax impairment charge related to kansas landfill | ' | ' | ' | 20,000 | ' | ' |
Estimated annual impact on pre-tax earnings if company unable to operate the landfill | ' | ' | ' | 3,400 | ' | ' |
Maximum limit of import of solid waste | ' | ' | ' | 95,000,000 | ' | ' |
Unrecorded unconditional purchase obligation, remaining volume | ' | ' | ' | 4,600,000 | ' | ' |
Purchase commitment | ' | ' | ' | 16,089 | ' | ' |
Aggregate settlement fee | ' | ' | ' | ' | ' | 771 |
Court issued final order awarding Petitioners attorneys fees | 452 | ' | ' | ' | ' | ' |
Amount of reduced attorney fees in court final order | 411 | ' | ' | ' | ' | ' |
Allocated attorney fees | ' | ' | ' | ' | ' | 50.00% |
Expected pre-tax impairment charge related to PHLF if Measure E is ultimately ruled to be unenforceable | ' | ' | ' | 11,000 | ' | ' |
Amount of monetary damages County is seeking | ' | ' | ' | 2,962 | ' | ' |
Pre-judgment interest | ' | ' | ' | 10.00% | ' | ' |
Term of unilateral option to extend contract | ' | ' | ' | '5 years | ' | ' |
Period to cure the default | ' | '30 days | ' | ' | ' | ' |
Current annual impact to pre-tax earnings resulting from termination of MDSI's contracts with Madera County | ' | ' | ' | $2,300 | ' | ' |
Number of collective bargaining agreements expired or set to expire | ' | ' | ' | 7 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' |
Range for non-cancelable operating leases | ' | ' | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' |
Range for non-cancelable operating leases | ' | ' | ' | '45 years | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Future Minimum Lease Payments) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
2014 | $18,343 |
2015 | 16,457 |
2016 | 14,773 |
2017 | 13,210 |
2018 | 10,595 |
Thereafter | 75,203 |
Total | $148,581 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 108 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 27, 2012 | Oct. 31, 2013 | Jun. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2004 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Common Stock, shares | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Common Stock, par value | $0.01 | ' | ' | $0.01 | ' | $0.01 | ' | $0.01 | ' | $0.01 |
Sale of Common Stock, Price Per Share | $30.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Common Stock | ' | ' | ' | ' | ' | ' | ' | $369,584 | ' | ' |
Underwriting discounts and estimated transaction expenses payable | ' | ' | ' | ' | ' | ' | ' | 376 | ' | ' |
Repurchase of common stock | ' | ' | 39,865,266 | ' | 39,865,266 | ' | ' | ' | ' | 39,865,266 |
Aggregate cost of common stock repurchase | ' | ' | 784,040 | ' | 784,040 | ' | ' | 18,597 | 116,817 | 784,040 |
Common stock repurchased in the period | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Payments for repurchase of common stock | ' | ' | ' | ' | ' | 0 | ' | 18,597 | 116,817 | ' |
Cash dividend per share | ' | ' | ' | $0.12 | ' | $0.42 | $0.10 | $0.37 | $0.32 | ' |
Cash dividend per common share, increase | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends on common stock | ' | ' | ' | ' | ' | 51,213 | ' | 44,465 | 35,566 | ' |
Repurchase of common stock, maximum value | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' |
Remaining value of common stock authorized under repurchase program | ' | ' | ' | ' | ' | 415,960 | ' | ' | ' | ' |
Common stock, shares authorized but unissued | ' | ' | ' | 126,433,513 | ' | 126,433,513 | ' | ' | ' | 126,433,513 |
Outstanding, number of shares | ' | ' | ' | 1,299,466 | ' | 1,299,466 | ' | 1,317,798 | ' | 1,299,466 |
Granted, number of shares | ' | ' | ' | ' | ' | 574,017 | ' | ' | ' | ' |
Aggregate intrinsic value for options exercisable | ' | ' | ' | 8,322 | ' | 8,322 | ' | ' | ' | 8,322 |
Aggregate intrinsic value for options outstanding | ' | ' | ' | 8,322 | ' | 8,322 | ' | ' | ' | 8,322 |
Total intrinsic value of stock options exercised | ' | ' | ' | ' | ' | $5,729 | ' | $6,239 | $7,597 | ' |
Exercisable options to purchase common stock | ' | ' | ' | 274,902 | ' | 274,902 | ' | 484,794 | 813,767 | 274,902 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration | ' | ' | ' | ' | ' | '2015 | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration | ' | ' | ' | ' | ' | '2017 | ' | ' | ' | ' |
2004 Equity Incentive Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | 7,162,500 | ' | 7,162,500 | ' | ' | ' | 7,162,500 |
Common stock available for future grants | ' | ' | ' | 1,046,592 | ' | 1,046,592 | ' | ' | ' | 1,046,592 |
Granted, number of shares | ' | ' | ' | ' | ' | 574,017 | ' | 635,266 | 500,048 | ' |
2004 Equity Incentive Plan [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of share-based compensation arrangements | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock Shares Reserved for Issuances) (Detail) | Dec. 31, 2013 |
Class Of Stock [Line Items] | ' |
Shares reserved for issuance | 2,878,761 |
Stock Option And Restricted Stock Unit Plans [Member] | ' |
Class Of Stock [Line Items] | ' |
Shares reserved for issuance | 2,788,260 |
Consultant Incentive Plan [Member] | ' |
Class Of Stock [Line Items] | ' |
Shares reserved for issuance | 90,501 |
Stockholders_Equity_Restricted
Stockholders' Equity (Restricted Stock Units Activity for 2004 Equity Incentive Plan) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' | ' | ' |
Restricted stock units granted | 574,017 | ' | ' |
Weighted average grant-date fair value of restricted stock units granted | $34.06 | ' | ' |
Weighted average restriction period (in years) | '1 year 1 month 6 days | ' | ' |
2004 Equity Incentive Plan [Member] | ' | ' | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' | ' | ' |
Restricted stock units granted | 574,017 | 635,266 | 500,048 |
Weighted average grant-date fair value of restricted stock units granted | $34.06 | $31.52 | $29.28 |
Total fair value of restricted stock units granted | $19,550 | $20,025 | $14,643 |
Restricted stock units becoming free of restrictions | 543,921 | 662,909 | 576,522 |
Weighted average restriction period (in years) | '3 years 10 months 24 days | '3 years 2 months 5 days | '3 years 10 months 13 days |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Activity Related to Restricted Stock Units) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Unvested shares | ' |
Outstanding, Shares at December 31, 2012 | 1,317,798 |
Granted | 574,017 |
Forfeited | -48,428 |
Vested and Issued | -482,403 |
Vested and Unissued | -61,518 |
Outstanding, Shares at December 31, 2013 | 1,299,466 |
Weighted-Average Grant Date Fair Value Per Share | ' |
Outstanding at December 31, 2012 | $26.34 |
Granted | $34.06 |
Forfeited | $31.04 |
Vested and Issued | $23.73 |
Vested and Unissued | $24.95 |
Outstanding at December 31, 2013 | $29.98 |
Stockholders_Equity_Summary_of1
Stockholders' Equity (Summary of Stock Option Activity and Related Information) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Number of Shares (Options) | ' |
Outstanding as of December 31, 2012 | 484,794 |
Forfeited | -1,688 |
Exercised | -208,204 |
Outstanding as of December 31, 2013 | 274,902 |
Weighted Average Exercise Price | ' |
Outstanding as of December 31, 2012 | $13.26 |
Forfeited | $10.70 |
Exercised | $11.83 |
Outstanding as of December 31, 2013 | $14.36 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options Outstanding) (Detail) ($11.08 to $15.45 [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
$11.08 to $15.45 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, lower limit | $11.08 |
Exercise price, upper limit | $15.45 |
Options outstanding, shares | 274,902 |
Options outstanding, weighted average exercise price | $14.36 |
Options outstanding, weighted average remaining contractual life (in years) | '1 year 3 months 18 days |
Options vested and exercisable, shares | 274,902 |
Options vested and exercisable, weighted average exercise price | $14.36 |
Options vested and exercisable, weighted average remaining contractual life (in years) | '1 year 3 months 18 days |
Stockholders_Equity_Summary_of2
Stockholders' Equity (Summary of Warrant Activity) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Warrant | ' |
Granted | 574,017 |
Forfeited | -48,428 |
Stock Purchase Warrants [Member] | ' |
Warrant | ' |
Outstanding at December 31, 2012 | 117,461 |
Forfeited | -18,383 |
Exercised | -8,577 |
Outstanding at December 31, 2013 | 90,501 |
Weighed Average Exercise Price | ' |
Outstanding at December 31, 2012 | 29.69 |
Forfeited | 25.93 |
Exercised | 24.85 |
Outstanding at December 31, 2013 | 30.92 |
Stockholders_Equity_Summarized
Stockholders' Equity (Summarized Information about Warrants Outstanding) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | ' | ' |
Granted | 574,017 | ' |
Outstanding, ending balance | 90,501 | 117,461 |
Stock Purchase Warrants 2009 Issuance [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Grant date | '2009 | ' |
Granted | 5,589 | ' |
Exercise price, lower limit | 14.67 | ' |
Exercise price, upper limit | 19.61 | ' |
Fair value of warrants issued | 22 | ' |
Outstanding, ending balance | ' | 713 |
Stock Purchase Warrants 2010 Issuance [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Grant date | '2010 | ' |
Granted | 51,627 | ' |
Exercise price, lower limit | 20.64 | ' |
Exercise price, upper limit | 27.41 | ' |
Fair value of warrants issued | 351 | ' |
Outstanding, ending balance | 9,199 | 35,446 |
Stock Purchase Warrants 2011 Issuance [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Grant date | '2011 | ' |
Granted | 9,324 | ' |
Exercise price, lower limit | 27.53 | ' |
Exercise price, upper limit | 33.14 | ' |
Fair value of warrants issued | 79 | ' |
Outstanding, ending balance | 9,324 | 9,324 |
Stock Purchase Warrants 2012 Issuance [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Grant date | '2012 | ' |
Granted | 71,978 | ' |
Exercise price, lower limit | 30.52 | ' |
Exercise price, upper limit | 33.03 | ' |
Fair value of warrants issued | 628 | ' |
Outstanding, ending balance | 71,978 | 71,978 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income (loss), Gross Total | $6,949 | ($4,363) | ($621) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | -2,653 | 1,678 | 236 |
Amounts reclassified, Net of tax | 3,483 | 481 | 934 |
Other comprehensive income (loss), Total, Net of tax | 4,296 | -2,685 | -385 |
Changes in fair value, net of taxes | 813 | -3,166 | -1,319 |
Interest Rate Swap [Member] | ' | ' | ' |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Amounts reclassified, gross | 5,641 | 5,289 | 5,803 |
Changes in fair value, gross | 296 | -7,333 | -5,200 |
Amounts reclassified, Tax effect | -2,158 | -2,010 | -2,205 |
Changes in fair value, Tax effect | -108 | 2,809 | 1,976 |
Amounts reclassified, Net of tax | 3,483 | 3,279 | 3,598 |
Changes in fair value, net of taxes | 188 | -4,524 | -3,224 |
Fuel [Member] | Commodity Contract [Member] | ' | ' | ' |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Amounts reclassified, gross | ' | -4,513 | -4,297 |
Changes in fair value, gross | 1,012 | 2,194 | 3,073 |
Amounts reclassified, Tax effect | ' | 1,715 | 1,633 |
Changes in fair value, Tax effect | -387 | -836 | -1,168 |
Amounts reclassified, Net of tax | ' | -2,798 | -2,664 |
Changes in fair value, net of taxes | $625 | $1,358 | $1,905 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Amounts Included in Accumulated Other Comprehensive Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | ($6,165) | ($3,480) | ' |
Amounts reclassified into earnings | 3,483 | 481 | 934 |
Changes in fair value | 813 | -3,166 | -1,319 |
Ending Balance | -1,869 | -6,165 | -3,480 |
Interest Rate Swap [Member] | ' | ' | ' |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -6,897 | -5,652 | ' |
Amounts reclassified into earnings | 3,483 | 3,279 | 3,598 |
Changes in fair value | 188 | -4,524 | -3,224 |
Ending Balance | -3,226 | -6,897 | -5,652 |
Fuel [Member] | Commodity Contract [Member] | ' | ' | ' |
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 732 | 2,172 | ' |
Amounts reclassified into earnings | ' | -2,798 | -2,664 |
Changes in fair value | 625 | 1,358 | 1,905 |
Ending Balance | $1,357 | $732 | $2,172 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Reduction in taxes payable as result of exercise and vesting of equity based compensation | ($8,781) | ($9,603) | ($8,990) | ' |
Excess tax benefit associated with equity based compensation | 3,765 | 5,033 | 4,763 | ' |
Increase (reduction) to tax expense | ' | 2,602 | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' | 341 |
Federal [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | 0 | 0 | ' | ' |
State [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | $0 | $0 | ' | ' |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $73,243 | $65,099 | $45,922 |
State | 12,993 | 10,655 | 10,047 |
Current income tax expense (benefit), total | 86,236 | 75,754 | 55,969 |
Deferred: | ' | ' | ' |
Federal | 35,797 | 24,795 | 48,011 |
State | 2,883 | 4,894 | 2,978 |
Deferred income tax expense (benefit), total | 38,680 | 29,689 | 50,989 |
Provision for income taxes | $124,916 | $105,443 | $106,958 |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Income Tax Assets and Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Accounts receivable reserves | $2,810 | $2,504 |
Accrued expenses | 31,330 | 30,926 |
Compensation | 10,901 | 9,625 |
Interest rate and fuel hedges | 1,158 | 3,811 |
Leases | 1,308 | 1,181 |
State taxes | 3,917 | 3,482 |
Contingent liabilities | 19,415 | 28,390 |
Other | 723 | ' |
Gross deferred income tax assets | 71,562 | 79,919 |
Net deferred income tax assets | 71,562 | 79,919 |
Deferred income tax liabilities: | ' | ' |
Goodwill and other intangibles | -247,082 | -213,564 |
Property and equipment | -242,556 | -246,091 |
Landfill closure/post-closure | -30,085 | -26,363 |
Prepaid expenses | -12,256 | -12,493 |
Other | ' | -492 |
Deferred Tax Liabilities, Gross, Total | -531,979 | -499,003 |
Net deferred income tax liability | ($460,417) | ($419,084) |
Income_Taxes_Differences_betwe
Income Taxes (Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Income tax provision at the statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 3.70% | 3.60% | 3.70% |
Deferred income tax liability adjustments | ' | 1.00% | ' |
Noncontrolling interests | ' | -0.10% | -0.10% |
Other | 0.20% | 0.30% | 0.60% |
Effective income tax rate, total | 38.90% | 39.80% | 39.20% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Unrecognized tax benefits at beginning of period | $0 | ' | $341 |
Gross increases - tax positions in prior periods | ' | ' | ' |
Gross decreases - tax positions in prior periods | ' | ' | ' |
Lapse of statutes of limitations | ' | ' | -341 |
Unrecognized tax benefits at end of period | $0 | $0 | ' |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2012 | Dec. 31, 2013 |
segment | segment | |
customer | ||
Segment Reporting [Abstract] | ' | ' |
Number of contracts or customers accounted for more than 10% of the Company's total revenues at the consolidated or reportable segment level | ' | 0 |
Number of operating segments | 3 | 4 |
Number of reportable segments | 3 | 4 |
Number of geographic operating segments | ' | 3 |
Accumulated impairment losses associated with goodwill | ' | $0 |
Segment_Reporting_Summary_of_F
Segment Reporting (Summary of Financial Information Concerning Company's Reportable Segments) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | $485,877 | $503,646 | $489,381 | $449,892 | $448,803 | $425,654 | $410,731 | $376,430 | $1,928,795 | $1,661,618 | $1,505,366 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 651,339 | [1] | 507,807 | [1] | 485,819 | [1] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 243,864 | 193,584 | 167,100 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 209,874 | 153,517 | 141,924 | |||||
Total assets | 5,064,252 | [2] | ' | ' | ' | 5,076,026 | [2] | ' | ' | ' | 5,064,252 | [2] | 5,076,026 | [2] | 3,328,005 | [2] |
Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 249,830 | [3] | 232,759 | [3] | 218,612 | [3] | ||
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,178,625 | 1,894,377 | 1,723,978 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 651,567 | 518,880 | 480,300 | |||||
Western [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 805,790 | 782,134 | 742,588 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 249,548 | [1] | 229,427 | [1] | 232,940 | [1] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 81,164 | 78,191 | 74,628 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 70,960 | 64,583 | 57,037 | |||||
Total assets | 1,487,409 | [2] | ' | ' | ' | 1,507,081 | [2] | ' | ' | ' | 1,487,409 | [2] | 1,507,081 | [2] | 1,370,098 | [2] |
Western [Member] | Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 99,974 | [3] | 100,094 | [3] | 98,418 | [3] | ||
Western [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 905,764 | 882,228 | 841,006 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 249,548 | 229,427 | 232,940 | |||||
Central [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 510,928 | 461,875 | 419,717 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 182,790 | [1] | 164,756 | [1] | 145,088 | [1] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 64,165 | 54,743 | 48,690 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 57,952 | 51,300 | 45,758 | |||||
Total assets | 1,173,089 | [2] | ' | ' | ' | 1,114,479 | [2] | ' | ' | ' | 1,173,089 | [2] | 1,114,479 | [2] | 995,312 | [2] |
Central [Member] | Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 62,438 | [3] | 56,041 | [3] | 51,658 | [3] | ||
Central [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 573,366 | 517,916 | 471,375 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 182,790 | 164,756 | 145,088 | |||||
Eastern [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 371,772 | 366,825 | 332,601 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 108,173 | [1] | 101,046 | [1] | 95,301 | [1] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 51,546 | 49,289 | 41,135 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 39,703 | 32,037 | 35,139 | |||||
Total assets | 807,124 | [2] | ' | ' | ' | 826,687 | [2] | ' | ' | ' | 807,124 | [2] | 826,687 | [2] | 841,251 | [2] |
Eastern [Member] | Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 76,072 | [3] | 75,082 | [3] | 68,536 | [3] | ||
Eastern [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 447,844 | 441,907 | 401,137 | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 108,173 | 101,046 | 95,301 | |||||
Exploration and Production [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 240,305 | 50,784 | 10,460 | [4],[5] | ||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 111,056 | [1] | 23,651 | [1] | 6,971 | [1],[4],[5] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 44,099 | 9,018 | 800 | [4],[5] | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 34,916 | 1,971 | 705 | [4],[5] | ||||
Total assets | 1,484,501 | [2] | ' | ' | ' | 1,493,693 | [2] | ' | ' | ' | 1,484,501 | [2] | 1,493,693 | [2] | 45,650 | [2],[4],[5] |
Exploration and Production [Member] | Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,346 | [3] | 1,542 | [3] | ' | |||
Exploration and Production [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 251,651 | 52,326 | 10,460 | [4],[5] | ||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 111,056 | 23,651 | 6,971 | |||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -228 | [1],[4],[5] | -11,073 | [1],[4],[5] | 5,519 | [1] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,890 | [4],[5] | 2,343 | [4],[5] | 1,847 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,343 | [4],[5] | 3,626 | [4],[5] | 3,285 | |||
Total assets | $112,129 | [2],[4],[5] | ' | ' | ' | $134,086 | [2],[4],[5] | ' | ' | ' | $112,129 | [2],[4],[5] | $134,086 | [2],[4],[5] | $75,694 | [2] |
[1] | For those items included in the determination of EBITDA, the accounting policies of the segments are the same as those described in Note 1. | |||||||||||||||
[2] | Goodwill is included within total assets for each of the Company’s four operating segments. | |||||||||||||||
[3] | Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. | |||||||||||||||
[4] | Corporate functions include accounting, legal, tax, treasury, information technology, risk management, human resources, training and other administrative functions. Amounts reflected are net of allocations to the four operating segments. | |||||||||||||||
[5] | Corporate assets include cash, net deferred tax assets, debt issuance costs, equity investments, and corporate facility leasehold improvements and equipment. |
Segment_Reporting_Changes_in_G
Segment Reporting (Changes in Goodwill by Reportable Segment) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $1,636,557 | $1,116,888 |
Goodwill acquired | 39,901 | 520,166 |
Goodwill divested | -1,304 | -497 |
Goodwill, Ending Balance | 1,675,154 | 1,636,557 |
Western [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 373,143 | 313,038 |
Goodwill acquired | 521 | 60,105 |
Goodwill divested | -749 | ' |
Goodwill, Ending Balance | 372,915 | 373,143 |
Central [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 430,412 | 424,223 |
Goodwill transferred | -9,196 | ' |
Goodwill acquired | 37,838 | 6,686 |
Goodwill divested | ' | -497 |
Goodwill, Ending Balance | 459,054 | 430,412 |
Eastern [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 380,561 | 379,627 |
Goodwill acquired | 564 | 934 |
Goodwill divested | -555 | ' |
Goodwill, Ending Balance | 380,570 | 380,561 |
Exploration and Production [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 452,441 | ' |
Goodwill transferred | 9,196 | ' |
Goodwill acquired | 978 | 452,441 |
Goodwill, Ending Balance | $462,615 | $452,441 |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation of Primary Measure of Segment Profitability to Income before Income Tax Provision) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
EBITDA | ' | $651,339 | [1] | $507,807 | [1] | $485,819 | [1] |
Depreciation | ' | -218,454 | -169,027 | -147,036 | |||
Amortization of intangibles | ' | -25,410 | -24,557 | -20,064 | |||
Loss on disposal of assets | ' | -2,853 | -1,627 | -1,657 | |||
Gain from litigation settlement | 3,551 | ' | 3,551 | ' | |||
Loss on prior office leases | ' | -9,902 | ' | ' | |||
Interest expense | ' | -73,579 | -53,037 | -44,520 | |||
Other income (expense), net | ' | -220 | 1,993 | 587 | |||
Income before income tax provision | ' | 320,921 | 265,103 | 273,129 | |||
Western [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 249,548 | [1] | 229,427 | [1] | 232,940 | [1] |
Central [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 182,790 | [1] | 164,756 | [1] | 145,088 | [1] |
Eastern [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 108,173 | [1] | 101,046 | [1] | 95,301 | [1] |
Exploration and Production [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 111,056 | [1] | 23,651 | [1] | 6,971 | [1],[2],[3] |
Corporate [Member] | ' | ' | ' | ' | |||
EBITDA | ' | -228 | [1],[2],[3] | -11,073 | [1],[2],[3] | 5,519 | [1] |
Operating Segments [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 651,567 | 518,880 | 480,300 | |||
Operating Segments [Member] | Western [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 249,548 | 229,427 | 232,940 | |||
Operating Segments [Member] | Central [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 182,790 | 164,756 | 145,088 | |||
Operating Segments [Member] | Eastern [Member] | ' | ' | ' | ' | |||
EBITDA | ' | 108,173 | 101,046 | 95,301 | |||
Operating Segments [Member] | Exploration and Production [Member] | ' | ' | ' | ' | |||
EBITDA | ' | $111,056 | $23,651 | $6,971 | |||
[1] | For those items included in the determination of EBITDA, the accounting policies of the segments are the same as those described in Note 1. | ||||||
[2] | Corporate functions include accounting, legal, tax, treasury, information technology, risk management, human resources, training and other administrative functions. Amounts reflected are net of allocations to the four operating segments. | ||||||
[3] | Corporate assets include cash, net deferred tax assets, debt issuance costs, equity investments, and corporate facility leasehold improvements and equipment. |
Segment_Reporting_Total_Report
Segment Reporting (Total Reported Revenues by Service Line) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $485,877 | $503,646 | $489,381 | $449,892 | $448,803 | $425,654 | $410,731 | $376,430 | $1,928,795 | $1,661,618 | $1,505,366 | |||
Intercompany Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 249,830 | [1] | 232,759 | [1] | 218,612 | [1] |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,178,625 | 1,894,377 | 1,723,978 | |||
Operating Segments [Member] | Solid Waste Collection [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,219,091 | 1,176,333 | 1,069,065 | |||
Operating Segments [Member] | Solid Waste Disposal and Transfer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 579,379 | 524,861 | 497,584 | |||
Operating Segments [Member] | E&P Waste Treatment, Disposal and Recovery [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 262,286 | 61,350 | 12,746 | |||
Operating Segments [Member] | Solid Waste Recycling [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 71,831 | 81,512 | 96,417 | |||
Operating Segments [Member] | Intermodal and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $46,038 | $50,321 | $48,166 | |||
[1] | Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. |
Net_Income_Per_Share_Informati2
Net Income Per Share Information (Narrative) (Detail) (Warrant) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Warrant | ' | ' |
Computation Of Earnings Per Share Line Items | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 72,324 | 5,301 |
Net_Income_Per_Share_Informati3
Net Income Per Share Information (Basic and Diluted Net Income Per Common Share) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Waste Connections for basic and diluted earnings per share | $49,426 | $60,706 | $43,967 | $41,556 | $35,989 | $49,385 | $42,415 | $31,303 | $195,655 | $159,093 | $165,239 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 123,597,540 | 121,172,381 | 112,720,444 |
Dilutive effect of stock options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 186,006 | 308,681 | 425,085 |
Dilutive effect of restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 381,506 | 343,287 | 437,957 |
Diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 124,165,052 | 121,824,349 | 113,583,486 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Maximum percentage of contribution | 5.00% | ' | ' |
Deferred Compensation Plan [Member] | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan | 5.00% | ' | ' |
Percentage of salary that may voluntarily be elected to be deferred | 80.00% | ' | ' |
Percentage of bonuses, commissions and restricted stock unit grants that may voluntarily be elected to be deferred | 100.00% | ' | ' |
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to the deferred compensation plan | 50.00% | ' | ' |
Employer's matching contribution percentage that vests annually | 100.00% | ' | ' |
Total liability for deferred compensation | $15,335 | $12,541 | ' |
Voluntary Savings And Investment Plan [Member] | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Total employer expenses, including employer matching contributions | $4,024 | $3,304 | $2,759 |
Minimum [Member] | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan | 50.00% | ' | ' |
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan | 3.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan | 100.00% | ' | ' |
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan | 6.00% | ' | ' |
Employee_Benefit_Plans_Plan_Co
Employee Benefit Plans (Plan Contributions) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Multiemployer Plans [Line Items] | ' | ' | ' | ||
Company contributions | $3,885 | $3,812 | $3,906 | ||
Western Conference of Teamsters Pension Trust [Member] | ' | ' | ' | ||
Multiemployer Plans [Line Items] | ' | ' | ' | ||
EIN/Pension plan number | '916145047 | ' | ' | ||
Pension Protection Act zone status | 'Green | [1] | 'Green | [1] | ' |
Company contributions | 3,662 | 3,591 | 3,689 | ||
Collective-bargaining agreement, expiration date | 31-Dec-13 | ' | ' | ||
Collective-bargaining agreement, expiration date, start | 31-Dec-13 | [2] | ' | ' | |
Collective-bargaining agreement, expiration date, end | 30-Jun-16 | [2] | ' | ' | |
Employees represented by collective bargaining agreement | 15 | ' | ' | ||
Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan [Member] | ' | ' | ' | ||
Multiemployer Plans [Line Items] | ' | ' | ' | ||
EIN/Pension plan number | '916028571 | ' | ' | ||
Pension Protection Act zone status | 'Green | [1] | 'Green | [1] | ' |
Company contributions | $223 | $221 | $217 | ||
Collective-bargaining agreement, expiration date | 30-Sep-16 | ' | ' | ||
[1] | The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plans’ years ended December 31, 2012 and 2011, respectively. | ||||
[2] | There is one collective bargaining agreement, representing 15 employees, which expired on December 31, 2013, and is currently being negotiated for extension. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Sep. 30, 2013 |
Executive Officers [Member] | Exploration and Production [Member] | |||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Relocation expenses | ' | ' | ' | $750 | $8,031 | ' | ' | ' |
Relocation expenses, net of tax | ' | ' | ' | 463 | 4,975 | ' | ' | ' |
Expense associated with cessation of the use of headquarters | -1,338 | 10,498 | ' | ' | ' | ' | ' | 742 |
Expense associated with cessation of the use of headquarters, net of tax | -826 | 6,483 | ' | ' | ' | ' | ' | 458 |
Equity-based compensation expense | ' | ' | ' | 15,397 | 17,289 | 11,879 | 3,585 | ' |
Equity-based compensation expense, net of taxes | ' | ' | ' | 9,508 | 11,803 | 7,365 | 3,315 | ' |
Gain from litigation settlement | ' | ' | 3,551 | ' | 3,551 | ' | ' | ' |
Gain from litigation settlement, net of tax | ' | ' | $2,202 | ' | ' | ' | ' | ' |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Quarterly Results of Operations0 (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $485,877 | $503,646 | $489,381 | $449,892 | $448,803 | $425,654 | $410,731 | $376,430 | $1,928,795 | $1,661,618 | $1,505,366 |
Operating income | 99,112 | 115,620 | 93,074 | 86,913 | 80,206 | 89,147 | 81,737 | 65,056 | 394,720 | 316,147 | 317,062 |
Net income | 49,417 | 60,913 | 43,995 | 41,680 | 36,086 | 49,620 | 42,515 | 31,439 | 196,005 | 159,660 | 166,171 |
Net income attributable to Waste Connections | $49,426 | $60,706 | $43,967 | $41,556 | $35,989 | $49,385 | $42,415 | $31,303 | $195,655 | $159,093 | $165,239 |
Basic income per common share attributable to Waste Connections' common stockholders | $0.40 | $0.49 | $0.36 | $0.34 | $0.29 | $0.40 | $0.34 | $0.27 | $1.58 | $1.31 | $1.47 |
Diluted income per common share attributable to Waste Connections' common stockholders | $0.40 | $0.49 | $0.35 | $0.34 | $0.29 | $0.40 | $0.34 | $0.27 | $1.58 | $1.31 | $1.45 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, declared date | 28-Jan-14 |
Divdends per share amount | $0.12 |
Dividends, date to be paid | 25-Feb-14 |
Dividends, date of record | 11-Feb-14 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation allowances and reserves, balance | $6,548 | $6,617 | $5,084 |
Valuation allowances and reserves, charged to cost and expense | 6,617 | 5,153 | 6,428 |
Valuation allowances and reserves, deductions | -5,817 | -5,222 | -4,895 |
Valuation allowances and reserves, balance | $7,348 | $6,548 | $6,617 |