Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CWST | |
Entity Registrant Name | CASELLA WASTE SYSTEMS INC | |
Entity Central Index Key | 911,177 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,928,206 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 988,200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,158 | $ 2,205 |
Restricted cash | 76 | |
Accounts receivable-trade, net of allowance for doubtful accounts of $1,903 and $2,153, respectively | 63,509 | 55,750 |
Refundable income taxes | 664 | 554 |
Prepaid expenses | 7,329 | 8,763 |
Inventory | 4,622 | 4,374 |
Deferred income taxes | 2,013 | 2,095 |
Other current assets | 3,541 | 4,852 |
Total current assets | 84,836 | 78,669 |
Property, plant and equipment, net of accumulated depreciation and amortization of $762,442 and $736,839, respectively | 399,022 | 414,542 |
Goodwill | 118,976 | 119,170 |
Intangible assets, net | 10,438 | 11,808 |
Restricted assets | 968 | 6,632 |
Cost method investments | 14,115 | 14,432 |
Other non-current assets | 29,173 | 24,542 |
Total assets | 657,528 | 669,795 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital leases | 1,437 | 1,656 |
Accounts payable | 48,147 | 48,518 |
Accrued payroll and related expenses | 5,842 | 6,289 |
Accrued interest | 12,346 | 11,094 |
Current accrued capping, closure and post-closure costs | 1,658 | 2,208 |
Other accrued liabilities | 16,629 | 16,667 |
Total current liabilities | 86,059 | 86,432 |
Long-term debt and capital leases, less current portion | 526,853 | 534,055 |
Accrued capping, closure and post-closure costs, less current portion | 39,968 | 37,621 |
Deferred income taxes | 7,261 | 7,080 |
Other long-term liabilities | $ 16,237 | $ 16,627 |
COMMITMENTS AND CONTINGENCIES | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Additional paid-in capital | $ 342,487 | $ 340,773 |
Accumulated deficit | (361,737) | (353,490) |
Accumulated other comprehensive income | 27 | 58 |
Total Casella Waste Systems, Inc. stockholders' deficit | (18,814) | (12,253) |
Noncontrolling interests | (36) | 233 |
Total stockholders' deficit | (18,850) | (12,020) |
Total liabilities and stockholders' deficit | 657,528 | 669,795 |
Class A Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 399 | 396 |
Total stockholders' deficit | 399 | 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) $ in Thousands | Jun. 30, 2015USD ($)Vote$ / sharesshares | Dec. 31, 2014USD ($)Vote$ / sharesshares |
Accounts receivable - trade, allowance for doubtful accounts | $ | $ 1,903 | $ 2,153 |
Property, plant and equipment, accumulated depreciation and amortization | $ | $ 762,442 | $ 736,839 |
Class A Common Stock [Member] | ||
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common stock, issued shares | 39,927,000 | 39,587,000 |
Common stock, outstanding shares | 39,927,000 | 39,587,000 |
Class B Common Stock [Member] | ||
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common stock, votes (in votes per share) | Vote | 10 | 10 |
Common stock, issued shares | 988,000 | 988,000 |
Common stock, outstanding shares | 988,000 | 988,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 143,714 | $ 137,279 | $ 260,292 | $ 250,476 |
Operating expenses: | ||||
Cost of operations | 98,737 | 97,218 | 186,569 | 183,622 |
General and administration | 18,071 | 15,594 | 34,876 | 31,981 |
Depreciation and amortization | 16,241 | 17,167 | 29,990 | 30,775 |
Divestiture transactions | (677) | 7,455 | (5,611) | 7,455 |
Development project charge | (46) | 1,394 | ||
Severance and reorganization costs | 350 | 430 | ||
Expense from divestiture, acquisition and financing costs | 14 | 24 | ||
Gain on settlement of acquisition related contingent consideration | (1,058) | |||
Total operating expenses | 132,372 | 137,752 | 245,824 | 254,623 |
Operating income (loss) | 11,342 | (473) | 14,468 | (4,147) |
Other expense (income): | ||||
Interest income | (70) | (85) | (211) | (195) |
Interest expense | 10,150 | 9,588 | 20,276 | 19,194 |
Loss on debt extinguishment | 521 | |||
Loss on derivative instruments | 47 | 298 | 198 | 448 |
Income from equity method investments | (63) | (90) | ||
Loss on sale of equity method investment | 221 | |||
Other income | (46) | (361) | (209) | (568) |
Other expense (income), net | 10,081 | 9,377 | 20,575 | 19,010 |
Income (loss) before income taxes | 1,261 | (9,850) | (6,107) | (23,157) |
Provision for income taxes | 318 | 528 | 914 | 831 |
Net income (loss) | 943 | (10,378) | (7,021) | (23,988) |
Less: Net (loss) income attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Net income (loss) attributable to common stockholders | $ 1,025 | $ (6,655) | $ (8,247) | $ (20,078) |
Basic earnings per share attributable to common stockholders: | ||||
Weighted average common shares outstanding | 40,447 | 39,995 | 40,432 | 39,952 |
Basic earnings per common share | $ 0.03 | $ (0.17) | $ (0.20) | $ (0.50) |
Diluted earnings per share attributable to common stockholders: | ||||
Weighted average common shares outstanding | 40,846 | 39,995 | 40,432 | 39,952 |
Diluted earnings per common share | $ 0.03 | $ (0.17) | $ (0.20) | $ (0.50) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 943 | $ (10,378) | $ (7,021) | $ (23,988) |
Other comprehensive income, net of tax: | ||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 3 | 6 | (31) | 3 |
Other comprehensive income (loss), net of tax | 3 | 6 | (31) | 3 |
Comprehensive income (loss) | 946 | (10,372) | (7,052) | (23,985) |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Comprehensive income (loss) attributable to common stockholders | $ 1,028 | $ (6,649) | $ (8,278) | $ (20,075) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | 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] |
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 | (7,021) | (8,247) | 1,226 | ||||
Other comprehensive loss | (31) | (31) | |||||
Issuances of Class A common stock | 129 | 126 | $ 3 | ||||
Issuances of Class A common stock, shares | 340,000 | ||||||
Stock-based compensation | 1,435 | 1,435 | |||||
Distribution to noncontrolling interest holder | (1,495) | (1,495) | |||||
Excess tax benefit on the vesting of share based awards | 153 | 153 | |||||
Balance at Jun. 30, 2015 | $ (18,850) | $ 342,487 | $ (361,737) | $ 27 | $ (36) | $ 399 | $ 10 |
Balance (in shares) at Jun. 30, 2015 | 39,927,000 | 988,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (7,021) | $ (23,988) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Gain on sale of property and equipment | (93) | (333) |
Depletion of landfill operating lease obligations | 4,359 | 5,038 |
Interest accretion on landfill and environmental remediation liabilities | 1,704 | 1,826 |
Stock-based compensation | 1,435 | 1,113 |
Depreciation and amortization | 29,990 | 30,775 |
Divestiture transactions | (5,611) | 7,455 |
Development project charge | 1,394 | |
Gain on settlement of acquisition related contingent consideration | (1,058) | |
Amortization of discount on long-term debt | 174 | 125 |
Loss on debt extinguishment | 521 | |
Loss on derivative instruments | 198 | 448 |
Income from equity method investments | (90) | |
Loss on sale of equity method investment | 221 | |
Excess tax benefit on the vesting of share based awards | (153) | (60) |
Deferred income taxes | 416 | 736 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable | (7,674) | (6,103) |
Accounts payable | (371) | 2,874 |
Prepaid expenses, inventories and other assets | 5,678 | 1,059 |
Accrued expenses and other liabilities | 337 | 1,014 |
Net cash provided by operating activities | 23,889 | 22,446 |
Cash Flows from Investing Activities: | ||
Proceeds from settlement of contingent consideration | 214 | |
Additions to property, plant and equipment | (16,311) | (23,305) |
Payments on landfill operating lease contracts | (1,425) | (1,526) |
Proceeds from divestiture transactions | 5,335 | |
Proceeds from sale of property and equipment | 259 | 448 |
Proceeds from property insurance settlement | 546 | |
Payments related to investments | (84) | |
Net cash used in investing activities | (11,596) | (24,519) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 231,728 | 89,760 |
Principal payments on long-term debt | (239,340) | (87,258) |
Change in restricted cash | 5,677 | |
Payments of financing costs | (8,063) | (18) |
Excess tax benefit on the vesting of share based awards | 153 | 60 |
Proceeds from the exercise of share based awards | 286 | |
Distribution to noncontrolling interest holder | (1,495) | |
Net cash (used in) provided by financing activities | (11,340) | 2,830 |
Discontinued Operations: | ||
Net cash provided by investing activities | 174 | |
Net cash provided by discontinued operations | 174 | |
Net increase in cash and cash equivalents | 953 | 931 |
Cash and cash equivalents, beginning of period | 2,205 | 2,695 |
Cash and cash equivalents, end of period | 3,158 | 3,626 |
Cash paid during the period for: | ||
Interest | 17,063 | 17,551 |
Income taxes, net of refunds | 55 | 3 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Receivable due from noncontrolling interest holder | 152 | |
Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | $ (16,311) | $ (266) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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, major account and 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 and six months ended June 30, 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 June 30, 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 there are no subsequent events that require recognition or disclosure in this Quarterly Report on Form 10-Q. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | 2. ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Pending Adoption Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the presentation of debt issuance costs. The update provides that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. This guidance is effective on a retrospective basis for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2015, with early adoption permitted. We expect that this guidance will have no impact on our consolidated financial position or results of operations, and will only impact the presentation of, and disclosures in, our consolidated financial statements and notes thereto. Consolidation In February 2015, the 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 within 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. We expect that this guidance 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 within 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. 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, 2017 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. We adopted this guidance effective January 1, 2015. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 3. GOODWILL AND INTANGIBLE ASSETS The following table shows the activity and balances related to goodwill from December 31, 2014 through June 30, 2015: December 31, 2014 Other (1) June 30, 2015 Eastern region $ 17,429 $ — $ 17,429 Western region 87,697 (194 ) 87,503 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 119,170 $ (194 ) $ 118,976 (1) Goodwill adjustment related to the allocation of goodwill to a business that was divested in the three months ended June 30, 2015. See disclosure in Note 10, Divestiture Transactions Intangible assets as of June 30, 2015 and December 31, 2014 consisted of the following: Covenants Not-to-Compete Client Lists Total Balance, June 30, 2015 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (15,957 ) (6,936 ) (22,893 ) $ 1,309 $ 9,129 $ 10,438 Covenants Not-to-Compete Client Lists Total 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 $632 and $1,381 during the three and six months ended June 30, 2015, respectively, as compared to $741 and $1,493 during the three and six months ended June 30, 2014, respectively. Estimated Future Amortization Expense as of June 30, 2015: For the fiscal year ending December 31, 2015 $ 1,201 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30, 2015 2014 Beginning balance $ 39,829 $ 46,326 Obligations incurred 1,116 1,640 Revisions in estimates (1) — (3,728 ) Accretion expense 1,665 1,876 Obligations settled (2) (984 ) (705 ) Ending balance $ 41,626 $ 45,409 (1) The revisions in estimates for final capping, closure and post-closure consisted of changes in cost estimates and the timing of final capping and closure events, as well as changes to expansion airspace and tonnage placement assumptions. (2) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and capital leases as of June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at LIBOR plus 2.25% $ 64,700 $ — Senior Secured Revolving Credit Facility: Due March 2016; bore interest at LIBOR plus 3.75% — 131,300 Tax-Exempt Bonds: New York State Environmental 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 Waste 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% 2,964 3,295 Notes payable maturing through April 2017, bearing interest at up to 6.00% 246 435 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,620 and $1,319) 383,380 323,681 528,290 535,711 Less—current maturities of long-term debt 1,437 1,656 $ 526,853 $ 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 $325,000 2019 Notes 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 June 30, 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. As of June 30, 2015, our borrowing availability under the ABL Facility was $58,759 and was calculated as a borrowing base of $150,422, less revolver borrowings of $64,700, less outstanding irrevocable letters of credit totaling $26,963, at which date no amount had been drawn. 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 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 quarter 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 | 6 Months Ended |
Jun. 30, 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 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 six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30, 2015 2014 Beginning balance $ 5,142 $ 5,421 Revisions in estimates (1) — (118 ) Accretion expense 40 69 Obligations settled — (28 ) Ending balance $ 5,182 $ 5,344 (1) Associated with changes in estimated future costs to complete the remediation, the discount rate and/or the portion of the total remediation costs that we are responsible for. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [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 June 30, 2015, there were 1,110 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 six months ended June 30, 2015 is as follows: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2014 1,380 $ 7.70 Granted — $ — Exercised — $ — Forfeited (132 ) $ 12.02 Outstanding, June 30, 2015 1,248 $ 7.25 5.3 $ 903 Exercisable, June 30, 2015 726 $ 9.13 3.2 $ 383 Expected to vest, June 30, 2015 1,247 $ 7.25 5.3 $ 902 Stock-based compensation expense for stock options was $160 and $317 during the three and six months ended June 30, 2015, respectively, as compared to $105 and $215 during the three and six months ended June 30, 2014, respectively. As of June 30, 2015, total unrecognized stock-based compensation expense related to outstanding stock options was $772, which will be recognized over a weighted average period of 1.1 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 six months ended June 30, 2015 is as follows: Restricted Stock, Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2014 1,048 $ 4.79 Granted 562 $ 4.20 Class A Common Stock vested (306 ) $ 4.72 Forfeited (280 ) $ 5.11 Outstanding, June 30, 2015 1,024 $ 4.40 2.2 $ 1,252 Expected to vest, June 30, 2015 844 $ 4.40 2.1 $ 1,029 (1) Performance stock units are included at the 100% attainment level. As of June 30, 2015, no performance stock units remain outstanding. Stock-based compensation expense related to restricted stock and restricted stock units was $594 and $1,080 during the three and six months ended June 30, 2015, respectively, as compared to $410 and $858 during the three and six months ended June 30, 2014, respectively. During the three and six months ended June 30, 2015, the total fair value of other stock awards vested was $1,701 and $1,713, respectively. As of June 30, 2015, total unrecognized compensation expense related to outstanding restricted stock and restricted stock units was $3,256, which will be recognized over a weighted average period of 2.1 years. We also recorded $21 and $38 of stock-based compensation expense related to our Employee Stock Purchase Plan during the three and six months ended June 30, 2015, respectively, as compared to $22 and $40 during the three and six months ended June 30, 2014, respectively. 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 six months ended June 30, 2015 is as follows: Marketable Balance as of December 31, 2014 $ 58 Other comprehensive loss before reclassifications (31 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (31 ) Balance as of June 30, 2015 $ 27 Recent Stockholder Events 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 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. On May 29, 2015, the JCP Group filed with the SEC soliciting material under Rule 14a-12 of the Exchange Act reconfirming such intention. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to common stockholders $ 1,025 $ (6,655 ) $ (8,247 ) $ (20,078 ) Denominator: Number of shares outstanding, end of period: Class A common stock 39,927 39,450 39,927 39,450 Class B common stock 988 988 988 988 Unvested restricted stock (156 ) (126 ) (156 ) (126 ) Effect of weighted average shares outstanding during period (312 ) (317 ) (327 ) (360 ) Weighted average number of common shares used in basic EPS 40,447 39,995 40,432 39,952 Impact of potentially dilutive securities: Dilutive effect of options and restricted stock units 399 — — — Weighted average number of common shares used in diluted EPS 40,846 39,995 40,432 39,952 Antidilutive potentially issuable shares not included in the diluted EPS calculations 793 2,003 2,271 2,003 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 on a Recurring Basis 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, 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 June 30, 2015 our assets and liabilities measured at fair value on a recurring basis included the following: Fair Value Measurement at June 30, 2015 Using: Quoted Prices in Significant Other Significant Assets: Restricted assets - capital projects $ 142 $ — $ — Restricted assets - landfill closure 826 — — Total $ 968 $ — $ — Liabilities: Interest rate derivative $ — $ 583 $ — 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 Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 June 30, 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 Bonds 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 $462,304 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 June 30, 2015, the fair value of our ABL Facility approximated its carrying value of $64,699 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. |
Divestiture Transactions
Divestiture Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture Transactions | 10. DIVESTITURE TRANSACTIONS Sale of Business In the three months ended June 30, 2015, we divested of a business, which included the sale of certain assets associated with various waste collection routes in the Western region, for total consideration of $872, resulting in a gain of $677 in the three months ended June 30, 2015. Maine Energy In the fiscal year ended April 30, 2013, we executed a purchase and sale 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 have nearly completed 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 during the summer of 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 quarter ended March 31, 2015. As of June 30, 2015, we have accrued $96 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”). We hold an ownership interest in CARES of 51% and, 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 three months ended June 30, 2014. As a result, we recorded an impairment charge of $7,455 in the three and six months ended June 30, 2014 to the asset group of CARES in the Western region. 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 quarter ended March 31, 2015, 49% of which was attributable to Altela, the noncontrolling interest holder. As of June 30, 2015, we were proceeding with the 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 unrelated third-party for total consideration of $1,050, resulting in a gain of $928 in the quarter ended March 31, 2015. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. 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 solid waste collection and disposal, landfill, landfill gas-to-energy, transfer 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 account and industrial services, discontinued operations, and earnings from equity method investees are included in our Other segment. Three Months Ended June 30, 2015 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 43,822 $ 11,401 $ 6,752 $ 3,186 $ 207,507 Western 61,686 18,504 7,674 7,684 323,746 Recycling 11,462 253 1,110 (401 ) 50,457 Other 26,744 270 705 873 75,818 Eliminations — (30,428 ) — — — Total $ 143,714 $ — $ 16,241 $ 11,342 $ 657,528 Three Months Ended June 30, 2014 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 39,674 $ 11,607 $ 6,903 $ 937 $ 204,711 Western 59,246 18,863 8,564 (1,441 ) 331,175 Recycling 11,979 (58 ) 1,067 (131 ) 49,570 Other 26,380 602 633 162 71,969 Eliminations — (31,014 ) — — — Total $ 137,279 $ — $ 17,167 $ (473 ) $ 657,425 Six Months Ended June 30, 2015 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 77,090 $ 19,417 $ 11,990 $ 2,700 $ 207,507 Western 111,043 32,901 14,412 12,679 323,746 Recycling 21,756 257 2,226 (2,411 ) 50,457 Other 50,403 491 1,362 1,500 75,818 Eliminations — (53,066 ) — — — Total $ 260,292 $ — $ 29,990 $ 14,468 $ 657,528 Six Months Ended June 30, 2014 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 71,012 $ 20,195 $ 12,231 $ (3,922 ) $ 204,711 Western 107,986 34,247 15,089 1,162 331,175 Recycling 22,340 (121 ) 2,133 (1,615 ) 49,570 Other 49,138 1,106 1,322 228 71,969 Eliminations — (55,427 ) — — — Total $ 250,476 $ — $ 30,775 $ (4,147 ) $ 657,425 Amounts of our total revenue attributable to services provided for the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Collection $ 60,636 $ 58,368 $ 113,962 $ 110,911 Disposal 44,064 38,128 71,831 62,203 Power generation 1,564 1,998 3,612 5,347 Processing 1,665 2,817 2,785 4,525 Solid waste operations 107,929 101,311 192,190 182,986 Organics 10,847 10,715 19,867 19,991 Customer solutions 13,476 13,274 26,479 25,159 Recycling 11,462 11,979 21,756 22,340 Total revenues $ 143,714 $ 137,279 $ 260,292 $ 250,476 |
Subsidiary Guarantors
Subsidiary Guarantors | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiary Guarantors | 12. 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 June 30, 2015 and December 31, 2014, the consolidating results of operations and comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014, and the condensed consolidating statements of cash flows for the six months ended June 30, 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 JUNE 30, 2015 (in thousands) ASSETS Parent Guarantors Non- Guarantors Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 2,636 $ 214 $ 308 $ — $ 3,158 Accounts receivable—trade, net 724 62,785 — — 63,509 Refundable income taxes 664 — — — 664 Prepaid expenses 3,152 4,177 — — 7,329 Inventory — 4,622 — — 4,622 Deferred income taxes 2,013 — — — 2,013 Other current assets 481 3,060 — — 3,541 Total current assets 9,670 74,858 308 — 84,836 Property, plant and equipment, net 5,585 393,437 — — 399,022 Goodwill — 118,976 — — 118,976 Intangible assets, net 53 10,385 — — 10,438 Restricted assets 142 826 — — 968 Cost method investments 14,115 1,932 — (1,932 ) 14,115 Investments in subsidiaries 2,385 — — (2,385 ) — Other non-current assets 19,121 10,052 — — 29,173 41,401 535,608 — (4,317 ) 572,692 Intercompany receivable 511,683 (474,638 ) (38,977 ) 1,932 — $ 562,754 $ 135,828 $ (38,669 ) $ (2,385 ) $ 657,528 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non- Guarantors Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 92 $ 1,345 $ — $ — $ 1,437 Accounts payable 18,176 29,648 323 — 48,147 Accrued payroll and related expenses 981 4,861 — — 5,842 Accrued interest 12,334 12 — — 12,346 Current accrued capping, closure and post-closure costs — 1,655 3 — 1,658 Other accrued liabilities 8,043 8,586 — — 16,629 Total current liabilities 39,626 46,107 326 — 86,059 Long-term debt and capital leases, less current maturities 525,940 913 — — 526,853 Accrued capping, closure and post-closure costs, less current portion — 39,934 34 — 39,968 Deferred income taxes 7,261 — — — 7,261 Other long-term liabilities 8,741 7,496 — — 16,237 STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders (deficit)’ equity (18,814 ) 41,378 (38,993 ) (2,385 ) (18,814 ) Noncontrolling interests — — (36 ) — (36 ) Total stockholders’ (deficit) equity (18,814 ) 41,378 (39,029 ) (2,385 ) (18,850 ) $ 562,754 $ 135,828 $ (38,669 ) $ (2,385 ) $ 657,528 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 JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 143,714 $ — $ — $ 143,714 Operating expenses: Cost of operations 34 98,556 147 — 98,737 General and administration (79 ) 18,130 20 — 18,071 Depreciation and amortization 278 15,963 — — 16,241 Divestiture transactions — (677 ) — — (677 ) 233 131,972 167 — 132,372 Operating income (loss) (233 ) 11,742 (167 ) — 11,342 Other expense (income): Interest income — (70 ) — — (70 ) Interest expense 10,096 54 — — 10,150 Loss on derivative instruments 47 — — — 47 (Income) loss from consolidated entities (11,772 ) — — 11,772 — Other income 53 (99 ) — — (46 ) Other expense (income), net (1,576 ) (115 ) — 11,772 10,081 Income (loss) before income taxes 1,343 11,857 (167 ) (11,772 ) 1,261 Provision (benefit) for income taxes 318 — — — 318 Net income (loss) 1,025 11,857 (167 ) (11,772 ) 943 Less: Net income (loss) attributable to noncontrolling interests — — (82 ) — (82 ) Net income (loss) attributable to common stockholders $ 1,025 $ 11,857 $ (85 ) $ (11,772 ) $ 1,025 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 136,861 $ 418 $ — $ 137,279 Operating expenses: Cost of operations 22 96,717 479 — 97,218 General and administration 133 15,441 20 — 15,594 Depreciation and amortization 223 16,884 60 — 17,167 Divestiture transactions — — 7,455 — 7,455 Severance and reorganization costs — 350 — — 350 Expense from divestiture, acquisition and financing costs — 14 — — 14 Development project charge — (46 ) — — (46 ) 378 129,360 8,014 — 137,752 Operating income (loss) (378 ) 7,501 (7,596 ) — (473 ) Other expense (income): Interest income — (85 ) — — (85 ) Interest expense 9,569 19 — — 9,588 Loss on derivative instruments 298 — — — 298 Income from equity method investments — (63 ) — — (63 ) (Income) loss from consolidated entities (3,855 ) — — 3,855 — Other income (263 ) (98 ) — — (361 ) Other expense (income), net 5,749 (227 ) — 3,855 9,377 Income (loss) before income taxes (6,127 ) 7,728 (7,596 ) (3,855 ) (9,850 ) Provision (benefit) for income taxes 528 — — — 528 Net income (loss) (6,655 ) 7,728 (7,596 ) (3,855 ) (10,378 ) Less: Net income (loss) attributable to noncontrolling interests — — (3,723 ) — (3,723 ) Net income (loss) attributable to common stockholders $ (6,655 ) $ 7,728 $ (3,873 ) $ (3,855 ) $ (6,655 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 260,168 $ 124 $ — $ 260,292 Operating expenses: Cost of operations (49 ) 186,234 384 — 186,569 General and administration (196 ) 35,067 5 — 34,876 Depreciation and amortization 500 29,490 — — 29,990 Divestiture transactions — (2,761 ) (2,850 ) — (5,611 ) 255 248,030 (2,461 ) — 245,824 Operating income (loss) (255 ) 12,138 2,585 — 14,468 Other expense (income): Interest income (48 ) (163 ) — — (211 ) Interest expense 20,085 107 84 — 20,276 Loss on debt extinguishment 521 — — — 521 Loss on derivative instruments 198 — — — 198 (Income) loss from consolidated entities (13,695 ) — — 13,695 — Other income 17 (226 ) — — (209 ) Other expense (income), net 7,078 (282 ) 84 13,695 20,575 Income (loss) before income taxes (7,333 ) 12,420 2,501 (13,695 ) (6,107 ) Provision (benefit) for income taxes 914 — — — 914 Net income (loss) (8,247 ) 12,420 2,501 (13,695 ) (7,021 ) Less: Net income (loss) attributable to noncontrolling interests — — 1,226 — 1,226 Net income (loss) attributable to common stockholders $ (8,247 ) $ 12,420 $ 1,275 $ (13,695 ) $ (8,247 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 249,795 $ 681 $ — $ 250,476 Operating expenses: Cost of operations (22 ) 182,719 925 — 183,622 General and administration 1,140 30,818 23 — 31,981 Depreciation and amortization 488 30,031 256 — 30,775 Divestiture transactions — — 7,455 — 7,455 Development project charge — 1,394 — — 1,394 Severance and reorganization costs — 430 — — 430 Expense from divestiture, acquisition and financing costs — 24 — — 24 Gain on settlement of acquisition related contingent consideration — (1,058 ) — — (1,058 ) 1,606 244,358 8,659 — 254,623 Operating income (loss) (1,606 ) 5,437 (7,978 ) — (4,147 ) Other expense (income): Interest income (2 ) (193 ) — — (195 ) Interest expense 19,149 45 — — 19,194 Loss on derivative instruments 448 — — — 448 Income from equity method investments — (90 ) — — (90 ) Loss on sale of equity method investment — — 221 — 221 (Income) loss from consolidated entities (1,681 ) — — 1,681 — Other income (273 ) (295 ) — — (568 ) Other expense (income), net 17,641 (533 ) 221 1,681 19,010 Income (loss) before income taxes (19,247 ) 5,970 (8,199 ) (1,681 ) (23,157 ) Provision (benefit) for income taxes 831 — — — 831 Net income (loss) (20,078 ) 5,970 (8,199 ) (1,681 ) (23,988 ) Less: Net income (loss) attributable to noncontrolling interests — — (3,910 ) — (3,910 ) Net income (loss) attributable to common stockholders $ (20,078 ) $ 5,970 $ (4,289 ) $ (1,681 ) $ (20,078 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ 1,025 $ 11,857 $ (167 ) $ (11,772 ) $ 943 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) 1,025 11,860 (167 ) (11,772 ) 946 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (82 ) — (82 ) Comprehensive income (loss) attributable to common stockholders $ 1,025 $ 11,860 $ (85 ) $ (11,772 ) $ 1,028 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (6,655 ) $ 7,728 $ (7,596 ) $ (3,855 ) $ (10,378 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — 6 — — 6 Other comprehensive income (loss), net of tax — 6 — — 6 Comprehensive income (loss) (6,655 ) 7,734 (7,596 ) (3,855 ) (10,372 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (3,723 ) — (3,723 ) Comprehensive income (loss) attributable to common stockholders $ (6,655 ) $ 7,734 $ (3,873 ) $ (3,855 ) $ (6,649 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (8,247 ) $ 12,420 $ 2,501 $ (13,695 ) $ (7,021 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — (31 ) — — (31 ) Other comprehensive income (loss), net of tax — (31 ) — — (31 ) Comprehensive income (loss) (8,247 ) 12,389 2,501 (13,695 ) (7,052 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 1,226 — 1,226 Comprehensive income (loss) attributable to common stockholders $ (8,247 ) $ 12,389 $ 1,275 $ (13,695 ) $ (8,278 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (20,078 ) $ 5,970 $ (8,199 ) $ (1,681 ) $ (23,988 ) 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) (20,078 ) 5,973 (8,199 ) (1,681 ) (23,985 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (3,910 ) — (3,910 ) Comprehensive income (loss) attributable to common stockholders $ (20,078 ) $ 5,973 $ (4,289 ) $ (1,681 ) $ (20,075 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 8,025 $ 16,362 $ (498 ) $ — $ 23,889 Cash Flows from Investing Activities: Additions to property, plant and equipment (990 ) (15,321 ) — — (16,311 ) Payments on landfill operating lease contracts — (1,425 ) — — (1,425 ) Payments related to investments — 1,555 (1,555 ) — — Proceeds from divestiture transactions — 1,835 3,500 — 5,335 Proceeds from sale of property and equipment — 259 — — 259 Proceeds from property insurance settlement — 546 — — 546 Net cash provided by (used in) investing activities (990 ) (12,551 ) 1,945 — (11,596 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 231,710 18 — — 231,728 Principal payments on long-term debt (238,846 ) (494 ) — — (239,340 ) Change in restricted cash 5,677 — — — 5,677 Payments of financing costs (8,063 ) — — — (8,063 ) Excess tax benefit on the vesting of share based awards 153 — — — 153 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 3,374 (3,374 ) — — — Net cash provided by (used in) financing activities (5,995 ) (3,850 ) (1,495 ) — (11,340 ) Net increase (decrease) in cash and cash equivalents 1,040 (39 ) (48 ) — 953 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 2,636 $ 214 $ 308 $ — $ 3,158 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 2,024 $ 20,610 $ (188 ) $ — $ 22,446 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — 214 — — 214 Acquisition related additions to property, plant and equipment — (266 ) — — (266 ) Additions to property, plant and equipment (469 ) (22,836 ) — — (23,305 ) Payments on landfill operating lease contracts — (1,526 ) — — (1,526 ) Proceeds from sale of property and equipment — 448 — — 448 Payments related to investments (84 ) (158 ) 158 — (84 ) Net cash provided by (used in) investing activities (553 ) (24,124 ) 158 — (24,519 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 89,760 — — — 89,760 Principal payments on long-term debt (86,801 ) (457 ) — — (87,258 ) Payments of financing costs (18 ) — — — (18 ) Excess tax benefit on the vesting of share based awards 60 — — — 60 Proceeds from the exercise of share based awards 286 — — — 286 Intercompany borrowings (3,782 ) 3,782 — — — Net cash provided by (used in) financing activities (495 ) 3,325 — — 2,830 Net cash provided by (used in) discontinued operations — 174 — — 174 Net increase (decrease) in cash and cash equivalents 976 (15 ) (30 ) — 931 Cash and cash equivalents, beginning of period 2,312 243 140 — 2,695 Cash and cash equivalents, end of period $ 3,288 $ 228 $ 110 $ — $ 3,626 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Policies Adopted and Pending Adoption | New Accounting Pronouncements Pending Adoption Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the presentation of debt issuance costs. The update provides that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. This guidance is effective on a retrospective basis for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2015, with early adoption permitted. We expect that this guidance will have no impact on our consolidated financial position or results of operations, and will only impact the presentation of, and disclosures in, our consolidated financial statements and notes thereto. Consolidation In February 2015, the 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 within 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. We expect that this guidance 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 within 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. 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, 2017 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. We adopted this guidance effective January 1, 2015. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Activity and Balances Related to Goodwill | The following table shows the activity and balances related to goodwill from December 31, 2014 through June 30, 2015: December 31, 2014 Other (1) June 30, 2015 Eastern region $ 17,429 $ — $ 17,429 Western region 87,697 (194 ) 87,503 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 119,170 $ (194 ) $ 118,976 (1) Goodwill adjustment related to the allocation of goodwill to a business that was divested in the three months ended June 30, 2015. See disclosure in Note 10, Divestiture Transactions |
Components of Intangible Assets | Intangible assets as of June 30, 2015 and December 31, 2014 consisted of the following: Covenants Not-to-Compete Client Lists Total Balance, June 30, 2015 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (15,957 ) (6,936 ) (22,893 ) $ 1,309 $ 9,129 $ 10,438 Covenants Not-to-Compete Client Lists Total 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 June 30, 2015: For the fiscal year ending December 31, 2015 $ 1,201 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, Closur22
Accrued Final Capping, Closure and Post Closure (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30, 2015 2014 Beginning balance $ 39,829 $ 46,326 Obligations incurred 1,116 1,640 Revisions in estimates (1) — (3,728 ) Accretion expense 1,665 1,876 Obligations settled (2) (984 ) (705 ) Ending balance $ 41,626 $ 45,409 (1) The revisions in estimates for final capping, closure and post-closure consisted of changes in cost estimates and the timing of final capping and closure events, as well as changes to expansion airspace and tonnage placement assumptions. (2) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt and Capital Leases | Long-term debt and capital leases as of June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at LIBOR plus 2.25% $ 64,700 $ — Senior Secured Revolving Credit Facility: Due March 2016; bore interest at LIBOR plus 3.75% — 131,300 Tax-Exempt Bonds: New York State Environmental 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 Waste 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% 2,964 3,295 Notes payable maturing through April 2017, bearing interest at up to 6.00% 246 435 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,620 and $1,319) 383,380 323,681 528,290 535,711 Less—current maturities of long-term debt 1,437 1,656 $ 526,853 $ 534,055 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30, 2015 2014 Beginning balance $ 5,142 $ 5,421 Revisions in estimates (1) — (118 ) Accretion expense 40 69 Obligations settled — (28 ) Ending balance $ 5,182 $ 5,344 (1) Associated with changes in estimated future costs to complete the remediation, the discount rate and/or the portion of the total remediation costs that we are responsible for. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2015 is as follows: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2014 1,380 $ 7.70 Granted — $ — Exercised — $ — Forfeited (132 ) $ 12.02 Outstanding, June 30, 2015 1,248 $ 7.25 5.3 $ 903 Exercisable, June 30, 2015 726 $ 9.13 3.2 $ 383 Expected to vest, June 30, 2015 1,247 $ 7.25 5.3 $ 902 |
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 six months ended June 30, 2015 is as follows: Restricted Stock, Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2014 1,048 $ 4.79 Granted 562 $ 4.20 Class A Common Stock vested (306 ) $ 4.72 Forfeited (280 ) $ 5.11 Outstanding, June 30, 2015 1,024 $ 4.40 2.2 $ 1,252 Expected to vest, June 30, 2015 844 $ 4.40 2.1 $ 1,029 (1) Performance stock units are included at the 100% attainment level. As of June 30, 2015, no performance stock units remain outstanding. |
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 six months ended June 30, 2015 is as follows: Marketable Balance as of December 31, 2014 $ 58 Other comprehensive loss before reclassifications (31 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (31 ) Balance as of June 30, 2015 $ 27 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to common stockholders $ 1,025 $ (6,655 ) $ (8,247 ) $ (20,078 ) Denominator: Number of shares outstanding, end of period: Class A common stock 39,927 39,450 39,927 39,450 Class B common stock 988 988 988 988 Unvested restricted stock (156 ) (126 ) (156 ) (126 ) Effect of weighted average shares outstanding during period (312 ) (317 ) (327 ) (360 ) Weighted average number of common shares used in basic EPS 40,447 39,995 40,432 39,952 Impact of potentially dilutive securities: Dilutive effect of options and restricted stock units 399 — — — Weighted average number of common shares used in diluted EPS 40,846 39,995 40,432 39,952 Antidilutive potentially issuable shares not included in the diluted EPS calculations 793 2,003 2,271 2,003 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of June 30, 2015 our assets and liabilities measured at fair value on a recurring basis included the following: Fair Value Measurement at June 30, 2015 Using: Quoted Prices in Significant Other Significant Assets: Restricted assets - capital projects $ 142 $ — $ — Restricted assets - landfill closure 826 — — Total $ 968 $ — $ — Liabilities: Interest rate derivative $ — $ 583 $ — 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 Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | Three Months Ended June 30, 2015 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 43,822 $ 11,401 $ 6,752 $ 3,186 $ 207,507 Western 61,686 18,504 7,674 7,684 323,746 Recycling 11,462 253 1,110 (401 ) 50,457 Other 26,744 270 705 873 75,818 Eliminations — (30,428 ) — — — Total $ 143,714 $ — $ 16,241 $ 11,342 $ 657,528 Three Months Ended June 30, 2014 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 39,674 $ 11,607 $ 6,903 $ 937 $ 204,711 Western 59,246 18,863 8,564 (1,441 ) 331,175 Recycling 11,979 (58 ) 1,067 (131 ) 49,570 Other 26,380 602 633 162 71,969 Eliminations — (31,014 ) — — — Total $ 137,279 $ — $ 17,167 $ (473 ) $ 657,425 Six Months Ended June 30, 2015 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 77,090 $ 19,417 $ 11,990 $ 2,700 $ 207,507 Western 111,043 32,901 14,412 12,679 323,746 Recycling 21,756 257 2,226 (2,411 ) 50,457 Other 50,403 491 1,362 1,500 75,818 Eliminations — (53,066 ) — — — Total $ 260,292 $ — $ 29,990 $ 14,468 $ 657,528 Six Months Ended June 30, 2014 Segment Outside revenues Inter-company Depreciation and Operating Total assets Eastern $ 71,012 $ 20,195 $ 12,231 $ (3,922 ) $ 204,711 Western 107,986 34,247 15,089 1,162 331,175 Recycling 22,340 (121 ) 2,133 (1,615 ) 49,570 Other 49,138 1,106 1,322 228 71,969 Eliminations — (55,427 ) — — — Total $ 250,476 $ — $ 30,775 $ (4,147 ) $ 657,425 |
Summary of Revenue Attributable to Services Provided by Company | Amounts of our total revenue attributable to services provided for the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Collection $ 60,636 $ 58,368 $ 113,962 $ 110,911 Disposal 44,064 38,128 71,831 62,203 Power generation 1,564 1,998 3,612 5,347 Processing 1,665 2,817 2,785 4,525 Solid waste operations 107,929 101,311 192,190 182,986 Organics 10,847 10,715 19,867 19,991 Customer solutions 13,476 13,274 26,479 25,159 Recycling 11,462 11,979 21,756 22,340 Total revenues $ 143,714 $ 137,279 $ 260,292 $ 250,476 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 6 Months Ended |
Jun. 30, 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 JUNE 30, 2015 (in thousands) ASSETS Parent Guarantors Non- Guarantors Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 2,636 $ 214 $ 308 $ — $ 3,158 Accounts receivable—trade, net 724 62,785 — — 63,509 Refundable income taxes 664 — — — 664 Prepaid expenses 3,152 4,177 — — 7,329 Inventory — 4,622 — — 4,622 Deferred income taxes 2,013 — — — 2,013 Other current assets 481 3,060 — — 3,541 Total current assets 9,670 74,858 308 — 84,836 Property, plant and equipment, net 5,585 393,437 — — 399,022 Goodwill — 118,976 — — 118,976 Intangible assets, net 53 10,385 — — 10,438 Restricted assets 142 826 — — 968 Cost method investments 14,115 1,932 — (1,932 ) 14,115 Investments in subsidiaries 2,385 — — (2,385 ) — Other non-current assets 19,121 10,052 — — 29,173 41,401 535,608 — (4,317 ) 572,692 Intercompany receivable 511,683 (474,638 ) (38,977 ) 1,932 — $ 562,754 $ 135,828 $ (38,669 ) $ (2,385 ) $ 657,528 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non- Guarantors Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 92 $ 1,345 $ — $ — $ 1,437 Accounts payable 18,176 29,648 323 — 48,147 Accrued payroll and related expenses 981 4,861 — — 5,842 Accrued interest 12,334 12 — — 12,346 Current accrued capping, closure and post-closure costs — 1,655 3 — 1,658 Other accrued liabilities 8,043 8,586 — — 16,629 Total current liabilities 39,626 46,107 326 — 86,059 Long-term debt and capital leases, less current maturities 525,940 913 — — 526,853 Accrued capping, closure and post-closure costs, less current portion — 39,934 34 — 39,968 Deferred income taxes 7,261 — — — 7,261 Other long-term liabilities 8,741 7,496 — — 16,237 STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders (deficit)’ equity (18,814 ) 41,378 (38,993 ) (2,385 ) (18,814 ) Noncontrolling interests — — (36 ) — (36 ) Total stockholders’ (deficit) equity (18,814 ) 41,378 (39,029 ) (2,385 ) (18,850 ) $ 562,754 $ 135,828 $ (38,669 ) $ (2,385 ) $ 657,528 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 JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 143,714 $ — $ — $ 143,714 Operating expenses: Cost of operations 34 98,556 147 — 98,737 General and administration (79 ) 18,130 20 — 18,071 Depreciation and amortization 278 15,963 — — 16,241 Divestiture transactions — (677 ) — — (677 ) 233 131,972 167 — 132,372 Operating income (loss) (233 ) 11,742 (167 ) — 11,342 Other expense (income): Interest income — (70 ) — — (70 ) Interest expense 10,096 54 — — 10,150 Loss on derivative instruments 47 — — — 47 (Income) loss from consolidated entities (11,772 ) — — 11,772 — Other income 53 (99 ) — — (46 ) Other expense (income), net (1,576 ) (115 ) — 11,772 10,081 Income (loss) before income taxes 1,343 11,857 (167 ) (11,772 ) 1,261 Provision (benefit) for income taxes 318 — — — 318 Net income (loss) 1,025 11,857 (167 ) (11,772 ) 943 Less: Net income (loss) attributable to noncontrolling interests — — (82 ) — (82 ) Net income (loss) attributable to common stockholders $ 1,025 $ 11,857 $ (85 ) $ (11,772 ) $ 1,025 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 136,861 $ 418 $ — $ 137,279 Operating expenses: Cost of operations 22 96,717 479 — 97,218 General and administration 133 15,441 20 — 15,594 Depreciation and amortization 223 16,884 60 — 17,167 Divestiture transactions — — 7,455 — 7,455 Severance and reorganization costs — 350 — — 350 Expense from divestiture, acquisition and financing costs — 14 — — 14 Development project charge — (46 ) — — (46 ) 378 129,360 8,014 — 137,752 Operating income (loss) (378 ) 7,501 (7,596 ) — (473 ) Other expense (income): Interest income — (85 ) — — (85 ) Interest expense 9,569 19 — — 9,588 Loss on derivative instruments 298 — — — 298 Income from equity method investments — (63 ) — — (63 ) (Income) loss from consolidated entities (3,855 ) — — 3,855 — Other income (263 ) (98 ) — — (361 ) Other expense (income), net 5,749 (227 ) — 3,855 9,377 Income (loss) before income taxes (6,127 ) 7,728 (7,596 ) (3,855 ) (9,850 ) Provision (benefit) for income taxes 528 — — — 528 Net income (loss) (6,655 ) 7,728 (7,596 ) (3,855 ) (10,378 ) Less: Net income (loss) attributable to noncontrolling interests — — (3,723 ) — (3,723 ) Net income (loss) attributable to common stockholders $ (6,655 ) $ 7,728 $ (3,873 ) $ (3,855 ) $ (6,655 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 260,168 $ 124 $ — $ 260,292 Operating expenses: Cost of operations (49 ) 186,234 384 — 186,569 General and administration (196 ) 35,067 5 — 34,876 Depreciation and amortization 500 29,490 — — 29,990 Divestiture transactions — (2,761 ) (2,850 ) — (5,611 ) 255 248,030 (2,461 ) — 245,824 Operating income (loss) (255 ) 12,138 2,585 — 14,468 Other expense (income): Interest income (48 ) (163 ) — — (211 ) Interest expense 20,085 107 84 — 20,276 Loss on debt extinguishment 521 — — — 521 Loss on derivative instruments 198 — — — 198 (Income) loss from consolidated entities (13,695 ) — — 13,695 — Other income 17 (226 ) — — (209 ) Other expense (income), net 7,078 (282 ) 84 13,695 20,575 Income (loss) before income taxes (7,333 ) 12,420 2,501 (13,695 ) (6,107 ) Provision (benefit) for income taxes 914 — — — 914 Net income (loss) (8,247 ) 12,420 2,501 (13,695 ) (7,021 ) Less: Net income (loss) attributable to noncontrolling interests — — 1,226 — 1,226 Net income (loss) attributable to common stockholders $ (8,247 ) $ 12,420 $ 1,275 $ (13,695 ) $ (8,247 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Revenues $ — $ 249,795 $ 681 $ — $ 250,476 Operating expenses: Cost of operations (22 ) 182,719 925 — 183,622 General and administration 1,140 30,818 23 — 31,981 Depreciation and amortization 488 30,031 256 — 30,775 Divestiture transactions — — 7,455 — 7,455 Development project charge — 1,394 — — 1,394 Severance and reorganization costs — 430 — — 430 Expense from divestiture, acquisition and financing costs — 24 — — 24 Gain on settlement of acquisition related contingent consideration — (1,058 ) — — (1,058 ) 1,606 244,358 8,659 — 254,623 Operating income (loss) (1,606 ) 5,437 (7,978 ) — (4,147 ) Other expense (income): Interest income (2 ) (193 ) — — (195 ) Interest expense 19,149 45 — — 19,194 Loss on derivative instruments 448 — — — 448 Income from equity method investments — (90 ) — — (90 ) Loss on sale of equity method investment — — 221 — 221 (Income) loss from consolidated entities (1,681 ) — — 1,681 — Other income (273 ) (295 ) — — (568 ) Other expense (income), net 17,641 (533 ) 221 1,681 19,010 Income (loss) before income taxes (19,247 ) 5,970 (8,199 ) (1,681 ) (23,157 ) Provision (benefit) for income taxes 831 — — — 831 Net income (loss) (20,078 ) 5,970 (8,199 ) (1,681 ) (23,988 ) Less: Net income (loss) attributable to noncontrolling interests — — (3,910 ) — (3,910 ) Net income (loss) attributable to common stockholders $ (20,078 ) $ 5,970 $ (4,289 ) $ (1,681 ) $ (20,078 ) |
Schedule of Consolidating Statement of Comprehensive Income (Loss) | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ 1,025 $ 11,857 $ (167 ) $ (11,772 ) $ 943 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) 1,025 11,860 (167 ) (11,772 ) 946 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (82 ) — (82 ) Comprehensive income (loss) attributable to common stockholders $ 1,025 $ 11,860 $ (85 ) $ (11,772 ) $ 1,028 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (6,655 ) $ 7,728 $ (7,596 ) $ (3,855 ) $ (10,378 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — 6 — — 6 Other comprehensive income (loss), net of tax — 6 — — 6 Comprehensive income (loss) (6,655 ) 7,734 (7,596 ) (3,855 ) (10,372 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (3,723 ) — (3,723 ) Comprehensive income (loss) attributable to common stockholders $ (6,655 ) $ 7,734 $ (3,873 ) $ (3,855 ) $ (6,649 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (8,247 ) $ 12,420 $ 2,501 $ (13,695 ) $ (7,021 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — (31 ) — — (31 ) Other comprehensive income (loss), net of tax — (31 ) — — (31 ) Comprehensive income (loss) (8,247 ) 12,389 2,501 (13,695 ) (7,052 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 1,226 — 1,226 Comprehensive income (loss) attributable to common stockholders $ (8,247 ) $ 12,389 $ 1,275 $ (13,695 ) $ (8,278 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net income (loss) $ (20,078 ) $ 5,970 $ (8,199 ) $ (1,681 ) $ (23,988 ) 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) (20,078 ) 5,973 (8,199 ) (1,681 ) (23,985 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (3,910 ) — (3,910 ) Comprehensive income (loss) attributable to common stockholders $ (20,078 ) $ 5,973 $ (4,289 ) $ (1,681 ) $ (20,075 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 8,025 $ 16,362 $ (498 ) $ — $ 23,889 Cash Flows from Investing Activities: Additions to property, plant and equipment (990 ) (15,321 ) — — (16,311 ) Payments on landfill operating lease contracts — (1,425 ) — — (1,425 ) Payments related to investments — 1,555 (1,555 ) — — Proceeds from divestiture transactions — 1,835 3,500 — 5,335 Proceeds from sale of property and equipment — 259 — — 259 Proceeds from property insurance settlement — 546 — — 546 Net cash provided by (used in) investing activities (990 ) (12,551 ) 1,945 — (11,596 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 231,710 18 — — 231,728 Principal payments on long-term debt (238,846 ) (494 ) — — (239,340 ) Change in restricted cash 5,677 — — — 5,677 Payments of financing costs (8,063 ) — — — (8,063 ) Excess tax benefit on the vesting of share based awards 153 — — — 153 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 3,374 (3,374 ) — — — Net cash provided by (used in) financing activities (5,995 ) (3,850 ) (1,495 ) — (11,340 ) Net increase (decrease) in cash and cash equivalents 1,040 (39 ) (48 ) — 953 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 2,636 $ 214 $ 308 $ — $ 3,158 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 2,024 $ 20,610 $ (188 ) $ — $ 22,446 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — 214 — — 214 Acquisition related additions to property, plant and equipment — (266 ) — — (266 ) Additions to property, plant and equipment (469 ) (22,836 ) — — (23,305 ) Payments on landfill operating lease contracts — (1,526 ) — — (1,526 ) Proceeds from sale of property and equipment — 448 — — 448 Payments related to investments (84 ) (158 ) 158 — (84 ) Net cash provided by (used in) investing activities (553 ) (24,124 ) 158 — (24,519 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 89,760 — — — 89,760 Principal payments on long-term debt (86,801 ) (457 ) — — (87,258 ) Payments of financing costs (18 ) — — — (18 ) Excess tax benefit on the vesting of share based awards 60 — — — 60 Proceeds from the exercise of share based awards 286 — — — 286 Intercompany borrowings (3,782 ) 3,782 — — — Net cash provided by (used in) financing activities (495 ) 3,325 — — 2,830 Net cash provided by (used in) discontinued operations — 174 — — 174 Net increase (decrease) in cash and cash equivalents 976 (15 ) (30 ) — 931 Cash and cash equivalents, beginning of period 2,312 243 140 — 2,695 Cash and cash equivalents, end of period $ 3,288 $ 228 $ 110 $ — $ 3,626 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating segments | 4 |
Eastern Region [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating segments | 1 |
Western Region [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating segments | 1 |
Recycling [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating segments | 1 |
Other [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating segments | 1 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets - Schedule of Activity and Balances Related to Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, beginning balance | $ 119,170 |
Other | (194) |
Goodwill, ending balance | 118,976 |
Recycling [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, beginning balance | 12,315 |
Goodwill, ending balance | 12,315 |
Other [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, beginning balance | 1,729 |
Goodwill, ending balance | 1,729 |
Eastern Region [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, beginning balance | 17,429 |
Goodwill, ending balance | 17,429 |
Western Region [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, beginning balance | 87,697 |
Other | (194) |
Goodwill, ending balance | $ 87,503 |
Goodwill and Intangible Asset32
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 33,331 | $ 33,367 |
Less accumulated amortization | (22,893) | (21,559) |
Intangible assets, net | 10,438 | 11,808 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 17,266 | 17,296 |
Less accumulated amortization | (15,957) | (15,730) |
Intangible assets, net | 1,309 | 1,566 |
Client Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 16,065 | 16,071 |
Less accumulated amortization | (6,936) | (5,829) |
Intangible assets, net | $ 9,129 | $ 10,242 |
Goodwill and Intangible Asset33
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expenses | $ 632 | $ 741 | $ 1,381 | $ 1,493 |
Goodwill and Intangible Asset34
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2015 | $ 1,201 |
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, Closur35
Accrued Final Capping, Closure and Post Closure - Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $ 39,829 | $ 46,326 |
Obligations incurred | 1,116 | 1,640 |
Revisions in estimates | (3,728) | |
Accretion expense | 1,665 | 1,876 |
Obligations settled | (984) | (705) |
Ending balance | $ 41,626 | $ 45,409 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | $ 528,290 | $ 535,711 |
Less-current maturities of long-term debt | 1,437 | 1,656 |
Non current portion of long term debt and capital lease obligation | 526,853 | 534,055 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 64,700 | |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 131,300 | |
Revenue Bonds Series 2014 Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 25,000 | 25,000 |
Revenue Bonds Series 2005R-2, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 21,400 | 21,400 |
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 16,000 | 16,000 |
Revenue Bonds Series 2013 Due April 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 11,000 | 11,000 |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 3,600 | 3,600 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 2,964 | 3,295 |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 246 | 435 |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | $ 383,380 | $ 323,681 |
Long-Term Debt - Components o37
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Feb. 27, 2020 | |
Debt instrument stated percentage | 2.25% | |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Mar. 18, 2016 | |
Debt instrument stated percentage | 3.75% | |
Revenue Bonds Series 2014 Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Dec. 1, 2044 | |
Debt instrument stated percentage | 3.75% | |
Revenue Bonds Series 2005R-2, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Jan. 1, 2025 | |
Debt instrument stated percentage | 6.25% | |
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Apr. 1, 2036 | |
Debt instrument stated percentage | 4.75% | |
Revenue Bonds Series 2013 Due April 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Apr. 1, 2029 | |
Debt instrument stated percentage | 4.00% | |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Jan. 1, 2025 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Apr. 1, 2023 | |
Debt instrument stated percentage | 7.70% | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Apr. 1, 2017 | |
Debt instrument stated percentage | 6.00% | |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Feb. 15, 2019 | |
Debt instrument stated percentage | 7.75% | |
Senior second lien notes, unamortized discount | $ 1,620 | $ 1,319 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Feb. 28, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Available revolving credit facility | $ 528,290 | $ 535,711 | ||
Cash payment for settlement of interest rate derivative | $ 830 | |||
Loss on debt extinguishment | 521 | |||
Senior Subordinated Notes Due 2019 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 15, 2019 | |||
Debt instrument stated percentage | 7.75% | |||
Issued discount | $ 476 | |||
Senior Secured Revolving Credit Facility Due 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 18, 2016 | |||
Abl Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility | 150,422 | |||
Available revolving credit facility | $ 58,759 | |||
Write off Deferred Financing Costs [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | $ 521 | |||
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 | |||
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 | |||
Senior Secured Revolving Credit Facility Due 2020 [Member] | Abl Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 26, 2020 | |||
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 2020 [Member] | Abl Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated percentage | 1.75% | |||
Senior Secured Revolving Credit Facility Due 2020 [Member] | Abl Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated percentage | 2.50% | |||
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 27, 2020 | |||
Debt instrument stated percentage | 2.25% | |||
Available revolving credit facility | $ 64,700 | |||
Outstanding irrevocable letters of credit totaling | $ 26,963 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Nov. 30, 2011USD ($) | Sep. 30, 2011USD ($) | Jun. 30, 2015USD ($)a | Apr. 30, 2011USD ($) | May. 31, 2009USD ($) | |
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 | a | 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 Contingencies40
Commitments and Contingencies - Schedule of Environmental Liability Associated with Potsdam (Detail) - Potsdam Environmental Remediation Liability [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Site Contingency [Line Items] | ||
Beginning balance | $ 5,142 | $ 5,421 |
Revisions in estimates | 0 | (118) |
Obligations settled | 0 | (28) |
Ending balance | 5,182 | 5,344 |
Accretion Expense [Member] | ||
Site Contingency [Line Items] | ||
Accretion expense | $ 40 | $ 69 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Apr. 28, 2015Director | Apr. 30, 2007shares | |
Limited Partners' Capital Account [Line Items] | ||||||
Total fair value of other stock awards vested | $ 1,701 | $ 1,713 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Stock-based compensation expense | 21 | $ 38 | 22 | $ 40 | ||
Stock Options [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Stock-based compensation expense | 160 | 105 | 317 | 215 | ||
Unrecognized stock-based compensation expense | 772 | $ 772 | ||||
Unrecognized stock-based compensation expense, weighted average period | 1 year 1 month 6 days | |||||
Restricted Stock and Restricted Stock Unit [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Stock-based compensation expense | 594 | $ 410 | $ 1,080 | $ 858 | ||
Unrecognized stock-based compensation expense | $ 3,256 | $ 3,256 | ||||
Unrecognized stock-based compensation expense, weighted average period | 2 years 1 month 6 days | |||||
Non-Employee Director [Member] | Restricted Stock Awards [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Options vesting period | 3 years | |||||
JCP Group [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Number of nominees for Board of Directors | Director | 3 | |||||
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 | shares | 2,475,000 | |||||
Number of shares available for future grant | shares | 1,110,000 | 1,110,000 | ||||
Class A Common Stock [Member] | JCP Group [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
JCP Group ownership percentage of Company stock | 5.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
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 | (132) |
Stock Options,Outstanding, June 30, 2015 | 1,248 |
Stock Options,Exercisable, June 30, 2015 | 726 |
Stock Options,Expected to vest, June 30, 2015 | 1,247 |
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 | 12.02 |
Weighted Average Exercise Price,Outstanding, June 30, 2015 | 7.25 |
Weighted Average Exercise Price,Exercisable, June 30, 2015 | 9.13 |
Weighted Average Exercise Price,Expected to vest, June 30, 2015 | $ 7.25 |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 3 months 18 days |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 2 months 12 days |
Weighted Average Remaining Contractual Term, Expected to vest | 5 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding, June 30, 2015 | $ 903 |
Aggregate Intrinsic Value, Exercisable, June 30, 2015 | 383 |
Aggregate Intrinsic Value, Expected to vest, June 30, 2015 | $ 902 |
Stockholders' Equity - Summar43
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
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 | 4.20 |
Weighted Average Grant Price, Forfeited | 5.11 |
Weighted Average Grant Price, Outstanding, June 30, 2015 | 4.40 |
Weighted Average Grant Price, Expected to vest, June 30, 2015 | $ 4.40 |
Weighted Average Remaining Contractual Term, Outstanding | 2 years 2 months 12 days |
Weighted Average Remaining Contractual Term, Expected to vest | 2 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding, June 30, 2015 | $ 1,252 |
Aggregate Intrinsic Value, Expected to vest, June 30, 2015 | $ 1,029 |
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 | 562 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Forfeited | (280) |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, June 30, 2015 | 1,024 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Expected to vest, June 30, 2015 | 844 |
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 | $ 4.72 |
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 | (306) |
Stockholders' Equity - Summar44
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Parenthetical) (Detail) - 6 months ended Jun. 30, 2015 - Performance Stock Units [Member] - shares | Total |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | |
Performance stock units, percentage of attainment level | 100.00% |
Performance stock units | 0 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 58 | |||
Net current-period other comprehensive loss | $ 3 | $ 6 | (31) | $ 3 |
Ending balance | 27 | 27 | ||
Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 58 | |||
Other comprehensive loss before reclassifications | (31) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Net current-period other comprehensive loss | (31) | |||
Ending balance | $ 27 | $ 27 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Numerator and Denominator Used in Computation of Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Numerator: | |||||
Net income (loss) attributable to common stockholders | $ 1,025 | $ (6,655) | $ (8,247) | $ (20,078) | |
Number of shares outstanding, end of period: | |||||
Unvested restricted stock | (156,000) | (126,000) | (156,000) | (126,000) | |
Effect of weighted average shares outstanding during period | (312,000) | (317,000) | (327,000) | (360,000) | |
Weighted average number of common shares used in basic EPS | 40,447,000 | 39,995,000 | 40,432,000 | 39,952,000 | |
Impact of potentially dilutive securities: | |||||
Dilutive effect of options and restricted stock units | 399,000 | ||||
Weighted average number of common shares used in diluted EPS | 40,846,000 | 39,995,000 | 40,432,000 | 39,952,000 | |
Antidilutive potentially issuable shares not included in the diluted EPS calculations | 793,000 | 2,003,000 | 2,271,000 | 2,003,000 | |
Class A Common Stock [Member] | |||||
Number of shares outstanding, end of period: | |||||
Common stock shares outstanding | 39,927,000 | 39,450,000 | 39,927,000 | 39,450,000 | 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 | 988,000 | 988,000 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Restricted assets | $ 968 | $ 6,632 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted assets | 968 | 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 | 142 | 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 | 826 | 813 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Interest rate derivative | $ 583 | $ 1,668 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Carrying value of revolver debt | $ 64,699 |
Fixed Rate Bonds [Member] | |
Debt Instrument [Line Items] | |
Fair value of fixed rate debt | 462,304 |
Carrying value of fixed rate debt | $ 458,400 |
Divestiture Transactions - Addi
Divestiture Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 30, 2013 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on divestiture | $ (677) | $ 7,455 | $ (5,611) | $ 7,455 | |||
Other accrued liabilities | 16,629 | 16,629 | $ 16,667 | ||||
Proceeds from sale of assets | $ 5,335 | ||||||
Western Region [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration received from sale of assets | 872 | ||||||
Gain on divestiture | $ (677) | ||||||
Western Region [Member] | Cares [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment charge | $ 7,455 | $ 7,455 | |||||
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% | 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] | |||||||
Gain on divestiture | $ (1,157) | ||||||
Undiscounted purchase consideration | $ 6,650 | ||||||
Undiscounted purchase consideration paid in installments | 21 years | ||||||
Other accrued liabilities | $ 96 | $ 96 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | $ 143,714 | $ 137,279 | $ 260,292 | $ 250,476 | |
Depreciation and amortization | 16,241 | 17,167 | 29,990 | 30,775 | |
Operating income (loss) | 11,342 | (473) | 14,468 | (4,147) | |
Total assets | 657,528 | 657,425 | 657,528 | 657,425 | $ 669,795 |
Eastern Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 43,822 | 39,674 | 77,090 | 71,012 | |
Depreciation and amortization | 6,752 | 6,903 | 11,990 | 12,231 | |
Operating income (loss) | 3,186 | 937 | 2,700 | (3,922) | |
Total assets | 207,507 | 204,711 | 207,507 | 204,711 | |
Western Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 61,686 | 59,246 | 111,043 | 107,986 | |
Depreciation and amortization | 7,674 | 8,564 | 14,412 | 15,089 | |
Operating income (loss) | 7,684 | (1,441) | 12,679 | 1,162 | |
Total assets | 323,746 | 331,175 | 323,746 | 331,175 | |
Recycling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 11,462 | 11,979 | 21,756 | 22,340 | |
Depreciation and amortization | 1,110 | 1,067 | 2,226 | 2,133 | |
Operating income (loss) | (401) | (131) | (2,411) | (1,615) | |
Total assets | 50,457 | 49,570 | 50,457 | 49,570 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 26,744 | 26,380 | 50,403 | 49,138 | |
Depreciation and amortization | 705 | 633 | 1,362 | 1,322 | |
Operating income (loss) | 873 | 162 | 1,500 | 228 | |
Total assets | 75,818 | 71,969 | 75,818 | 71,969 | |
Intersubsegment Eliminations [Member] | Inter-Company Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | (30,428) | (31,014) | (53,066) | (55,427) | |
Intersubsegment Eliminations [Member] | Eastern Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 11,401 | 11,607 | 19,417 | 20,195 | |
Intersubsegment Eliminations [Member] | Western Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 18,504 | 18,863 | 32,901 | 34,247 | |
Intersubsegment Eliminations [Member] | Recycling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | 253 | (58) | 257 | (121) | |
Intersubsegment Eliminations [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Inter-company revenues | $ 270 | $ 602 | $ 491 | $ 1,106 |
Segment Reporting - Summary o51
Segment Reporting - Summary of Revenue Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 143,714 | $ 137,279 | $ 260,292 | $ 250,476 |
Solid Waste Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 107,929 | 101,311 | 192,190 | 182,986 |
Solid Waste Operations [Member] | Collection [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 60,636 | 58,368 | 113,962 | 110,911 |
Solid Waste Operations [Member] | Disposal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 44,064 | 38,128 | 71,831 | 62,203 |
Solid Waste Operations [Member] | Power Generation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,564 | 1,998 | 3,612 | 5,347 |
Solid Waste Operations [Member] | Processing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,665 | 2,817 | 2,785 | 4,525 |
Organics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,847 | 10,715 | 19,867 | 19,991 |
Customer Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13,476 | 13,274 | 26,479 | 25,159 |
Recycling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 11,462 | $ 11,979 | $ 21,756 | $ 22,340 |
Subsidiary Guarantors - Schedul
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 3,158 | $ 2,205 | $ 3,626 | $ 2,695 |
Restricted cash | 76 | |||
Accounts receivable-trade, net | 63,509 | 55,750 | ||
Refundable income taxes | 664 | 554 | ||
Prepaid expenses | 7,329 | 8,763 | ||
Inventory | 4,622 | 4,374 | ||
Deferred income taxes | 2,013 | 2,095 | ||
Other current assets | 3,541 | 4,852 | ||
Total current assets | 84,836 | 78,669 | ||
Property, plant and equipment, net | 399,022 | 414,542 | ||
Goodwill | 118,976 | 119,170 | ||
Intangible assets, net | 10,438 | 11,808 | ||
Restricted assets | 968 | 6,632 | ||
Cost method investments | 14,115 | 14,432 | ||
Other non-current assets | 29,173 | 24,542 | ||
Total non-current assets | 572,692 | 591,126 | ||
Total assets | 657,528 | 669,795 | 657,425 | |
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,437 | 1,656 | ||
Accounts payable | 48,147 | 48,518 | ||
Accrued payroll and related expenses | 5,842 | 6,289 | ||
Accrued interest | 12,346 | 11,094 | ||
Current accrued capping, closure and post-closure costs | 1,658 | 2,208 | ||
Other accrued liabilities | 16,629 | 16,667 | ||
Total current liabilities | 86,059 | 86,432 | ||
Long-term debt and capital leases, less current maturities | 526,853 | 534,055 | ||
Accrued capping, closure and post-closure costs, less current portion | 39,968 | 37,621 | ||
Deferred income taxes | 7,261 | 7,080 | ||
Other long-term liabilities | 16,237 | 16,627 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Casella Waste Systems, Inc. stockholders (deficit)' equity | (18,814) | (12,253) | ||
Noncontrolling interests | (36) | 233 | ||
Total stockholders' (deficit) equity | (18,850) | (12,020) | ||
Total liabilities and stockholders' (deficit) equity | 657,528 | 669,795 | ||
Parent [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 2,636 | 1,596 | 3,288 | 2,312 |
Accounts receivable-trade, net | 724 | 597 | ||
Refundable income taxes | 664 | 554 | ||
Prepaid expenses | 3,152 | 3,622 | ||
Deferred income taxes | 2,013 | 2,095 | ||
Other current assets | 481 | 296 | ||
Total current assets | 9,670 | 8,760 | ||
Property, plant and equipment, net | 5,585 | 5,049 | ||
Intangible assets, net | 53 | 98 | ||
Restricted assets | 142 | 5,819 | ||
Cost method investments | 14,115 | 14,432 | ||
Investments in subsidiaries | 2,385 | (9,888) | ||
Other non-current assets | 19,121 | 14,611 | ||
Total non-current assets | 41,401 | 30,121 | ||
Intercompany receivable | 511,683 | 537,228 | ||
Total assets | 562,754 | 576,109 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 92 | 89 | ||
Accounts payable | 18,176 | 17,953 | ||
Accrued payroll and related expenses | 981 | 1,536 | ||
Accrued interest | 12,334 | 11,083 | ||
Other accrued liabilities | 8,043 | 8,618 | ||
Total current liabilities | 39,626 | 39,279 | ||
Long-term debt and capital leases, less current maturities | 525,940 | 532,889 | ||
Deferred income taxes | 7,261 | 7,080 | ||
Other long-term liabilities | 8,741 | 9,114 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Casella Waste Systems, Inc. stockholders (deficit)' equity | (18,814) | (12,253) | ||
Total stockholders' (deficit) equity | (18,814) | (12,253) | ||
Total liabilities and stockholders' (deficit) equity | 562,754 | 576,109 | ||
Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 214 | 253 | 228 | 243 |
Restricted cash | 76 | |||
Accounts receivable-trade, net | 62,785 | 55,053 | ||
Prepaid expenses | 4,177 | 5,136 | ||
Inventory | 4,622 | 4,345 | ||
Other current assets | 3,060 | 4,549 | ||
Total current assets | 74,858 | 69,412 | ||
Property, plant and equipment, net | 393,437 | 408,843 | ||
Goodwill | 118,976 | 119,170 | ||
Intangible assets, net | 10,385 | 11,710 | ||
Restricted assets | 826 | 813 | ||
Cost method investments | 1,932 | 1,932 | ||
Other non-current assets | 10,052 | 9,931 | ||
Total non-current assets | 535,608 | 552,399 | ||
Intercompany receivable | (474,638) | (500,267) | ||
Total assets | 135,828 | 121,544 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,345 | 1,567 | ||
Accounts payable | 29,648 | 30,040 | ||
Accrued payroll and related expenses | 4,861 | 4,751 | ||
Accrued interest | 12 | 11 | ||
Current accrued capping, closure and post-closure costs | 1,655 | 2,205 | ||
Other accrued liabilities | 8,586 | 7,957 | ||
Total current liabilities | 46,107 | 46,531 | ||
Long-term debt and capital leases, less current maturities | 913 | 1,166 | ||
Accrued capping, closure and post-closure costs, less current portion | 39,934 | 37,589 | ||
Other long-term liabilities | 7,496 | 7,433 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Casella Waste Systems, Inc. stockholders (deficit)' equity | 41,378 | 28,825 | ||
Total stockholders' (deficit) equity | 41,378 | 28,825 | ||
Total liabilities and stockholders' (deficit) equity | 135,828 | 121,544 | ||
Non-Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 308 | 356 | $ 110 | $ 140 |
Accounts receivable-trade, net | 100 | |||
Prepaid expenses | 5 | |||
Inventory | 29 | |||
Other current assets | 7 | |||
Total current assets | 308 | 497 | ||
Property, plant and equipment, net | 650 | |||
Total non-current assets | 650 | |||
Intercompany receivable | (38,977) | (38,893) | ||
Total assets | (38,669) | (37,746) | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 323 | 525 | ||
Accrued payroll and related expenses | 2 | |||
Current accrued capping, closure and post-closure costs | 3 | 3 | ||
Other accrued liabilities | 92 | |||
Total current liabilities | 326 | 622 | ||
Accrued capping, closure and post-closure costs, less current portion | 34 | 32 | ||
Other long-term liabilities | 80 | |||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Casella Waste Systems, Inc. stockholders (deficit)' equity | (38,993) | (38,713) | ||
Noncontrolling interests | (36) | 233 | ||
Total stockholders' (deficit) equity | (39,029) | (38,480) | ||
Total liabilities and stockholders' (deficit) equity | (38,669) | (37,746) | ||
Elimination [Member] | ||||
CURRENT ASSETS: | ||||
Cost method investments | (1,932) | (1,932) | ||
Investments in subsidiaries | (2,385) | 9,888 | ||
Total non-current assets | (4,317) | 7,956 | ||
Intercompany receivable | 1,932 | 1,932 | ||
Total assets | (2,385) | 9,888 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | ||||
Casella Waste Systems, Inc. stockholders (deficit)' equity | (2,385) | 9,888 | ||
Total stockholders' (deficit) equity | (2,385) | 9,888 | ||
Total liabilities and stockholders' (deficit) equity | $ (2,385) | $ 9,888 |
Subsidiary Guarantors - Sched53
Subsidiary Guarantors - Schedule of Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 143,714 | $ 137,279 | $ 260,292 | $ 250,476 |
Operating expenses: | ||||
Cost of operations | 98,737 | 97,218 | 186,569 | 183,622 |
General and administration | 18,071 | 15,594 | 34,876 | 31,981 |
Depreciation and amortization | 16,241 | 17,167 | 29,990 | 30,775 |
Divestiture transactions | (677) | 7,455 | (5,611) | 7,455 |
Development project charge | (46) | 1,394 | ||
Severance and reorganization costs | 350 | 430 | ||
Expense from divestiture, acquisition and financing costs | 14 | 24 | ||
Gain on settlement of acquisition related contingent consideration | (1,058) | |||
Total operating expenses | 132,372 | 137,752 | 245,824 | 254,623 |
Operating income (loss) | 11,342 | (473) | 14,468 | (4,147) |
Other expense (income): | ||||
Interest income | (70) | (85) | (211) | (195) |
Interest expense | 10,150 | 9,588 | 20,276 | 19,194 |
Loss on debt extinguishment | 521 | |||
Loss on derivative instruments | 47 | 298 | 198 | 448 |
Income from equity method investments | (63) | (90) | ||
Loss on sale of equity method investment | 221 | |||
Other income | (46) | (361) | (209) | (568) |
Other expense (income), net | 10,081 | 9,377 | 20,575 | 19,010 |
Income (loss) before income taxes | 1,261 | (9,850) | (6,107) | (23,157) |
Provision (benefit) for income taxes | 318 | 528 | 914 | 831 |
Net income (loss) | 943 | (10,378) | (7,021) | (23,988) |
Less: Net income (loss) attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Net income (loss) attributable to common stockholders | 1,025 | (6,655) | (8,247) | (20,078) |
Parent [Member] | ||||
Operating expenses: | ||||
Cost of operations | 34 | 22 | (49) | (22) |
General and administration | (79) | 133 | (196) | 1,140 |
Depreciation and amortization | 278 | 223 | 500 | 488 |
Total operating expenses | 233 | 378 | 255 | 1,606 |
Operating income (loss) | (233) | (378) | (255) | (1,606) |
Other expense (income): | ||||
Interest income | (48) | (2) | ||
Interest expense | 10,096 | 9,569 | 20,085 | 19,149 |
Loss on debt extinguishment | 521 | |||
Loss on derivative instruments | 47 | 298 | 198 | 448 |
(Income) loss from consolidated entities | (11,772) | (3,855) | (13,695) | (1,681) |
Other income | 53 | (263) | 17 | (273) |
Other expense (income), net | (1,576) | 5,749 | 7,078 | 17,641 |
Income (loss) before income taxes | 1,343 | (6,127) | (7,333) | (19,247) |
Provision (benefit) for income taxes | 318 | 528 | 914 | 831 |
Net income (loss) | 1,025 | (6,655) | (8,247) | (20,078) |
Net income (loss) attributable to common stockholders | 1,025 | (6,655) | (8,247) | (20,078) |
Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 143,714 | 136,861 | 260,168 | 249,795 |
Operating expenses: | ||||
Cost of operations | 98,556 | 96,717 | 186,234 | 182,719 |
General and administration | 18,130 | 15,441 | 35,067 | 30,818 |
Depreciation and amortization | 15,963 | 16,884 | 29,490 | 30,031 |
Divestiture transactions | (677) | (2,761) | ||
Development project charge | (46) | 1,394 | ||
Severance and reorganization costs | 350 | 430 | ||
Expense from divestiture, acquisition and financing costs | 14 | 24 | ||
Gain on settlement of acquisition related contingent consideration | (1,058) | |||
Total operating expenses | 131,972 | 129,360 | 248,030 | 244,358 |
Operating income (loss) | 11,742 | 7,501 | 12,138 | 5,437 |
Other expense (income): | ||||
Interest income | (70) | (85) | (163) | (193) |
Interest expense | 54 | 19 | 107 | 45 |
Income from equity method investments | (63) | (90) | ||
Other income | (99) | (98) | (226) | (295) |
Other expense (income), net | (115) | (227) | (282) | (533) |
Income (loss) before income taxes | 11,857 | 7,728 | 12,420 | 5,970 |
Net income (loss) | 11,857 | 7,728 | 12,420 | 5,970 |
Net income (loss) attributable to common stockholders | 11,857 | 7,728 | 12,420 | 5,970 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 418 | 124 | 681 | |
Operating expenses: | ||||
Cost of operations | 147 | 479 | 384 | 925 |
General and administration | 20 | 20 | 5 | 23 |
Depreciation and amortization | 60 | 256 | ||
Divestiture transactions | 7,455 | (2,850) | 7,455 | |
Total operating expenses | 167 | 8,014 | (2,461) | 8,659 |
Operating income (loss) | (167) | (7,596) | 2,585 | (7,978) |
Other expense (income): | ||||
Interest expense | 84 | |||
Loss on sale of equity method investment | 221 | |||
Other expense (income), net | 84 | 221 | ||
Income (loss) before income taxes | (167) | (7,596) | 2,501 | (8,199) |
Net income (loss) | (167) | (7,596) | 2,501 | (8,199) |
Less: Net income (loss) attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Net income (loss) attributable to common stockholders | (85) | (3,873) | 1,275 | (4,289) |
Elimination [Member] | ||||
Other expense (income): | ||||
(Income) loss from consolidated entities | 11,772 | 3,855 | 13,695 | 1,681 |
Other expense (income), net | 11,772 | 3,855 | 13,695 | 1,681 |
Income (loss) before income taxes | (11,772) | (3,855) | (13,695) | (1,681) |
Net income (loss) | (11,772) | (3,855) | (13,695) | (1,681) |
Net income (loss) attributable to common stockholders | $ (11,772) | $ (3,855) | $ (13,695) | $ (1,681) |
Subsidiary Guarantors - Sched54
Subsidiary Guarantors - Schedule of Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 943 | $ (10,378) | $ (7,021) | $ (23,988) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 3 | 6 | (31) | 3 |
Other comprehensive income (loss), net of tax | 3 | 6 | (31) | 3 |
Comprehensive income (loss) | 946 | (10,372) | (7,052) | (23,985) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Comprehensive income (loss) attributable to common stockholders | 1,028 | (6,649) | (8,278) | (20,075) |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 1,025 | (6,655) | (8,247) | (20,078) |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income (loss) | 1,025 | (6,655) | (8,247) | (20,078) |
Comprehensive income (loss) attributable to common stockholders | 1,025 | (6,655) | (8,247) | (20,078) |
Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 11,857 | 7,728 | 12,420 | 5,970 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 3 | 6 | (31) | 3 |
Other comprehensive income (loss), net of tax | 3 | 6 | (31) | 3 |
Comprehensive income (loss) | 11,860 | 7,734 | 12,389 | 5,973 |
Comprehensive income (loss) attributable to common stockholders | 11,860 | 7,734 | 12,389 | 5,973 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (167) | (7,596) | 2,501 | (8,199) |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income (loss) | (167) | (7,596) | 2,501 | (8,199) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (82) | (3,723) | 1,226 | (3,910) |
Comprehensive income (loss) attributable to common stockholders | (85) | (3,873) | 1,275 | (4,289) |
Elimination [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (11,772) | (3,855) | (13,695) | (1,681) |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income (loss) | (11,772) | (3,855) | (13,695) | (1,681) |
Comprehensive income (loss) attributable to common stockholders | $ (11,772) | $ (3,855) | $ (13,695) | $ (1,681) |
Subsidiary Guarantors - Sched55
Subsidiary Guarantors - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 23,889 | $ 22,446 |
Cash Flows from Investing Activities: | ||
Acquisitions, net of cash acquired | 214 | |
Additions to property, plant and equipment | (16,311) | (23,305) |
Payments on landfill operating lease contracts | (1,425) | (1,526) |
Payments related to investments | (84) | |
Proceeds from sale of property and equipment | 259 | 448 |
Net cash used in investing activities | (11,596) | (24,519) |
Proceeds from divestiture transactions | 5,335 | |
Proceeds from property insurance settlement | 546 | |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 231,728 | 89,760 |
Principal payments on long-term debt | (239,340) | (87,258) |
Payments of financing costs | (8,063) | (18) |
Excess tax benefit on the vesting of share based awards | 153 | 60 |
Proceeds from the exercise of share based awards | 286 | |
Net cash (used in) provided by financing activities | (11,340) | 2,830 |
Change in restricted cash | 5,677 | |
Distributions to noncontrolling interest holder | (1,495) | |
Net cash provided by (used in) discontinued operations | 174 | |
Net increase (decrease) in cash and cash equivalents | 953 | 931 |
Cash and cash equivalents, beginning of period | 2,205 | 2,695 |
Cash and cash equivalents, end of period | 3,158 | 3,626 |
Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (16,311) | (266) |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 8,025 | 2,024 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (469) | |
Payments related to investments | (84) | |
Net cash used in investing activities | (990) | (553) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 231,710 | 89,760 |
Principal payments on long-term debt | (238,846) | (86,801) |
Payments of financing costs | (8,063) | (18) |
Excess tax benefit on the vesting of share based awards | 153 | 60 |
Proceeds from the exercise of share based awards | 286 | |
Intercompany borrowings | 3,374 | (3,782) |
Net cash (used in) provided by financing activities | (5,995) | (495) |
Change in restricted cash | 5,677 | |
Net increase (decrease) in cash and cash equivalents | 1,040 | 976 |
Cash and cash equivalents, beginning of period | 1,596 | 2,312 |
Cash and cash equivalents, end of period | 2,636 | 3,288 |
Parent [Member] | Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (990) | |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 16,362 | 20,610 |
Cash Flows from Investing Activities: | ||
Acquisitions, net of cash acquired | 214 | |
Additions to property, plant and equipment | (22,836) | |
Payments on landfill operating lease contracts | (1,425) | (1,526) |
Payments related to investments | 1,555 | (158) |
Proceeds from sale of property and equipment | 259 | 448 |
Net cash used in investing activities | (12,551) | (24,124) |
Proceeds from divestiture transactions | 1,835 | |
Proceeds from property insurance settlement | 546 | |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 18 | |
Principal payments on long-term debt | (494) | (457) |
Intercompany borrowings | (3,374) | 3,782 |
Net cash (used in) provided by financing activities | (3,850) | 3,325 |
Net cash provided by (used in) discontinued operations | 174 | |
Net increase (decrease) in cash and cash equivalents | (39) | (15) |
Cash and cash equivalents, beginning of period | 253 | 243 |
Cash and cash equivalents, end of period | 214 | 228 |
Guarantors [Member] | Acquisition [Member] | ||
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (15,321) | (266) |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (498) | (188) |
Cash Flows from Investing Activities: | ||
Payments related to investments | (1,555) | 158 |
Net cash used in investing activities | 1,945 | 158 |
Proceeds from divestiture transactions | 3,500 | |
Cash Flows from Financing Activities: | ||
Net cash (used in) provided by financing activities | (1,495) | |
Distributions to noncontrolling interest holder | (1,495) | |
Net increase (decrease) in cash and cash equivalents | (48) | (30) |
Cash and cash equivalents, beginning of period | 356 | 140 |
Cash and cash equivalents, end of period | $ 308 | $ 110 |