Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CWST | |
Entity Registrant Name | CASELLA WASTE SYSTEMS INC | |
Entity Central Index Key | 911177 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,588,604 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 988,200 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $3,057 | $2,205 |
Restricted cash | 76 | |
Accounts receivable - trade, net of allowance for doubtful accounts of $1,948 and $2,153, respectively | 52,513 | 55,750 |
Refundable income taxes | 526 | 554 |
Prepaid expenses | 7,096 | 8,763 |
Inventory | 4,418 | 4,374 |
Deferred income taxes | 2,012 | 2,095 |
Other current assets | 3,407 | 4,852 |
Total current assets | 73,029 | 78,669 |
Property, plant and equipment, net of accumulated depreciation and amortization of $748,496 and $736,839, respectively | 404,453 | 414,542 |
Goodwill | 119,170 | 119,170 |
Intangible assets, net | 11,070 | 11,808 |
Restricted assets | 2,554 | 6,632 |
Cost method investments | 14,432 | 14,432 |
Other non-current assets | 29,696 | 24,542 |
Total assets | 654,404 | 669,795 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital leases | 1,457 | 1,656 |
Accounts payable | 39,410 | 48,518 |
Accrued payroll and related expenses | 4,136 | 6,289 |
Accrued interest | 4,945 | 11,094 |
Current accrued capping, closure and post-closure costs | 1,985 | 2,208 |
Other accrued liabilities | 16,200 | 16,667 |
Total current liabilities | 68,133 | 86,432 |
Long-term debt and capital leases, less current portion | 545,442 | 534,055 |
Accrued capping, closure and post-closure costs, less current portion | 38,609 | 37,621 |
Deferred income taxes | 6,948 | 7,080 |
Other long-term liabilities | 16,128 | 16,627 |
COMMITMENTS AND CONTINGENCIES | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Additional paid-in capital | 341,429 | 340,773 |
Accumulated deficit | -362,761 | -353,490 |
Accumulated other comprehensive income | 24 | 58 |
Total Casella Waste Systems, Inc. stockholders' deficit | -20,902 | -12,253 |
Noncontrolling interests | 46 | 233 |
Total stockholders' deficit | -20,856 | -12,020 |
Total liabilities and stockholders' deficit | 654,404 | 669,795 |
Class A Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 396 | 396 |
Total stockholders' deficit | 396 | 396 |
Class B Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 10 | 10 |
Total stockholders' deficit | $10 | $10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable - trade, allowance for doubtful accounts | $1,948 | $2,153 |
Property, plant and equipment, accumulated depreciation and amortization | $748,496 | $736,839 |
Class A Common Stock [Member] | ||
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, issued shares | 39,588,000 | 39,587,000 |
Common stock, outstanding shares | 39,588,000 | 39,587,000 |
Class B Common Stock [Member] | ||
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, votes (in votes per share) | 10 | 10 |
Common stock, issued shares | 988,000 | 988,000 |
Common stock, outstanding shares | 988,000 | 988,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenues | $116,577 | $113,197 |
Operating expenses: | ||
Cost of operations | 87,833 | 86,404 |
General and administration | 16,805 | 16,387 |
Depreciation and amortization | 13,748 | 13,608 |
Divestiture transactions | -4,935 | |
Development project charge | 1,440 | |
Severance and reorganization costs | 80 | |
Expense from divestiture, acquisition and financing costs | 10 | |
Gain on settlement of acquisition related contingent consideration | -1,058 | |
Total operating expenses | 113,451 | 116,871 |
Operating income (loss) | 3,126 | -3,674 |
Other expense (income): | ||
Interest income | -141 | -110 |
Interest expense | 10,126 | 9,606 |
Loss on debt extinguishment | 521 | |
Loss on derivative instruments | 151 | 150 |
Income from equity method investments | -27 | |
Loss on sale of equity method investment | 221 | |
Other income | -164 | -207 |
Other expense (income), net | 10,493 | 9,633 |
Loss before income taxes | -7,367 | -13,307 |
Provision for income taxes | 596 | 303 |
Net loss | -7,963 | -13,610 |
Less: Net income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Net loss attributable to common stockholders | ($9,271) | ($13,423) |
Basic and diluted earnings per share attributable to common stockholders: | ||
Weighted average common shares outstanding | 40,417 | 39,909 |
Basic and diluted earnings per common share | ($0.23) | ($0.34) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($7,963) | ($13,610) |
Other comprehensive loss, net of tax: | ||
Unrealized loss resulting from changes in fair value of marketable securities | -34 | -3 |
Other comprehensive loss, net of tax | -34 | -3 |
Comprehensive loss | -7,997 | -13,613 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Comprehensive loss attributable to common stockholders | ($9,305) | ($13,426) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Deficit (USD $) | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2014 | ($12,020) | $340,773 | ($353,490) | $58 | $233 | $396 | $10 |
Balance (in shares) at Dec. 31, 2014 | 39,587,000 | 988,000 | |||||
Net (loss) income | -7,963 | -9,271 | 1,308 | ||||
Other comprehensive loss | -34 | -34 | |||||
Issuances of Class A common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuances of Class A common stock, shares | 1,000 | ||||||
Stock-based compensation | 660 | 660 | |||||
Distribution to noncontrolling interest holder | -1,495 | -1,495 | |||||
Other | -4 | -4 | |||||
Balance at Mar. 31, 2015 | ($20,856) | $341,429 | ($362,761) | $24 | $46 | $396 | $10 |
Balance (in shares) at Mar. 31, 2015 | 39,588,000 | 988,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net loss | ($7,963) | ($13,610) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 13,748 | 13,608 |
Depletion of landfill operating lease obligations | 1,690 | 1,992 |
Interest accretion on landfill and environmental remediation liabilities | 848 | 1,017 |
Stock-based compensation | 660 | 576 |
Amortization of discount on long-term debt | 80 | 62 |
Divestiture transactions | -4,935 | |
Gain on sale of property and equipment | -46 | -185 |
Development project charge | 1,440 | |
Gain on settlement of acquisition related contingent consideration | -1,058 | |
Loss on debt extinguishment | 521 | |
Loss on derivative instruments | 151 | 150 |
Income from equity method investments | -27 | |
Loss on sale of equity method investment | 221 | |
Deferred income taxes | -49 | 243 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable | 3,237 | 3,764 |
Accounts payable | -9,108 | -2,953 |
Prepaid expenses, inventories and other assets | 4,341 | 1,743 |
Accrued expenses and other liabilities | -8,870 | -5,622 |
Net cash (used in) provided by operating activities | -5,695 | 1,361 |
Cash Flows from Investing Activities: | ||
Proceeds from settlement of contingent consideration | 214 | |
Additions to property, plant and equipment | -4,444 | -7,477 |
Payments on landfill operating lease contracts | -478 | -563 |
Payments related to investments | -84 | |
Proceeds from divestiture transactions | 4,550 | |
Proceeds from sale of property and equipment | 89 | 216 |
Net cash used in investing activities | -283 | -7,773 |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 197,591 | 47,860 |
Principal payments on long-term debt | -186,500 | -41,250 |
Change in restricted cash | 4,086 | |
Payments of financing costs | -6,852 | -17 |
Distribution to noncontrolling interest holder | -1,495 | |
Net cash provided by (used in) financing activities | 6,830 | 6,593 |
Discontinued Operations: | ||
Net cash provided by investing activities | 86 | |
Net cash provided by discontinued operations | 86 | |
Net increase in cash and cash equivalents | 852 | 267 |
Cash and cash equivalents, beginning of period | 2,205 | 2,695 |
Cash and cash equivalents, end of period | 3,057 | 2,962 |
Cash paid during the period for: | ||
Interest | 15,336 | 14,959 |
Income taxes, net of refunds | 30 | 500 |
Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | ($4,444) | ($79) |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 1 | BASIS OF PRESENTATION |
Casella Waste Systems, Inc. (“Parent”), and its consolidated subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically-integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper and corrugated cardboard, which have been processed at our recycling facilities, as well as recyclables purchased from third-parties. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services, and our larger-scale recycling and commodity brokerage operations through our Recycling segment. Organics services, ancillary operations, industrial services, discontinued operations and earnings from equity method investees are included in our Other segment. | ||
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent, our wholly-owned subsidiaries and any partially owned entities over which we have a controlling financial interest, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8 of our Transition Report on Form 10-KT for the transition period ended December 31, 2014, which was filed with the SEC on February 27, 2015. | ||
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2015 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Transition Report on Form 10-KT for the transition period ended December 31, 2014. | ||
Subsequent Events | ||
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2015, but prior to the filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed, there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q. | ||
On April 7, 2015, JCP Investment Partnership, LP notified us of its intention to nominate Brett W. Frazier, James C. Pappas and Joseph B. Swinbank for election as directors at our 2015 Annual Meeting of Stockholders in opposition to the three candidates that will be recommended for election by our Board of Directors. According to the Schedule 13D filed with the SEC by JCP Investment Partnership, LP, JCP Investment Management, LLC, JCP Single-Asset Partnership, LP, JCP Investment Partners, LP, JCP Investment Holdings, LLC, JCP Investment Management, LLC and James C. Pappas (collectively, the “JCP Group”) on April 28, 2015, the JCP Group beneficially owns approximately 5.0% of our outstanding Class A common stock. On April 29, 2015, the JCP Group filed with the SEC soliciting material under Rule 14a-12 of the Exchange Act confirming its intention to file a preliminary proxy statement and an accompanying proxy card with the SEC to solicit votes for the election of the JCP Group’s slate of three director nominees to our Board of Directors, at our 2015 Annual Meeting of Stockholders. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Accounting Pronouncements | 2 | ACCOUNTING PRONOUNCEMENTS |
New Accounting Pronouncements Pending Adoption | ||
Consolidation | ||
In February 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the requirements of consolidation. The update provides changes to the analysis that an entity must perform to determine whether it should consolidate certain types of legal entities because in certain situations deconsolidated financial statements are necessary to better analyze the reporting entity’s economic and operational results. This guidance is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption, and we expect that it will have no impact on our consolidated financial position or results of operations. | ||
Extraordinary and Unusual Items | ||
In January 2015, the FASB issued an accounting standards update that eliminates the GAAP concept of extraordinary items. The update provides for the elimination of the requirements to consider whether an underlying event or transaction is extraordinary, but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands upon it to include items that are both unusual in nature and infrequently occurring. This guidance is effective prospectively or retrospectively for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption, and we expect that this guidance will have no impact on our consolidated financial position or results of operations. | ||
Revenue Recognition | ||
In May 2014, the FASB issued an accounting standards update for the recognition of revenue, which supersedes existing revenue recognition requirements and most industry-specific guidance. The update provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016 under either full or modified retrospective adoption. Early application is not permitted. We are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. | ||
Adoption of New Accounting Pronouncements | ||
Discontinued Operations | ||
In April 2014, the FASB issued an accounting standards update for the requirements of reporting discontinued operations. The update provides that an entity or a group of components of an entity is required to be reported in discontinued operations once the component of an entity meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The update also requires that additional disclosures about discontinued operations be made. This guidance is effective prospectively for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2014, with early adoption permitted, but only for disposals, or classifications as held for sale, that have not been reported in financial statements previously issued or available for issuance. We adopted this guidance effective January 1, 2015 and it did not impact our consolidated financial position or results of operations, but it may impact the presentation of, and disclosures in, our consolidated financial statements and notes thereto. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | 3 | INTANGIBLE ASSETS | |||||||||||
Intangible assets as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||||
Covenants | Client Lists | Total | |||||||||||
Not-to-Compete | |||||||||||||
Balance, March 31, 2015 | |||||||||||||
Intangible assets | $ | 17,313 | $ | 16,065 | $ | 33,378 | |||||||
Less accumulated amortization | (15,879 | ) | (6,429 | ) | (22,308 | ) | |||||||
$ | 1,434 | $ | 9,636 | $ | 11,070 | ||||||||
Covenants | Client Lists | Total | |||||||||||
Not-to-Compete | |||||||||||||
Balance, December 31, 2014 | |||||||||||||
Intangible assets | $ | 17,296 | $ | 16,071 | $ | 33,367 | |||||||
Less accumulated amortization | (15,730 | ) | (5,829 | ) | (21,559 | ) | |||||||
$ | 1,566 | $ | 10,242 | $ | 11,808 | ||||||||
Intangible amortization expense was $749 during the three months ended March 31, 2015, as compared to $752 during the three months ended March 31, 2014. | |||||||||||||
Estimated Future Amortization Expense as of March 31, 2015: | |||||||||||||
For the fiscal year ending December 31, 2015 | $ | 1,833 | |||||||||||
For the fiscal year ending December 31, 2016 | $ | 2,048 | |||||||||||
For the fiscal year ending December 31, 2017 | $ | 1,784 | |||||||||||
For the fiscal year ending December 31, 2018 | $ | 1,581 | |||||||||||
For the fiscal year ending December 31, 2019 | $ | 1,213 | |||||||||||
Thereafter | $ | 2,611 |
Accrued_Final_Capping_Closure_
Accrued Final Capping, Closure and Post Closure | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Accrued Final Capping, Closure and Post Closure | 4 | ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE | |||||||
Accrued final capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for final capping, closure and post-closure of our landfills. We estimate our future final capping, closure and post-closure costs in order to determine the final capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated timeframe for paying these costs varies based on the remaining useful life of each landfill, as well as the duration of the post-closure monitoring period. The changes to accrued final capping, closure and post-closure liabilities for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 39,829 | $ | 46,326 | |||||
Obligations incurred | 441 | 736 | |||||||
Accretion expense | 828 | 983 | |||||||
Obligations settled (1) | (504 | ) | (212 | ) | |||||
Ending balance | $ | 40,594 | $ | 47,833 | |||||
-1 | Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 5 | LONG-TERM DEBT | |||||||
Long-term debt and capital leases as of March 31, 2015 and December 31, 2014 consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Asset-Based Revolving Credit Facility: | |||||||||
Due February 2020; bearing interest at LIBOR plus 2.25% | $ | 83,120 | $ | — | |||||
Senior Secured Revolving Credit Facility: | |||||||||
Due March 2016; bore interest at LIBOR plus 3.75% | — | 131,300 | |||||||
Tax-Exempt Bonds: | |||||||||
New York State Enviornmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014; senior unsecured due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% | 25,000 | 25,000 | |||||||
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2; senior unsecured due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% | 21,400 | 21,400 | |||||||
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013; senior unsecured due April 2036 - fixed rate interest period through 2018, bearing interest at 4.75% | 16,000 | 16,000 | |||||||
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013; senior unsecured due April 2029 - fixed rate interest period through 2019, bearing interest at 4.00% | 11,000 | 11,000 | |||||||
Finance Authority of Maine Solid Wasete Disposal Revenue Bonds Series 2005R-1; letter of credit backed due January 2025 - variable rate interest period through 2017, bearing interest at SIFMA Index | 3,600 | 3,600 | |||||||
Other: | |||||||||
Capital leases maturing through April 2023, bearing interest at up to 7.70% | 3,075 | 3,295 | |||||||
Notes payable maturing through April 2017, bearing interest at up to 6.00% | 418 | 435 | |||||||
Senior Subordinated Notes: | |||||||||
Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,714 and $1,319) | 383,286 | 323,681 | |||||||
546,899 | 535,711 | ||||||||
Less—current maturities of long-term debt | 1,457 | 1,656 | |||||||
$ | 545,442 | $ | 534,055 | ||||||
Financing Activities | |||||||||
In February 2015, we issued an additional $60,000 aggregate principal amount of 7.75% senior subordinated notes due February 15, 2019 (“2019 Notes”). The additional 2019 Notes, which are fungible with and issued under the same indenture as the 2019 Notes of $325,000 previously issued, were issued at a discount of approximately $476 to be accreted over the remaining term of the 2019 Notes. On February 27, 2015, we used the net proceeds from this issuance, together with the initial borrowings under our new senior secured asset-based revolving credit and letter of credit facility (“ABL Facility”), to refinance our senior revolving credit and letter of credit facility that was due March 18, 2016 (“Senior Credit Facility”). | |||||||||
Our ABL Facility consists of a revolving credit facility with loans thereunder being available up to an aggregate principal amount of $190,000, subject to availability under a borrowing base formula as defined in the ABL Facility agreement. We have the right to request, at our discretion, an increase in the amount of loans under the ABL Facility by an aggregate amount of $100,000, subject to the terms and conditions set forth in the ABL Facility agreement. Interest accrues at LIBOR plus between 1.75% and 2.50%, subject to the terms of the ABL Facility agreement and is set at LIBOR plus 2.25% as of March 31, 2015. The ABL Facility matures on February 26, 2020. If we fail to refinance the 2019 Notes on or before November 16, 2018, the maturity date for the ABL Facility shall be November 16, 2018. The ABL Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries. | |||||||||
The ABL Facility requires us to maintain a certain minimum consolidated EBITDA measured at the end of each fiscal quarter. Additionally, if borrowing availability does not meet certain thresholds as defined in the ABL Facility agreement, the ABL Facility requires us to meet additional financial ratio covenants, including, without limitation: | |||||||||
• | a minimum fixed charge coverage ratio; and | ||||||||
• | a maximum consolidated first lien funded debt to consolidated EBITDA ratio. | ||||||||
An event of default under any of our debt agreements could permit some of our lenders, including the lenders under the ABL Facility, to declare all amounts borrowed from them to be immediately due and payable, together with accrued and unpaid interest, or, in the case of the ABL Facility, terminate the commitment to make further credit extensions thereunder, which could, in turn, trigger cross-defaults under other debt obligations. If we were unable to repay debt to our lenders, or were otherwise in default under any provision governing our outstanding debt obligations, our secured lenders could proceed against us and against the collateral securing that debt. | |||||||||
In conjunction with the refinancing of our Senior Credit Facility in February 2015, we were also required to settle an obligation associated with an interest rate derivative agreement held with a creditor to our Senior Credit Facility. In February 2015, we made a cash payment of $830 to settle our obligation associated with this interest rate swap. | |||||||||
Loss on Debt Extinguishment | |||||||||
As a result of the refinancing of the Senior Credit Facility, in the three months ended March 31, 2015 we recorded a charge of $521 as a loss on debt extinguishment related to the write-off of deferred financing costs in connection with changes to the borrowing capacity from the Senior Credit Facility to the ABL Facility. The remaining unamortized deferred financing costs of the Senior Credit Facility, along with fees paid to the creditor and third-party costs incurred for the ABL Facility, are to be amortized over the term of the ABL Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | 6 | COMMITMENTS AND CONTINGENCIES | |||||||
Legal Proceedings | |||||||||
In the ordinary course of our business and as a result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we 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 and transfer stations, or alleging environmental damage or violations of the permits and licenses pursuant to which we operate. In addition, we have been named defendants in 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 ordinary operation of a waste management business. | |||||||||
In accordance with FASB Accounting Standards Codification (“ASC”) 450-20, we accrue for legal proceedings when losses become probable and reasonably estimable. As of the end of each applicable reporting period, we review each of our legal proceedings to determine whether it is probable, reasonably possible or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated under the provisions of FASB ASC 450-20. In instances where we determine that a loss is probable and we can reasonably estimate a range of loss we may incur with respect to such a matter, we record an accrual for the amount within the range that constitutes our best estimate of the possible loss. If we are able to reasonably estimate a range, but no amount within the range appears to be a better estimate than any other, we record an accrual in the amount that is the low end of such range. When a loss is reasonably possible, but not probable, we will not record an accrual, but we will disclose our estimate of the possible range of loss where such estimate can be made in accordance with FASB ASC 450-20. | |||||||||
Greenwood Street Landfill, Worcester, Massachusetts | |||||||||
On July 2, 2014, we received a draft Administrative Consent Order with Penalty and Notice of Noncompliance (“Draft Order”) from the Massachusetts Department of Environmental Protection (“MADEP”) alleging that a subsidiary, NEWS of Worcester, LLC, had completed substantive closure of a portion of the Greenwood Street Landfill in Worcester, Massachusetts in 2010, at an elevation exceeding the applicable permit condition. While we neither admitted nor denied the allegations in the Draft Order, a final Administrative Consent Order with Penalty and Notice of Noncompliance was executed on March 20, 2015 (“Final Order”), and we agreed to pay a civil administrative penalty in a total amount of $172. MADEP agreed that $129 of that amount could be paid as a Supplemental Environmental Project for work being done by the Massachusetts Audubon Society at the Broad Meadow Brook Conservation Center & Wildlife Sanctuary in Worcester, Massachusetts, scheduled to be paid in full within a year of execution of the Final Order. | |||||||||
Environmental Remediation Liability | |||||||||
We are subject to liability for environmental damage, including personal injury and property damage, that our solid waste, recycling and power generation facilities may cause to neighboring property owners, particularly as a result of the contamination of drinking water sources or soil, possibly including damage resulting from conditions that existed before we acquired the facilities. We may also be subject to liability for similar claims arising from off-site environmental contamination caused by pollutants or hazardous substances if we or our predecessors arrange or arranged to transport, treat or dispose of those materials. The following matter represents our potential or outstanding material claim. | |||||||||
Potsdam Environmental Remediation Liability | |||||||||
On December 20, 2000, the State of New York Department of Environmental Conservation (“DEC”) issued an Order on Consent (“Order”) which named Waste-Stream, Inc. (“WSI”), our subsidiary, General Motors Corporation (“GM”) and Niagara Mohawk Power Corporation (“NiMo”) as Respondents. The Order required that the Respondents undertake certain work on a 25-acre scrap yard and solid waste transfer station owned by WSI in Potsdam, New York, including the preparation of a Remedial Investigation and Feasibility Study (“Study”). A draft of the Study was submitted to the DEC in January 2009 (followed by a final report in May 2009). The Study estimated that the undiscounted costs associated with implementing the preferred remedies would be approximately $10,219. On February 28, 2011, the DEC issued a Proposed Remedial Action Plan for the site and accepted public comments on the proposed remedy through March 29, 2011. We submitted comments to the DEC on this matter. In April 2011, the DEC issued the final Record of Decision (“ROD”) for the site. The ROD was subsequently rescinded by the DEC for failure to respond to all submitted comments. The preliminary ROD, however, estimated that the present cost associated with implementing the preferred remedies would be approximately $12,130. The DEC issued the final ROD in June 2011 with proposed remedies consistent with its earlier ROD. An Order on Consent and Administrative Settlement naming WSI and NiMo as Respondents was executed by the Respondents and DEC with an effective date of October 25, 2013. It is unlikely that any significant expenditures relating to onsite remediation will be incurred until the fiscal year ending December 31, 2016. WSI is jointly and severally liable with the other Respondents for the total cost to remediate. | |||||||||
In September 2011, the DEC settled its environmental claim against the estate of the former GM (known as “Motors Liquidation Trust”) for future remediation costs relating to the WSI site for face value of $3,000. In addition, in November 2011 we settled our own claim against the Motors Liquidation Trust for face value of $100. These claims will be paid by GM in warrants to obtain stock of the reorganized GM. GM has issued warrants to us beginning in May 2013 and at this time there is no way to accurately estimate when the remainder of these claims will be paid. We have not assumed that any future proceeds from the sale of securities received in payment of these claims will reduce our exposure. | |||||||||
We have recorded an environmental remediation liability associated with the Potsdam site based on incurred costs to date and estimated costs to complete the remediation in other accrued liabilities and other long-term liabilities. Our expenditures could be significantly higher if costs exceed estimates. We inflate the estimated costs in current dollars to the expected time of payment and discount the total cost to present value using a risk free interest rate of 1.7%. The changes to the environmental remediation liability associated with the Potsdam environmental remediation liability for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 5,142 | $ | 5,421 | |||||
Accretion expense | 20 | 34 | |||||||
Obligations settled | — | (26 | ) | ||||||
Ending balance | $ | 5,162 | $ | 5,429 | |||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stockholders' Equity | 7 | STOCKHOLDERS’ EQUITY | |||||||||||||||
Stock Based Compensation | |||||||||||||||||
Shares Available For Issuance | |||||||||||||||||
In the fiscal year ended April 30, 2007, we adopted the 2006 Stock Incentive Plan (“2006 Plan”). The 2006 Plan was amended in the fiscal year ended April 30, 2010. Under the 2006 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,475 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events), plus (ii) such additional number of shares of Class A common stock as are currently subject to options granted under our 1993 Incentive Stock Option Plan, 1994 Non-statutory Stock Option Plan, 1996 Option Plan, and 1997 Stock Option Plan (“Prior Plans”), which are not actually issued under the Prior Plans because such options expire or otherwise result in shares not being issued. As of March 31, 2015, there were 495 Class A common stock equivalents available for future grant under the 2006 Plan, inclusive of additional Class A common stock equivalents that were previously issued under our terminated plans and have become available for grant because such awards expired or otherwise resulted in shares not being issued. | |||||||||||||||||
Stock Options | |||||||||||||||||
Options under the 2006 Plan are granted at a price equal to the prevailing fair market value of our Class A common stock at the date of grant. Generally, options granted have a term not to exceed ten years and vest over a one to four year period from the date of grant. | |||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2015 is as follows: | |||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding, December 31, 2014 | 1,380 | $ | 7.7 | ||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Forfeited | (2 | ) | $ | 13 | |||||||||||||
Outstanding, March 31, 2015 | 1,378 | $ | 7.69 | 5.1 | $ | 827 | |||||||||||
Exercisable, March 31, 2015 | 855 | $ | 9.57 | 3 | $ | 356 | |||||||||||
Expected to vest, March 31, 2015 | 1,377 | $ | 7.69 | 5.1 | $ | 826 | |||||||||||
Stock-based compensation expense for stock options was $157 during the three months ended March 31, 2015, as compared to $109 during the three months ended March 31, 2014. | |||||||||||||||||
As of March 31, 2015, total unrecognized stock-based compensation expense related to outstanding stock options was $931, which will be recognized over a weighted average period of 1.4 years. | |||||||||||||||||
Other Stock Awards | |||||||||||||||||
We grant restricted stock awards, restricted stock units and performance stock units under the 2006 Plan at a price equal to the fair market value of our Class A common stock at the date of grant. Restricted stock awards granted to non-employee directors vest incrementally over a three year period beginning on the first anniversary of the date of grant. Restricted stock units vest incrementally over an identified service period beginning on the grant date based on continued employment. Performance stock units vest on the third fiscal year-end following the grant date and are based on our attainment of a targeted average return on net assets as of the vesting date. | |||||||||||||||||
A summary of restricted stock, restricted stock unit and performance stock unit activity for the three months ended March 31, 2015 is as follows: | |||||||||||||||||
Restricted Stock, | Weighted | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Restricted Stock Units, | Average | Remaining | Value | ||||||||||||||
and Performance Stock | Grant Price | Contractual Term | |||||||||||||||
Units (1) | (years) | ||||||||||||||||
Outstanding, December 31, 2014 | 1,048 | $ | 4.79 | ||||||||||||||
Granted | 556 | $ | 4.18 | ||||||||||||||
Class A Common Stock Vested | (3 | ) | $ | 4.83 | |||||||||||||
Forfeited | (31 | ) | $ | 4.82 | |||||||||||||
Outstanding, March 31, 2015 | 1,570 | $ | 4.57 | 1.8 | $ | 1,469 | |||||||||||
Expected to vest, March 31, 2015 | 1,092 | $ | 4.47 | 2.1 | $ | 1,136 | |||||||||||
-1 | Performance stock units are included at the 100% attainment level. Attainment of maximum annual returns on net assets could result in the issuance of an additional 242 shares of Class A common stock. | ||||||||||||||||
Stock-based compensation expense related to restricted stock, restricted stock units and performance stock units was $486 during the three months ended March 31, 2015, as compared to $461 during the three months ended March 31, 2014. | |||||||||||||||||
During the three months ended March 31, 2015, the total fair value of other stock awards vested was $12. | |||||||||||||||||
As of March 31, 2015, total unrecognized compensation expense related to outstanding restricted stock and restricted stock units was $3,667, which will be recognized over a weighted average period of 2.0 years. Maximum unrecognized stock-based compensation expense as of March 31, 2015 related to outstanding performance stock units, and subject to the attainment of targeted maximum annual returns on net assets, was $2,483 to be recognized over a weighted average period of 0.1 years. We do not expect to recognize any compensation expense as of March 31, 2015 related to outstanding performance stock units based on our expected attainment levels. | |||||||||||||||||
We also recorded $17 of stock-based compensation expense related to our Employee Stock Purchase Plan during the three months ended March 31, 2015, as compared to $5 during the three months ended March 31, 2014. | |||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The change in the balance of accumulated other comprehensive income, which is included as a component of our stockholders’ deficit, for the three months ended March 31, 2015 is as follows: | |||||||||||||||||
Marketable | |||||||||||||||||
Securities | |||||||||||||||||
Balance as of December 31, 2014 | $ | 58 | |||||||||||||||
Other comprehensive loss before reclassifications | (34 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | ||||||||||||||||
Net current-period other comprehensive loss | (34 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | 24 | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 8 | EARNINGS PER SHARE | |||||||
The following table sets forth the numerator and denominator used in the computation of basic and diluted earnings per share (“EPS”): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss attributable to common stockholders | $ | (9,271 | ) | $ | (13,423 | ) | |||
Denominator: | |||||||||
Number of shares outstanding, end of period: | |||||||||
Class A common stock | 39,588 | 39,053 | |||||||
Class B common stock | 988 | 988 | |||||||
Unvested restricted stock | (159 | ) | (130 | ) | |||||
Effect of weighted average shares outstanding during period | — | (2 | ) | ||||||
Weighted average number of common shares used in basic and diluted EPS | 40,417 | 39,909 | |||||||
As of March 31, 2015, there are 2,705 anti-dilutive potentially issuable shares not included in the diluted EPS calculation due to the net loss attributable to common stockholders. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value of Financial Instruments | 9 | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||
We use 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; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||
We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions which we believe market participants would use in pricing an asset or a liability. | |||||||||||||
Assets and Liabilities Accounted for at Fair Value | |||||||||||||
Our financial instruments include cash and cash equivalents, restricted investments held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, restricted cash reserved to finance certain capital projects in the State of New York, trade receivables, interest rate derivatives, trade payables and long-term debt. The carrying values of cash and cash equivalents, restricted cash, trade receivables and trade payables approximate their respective fair values due to their short-term nature. The fair value of restricted investments held in trust and escrow accounts is included as restricted assets in the Level 1 tier below, along with restricted cash reserved for repayment of certain capital projects in the State of New York. The fair value of the interest rate derivative, included in the Level 2 tier below, is calculated based on the three month LIBOR yield curve that is observable at commonly quoted intervals for the full term of the interest rate swap, adjusted by the credit risk of us and our counter-party based on the observable credit default swap rate. | |||||||||||||
As of March 31, 2015 our assets and liabilities measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at March 31, 2015 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||
(Level 1) | |||||||||||||
Assets: | |||||||||||||
Restricted assets - capital projects | $ | 1,733 | $ | — | $ | — | |||||||
Restricted assets - landfill closure | 821 | — | — | ||||||||||
Total | $ | 2,554 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivative | $ | — | $ | 760 | $ | — | |||||||
As of December 31, 2014 our assets and liabilities measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at December 31, 2014 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||
(Level 1) | |||||||||||||
Assets: | |||||||||||||
Restricted assets - capital projects | $ | 5,819 | $ | — | $ | — | |||||||
Restricted assets - landfill closure | 813 | — | — | ||||||||||
Total | $ | 6,632 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 1,668 | $ | — | |||||||
Fair Value of Debt | |||||||||||||
As of March 31, 2015, the fair value of our fixed rate debt, including our 2019 Notes, Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 (“FAME Bonds 2005R-2”), Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds”), New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bond Series 2014 (“New York Bonds”) and Solid Waste Disposal Revenue Bonds Series 2013 issued by the Business Finance Authority of New Hampshire (“New Hampshire Bonds”) was approximately $460,322 and the carrying value was $458,400. The fair value of the 2019 Notes are considered to be Level 1 within the fair value hierarchy as the fair value is based off of a quoted market price in an active market. The fair value of the FAME Bonds 2005R-2, the Vermont Bonds, the New York Bonds and the New Hampshire Bonds is considered to be Level 2 within the fair value hierarchy as the fair value is determined using market approach pricing that utilizes pricing models and pricing systems, mathematical tools and judgment to determine the evaluated price for the security based on the market information of each of the bonds or securities with similar characteristics. | |||||||||||||
Although we have determined the estimated fair value amounts of the FAME Bonds 2005R-2, the Vermont Bonds, the New York Bonds and the New Hampshire Bonds using available market information and commonly accepted valuation methodologies, a change in available market information, and/or the use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. These amounts have not been revalued, and current estimates of fair value could differ significantly from the amounts presented. As of March 31, 2015, the fair value of our ABL Facility approximated its carrying value of $83,120 based on current borrowing rates for similar types of borrowing arrangements, or Level 2 inputs. The carrying value of our remaining material variable rate debt, the Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1, approximates fair value because the interest rate for the debt instrument is based on a market index that approximates current market rates for instruments with similar risk and maturities. |
Other_Items
Other Items | 3 Months Ended | |
Mar. 31, 2015 | ||
Extraordinary and Unusual Items [Abstract] | ||
Other Items | 10 | OTHER ITEMS |
Development Project Charge | ||
In the three months ended March 31, 2014, we recorded charges of $1,440 for deferred costs associated with a gas pipeline development project in Maine no longer deemed viable. | ||
As of March 31, 2015 and December 31, 2014, we had no deferred costs associated with development projects included in other non-current assets within our consolidated balance sheets. | ||
Gain on Settlement of Acquisition Related Contingent Consideration | ||
In the three months ended March 31, 2014, we recovered a portion of the purchase price holdback amount we had previously paid and were relieved of any potential contingent consideration obligation associated with the acquisition of an industrial service management business. As a result, we recorded a $1,058 gain on settlement of acquisition related contingent consideration in the three months ended March 31, 2014. |
Divestiture_Transactions
Divestiture Transactions | 3 Months Ended | |
Mar. 31, 2015 | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Divestiture Transactions | 11 | DIVESTITURE TRANSACTIONS |
Maine Energy | ||
In the fiscal year ended April 30, 2013, we executed a purchase and sale agreement (“Agreement”) with the City of Biddeford, Maine, pursuant to which we agreed to sell the real property of Maine Energy Recovery Company, LP (“Maine Energy”) to the City of Biddeford. We agreed to sell Maine Energy for an undiscounted purchase consideration of $6,650, which is being paid to us in equal installments over twenty-one years. The transaction closed in November 2012. In December 2012, we ceased operations of the Maine Energy facility and initiated the decommissioning, demolition and site remediation process in accordance with the provisions of the Agreement. We have completed the demolition process, and are nearly completed with site remediation under the auspices and in accordance with work plans approved by the Maine Department of Environmental Protection and the U.S. Environmental Protection Agency. The time for completion of this project has been consensually extended by us and the City of Biddeford, and we expect to complete this project and transfer ownership of the real property to the City of Biddeford by summer 2015. In consideration of the fact that the project is substantially complete and based on incurred costs to date and estimates regarding the remaining costs to fulfill our obligation under the Agreement, we reversed a reserve of $1,157 of excess costs to complete the divestiture in the three months ended March 31, 2015. As of March 31, 2015, we have accrued $115 in other accrued liabilities for the estimated remaining costs to fulfill our obligation under the Agreement. | ||
CARES and Related Transaction | ||
Casella-Altela Regional Environmental Services, LLC (“CARES”) is a joint venture that owned and operated a water and leachate treatment facility for the natural gas drilling industry in Pennsylvania. Our joint venture partner in CARES is Altela, Inc. (“Altela”). As of March 31, 2015, our ownership interest in CARES was 51%. In accordance with FASB ASC 810-10-15, we consolidate the assets, liabilities and results of operations of CARES into our consolidated financial statements due to our controlling financial interest in the joint venture. | ||
In the fiscal year ended April 30, 2014, we determined that assets of the CARES water treatment facility were no longer operational or were not operating within product performance parameters. As a result, we initiated a plan to abandon and shut down the operations of CARES. It was determined that the carrying value of the assets of CARES was no longer recoverable and, as a result, the carrying value of the asset group was assessed for impairment and impaired in the fiscal year ended April 30, 2014. | ||
We executed a purchase and sale agreement on February 9, 2015 pursuant to which we and Altela agreed to sell certain assets of the CARES water treatment facility to an unrelated third-party. We sold these assets of CARES for purchase consideration of $3,500, resulting in a gain of $2,850 in the three months ended March 31, 2015, 49% of which was attributable to Altela, the noncontrolling interest holder. As of March 31, 2015, we were proceeding with dissolution of CARES in accordance with the CARES Limited Liability Company Agreement. | ||
In connection with this transaction, we also sold certain of our equipment and real estate to the same buyer for total consideration of $1,050, resulting in a gain of $928 in the three months ended March 31, 2015. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | 12 | SEGMENT REPORTING | |||||||||||||||||||
We report selected information about operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments. Revenues associated with our solid waste operations are derived mainly from collection, transfer, disposal, landfill, landfill gas-to-energy and recycling services in the northeastern United States. Our revenues in the Recycling segment are derived from municipalities and customers in the form of processing fees, tipping fees and commodity sales. Organics services, ancillary operations, major customer accounts, discontinued operations, and earnings from equity method investees are included in our Other segment. | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 33,267 | $ | 8,016 | $ | 5,237 | $ | (485 | ) | $ | 205,062 | ||||||||||
Western | 49,357 | 14,398 | 6,738 | 4,995 | 325,799 | ||||||||||||||||
Recycling | 10,294 | 4 | 1,116 | (2,010 | ) | 50,157 | |||||||||||||||
Other | 23,659 | 221 | 657 | 626 | 73,386 | ||||||||||||||||
Eliminations | — | (22,639 | ) | — | — | — | |||||||||||||||
Total | $ | 116,577 | $ | — | $ | 13,748 | $ | 3,126 | $ | 654,404 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 31,338 | $ | 8,588 | $ | 5,329 | $ | (4,860 | ) | $ | 200,137 | ||||||||||
Western | 48,739 | 15,384 | 6,524 | 2,603 | 340,862 | ||||||||||||||||
Recycling | 10,361 | (63 | ) | 1,066 | (1,484 | ) | 49,519 | ||||||||||||||
Other | 22,759 | 504 | 689 | 67 | 69,920 | ||||||||||||||||
Eliminations | — | (24,413 | ) | — | — | — | |||||||||||||||
Total | $ | 113,197 | $ | — | $ | 13,608 | $ | (3,674 | ) | $ | 660,438 | ||||||||||
Amounts of our total revenue attributable to services provided for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Collection | $ | 53,456 | $ | 52,543 | |||||||||||||||||
Disposal | 27,637 | 24,075 | |||||||||||||||||||
Power generation | 2,047 | 3,349 | |||||||||||||||||||
Processing | 1,121 | 1,708 | |||||||||||||||||||
Solid waste operations | 84,261 | 81,675 | |||||||||||||||||||
Organics | 9,020 | 9,276 | |||||||||||||||||||
Customer solutions | 13,002 | 11,885 | |||||||||||||||||||
Recycling | 10,294 | 10,361 | |||||||||||||||||||
Total revenues | $ | 116,577 | $ | 113,197 | |||||||||||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Subsidiary Guarantors | 13 | SUBSIDIARY GUARANTORS | |||||||||||||||||||
Our 2019 Notes are guaranteed jointly and severally, fully and unconditionally, by our significant wholly-owned subsidiaries. The Parent is the issuer and a non-guarantor of the 2019 Notes and the Parent has no independent assets or operations. The information which follows presents the condensed consolidating financial position as of March 31, 2015 and December 31, 2014, the consolidating results of operations and comprehensive income (loss) for the three months ended March 31, 2015 and 2014, and the condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014 of (a) the Parent company only, (b) the combined guarantors (“Guarantors”), each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (“Non-Guarantors”), (d) eliminating entries and (e) the consolidated total. | |||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
ASSETS | Parent | Guarantors | Non- | Elimination | Consolidated | ||||||||||||||||
Guarantors | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,441 | $ | 223 | $ | 393 | $ | — | $ | 3,057 | |||||||||||
Accounts receivable - trade, net | 392 | 52,047 | 74 | — | 52,513 | ||||||||||||||||
Refundable income taxes | 526 | — | — | — | 526 | ||||||||||||||||
Prepaid expenses | 2,139 | 4,955 | 2 | — | 7,096 | ||||||||||||||||
Inventory | — | 4,418 | — | — | 4,418 | ||||||||||||||||
Deferred income taxes | 2,012 | — | — | — | 2,012 | ||||||||||||||||
Other current assets | 296 | 3,103 | 8 | — | 3,407 | ||||||||||||||||
Total current assets | 7,806 | 64,746 | 477 | — | 73,029 | ||||||||||||||||
Property, plant and equipment, net | 5,366 | 399,087 | — | — | 404,453 | ||||||||||||||||
Goodwill | — | 119,170 | — | — | 119,170 | ||||||||||||||||
Intangible assets, net | 76 | 10,994 | — | — | 11,070 | ||||||||||||||||
Restricted assets | 1,733 | 821 | — | — | 2,554 | ||||||||||||||||
Cost method investments | 14,432 | 1,932 | — | (1,932 | ) | 14,432 | |||||||||||||||
Investments in subsidiaries | (9,519 | ) | — | — | 9,519 | — | |||||||||||||||
Other non-current assets | 19,613 | 10,083 | — | — | 29,696 | ||||||||||||||||
31,701 | 542,087 | — | 7,587 | 581,375 | |||||||||||||||||
Intercompany receivable | 520,428 | (483,467 | ) | (38,893 | ) | 1,932 | — | ||||||||||||||
$ | 559,935 | $ | 123,366 | $ | (38,416 | ) | $ | 9,519 | $ | 654,404 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | Parent | Guarantors | Non- | Elimination | Consolidated | ||||||||||||||||
Guarantors | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 91 | $ | 1,366 | $ | — | $ | — | $ | 1,457 | |||||||||||
Accounts payable | 5,632 | 33,458 | 320 | — | 39,410 | ||||||||||||||||
Accrued payroll and related expenses | 681 | 3,453 | 2 | — | 4,136 | ||||||||||||||||
Accrued interest | 4,931 | 14 | — | — | 4,945 | ||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 1,982 | 3 | — | 1,985 | ||||||||||||||||
Other accrued liabilities | 9,638 | 6,553 | 9 | — | 16,200 | ||||||||||||||||
Total current liabilities | 20,973 | 46,826 | 334 | — | 68,133 | ||||||||||||||||
Long-term debt and capital leases, less current maturities | 544,291 | 1,151 | — | — | 545,442 | ||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 38,576 | 33 | — | 38,609 | ||||||||||||||||
Deferred income taxes | 6,948 | — | — | — | 6,948 | ||||||||||||||||
Other long-term liabilities | 8,625 | 7,424 | 79 | — | 16,128 | ||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY: | |||||||||||||||||||||
Casella Waste Systems, Inc. stockholders (deficit)’ equity | (20,902 | ) | 29,389 | (38,908 | ) | 9,519 | (20,902 | ) | |||||||||||||
Noncontrolling interests | — | — | 46 | — | 46 | ||||||||||||||||
Total stockholders’ (deficit) equity | (20,902 | ) | 29,389 | (38,862 | ) | 9,519 | (20,856 | ) | |||||||||||||
$ | 559,935 | $ | 123,366 | $ | (38,416 | ) | $ | 9,519 | $ | 654,404 | |||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF DECEMBER 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,596 | $ | 253 | $ | 356 | $ | — | $ | 2,205 | |||||||||||
Restricted cash | — | 76 | — | — | 76 | ||||||||||||||||
Accounts receivable - trade, net | 597 | 55,053 | 100 | — | 55,750 | ||||||||||||||||
Refundable income taxes | 554 | — | — | — | 554 | ||||||||||||||||
Prepaid expenses | 3,622 | 5,136 | 5 | — | 8,763 | ||||||||||||||||
Inventory | — | 4,345 | 29 | — | 4,374 | ||||||||||||||||
Deferred income taxes | 2,095 | — | — | — | 2,095 | ||||||||||||||||
Other current assets | 296 | 4,549 | 7 | — | 4,852 | ||||||||||||||||
Total current assets | 8,760 | 69,412 | 497 | — | 78,669 | ||||||||||||||||
Property, plant and equipment, net | 5,049 | 408,843 | 650 | — | 414,542 | ||||||||||||||||
Goodwill | — | 119,170 | — | — | 119,170 | ||||||||||||||||
Intangible assets, net | 98 | 11,710 | — | — | 11,808 | ||||||||||||||||
Restricted assets | 5,819 | 813 | — | — | 6,632 | ||||||||||||||||
Cost method investments | 14,432 | 1,932 | — | (1,932 | ) | 14,432 | |||||||||||||||
Investments in subsidiaries | (9,888 | ) | — | — | 9,888 | — | |||||||||||||||
Other non-current assets | 14,611 | 9,931 | — | — | 24,542 | ||||||||||||||||
30,121 | 552,399 | 650 | 7,956 | 591,126 | |||||||||||||||||
Intercompany receivable | 537,228 | (500,267 | ) | (38,893 | ) | 1,932 | — | ||||||||||||||
$ | 576,109 | $ | 121,544 | $ | (37,746 | ) | $ | 9,888 | $ | 669,795 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 89 | $ | 1,567 | $ | — | $ | — | $ | 1,656 | |||||||||||
Accounts payable | 17,953 | 30,040 | 525 | — | 48,518 | ||||||||||||||||
Accrued payroll and related expenses | 1,536 | 4,751 | 2 | — | 6,289 | ||||||||||||||||
Accrued interest | 11,083 | 11 | — | — | 11,094 | ||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 2,205 | 3 | — | 2,208 | ||||||||||||||||
Other accrued liabilities | 8,618 | 7,957 | 92 | — | 16,667 | ||||||||||||||||
Total current liabilities | 39,279 | 46,531 | 622 | — | 86,432 | ||||||||||||||||
Long-term debt and capital leases, less current maturities | 532,889 | 1,166 | — | — | 534,055 | ||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 37,589 | 32 | — | 37,621 | ||||||||||||||||
Deferred income taxes | 7,080 | — | — | — | 7,080 | ||||||||||||||||
Other long-term liabilities | 9,114 | 7,433 | 80 | — | 16,627 | ||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY: | |||||||||||||||||||||
Casella Waste Systems, Inc. stockholders (deficit)’ equity | (12,253 | ) | 28,825 | (38,713 | ) | 9,888 | (12,253 | ) | |||||||||||||
Noncontrolling interests | — | — | 233 | — | 233 | ||||||||||||||||
Total stockholders’ (deficit) equity | (12,253 | ) | 28,825 | (38,480 | ) | 9,888 | (12,020 | ) | |||||||||||||
$ | 576,109 | $ | 121,544 | $ | (37,746 | ) | $ | 9,888 | $ | 669,795 | |||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues | $ | — | $ | 116,453 | $ | 124 | $ | — | $ | 116,577 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Cost of operations | (83 | ) | 87,679 | 237 | — | 87,833 | |||||||||||||||
General and administration | (117 | ) | 16,938 | (16 | ) | — | 16,805 | ||||||||||||||
Depreciation and amortization | 223 | 13,525 | — | — | 13,748 | ||||||||||||||||
Divestiture transactions | — | (2,085 | ) | (2,850 | ) | — | (4,935 | ) | |||||||||||||
23 | 116,057 | (2,629 | ) | — | 113,451 | ||||||||||||||||
Operating income (loss) | (23 | ) | 396 | 2,753 | — | 3,126 | |||||||||||||||
Other expense (income), net: | |||||||||||||||||||||
Interest income | (47 | ) | (94 | ) | — | — | (141 | ) | |||||||||||||
Interest expense | 9,988 | 53 | 85 | — | 10,126 | ||||||||||||||||
Loss on debt extinguishment | 521 | — | — | — | 521 | ||||||||||||||||
(Income) loss on derivative instruments | 151 | — | — | — | 151 | ||||||||||||||||
(Income) loss from consolidated entities | (1,924 | ) | — | — | 1,924 | — | |||||||||||||||
Other income | (37 | ) | (127 | ) | — | — | (164 | ) | |||||||||||||
Other expense (income), net | 8,652 | (168 | ) | 85 | 1,924 | 10,493 | |||||||||||||||
Income (loss) before income taxes | (8,675 | ) | 564 | 2,668 | (1,924 | ) | (7,367 | ) | |||||||||||||
Provision (benefit) for income taxes | 596 | — | — | — | 596 | ||||||||||||||||
Net income (loss) | (9,271 | ) | 564 | 2,668 | (1,924 | ) | (7,963 | ) | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | 1,308 | — | 1,308 | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (9,271 | ) | $ | 564 | $ | 1,360 | $ | (1,924 | ) | $ | (9,271 | ) | ||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues | $ | — | $ | 112,933 | $ | 264 | $ | — | $ | 113,197 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Cost of operations | (44 | ) | 86,002 | 446 | — | 86,404 | |||||||||||||||
General and administration | 1,007 | 15,375 | 5 | — | 16,387 | ||||||||||||||||
Depreciation and amortization | 266 | 13,146 | 196 | — | 13,608 | ||||||||||||||||
Development project charge | — | 1,440 | — | — | 1,440 | ||||||||||||||||
Severance and reorganization costs | — | 80 | — | — | 80 | ||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 10 | — | — | 10 | ||||||||||||||||
Gain on settlement of acquisition related contingent consideration | — | (1,058 | ) | — | — | (1,058 | ) | ||||||||||||||
1,229 | 114,995 | 647 | — | 116,871 | |||||||||||||||||
Operating income (loss) | (1,229 | ) | (2,062 | ) | (383 | ) | — | (3,674 | ) | ||||||||||||
Other expense (income), net: | |||||||||||||||||||||
Interest income | (2 | ) | (108 | ) | — | — | (110 | ) | |||||||||||||
Interest expense | 9,580 | 26 | — | — | 9,606 | ||||||||||||||||
(Income) loss on derivative instruments | 150 | — | — | — | 150 | ||||||||||||||||
(Income) loss from equity method investments | — | (27 | ) | — | — | (27 | ) | ||||||||||||||
(Gain) loss on sale of equity method investment | — | — | 221 | — | 221 | ||||||||||||||||
(Income) loss from consolidated entities | 2,173 | — | — | (2,173 | ) | — | |||||||||||||||
Other income | (10 | ) | (197 | ) | — | — | (207 | ) | |||||||||||||
Other expense (income), net | 11,891 | (306 | ) | 221 | (2,173 | ) | 9,633 | ||||||||||||||
Income (loss) before income taxes | (13,120 | ) | (1,756 | ) | (604 | ) | 2,173 | (13,307 | ) | ||||||||||||
Provision (benefit) for income taxes | 303 | — | — | — | 303 | ||||||||||||||||
Net income (loss) | (13,423 | ) | (1,756 | ) | (604 | ) | 2,173 | (13,610 | ) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (187 | ) | — | (187 | ) | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | (13,423 | ) | $ | (1,756 | ) | $ | (417 | ) | $ | 2,173 | $ | (13,423 | ) | |||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net income (loss) | $ | (9,271 | ) | $ | 564 | $ | 2,668 | $ | (1,924 | ) | $ | (7,963 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | (34 | ) | — | — | (34 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | — | (34 | ) | — | — | (34 | ) | ||||||||||||||
Comprehensive income (loss) | (9,271 | ) | 530 | 2,668 | (1,924 | ) | (7,997 | ) | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | 1,308 | — | 1,308 | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (9,271 | ) | $ | 530 | $ | 1,360 | $ | (1,924 | ) | $ | (9,305 | ) | ||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net income (loss) | $ | (13,423 | ) | $ | (1,756 | ) | $ | (604 | ) | $ | 2,173 | $ | (13,610 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Comprehensive income (loss) | (13,423 | ) | (1,759 | ) | (604 | ) | 2,173 | (13,613 | ) | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (187 | ) | — | (187 | ) | ||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (13,423 | ) | $ | (1,759 | ) | $ | (417 | ) | $ | 2,173 | $ | (13,426 | ) | |||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (10,886 | ) | $ | 5,604 | $ | (413 | ) | $ | — | $ | (5,695 | ) | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (516 | ) | (3,928 | ) | — | — | (4,444 | ) | |||||||||||||
Payments on landfill operating lease contracts | — | (478 | ) | — | — | (478 | ) | ||||||||||||||
Payments related to investments | — | 1,555 | (1,555 | ) | — | — | |||||||||||||||
Proceeds from divestiture transactions | — | 1,050 | 3,500 | — | 4,550 | ||||||||||||||||
Proceeds from sale of property and equipment | — | 89 | — | — | 89 | ||||||||||||||||
Net cash provided by (used in) investing activities | (516 | ) | (1,712 | ) | 1,945 | — | (283 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from long-term borrowings | 197,573 | 18 | — | — | 197,591 | ||||||||||||||||
Principal payments on long-term debt | (186,267 | ) | (233 | ) | — | — | (186,500 | ) | |||||||||||||
Change in restricted cash | 4,086 | — | — | — | 4,086 | ||||||||||||||||
Payments of financing costs | (6,852 | ) | — | — | — | (6,852 | ) | ||||||||||||||
Distributions to nonctonrolling interest holder | — | — | (1,495 | ) | — | (1,495 | ) | ||||||||||||||
Intercompany borrowings | 3,707 | (3,707 | ) | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 12,247 | (3,922 | ) | (1,495 | ) | — | 6,830 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 845 | (30 | ) | 37 | — | 852 | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,596 | 253 | 356 | — | 2,205 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,441 | $ | 223 | $ | 393 | $ | — | $ | 3,057 | |||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (5,327 | ) | $ | 6,799 | $ | (111 | ) | $ | — | $ | 1,361 | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Acquisitions, net of cash acquired | — | 214 | — | — | 214 | ||||||||||||||||
Acquisition related additions to property, plant and equipment | — | (79 | ) | — | — | (79 | ) | ||||||||||||||
Additions to property, plant and equipment | (256 | ) | (7,221 | ) | — | — | (7,477 | ) | |||||||||||||
Payments on landfill operating lease contracts | — | (563 | ) | — | — | (563 | ) | ||||||||||||||
Payments related to investments | — | (84 | ) | — | — | (84 | ) | ||||||||||||||
Proceeds from sale of property and equipment | — | 216 | — | — | 216 | ||||||||||||||||
Net cash provided by (used in) investing activities | (256 | ) | (7,517 | ) | — | — | (7,773 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from long-term borrowings | 47,860 | — | — | — | 47,860 | ||||||||||||||||
Principal payments on long-term debt | (41,120 | ) | (130 | ) | — | — | (41,250 | ) | |||||||||||||
Payments of financing costs | (17 | ) | — | — | — | (17 | ) | ||||||||||||||
Intercompany borrowings | (718 | ) | 718 | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 6,005 | 588 | — | — | 6,593 | ||||||||||||||||
Net cash provided by (used in) discontinued operations | — | 86 | — | — | 86 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 422 | (44 | ) | (111 | ) | — | 267 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,312 | 243 | 140 | — | 2,695 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,734 | $ | 199 | $ | 29 | $ | — | $ | 2,962 | |||||||||||
Accounting_Pronouncements_Poli
Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Policies Adopted and Pending Adoption | New Accounting Pronouncements Pending Adoption |
Consolidation | |
In February 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the requirements of consolidation. The update provides changes to the analysis that an entity must perform to determine whether it should consolidate certain types of legal entities because in certain situations deconsolidated financial statements are necessary to better analyze the reporting entity’s economic and operational results. This guidance is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption, and we expect that it will have no impact on our consolidated financial position or results of operations. | |
Extraordinary and Unusual Items | |
In January 2015, the FASB issued an accounting standards update that eliminates the GAAP concept of extraordinary items. The update provides for the elimination of the requirements to consider whether an underlying event or transaction is extraordinary, but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands upon it to include items that are both unusual in nature and infrequently occurring. This guidance is effective prospectively or retrospectively for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption, and we expect that this guidance will have no impact on our consolidated financial position or results of operations. | |
Revenue Recognition | |
In May 2014, the FASB issued an accounting standards update for the recognition of revenue, which supersedes existing revenue recognition requirements and most industry-specific guidance. The update provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016 under either full or modified retrospective adoption. Early application is not permitted. We are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. | |
Adoption of New Accounting Pronouncements | |
Discontinued Operations | |
In April 2014, the FASB issued an accounting standards update for the requirements of reporting discontinued operations. The update provides that an entity or a group of components of an entity is required to be reported in discontinued operations once the component of an entity meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The update also requires that additional disclosures about discontinued operations be made. This guidance is effective prospectively for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2014, with early adoption permitted, but only for disposals, or classifications as held for sale, that have not been reported in financial statements previously issued or available for issuance. We adopted this guidance effective January 1, 2015 and it did not impact our consolidated financial position or results of operations, but it may impact the presentation of, and disclosures in, our consolidated financial statements and notes thereto. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Components of Intangible Assets | Intangible assets as of March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||||
Covenants | Client Lists | Total | |||||||||||
Not-to-Compete | |||||||||||||
Balance, March 31, 2015 | |||||||||||||
Intangible assets | $ | 17,313 | $ | 16,065 | $ | 33,378 | |||||||
Less accumulated amortization | (15,879 | ) | (6,429 | ) | (22,308 | ) | |||||||
$ | 1,434 | $ | 9,636 | $ | 11,070 | ||||||||
Covenants | Client Lists | Total | |||||||||||
Not-to-Compete | |||||||||||||
Balance, December 31, 2014 | |||||||||||||
Intangible assets | $ | 17,296 | $ | 16,071 | $ | 33,367 | |||||||
Less accumulated amortization | (15,730 | ) | (5,829 | ) | (21,559 | ) | |||||||
$ | 1,566 | $ | 10,242 | $ | 11,808 | ||||||||
Estimated Future Amortization Expense | |||||||||||||
Estimated Future Amortization Expense as of March 31, 2015: | |||||||||||||
For the fiscal year ending December 31, 2015 | $ | 1,833 | |||||||||||
For the fiscal year ending December 31, 2016 | $ | 2,048 | |||||||||||
For the fiscal year ending December 31, 2017 | $ | 1,784 | |||||||||||
For the fiscal year ending December 31, 2018 | $ | 1,581 | |||||||||||
For the fiscal year ending December 31, 2019 | $ | 1,213 | |||||||||||
Thereafter | $ | 2,611 |
Accrued_Final_Capping_Closure_1
Accrued Final Capping, Closure and Post Closure (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Changes to Accrued Capping, Closure and Post-Closure Liabilities | The changes to accrued final capping, closure and post-closure liabilities for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 39,829 | $ | 46,326 | |||||
Obligations incurred | 441 | 736 | |||||||
Accretion expense | 828 | 983 | |||||||
Obligations settled (1) | (504 | ) | (212 | ) | |||||
Ending balance | $ | 40,594 | $ | 47,833 | |||||
-1 | Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long-Term Debt and Capital Leases | Long-term debt and capital leases as of March 31, 2015 and December 31, 2014 consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Asset-Based Revolving Credit Facility: | |||||||||
Due February 2020; bearing interest at LIBOR plus 2.25% | $ | 83,120 | $ | — | |||||
Senior Secured Revolving Credit Facility: | |||||||||
Due March 2016; bore interest at LIBOR plus 3.75% | — | 131,300 | |||||||
Tax-Exempt Bonds: | |||||||||
New York State Enviornmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014; senior unsecured due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% | 25,000 | 25,000 | |||||||
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2; senior unsecured due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% | 21,400 | 21,400 | |||||||
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013; senior unsecured due April 2036 - fixed rate interest period through 2018, bearing interest at 4.75% | 16,000 | 16,000 | |||||||
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013; senior unsecured due April 2029 - fixed rate interest period through 2019, bearing interest at 4.00% | 11,000 | 11,000 | |||||||
Finance Authority of Maine Solid Wasete Disposal Revenue Bonds Series 2005R-1; letter of credit backed due January 2025 - variable rate interest period through 2017, bearing interest at SIFMA Index | 3,600 | 3,600 | |||||||
Other: | |||||||||
Capital leases maturing through April 2023, bearing interest at up to 7.70% | 3,075 | 3,295 | |||||||
Notes payable maturing through April 2017, bearing interest at up to 6.00% | 418 | 435 | |||||||
Senior Subordinated Notes: | |||||||||
Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,714 and $1,319) | 383,286 | 323,681 | |||||||
546,899 | 535,711 | ||||||||
Less—current maturities of long-term debt | 1,457 | 1,656 | |||||||
$ | 545,442 | $ | 534,055 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Environmental Liability Associated with Potsdam | The changes to the environmental remediation liability associated with the Potsdam environmental remediation liability for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 5,142 | $ | 5,421 | |||||
Accretion expense | 20 | 34 | |||||||
Obligations settled | — | (26 | ) | ||||||
Ending balance | $ | 5,162 | $ | 5,429 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding, December 31, 2014 | 1,380 | $ | 7.7 | ||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Forfeited | (2 | ) | $ | 13 | |||||||||||||
Outstanding, March 31, 2015 | 1,378 | $ | 7.69 | 5.1 | $ | 827 | |||||||||||
Exercisable, March 31, 2015 | 855 | $ | 9.57 | 3 | $ | 356 | |||||||||||
Expected to vest, March 31, 2015 | 1,377 | $ | 7.69 | 5.1 | $ | 826 | |||||||||||
Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity | A summary of restricted stock, restricted stock unit and performance stock unit activity for the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Restricted Stock, | Weighted | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Restricted Stock Units, | Average | Remaining | Value | ||||||||||||||
and Performance Stock | Grant Price | Contractual Term | |||||||||||||||
Units (1) | (years) | ||||||||||||||||
Outstanding, December 31, 2014 | 1,048 | $ | 4.79 | ||||||||||||||
Granted | 556 | $ | 4.18 | ||||||||||||||
Class A Common Stock Vested | (3 | ) | $ | 4.83 | |||||||||||||
Forfeited | (31 | ) | $ | 4.82 | |||||||||||||
Outstanding, March 31, 2015 | 1,570 | $ | 4.57 | 1.8 | $ | 1,469 | |||||||||||
Expected to vest, March 31, 2015 | 1,092 | $ | 4.47 | 2.1 | $ | 1,136 | |||||||||||
-1 | Performance stock units are included at the 100% attainment level. Attainment of maximum annual returns on net assets could result in the issuance of an additional 242 shares of Class A common stock. | ||||||||||||||||
Accumulated Other Comprehensive Income | The change in the balance of accumulated other comprehensive income, which is included as a component of our stockholders’ deficit, for the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Marketable | |||||||||||||||||
Securities | |||||||||||||||||
Balance as of December 31, 2014 | $ | 58 | |||||||||||||||
Other comprehensive loss before reclassifications | (34 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | ||||||||||||||||
Net current-period other comprehensive loss | (34 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | 24 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Numerator and Denominator Used in Computation of Earnings Per Share | The following table sets forth the numerator and denominator used in the computation of basic and diluted earnings per share (“EPS”): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss attributable to common stockholders | $ | (9,271 | ) | $ | (13,423 | ) | |||
Denominator: | |||||||||
Number of shares outstanding, end of period: | |||||||||
Class A common stock | 39,588 | 39,053 | |||||||
Class B common stock | 988 | 988 | |||||||
Unvested restricted stock | (159 | ) | (130 | ) | |||||
Effect of weighted average shares outstanding during period | — | (2 | ) | ||||||
Weighted average number of common shares used in basic and diluted EPS | 40,417 | 39,909 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of March 31, 2015 our assets and liabilities measured at fair value on a recurring basis included the following: | ||||||||||||
Fair Value Measurement at March 31, 2015 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||
(Level 1) | |||||||||||||
Assets: | |||||||||||||
Restricted assets - capital projects | $ | 1,733 | $ | — | $ | — | |||||||
Restricted assets - landfill closure | 821 | — | — | ||||||||||
Total | $ | 2,554 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivative | $ | — | $ | 760 | $ | — | |||||||
As of December 31, 2014 our assets and liabilities measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at December 31, 2014 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||
(Level 1) | |||||||||||||
Assets: | |||||||||||||
Restricted assets - capital projects | $ | 5,819 | $ | — | $ | — | |||||||
Restricted assets - landfill closure | 813 | — | — | ||||||||||
Total | $ | 6,632 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 1,668 | $ | — | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summary of Financial Information by Reportable Segment | Three Months Ended March 31, 2015 | ||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 33,267 | $ | 8,016 | $ | 5,237 | $ | (485 | ) | $ | 205,062 | ||||||||||
Western | 49,357 | 14,398 | 6,738 | 4,995 | 325,799 | ||||||||||||||||
Recycling | 10,294 | 4 | 1,116 | (2,010 | ) | 50,157 | |||||||||||||||
Other | 23,659 | 221 | 657 | 626 | 73,386 | ||||||||||||||||
Eliminations | — | (22,639 | ) | — | — | — | |||||||||||||||
Total | $ | 116,577 | $ | — | $ | 13,748 | $ | 3,126 | $ | 654,404 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 31,338 | $ | 8,588 | $ | 5,329 | $ | (4,860 | ) | $ | 200,137 | ||||||||||
Western | 48,739 | 15,384 | 6,524 | 2,603 | 340,862 | ||||||||||||||||
Recycling | 10,361 | (63 | ) | 1,066 | (1,484 | ) | 49,519 | ||||||||||||||
Other | 22,759 | 504 | 689 | 67 | 69,920 | ||||||||||||||||
Eliminations | — | (24,413 | ) | — | — | — | |||||||||||||||
Total | $ | 113,197 | $ | — | $ | 13,608 | $ | (3,674 | ) | $ | 660,438 | ||||||||||
Summary of Revenue Attributable to Services Provided by Company | Amounts of our total revenue attributable to services provided for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Collection | $ | 53,456 | $ | 52,543 | |||||||||||||||||
Disposal | 27,637 | 24,075 | |||||||||||||||||||
Power generation | 2,047 | 3,349 | |||||||||||||||||||
Processing | 1,121 | 1,708 | |||||||||||||||||||
Solid waste operations | 84,261 | 81,675 | |||||||||||||||||||
Organics | 9,020 | 9,276 | |||||||||||||||||||
Customer solutions | 13,002 | 11,885 | |||||||||||||||||||
Recycling | 10,294 | 10,361 | |||||||||||||||||||
Total revenues | $ | 116,577 | $ | 113,197 | |||||||||||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
ASSETS | Parent | Guarantors | Non- | Elimination | Consolidated | ||||||||||||||||
Guarantors | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,441 | $ | 223 | $ | 393 | $ | — | $ | 3,057 | |||||||||||
Accounts receivable - trade, net | 392 | 52,047 | 74 | — | 52,513 | ||||||||||||||||
Refundable income taxes | 526 | — | — | — | 526 | ||||||||||||||||
Prepaid expenses | 2,139 | 4,955 | 2 | — | 7,096 | ||||||||||||||||
Inventory | — | 4,418 | — | — | 4,418 | ||||||||||||||||
Deferred income taxes | 2,012 | — | — | — | 2,012 | ||||||||||||||||
Other current assets | 296 | 3,103 | 8 | — | 3,407 | ||||||||||||||||
Total current assets | 7,806 | 64,746 | 477 | — | 73,029 | ||||||||||||||||
Property, plant and equipment, net | 5,366 | 399,087 | — | — | 404,453 | ||||||||||||||||
Goodwill | — | 119,170 | — | — | 119,170 | ||||||||||||||||
Intangible assets, net | 76 | 10,994 | — | — | 11,070 | ||||||||||||||||
Restricted assets | 1,733 | 821 | — | — | 2,554 | ||||||||||||||||
Cost method investments | 14,432 | 1,932 | — | (1,932 | ) | 14,432 | |||||||||||||||
Investments in subsidiaries | (9,519 | ) | — | — | 9,519 | — | |||||||||||||||
Other non-current assets | 19,613 | 10,083 | — | — | 29,696 | ||||||||||||||||
31,701 | 542,087 | — | 7,587 | 581,375 | |||||||||||||||||
Intercompany receivable | 520,428 | (483,467 | ) | (38,893 | ) | 1,932 | — | ||||||||||||||
$ | 559,935 | $ | 123,366 | $ | (38,416 | ) | $ | 9,519 | $ | 654,404 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | Parent | Guarantors | Non- | Elimination | Consolidated | ||||||||||||||||
Guarantors | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 91 | $ | 1,366 | $ | — | $ | — | $ | 1,457 | |||||||||||
Accounts payable | 5,632 | 33,458 | 320 | — | 39,410 | ||||||||||||||||
Accrued payroll and related expenses | 681 | 3,453 | 2 | — | 4,136 | ||||||||||||||||
Accrued interest | 4,931 | 14 | — | — | 4,945 | ||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 1,982 | 3 | — | 1,985 | ||||||||||||||||
Other accrued liabilities | 9,638 | 6,553 | 9 | — | 16,200 | ||||||||||||||||
Total current liabilities | 20,973 | 46,826 | 334 | — | 68,133 | ||||||||||||||||
Long-term debt and capital leases, less current maturities | 544,291 | 1,151 | — | — | 545,442 | ||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 38,576 | 33 | — | 38,609 | ||||||||||||||||
Deferred income taxes | 6,948 | — | — | — | 6,948 | ||||||||||||||||
Other long-term liabilities | 8,625 | 7,424 | 79 | — | 16,128 | ||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY: | |||||||||||||||||||||
Casella Waste Systems, Inc. stockholders (deficit)’ equity | (20,902 | ) | 29,389 | (38,908 | ) | 9,519 | (20,902 | ) | |||||||||||||
Noncontrolling interests | — | — | 46 | — | 46 | ||||||||||||||||
Total stockholders’ (deficit) equity | (20,902 | ) | 29,389 | (38,862 | ) | 9,519 | (20,856 | ) | |||||||||||||
$ | 559,935 | $ | 123,366 | $ | (38,416 | ) | $ | 9,519 | $ | 654,404 | |||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF DECEMBER 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,596 | $ | 253 | $ | 356 | $ | — | $ | 2,205 | |||||||||||
Restricted cash | — | 76 | — | — | 76 | ||||||||||||||||
Accounts receivable - trade, net | 597 | 55,053 | 100 | — | 55,750 | ||||||||||||||||
Refundable income taxes | 554 | — | — | — | 554 | ||||||||||||||||
Prepaid expenses | 3,622 | 5,136 | 5 | — | 8,763 | ||||||||||||||||
Inventory | — | 4,345 | 29 | — | 4,374 | ||||||||||||||||
Deferred income taxes | 2,095 | — | — | — | 2,095 | ||||||||||||||||
Other current assets | 296 | 4,549 | 7 | — | 4,852 | ||||||||||||||||
Total current assets | 8,760 | 69,412 | 497 | — | 78,669 | ||||||||||||||||
Property, plant and equipment, net | 5,049 | 408,843 | 650 | — | 414,542 | ||||||||||||||||
Goodwill | — | 119,170 | — | — | 119,170 | ||||||||||||||||
Intangible assets, net | 98 | 11,710 | — | — | 11,808 | ||||||||||||||||
Restricted assets | 5,819 | 813 | — | — | 6,632 | ||||||||||||||||
Cost method investments | 14,432 | 1,932 | — | (1,932 | ) | 14,432 | |||||||||||||||
Investments in subsidiaries | (9,888 | ) | — | — | 9,888 | — | |||||||||||||||
Other non-current assets | 14,611 | 9,931 | — | — | 24,542 | ||||||||||||||||
30,121 | 552,399 | 650 | 7,956 | 591,126 | |||||||||||||||||
Intercompany receivable | 537,228 | (500,267 | ) | (38,893 | ) | 1,932 | — | ||||||||||||||
$ | 576,109 | $ | 121,544 | $ | (37,746 | ) | $ | 9,888 | $ | 669,795 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 89 | $ | 1,567 | $ | — | $ | — | $ | 1,656 | |||||||||||
Accounts payable | 17,953 | 30,040 | 525 | — | 48,518 | ||||||||||||||||
Accrued payroll and related expenses | 1,536 | 4,751 | 2 | — | 6,289 | ||||||||||||||||
Accrued interest | 11,083 | 11 | — | — | 11,094 | ||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 2,205 | 3 | — | 2,208 | ||||||||||||||||
Other accrued liabilities | 8,618 | 7,957 | 92 | — | 16,667 | ||||||||||||||||
Total current liabilities | 39,279 | 46,531 | 622 | — | 86,432 | ||||||||||||||||
Long-term debt and capital leases, less current maturities | 532,889 | 1,166 | — | — | 534,055 | ||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 37,589 | 32 | — | 37,621 | ||||||||||||||||
Deferred income taxes | 7,080 | — | — | — | 7,080 | ||||||||||||||||
Other long-term liabilities | 9,114 | 7,433 | 80 | — | 16,627 | ||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY: | |||||||||||||||||||||
Casella Waste Systems, Inc. stockholders (deficit)’ equity | (12,253 | ) | 28,825 | (38,713 | ) | 9,888 | (12,253 | ) | |||||||||||||
Noncontrolling interests | — | — | 233 | — | 233 | ||||||||||||||||
Total stockholders’ (deficit) equity | (12,253 | ) | 28,825 | (38,480 | ) | 9,888 | (12,020 | ) | |||||||||||||
$ | 576,109 | $ | 121,544 | $ | (37,746 | ) | $ | 9,888 | $ | 669,795 | |||||||||||
Schedule of Consolidating Statement of Operations | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues | $ | — | $ | 116,453 | $ | 124 | $ | — | $ | 116,577 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Cost of operations | (83 | ) | 87,679 | 237 | — | 87,833 | |||||||||||||||
General and administration | (117 | ) | 16,938 | (16 | ) | — | 16,805 | ||||||||||||||
Depreciation and amortization | 223 | 13,525 | — | — | 13,748 | ||||||||||||||||
Divestiture transactions | — | (2,085 | ) | (2,850 | ) | — | (4,935 | ) | |||||||||||||
23 | 116,057 | (2,629 | ) | — | 113,451 | ||||||||||||||||
Operating income (loss) | (23 | ) | 396 | 2,753 | — | 3,126 | |||||||||||||||
Other expense (income), net: | |||||||||||||||||||||
Interest income | (47 | ) | (94 | ) | — | — | (141 | ) | |||||||||||||
Interest expense | 9,988 | 53 | 85 | — | 10,126 | ||||||||||||||||
Loss on debt extinguishment | 521 | — | — | — | 521 | ||||||||||||||||
(Income) loss on derivative instruments | 151 | — | — | — | 151 | ||||||||||||||||
(Income) loss from consolidated entities | (1,924 | ) | — | — | 1,924 | — | |||||||||||||||
Other income | (37 | ) | (127 | ) | — | — | (164 | ) | |||||||||||||
Other expense (income), net | 8,652 | (168 | ) | 85 | 1,924 | 10,493 | |||||||||||||||
Income (loss) before income taxes | (8,675 | ) | 564 | 2,668 | (1,924 | ) | (7,367 | ) | |||||||||||||
Provision (benefit) for income taxes | 596 | — | — | — | 596 | ||||||||||||||||
Net income (loss) | (9,271 | ) | 564 | 2,668 | (1,924 | ) | (7,963 | ) | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | 1,308 | — | 1,308 | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (9,271 | ) | $ | 564 | $ | 1,360 | $ | (1,924 | ) | $ | (9,271 | ) | ||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues | $ | — | $ | 112,933 | $ | 264 | $ | — | $ | 113,197 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Cost of operations | (44 | ) | 86,002 | 446 | — | 86,404 | |||||||||||||||
General and administration | 1,007 | 15,375 | 5 | — | 16,387 | ||||||||||||||||
Depreciation and amortization | 266 | 13,146 | 196 | — | 13,608 | ||||||||||||||||
Development project charge | — | 1,440 | — | — | 1,440 | ||||||||||||||||
Severance and reorganization costs | — | 80 | — | — | 80 | ||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 10 | — | — | 10 | ||||||||||||||||
Gain on settlement of acquisition related contingent consideration | — | (1,058 | ) | — | — | (1,058 | ) | ||||||||||||||
1,229 | 114,995 | 647 | — | 116,871 | |||||||||||||||||
Operating income (loss) | (1,229 | ) | (2,062 | ) | (383 | ) | — | (3,674 | ) | ||||||||||||
Other expense (income), net: | |||||||||||||||||||||
Interest income | (2 | ) | (108 | ) | — | — | (110 | ) | |||||||||||||
Interest expense | 9,580 | 26 | — | — | 9,606 | ||||||||||||||||
(Income) loss on derivative instruments | 150 | — | — | — | 150 | ||||||||||||||||
(Income) loss from equity method investments | — | (27 | ) | — | — | (27 | ) | ||||||||||||||
(Gain) loss on sale of equity method investment | — | — | 221 | — | 221 | ||||||||||||||||
(Income) loss from consolidated entities | 2,173 | — | — | (2,173 | ) | — | |||||||||||||||
Other income | (10 | ) | (197 | ) | — | — | (207 | ) | |||||||||||||
Other expense (income), net | 11,891 | (306 | ) | 221 | (2,173 | ) | 9,633 | ||||||||||||||
Income (loss) before income taxes | (13,120 | ) | (1,756 | ) | (604 | ) | 2,173 | (13,307 | ) | ||||||||||||
Provision (benefit) for income taxes | 303 | — | — | — | 303 | ||||||||||||||||
Net income (loss) | (13,423 | ) | (1,756 | ) | (604 | ) | 2,173 | (13,610 | ) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (187 | ) | — | (187 | ) | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | (13,423 | ) | $ | (1,756 | ) | $ | (417 | ) | $ | 2,173 | $ | (13,423 | ) | |||||||
Schedule of Consolidating Statement of Comprehensive Income (Loss) | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net income (loss) | $ | (9,271 | ) | $ | 564 | $ | 2,668 | $ | (1,924 | ) | $ | (7,963 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | (34 | ) | — | — | (34 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | — | (34 | ) | — | — | (34 | ) | ||||||||||||||
Comprehensive income (loss) | (9,271 | ) | 530 | 2,668 | (1,924 | ) | (7,997 | ) | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | 1,308 | — | 1,308 | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (9,271 | ) | $ | 530 | $ | 1,360 | $ | (1,924 | ) | $ | (9,305 | ) | ||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net income (loss) | $ | (13,423 | ) | $ | (1,756 | ) | $ | (604 | ) | $ | 2,173 | $ | (13,610 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Comprehensive income (loss) | (13,423 | ) | (1,759 | ) | (604 | ) | 2,173 | (13,613 | ) | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (187 | ) | — | (187 | ) | ||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (13,423 | ) | $ | (1,759 | ) | $ | (417 | ) | $ | 2,173 | $ | (13,426 | ) | |||||||
Schedule of Condensed Consolidating Statement of Cash Flows | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (10,886 | ) | $ | 5,604 | $ | (413 | ) | $ | — | $ | (5,695 | ) | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (516 | ) | (3,928 | ) | — | — | (4,444 | ) | |||||||||||||
Payments on landfill operating lease contracts | — | (478 | ) | — | — | (478 | ) | ||||||||||||||
Payments related to investments | — | 1,555 | (1,555 | ) | — | — | |||||||||||||||
Proceeds from divestiture transactions | — | 1,050 | 3,500 | — | 4,550 | ||||||||||||||||
Proceeds from sale of property and equipment | — | 89 | — | — | 89 | ||||||||||||||||
Net cash provided by (used in) investing activities | (516 | ) | (1,712 | ) | 1,945 | — | (283 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from long-term borrowings | 197,573 | 18 | — | — | 197,591 | ||||||||||||||||
Principal payments on long-term debt | (186,267 | ) | (233 | ) | — | — | (186,500 | ) | |||||||||||||
Change in restricted cash | 4,086 | — | — | — | 4,086 | ||||||||||||||||
Payments of financing costs | (6,852 | ) | — | — | — | (6,852 | ) | ||||||||||||||
Distributions to nonctonrolling interest holder | — | — | (1,495 | ) | — | (1,495 | ) | ||||||||||||||
Intercompany borrowings | 3,707 | (3,707 | ) | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 12,247 | (3,922 | ) | (1,495 | ) | — | 6,830 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 845 | (30 | ) | 37 | — | 852 | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,596 | 253 | 356 | — | 2,205 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,441 | $ | 223 | $ | 393 | $ | — | $ | 3,057 | |||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (5,327 | ) | $ | 6,799 | $ | (111 | ) | $ | — | $ | 1,361 | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Acquisitions, net of cash acquired | — | 214 | — | — | 214 | ||||||||||||||||
Acquisition related additions to property, plant and equipment | — | (79 | ) | — | — | (79 | ) | ||||||||||||||
Additions to property, plant and equipment | (256 | ) | (7,221 | ) | — | — | (7,477 | ) | |||||||||||||
Payments on landfill operating lease contracts | — | (563 | ) | — | — | (563 | ) | ||||||||||||||
Payments related to investments | — | (84 | ) | — | — | (84 | ) | ||||||||||||||
Proceeds from sale of property and equipment | — | 216 | — | — | 216 | ||||||||||||||||
Net cash provided by (used in) investing activities | (256 | ) | (7,517 | ) | — | — | (7,773 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from long-term borrowings | 47,860 | — | — | — | 47,860 | ||||||||||||||||
Principal payments on long-term debt | (41,120 | ) | (130 | ) | — | — | (41,250 | ) | |||||||||||||
Payments of financing costs | (17 | ) | — | — | — | (17 | ) | ||||||||||||||
Intercompany borrowings | (718 | ) | 718 | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 6,005 | 588 | — | — | 6,593 | ||||||||||||||||
Net cash provided by (used in) discontinued operations | — | 86 | — | — | 86 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 422 | (44 | ) | (111 | ) | — | 267 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,312 | 243 | 140 | — | 2,695 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,734 | $ | 199 | $ | 29 | $ | — | $ | 2,962 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Segment | Director | |
Segment Reporting Information [Line Items] | ||
Operating segments | 4 | |
Subsequent Event [Member] | JCP Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of nominees for Board of Directors | 3 | |
Subsequent Event [Member] | JCP Group [Member] | Class A Common Stock [Member] | ||
Segment Reporting Information [Line Items] | ||
JCP Group ownership percentage of Company stock | 5.00% | |
Eastern Region [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating segments | 1 | |
Western Region [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating segments | 1 | |
Recycling [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating segments | 1 | |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating segments | 1 |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $33,378 | $33,367 |
Less accumulated amortization | -22,308 | -21,559 |
Intangible assets, net | 11,070 | 11,808 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 17,313 | 17,296 |
Less accumulated amortization | -15,879 | -15,730 |
Intangible assets, net | 1,434 | 1,566 |
Client Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 16,065 | 16,071 |
Less accumulated amortization | -6,429 | -5,829 |
Intangible assets, net | $9,636 | $10,242 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expenses | $749 | $752 |
Intangible_Assets_Estimated_Fu
Intangible Assets - Estimated Future Amortization Expense (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2015 | $1,833 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2016 | 2,048 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2017 | 1,784 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2018 | 1,581 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2019 | 1,213 |
Estimated Future Amortization Expense, Thereafter | $2,611 |
Accrued_Final_Capping_Closure_2
Accrued Final Capping, Closure and Post Closure - Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $39,829 | $46,326 |
Obligations incurred | 441 | 736 |
Accretion expense | 828 | 983 |
Obligations settled | -504 | -212 |
Ending balance | $40,594 | $47,833 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Credit facility | $546,899 | $535,711 |
Less-current maturities of long-term debt | 1,457 | 1,656 |
Non current portion of long term debt and capital lease obligation | 545,442 | 534,055 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 83,120 | |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 131,300 | |
Revenue Bonds Series 2014 Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 25,000 | 25,000 |
Revenue Bonds Series 2005R-2, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 21,400 | 21,400 |
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 16,000 | 16,000 |
Revenue Bonds Series 2013 Due April 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 11,000 | 11,000 |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 3,600 | 3,600 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 3,075 | 3,295 |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | 418 | 435 |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility | $383,286 | $323,681 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 27-Feb-20 | |
Debt instrument stated percentage | 2.25% | |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 18-Mar-16 | |
Debt instrument stated percentage | 3.75% | |
Revenue Bonds Series 2014 Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 1-Dec-44 | |
Debt instrument stated percentage | 3.75% | |
Revenue Bonds Series 2005R-2, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 1-Jan-25 | |
Debt instrument stated percentage | 6.25% | |
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 1-Apr-36 | |
Debt instrument stated percentage | 4.75% | |
Revenue Bonds Series 2013 Due April 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 1-Apr-29 | |
Debt instrument stated percentage | 4.00% | |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 1-Jan-25 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | 1-Apr-23 | |
Debt instrument stated percentage | 7.70% | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | 1-Apr-17 | |
Debt instrument stated percentage | 6.00% | |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | 15-Feb-19 | |
Debt instrument stated percentage | 7.75% | |
Senior second lien notes, unamortized discount | $1,714 | $1,319 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||
Cash payment for settlement of interest rate derivative | $830 | |
Loss on debt extinguishment | -521 | |
Write off Deferred Financing Costs [Member] | ||
Debt Instrument [Line Items] | ||
Loss on debt extinguishment | 521 | |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 15-Feb-19 | |
Debt instrument stated percentage | 7.75% | |
Issued discount | 476 | |
Senior Secured Revolving Credit Facility Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 18-Mar-16 | |
Senior Secured Revolving Credit Facility Due Two Thousand Twenty [Member] | Abl Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 26-Feb-20 | |
Revolving credit facility | 190,000 | |
Additional increase in credit facility | 100,000 | |
Line of credit facility interest rate description | LIBOR plus between 1.75% and 2.50% | |
Debt instrument stated percentage | 2.25% | |
Maturity date description | The ABL Facility matures on February 26, 2020. If we fail to refinance the 2019 Notes on or before November 16, 2018, the maturity date for the ABL Facility shall be November 16, 2018 | |
Senior Secured Revolving Credit Facility Due Two Thousand Twenty [Member] | Abl Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated percentage | 1.75% | |
Senior Secured Revolving Credit Facility Due Two Thousand Twenty [Member] | Abl Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated percentage | 2.50% | |
Original Issuance of Senior Subordinated Notes [Member] | Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of senior subordinated notes, face amount | 325,000 | |
Subsequent Issuance of Senior Subordinated Notes [Member] | Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of senior subordinated notes, face amount | $60,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Sep. 30, 2011 | Nov. 30, 2011 | Apr. 30, 2011 | 31-May-09 |
Greenwood Street Landfill [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Future remediation costs | $129 | ||||
Greenwood Street Landfill [Member] | Administrative Penalty [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Future remediation costs | 172 | ||||
Potsdam Environmental Remediation Liability [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Scrap yard and solid waste transfer station | 25 | ||||
Estimate of total undiscounted costs associated with implementing the preferred remedies | 12,130 | 10,219 | |||
Risk free interest rate | 1.70% | ||||
Potsdam Environmental Remediation Liability [Member] | Motors Liquidation Trust - DEC [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Future remediation costs | 3,000 | ||||
Potsdam Environmental Remediation Liability [Member] | Motors Liquidation Trust - Casella Waste Systems, Inc [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Future remediation costs | $100 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Environmental Liability Associated with Potsdam (Detail) (Potsdam Environmental Remediation Liability [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Site Contingency [Line Items] | |||
Beginning balance | $5,421 | $5,142 | |
Obligations settled | -26 | ||
Ending balance | 5,429 | 5,162 | 5,142 |
Accretion Expense [Member] | |||
Site Contingency [Line Items] | |||
Accretion expense | $34 | $20 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2007 |
Limited Partners' Capital Account [Line Items] | |||
Total fair value of other stock awards vested | $12 | ||
Employee Stock Purchase Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | 17 | 5 | |
Stock Options [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | 157 | 109 | |
Unrecognized stock-based compensation expense | 931 | ||
Unrecognized stock-based compensation expense, weighted average period | 1 year 4 months 24 days | ||
Restricted Stock and Restricted Stock Unit [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Unrecognized stock-based compensation expense | 3,667 | ||
Unrecognized stock-based compensation expense, weighted average period | 2 years | ||
Performance Stock Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Unrecognized stock-based compensation expense | 2,483 | ||
Unrecognized stock-based compensation expense, weighted average period | 1 month 6 days | ||
Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | $486 | $461 | |
Non-Employee Director [Member] | Restricted Stock Awards [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Options vesting period | 3 years | ||
Minimum [Member] | 2006 Stock Incentive Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Options vesting period | 1 year | ||
Maximum [Member] | 2006 Stock Incentive Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Options vesting period | 4 years | ||
Options granted period | 10 years | ||
Class A Common Stock [Member] | 2006 Stock Incentive Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Common stock, issued shares | 2,475,000 | ||
Number of shares available for future grant | 495,000 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options,Outstanding, December 31, 2014 | 1,380 |
Stock Options, Granted | 0 |
Stock Options, Exercised | 0 |
Stock Options, Forfeited | -2 |
Stock Options,Outstanding, March 31, 2015 | 1,378 |
Stock Options,Exercisable, March 31, 2015 | 855 |
Stock Options,Expected to vest, March 31, 2015 | 1,377 |
Weighted Average Exercise Price, Outstanding, December 31, 2014 | $7.70 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Exercised | $0 |
Weighted Average Exercise Price, Forfeited | $13 |
Weighted Average Exercise Price, Outstanding, March 31, 2015 | $7.69 |
Weighted Average Exercise Price, Exercisable, March 31, 2015 | $9.57 |
Weighted Average Exercise Price, Expected to vest, March 31, 2015 | $7.69 |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Exercisable | 3 years |
Weighted Average Remaining Contractual Term, Expected to vest | 5 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding, March 31, 2015 | $827 |
Aggregate Intrinsic Value, Exercisable, March 31, 2015 | 356 |
Aggregate Intrinsic Value, Expected to vest, March 31, 2015 | $826 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Weighted Average Grant Price, Outstanding, December 31, 2014 | $4.79 |
Weighted Average Grant Price, Granted | $4.18 |
Weighted Average Grant Price, Forfeited | $4.82 |
Weighted Average Grant Price,Outstanding, March 31, 2015 | $4.57 |
Weighted Average Grant Price, Expected to vest, March 31, 2015 | $4.47 |
Weighted Average Remaining Contractual Term, Outstanding | 1 year 9 months 18 days |
Weighted Average Remaining Contractual Term, Expected to vest | 2 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding, March 31, 2015 | $1,469 |
Aggregate Intrinsic Value, Expected to vest, March 31, 2015 | $1,136 |
Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, December 31, 2014 | 1,048 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Granted | 556 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Forfeited | -31 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, March 31, 2015 | 1,570 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Expected to vest, March 31, 2015 | 1,092 |
Class A Common Stock [Member] | |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Weighted Average Grant Price Common Stock, Vested | $4.83 |
Class A Common Stock [Member] | Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Common Stock, Vested | -3 |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Parenthetical) (Detail) (Performance Stock Units [Member]) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Performance Stock Units [Member] | |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Performance stock units, percentage of attainment level | 100.00% |
Common stock additional issue | 242 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $58 | |
Net current-period other comprehensive loss | -34 | -3 |
Ending balance | 24 | |
Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 58 | |
Other comprehensive loss before reclassifications | -34 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Net current-period other comprehensive loss | -34 | |
Ending balance | $24 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Numerator and Denominator Used in Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Numerator: | |||
Net loss attributable to common stockholders | ($9,271) | ($13,423) | |
Number of shares outstanding, end of period: | |||
Unvested restricted stock | -159,000 | -130,000 | |
Effect of weighted average shares outstanding during period | -2,000 | ||
Weighted average number of common shares used in basic and diluted EPS | 40,417,000 | 39,909,000 | |
Class A Common Stock [Member] | |||
Number of shares outstanding, end of period: | |||
Common stock shares outstanding | 39,588,000 | 39,053,000 | 39,587,000 |
Class B Common Stock [Member] | |||
Number of shares outstanding, end of period: | |||
Common stock shares outstanding | 988,000 | 988,000 | 988,000 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Earnings Per Share [Abstract] | |
Anti-dilutive potentially issuable shares not included in calculation of net loss attributable to common stockholders | 2,705 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Restricted assets | $2,554 | $6,632 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted assets | 2,554 | 6,632 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Restricted Assets - Capital Projects [Member] | ||
Assets: | ||
Restricted assets | 1,733 | 5,819 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Restricted Assets - Landfill Closure [Member] | ||
Assets: | ||
Restricted assets | 821 | 813 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Interest rate derivative | $760 | $1,668 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
Carrying value of revolver debt | $83,120 |
Fixed Rate Bonds [Member] | |
Debt Instrument [Line Items] | |
Fair value of fixed rate debt | 460,322 |
Carrying value of fixed rate debt | $458,400 |
Other_Items_Additional_Informa
Other Items - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Asset Retirement Obligation [Line Items] | |||
Development project charges | $1,440 | ||
Deferred project costs | 0 | 0 | |
Gain on settlement of acquisition related contingent consideration | -1,058 | ||
Industrial Service Management Business [Member] | |||
Asset Retirement Obligation [Line Items] | |||
Gain on settlement of acquisition related contingent consideration | 1,058 | ||
Maine Energy Facility [Member] | |||
Asset Retirement Obligation [Line Items] | |||
Development project charges | $1,440 |
Divestiture_Transactions_Addit
Divestiture Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 09, 2015 | Apr. 30, 2013 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | $4,935 | |||
Other accrued liabilities | 16,200 | 16,667 | ||
Proceeds from sale of assets | 4,550 | |||
Casella-Altela Regional Environmental Services, LLC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | 2,850 | |||
Membership interest | 51.00% | |||
Proceeds from sale of assets | 3,500 | |||
Casella-Altela Regional Environmental Services, LLC [Member] | Other Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | 928 | |||
Proceeds from sale of assets | 1,050 | |||
Casella-Altela Regional Environmental Services, LLC [Member] | Altela, Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Membership interest | 49.00% | |||
Maine Energy Facility [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Undiscounted purchase consideration | 6,650 | |||
Undiscounted purchase consideration paid in installments | 21 years | |||
Gain on divestiture | 1,157 | |||
Other accrued liabilities | $115 |
Segment_Reporting_Summary_of_F
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Inter-company revenues | $116,577 | $113,197 | |
Depreciation and amortization | 13,748 | 13,608 | |
Operating income (loss) | 3,126 | -3,674 | |
Total assets | 654,404 | 660,438 | 669,795 |
Eastern Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 33,267 | 31,338 | |
Depreciation and amortization | 5,237 | 5,329 | |
Operating income (loss) | -485 | -4,860 | |
Total assets | 205,062 | 200,137 | |
Western Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 49,357 | 48,739 | |
Depreciation and amortization | 6,738 | 6,524 | |
Operating income (loss) | 4,995 | 2,603 | |
Total assets | 325,799 | 340,862 | |
Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 10,294 | 10,361 | |
Depreciation and amortization | 1,116 | 1,066 | |
Operating income (loss) | -2,010 | -1,484 | |
Total assets | 50,157 | 49,519 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 23,659 | 22,759 | |
Depreciation and amortization | 657 | 689 | |
Operating income (loss) | 626 | 67 | |
Total assets | 73,386 | 69,920 | |
Intersubsegment Eliminations [Member] | Inter-Company Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | -22,639 | -24,413 | |
Intersubsegment Eliminations [Member] | Eastern Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 8,016 | 8,588 | |
Intersubsegment Eliminations [Member] | Western Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 14,398 | 15,384 | |
Intersubsegment Eliminations [Member] | Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 4 | -63 | |
Intersubsegment Eliminations [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | $221 | $504 |
Segment_Reporting_Summary_of_R
Segment Reporting - Summary of Revenue Attributable to Services Provided by Company (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $116,577 | $113,197 |
Solid Waste Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 84,261 | 81,675 |
Solid Waste Operations [Member] | Collection [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 53,456 | 52,543 |
Solid Waste Operations [Member] | Disposal [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 27,637 | 24,075 |
Solid Waste Operations [Member] | Power Generation [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,047 | 3,349 |
Solid Waste Operations [Member] | Processing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,121 | 1,708 |
Organics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,020 | 9,276 |
Customer Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 13,002 | 11,885 |
Recycling [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $10,294 | $10,361 |
Subsidiary_Guarantors_Schedule
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $3,057 | $2,205 | $2,962 | $2,695 |
Restricted cash | 76 | |||
Accounts receivable - trade, net | 52,513 | 55,750 | ||
Refundable income taxes | 526 | 554 | ||
Prepaid expenses | 7,096 | 8,763 | ||
Inventory | 4,418 | 4,374 | ||
Deferred income taxes | 2,012 | 2,095 | ||
Other current assets | 3,407 | 4,852 | ||
Total current assets | 73,029 | 78,669 | ||
Property, plant and equipment, net | 404,453 | 414,542 | ||
Goodwill | 119,170 | 119,170 | ||
Intangible assets, net | 11,070 | 11,808 | ||
Restricted assets | 2,554 | 6,632 | ||
Cost method investments | 14,432 | 14,432 | ||
Other non-current assets | 29,696 | 24,542 | ||
Total non-current assets | 581,375 | 591,126 | ||
Total assets | 654,404 | 669,795 | 660,438 | |
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,457 | 1,656 | ||
Accounts payable | 39,410 | 48,518 | ||
Accrued payroll and related expenses | 4,136 | 6,289 | ||
Accrued interest | 4,945 | 11,094 | ||
Current accrued capping, closure and post-closure costs | 1,985 | 2,208 | ||
Other accrued liabilities | 16,200 | 16,667 | ||
Total current liabilities | 68,133 | 86,432 | ||
Long-term debt and capital leases, less current maturities | 545,442 | 534,055 | ||
Accrued capping, closure and post-closure costs, less current portion | 38,609 | 37,621 | ||
Deferred income taxes | 6,948 | 7,080 | ||
Other long-term liabilities | 16,128 | 16,627 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Total Casella Waste Systems, Inc. stockholders' (deficit) equity | -20,902 | -12,253 | ||
Noncontrolling interests | 46 | 233 | ||
Total stockholders' (deficit) equity | -20,856 | -12,020 | ||
Total liabilities and stockholders' (deficit) equity | 654,404 | 669,795 | ||
Parent [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 2,441 | 1,596 | 2,734 | 2,312 |
Accounts receivable - trade, net | 392 | 597 | ||
Refundable income taxes | 526 | 554 | ||
Prepaid expenses | 2,139 | 3,622 | ||
Deferred income taxes | 2,012 | 2,095 | ||
Other current assets | 296 | 296 | ||
Total current assets | 7,806 | 8,760 | ||
Property, plant and equipment, net | 5,366 | 5,049 | ||
Intangible assets, net | 76 | 98 | ||
Restricted assets | 1,733 | 5,819 | ||
Cost method investments | 14,432 | 14,432 | ||
Investments in subsidiaries | -9,519 | -9,888 | ||
Other non-current assets | 19,613 | 14,611 | ||
Total non-current assets | 31,701 | 30,121 | ||
Intercompany receivable | 520,428 | 537,228 | ||
Total assets | 559,935 | 576,109 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 91 | 89 | ||
Accounts payable | 5,632 | 17,953 | ||
Accrued payroll and related expenses | 681 | 1,536 | ||
Accrued interest | 4,931 | 11,083 | ||
Other accrued liabilities | 9,638 | 8,618 | ||
Total current liabilities | 20,973 | 39,279 | ||
Long-term debt and capital leases, less current maturities | 544,291 | 532,889 | ||
Deferred income taxes | 6,948 | 7,080 | ||
Other long-term liabilities | 8,625 | 9,114 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Total Casella Waste Systems, Inc. stockholders' (deficit) equity | -20,902 | -12,253 | ||
Total stockholders' (deficit) equity | -20,902 | -12,253 | ||
Total liabilities and stockholders' (deficit) equity | 559,935 | 576,109 | ||
Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 223 | 253 | 199 | 243 |
Restricted cash | 76 | |||
Accounts receivable - trade, net | 52,047 | 55,053 | ||
Prepaid expenses | 4,955 | 5,136 | ||
Inventory | 4,418 | 4,345 | ||
Other current assets | 3,103 | 4,549 | ||
Total current assets | 64,746 | 69,412 | ||
Property, plant and equipment, net | 399,087 | 408,843 | ||
Goodwill | 119,170 | 119,170 | ||
Intangible assets, net | 10,994 | 11,710 | ||
Restricted assets | 821 | 813 | ||
Cost method investments | 1,932 | 1,932 | ||
Other non-current assets | 10,083 | 9,931 | ||
Total non-current assets | 542,087 | 552,399 | ||
Intercompany receivable | -483,467 | -500,267 | ||
Total assets | 123,366 | 121,544 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,366 | 1,567 | ||
Accounts payable | 33,458 | 30,040 | ||
Accrued payroll and related expenses | 3,453 | 4,751 | ||
Accrued interest | 14 | 11 | ||
Current accrued capping, closure and post-closure costs | 1,982 | 2,205 | ||
Other accrued liabilities | 6,553 | 7,957 | ||
Total current liabilities | 46,826 | 46,531 | ||
Long-term debt and capital leases, less current maturities | 1,151 | 1,166 | ||
Accrued capping, closure and post-closure costs, less current portion | 38,576 | 37,589 | ||
Other long-term liabilities | 7,424 | 7,433 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Total Casella Waste Systems, Inc. stockholders' (deficit) equity | 29,389 | 28,825 | ||
Total stockholders' (deficit) equity | 29,389 | 28,825 | ||
Total liabilities and stockholders' (deficit) equity | 123,366 | 121,544 | ||
Non-Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 393 | 356 | 29 | 140 |
Accounts receivable - trade, net | 74 | 100 | ||
Prepaid expenses | 2 | 5 | ||
Inventory | 29 | |||
Other current assets | 8 | 7 | ||
Total current assets | 477 | 497 | ||
Property, plant and equipment, net | 650 | |||
Total non-current assets | 650 | |||
Intercompany receivable | -38,893 | -38,893 | ||
Total assets | -38,416 | -37,746 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 320 | 525 | ||
Accrued payroll and related expenses | 2 | 2 | ||
Current accrued capping, closure and post-closure costs | 3 | 3 | ||
Other accrued liabilities | 9 | 92 | ||
Total current liabilities | 334 | 622 | ||
Accrued capping, closure and post-closure costs, less current portion | 33 | 32 | ||
Other long-term liabilities | 79 | 80 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Total Casella Waste Systems, Inc. stockholders' (deficit) equity | -38,908 | -38,713 | ||
Noncontrolling interests | 46 | 233 | ||
Total stockholders' (deficit) equity | -38,862 | -38,480 | ||
Total liabilities and stockholders' (deficit) equity | -38,416 | -37,746 | ||
Elimination [Member] | ||||
CURRENT ASSETS: | ||||
Cost method investments | -1,932 | -1,932 | ||
Investments in subsidiaries | 9,519 | 9,888 | ||
Total non-current assets | 7,587 | 7,956 | ||
Intercompany receivable | 1,932 | 1,932 | ||
Total assets | 9,519 | 9,888 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Total Casella Waste Systems, Inc. stockholders' (deficit) equity | 9,519 | 9,888 | ||
Total stockholders' (deficit) equity | 9,519 | 9,888 | ||
Total liabilities and stockholders' (deficit) equity | $9,519 | $9,888 |
Subsidiary_Guarantors_Schedule1
Subsidiary Guarantors - Schedule of Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | $116,577 | $113,197 |
Operating expenses: | ||
Cost of operations | 87,833 | 86,404 |
General and administration | 16,805 | 16,387 |
Depreciation and amortization | 13,748 | 13,608 |
Development project charge | 1,440 | |
Divestiture transactions | -4,935 | |
Severance and reorganization costs | 80 | |
Expense from divestiture, acquisition and financing costs | 10 | |
Gain on settlement of acquisition related contingent consideration | -1,058 | |
Total operating expenses | 113,451 | 116,871 |
Operating income (loss) | 3,126 | -3,674 |
Other expense (income), net: | ||
Interest income | -141 | -110 |
Interest expense | 10,126 | 9,606 |
Loss on debt extinguishment | 521 | |
(Income) loss on derivative instruments | 151 | 150 |
(Income) loss from equity method investments | -27 | |
(Gain) loss on sale of equity method investment | 221 | |
Other income | -164 | -207 |
Other expense (income), net | 10,493 | 9,633 |
Income (loss) before income taxes | -7,367 | -13,307 |
Provision (benefit) for income taxes | 596 | 303 |
Net income (loss) | -7,963 | -13,610 |
Less: Net income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Net income (loss) attributable to common stockholders | -9,271 | -13,423 |
Parent [Member] | ||
Operating expenses: | ||
Cost of operations | -83 | -44 |
General and administration | -117 | 1,007 |
Depreciation and amortization | 223 | 266 |
Total operating expenses | 23 | 1,229 |
Operating income (loss) | -23 | -1,229 |
Other expense (income), net: | ||
Interest income | -47 | -2 |
Interest expense | 9,988 | 9,580 |
Loss on debt extinguishment | 521 | |
(Income) loss on derivative instruments | 151 | 150 |
(Income) loss from consolidated entities | -1,924 | 2,173 |
Other income | -37 | -10 |
Other expense (income), net | 8,652 | 11,891 |
Income (loss) before income taxes | -8,675 | -13,120 |
Provision (benefit) for income taxes | 596 | 303 |
Net income (loss) | -9,271 | -13,423 |
Net income (loss) attributable to common stockholders | -9,271 | -13,423 |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 116,453 | 112,933 |
Operating expenses: | ||
Cost of operations | 87,679 | 86,002 |
General and administration | 16,938 | 15,375 |
Depreciation and amortization | 13,525 | 13,146 |
Development project charge | 1,440 | |
Divestiture transactions | -2,085 | |
Severance and reorganization costs | 80 | |
Expense from divestiture, acquisition and financing costs | 10 | |
Gain on settlement of acquisition related contingent consideration | -1,058 | |
Total operating expenses | 116,057 | 114,995 |
Operating income (loss) | 396 | -2,062 |
Other expense (income), net: | ||
Interest income | -94 | -108 |
Interest expense | 53 | 26 |
(Income) loss from equity method investments | -27 | |
Other income | -127 | -197 |
Other expense (income), net | -168 | -306 |
Income (loss) before income taxes | 564 | -1,756 |
Net income (loss) | 564 | -1,756 |
Net income (loss) attributable to common stockholders | 564 | -1,756 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 124 | 264 |
Operating expenses: | ||
Cost of operations | 237 | 446 |
General and administration | -16 | 5 |
Depreciation and amortization | 196 | |
Divestiture transactions | -2,850 | |
Total operating expenses | -2,629 | 647 |
Operating income (loss) | 2,753 | -383 |
Other expense (income), net: | ||
Interest expense | 85 | |
(Gain) loss on sale of equity method investment | 221 | |
Other expense (income), net | 85 | 221 |
Income (loss) before income taxes | 2,668 | -604 |
Net income (loss) | 2,668 | -604 |
Less: Net income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Net income (loss) attributable to common stockholders | 1,360 | -417 |
Elimination [Member] | ||
Other expense (income), net: | ||
(Income) loss from consolidated entities | 1,924 | -2,173 |
Other expense (income), net | 1,924 | -2,173 |
Income (loss) before income taxes | -1,924 | 2,173 |
Net income (loss) | -1,924 | 2,173 |
Net income (loss) attributable to common stockholders | ($1,924) | $2,173 |
Subsidiary_Guarantors_Schedule2
Subsidiary Guarantors - Schedule of Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | ($7,963) | ($13,610) |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | -34 | -3 |
Other comprehensive income (loss), net of tax | -34 | -3 |
Comprehensive income (loss) | -7,997 | -13,613 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Comprehensive income (loss) attributable to common stockholders | -9,305 | -13,426 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -9,271 | -13,423 |
Other comprehensive income (loss), net of tax: | ||
Comprehensive income (loss) | -9,271 | -13,423 |
Comprehensive income (loss) attributable to common stockholders | -9,271 | -13,423 |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 564 | -1,756 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | -34 | -3 |
Other comprehensive income (loss), net of tax | -34 | -3 |
Comprehensive income (loss) | 530 | -1,759 |
Comprehensive income (loss) attributable to common stockholders | 530 | -1,759 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 2,668 | -604 |
Other comprehensive income (loss), net of tax: | ||
Comprehensive income (loss) | 2,668 | -604 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1,308 | -187 |
Comprehensive income (loss) attributable to common stockholders | 1,360 | -417 |
Elimination [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -1,924 | 2,173 |
Other comprehensive income (loss), net of tax: | ||
Comprehensive income (loss) | -1,924 | 2,173 |
Comprehensive income (loss) attributable to common stockholders | ($1,924) | $2,173 |
Subsidiary_Guarantors_Schedule3
Subsidiary Guarantors - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | ($5,695) | $1,361 |
Cash Flows from Investing Activities: | ||
Acquisitions, net of cash acquired | 214 | |
Additions to property, plant and equipment | -4,444 | -7,477 |
Payments on landfill operating lease contracts | -478 | -563 |
Payments related to investments | -84 | |
Proceeds from sale of property and equipment | 89 | 216 |
Net cash provided by (used in) investing activities | -283 | -7,773 |
Proceeds from divestiture transactions | 4,550 | |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 197,591 | 47,860 |
Principal payments on long-term debt | -186,500 | -41,250 |
Payments of financing costs | -6,852 | -17 |
Net cash provided by (used in) financing activities | 6,830 | 6,593 |
Change in restricted cash | 4,086 | |
Distributions to noncontrolling interest holder | -1,495 | |
Net cash provided by (used in) discontinued operations | 86 | |
Net increase (decrease) in cash and cash equivalents | 852 | 267 |
Cash and cash equivalents, beginning of period | 2,205 | 2,695 |
Cash and cash equivalents, end of period | 3,057 | 2,962 |
Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | -4,444 | -79 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -10,886 | -5,327 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | -256 | |
Net cash provided by (used in) investing activities | -516 | -256 |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 197,573 | 47,860 |
Principal payments on long-term debt | -186,267 | -41,120 |
Payments of financing costs | -6,852 | -17 |
Intercompany borrowings | 3,707 | -718 |
Net cash provided by (used in) financing activities | 12,247 | 6,005 |
Change in restricted cash | 4,086 | |
Net increase (decrease) in cash and cash equivalents | 845 | 422 |
Cash and cash equivalents, beginning of period | 1,596 | 2,312 |
Cash and cash equivalents, end of period | 2,441 | 2,734 |
Parent [Member] | Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | -516 | |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 5,604 | 6,799 |
Cash Flows from Investing Activities: | ||
Acquisitions, net of cash acquired | 214 | |
Additions to property, plant and equipment | -7,221 | |
Payments on landfill operating lease contracts | -478 | -563 |
Payments related to investments | 1,555 | -84 |
Proceeds from sale of property and equipment | 89 | 216 |
Net cash provided by (used in) investing activities | -1,712 | -7,517 |
Proceeds from divestiture transactions | 1,050 | |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 18 | |
Principal payments on long-term debt | -233 | -130 |
Intercompany borrowings | -3,707 | 718 |
Net cash provided by (used in) financing activities | -3,922 | 588 |
Net cash provided by (used in) discontinued operations | 86 | |
Net increase (decrease) in cash and cash equivalents | -30 | -44 |
Cash and cash equivalents, beginning of period | 253 | 243 |
Cash and cash equivalents, end of period | 223 | 199 |
Guarantors [Member] | Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | -3,928 | -79 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -413 | -111 |
Cash Flows from Investing Activities: | ||
Payments related to investments | -1,555 | |
Net cash provided by (used in) investing activities | 1,945 | |
Proceeds from divestiture transactions | 3,500 | |
Cash Flows from Financing Activities: | ||
Net cash provided by (used in) financing activities | -1,495 | |
Distributions to noncontrolling interest holder | -1,495 | |
Net increase (decrease) in cash and cash equivalents | 37 | -111 |
Cash and cash equivalents, beginning of period | 356 | 140 |
Cash and cash equivalents, end of period | $393 | $29 |