Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CWST | ||
Entity Registrant Name | CASELLA WASTE SYSTEMS INC | ||
Entity Central Index Key | 911,177 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 213.1 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 40,064,411 | ||
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 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 2,312 | $ 2,205 | $ 2,464 |
Restricted cash | 76 | 76 | |
Accounts receivable - trade, net of allowance for doubtful accounts of $988, $2,153 and $1,672, respectively | 60,167 | 55,750 | 52,603 |
Refundable income taxes | 651 | 554 | 465 |
Prepaid expenses | 7,670 | 8,763 | 7,176 |
Inventory | 4,282 | 4,374 | 3,905 |
Deferred income taxes | 2,095 | 2,502 | |
Other current assets | 1,586 | 4,852 | 1,255 |
Current assets of discontinued operations | 359 | ||
Total current assets | 76,668 | 78,669 | 70,805 |
Property, plant and equipment, net of accumulated depreciation and amortization of $789,766, $736,839 and $695,935, respectively | 402,252 | 414,542 | 403,424 |
Goodwill | 118,976 | 119,170 | 119,139 |
Intangible assets, net | 9,252 | 11,808 | 13,420 |
Restricted assets | 2,251 | 6,632 | 681 |
Cost method investments | 12,333 | 14,432 | 16,752 |
Other non-current assets | 28,151 | 24,542 | 24,205 |
Non-current assets of discontinued operations | 1,471 | ||
Total assets | 649,883 | 669,795 | 649,897 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt and capital leases | 1,448 | 1,656 | 885 |
Accounts payable | 44,921 | 48,518 | 51,788 |
Accrued payroll and related expenses | 8,175 | 6,289 | 6,062 |
Accrued interest | 12,305 | 11,094 | 6,087 |
Current accrued capping, closure and post-closure costs | 732 | 2,208 | 7,312 |
Other accrued liabilities | 17,765 | 16,667 | 17,612 |
Total current liabilities | 85,346 | 86,432 | 89,746 |
Long-term debt and capital leases, less current portion | 522,199 | 534,055 | 507,134 |
Accrued capping, closure and post-closure costs, less current portion | 40,309 | 37,621 | 37,342 |
Deferred income taxes | 5,595 | 7,080 | 6,954 |
Other long-term liabilities | $ 18,031 | $ 16,627 | $ 17,258 |
COMMITMENTS AND CONTINGENCIES | |||
Casella Waste Systems, Inc. stockholders' deficit: | |||
Additional paid-in capital | $ 344,518 | $ 340,773 | $ 338,625 |
Accumulated deficit | (366,459) | (353,490) | (347,472) |
Accumulated other comprehensive income, net of tax | 7 | 58 | 39 |
Total Casella Waste Systems, Inc. stockholders' deficit | (21,523) | (12,253) | (8,407) |
Noncontrolling interests | (74) | 233 | (130) |
Total stockholders' deficit | (21,597) | (12,020) | (8,537) |
Total liabilities and stockholders' deficit | 649,883 | 669,795 | 649,897 |
Class A Common Stock [Member] | |||
Casella Waste Systems, Inc. stockholders' deficit: | |||
Common stock | 401 | 396 | 391 |
Total stockholders' deficit | 401 | 396 | 391 |
Class B Common Stock [Member] | |||
Casella Waste Systems, Inc. stockholders' deficit: | |||
Common stock | 10 | 10 | 10 |
Total stockholders' deficit | $ 10 | $ 10 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2015USD ($)Vote$ / sharesshares | Dec. 31, 2014USD ($)Vote$ / sharesshares | Apr. 30, 2014USD ($)Vote$ / sharesshares |
Accounts receivable - trade, allowance for doubtful accounts | $ | $ 988 | $ 2,153 | $ 1,672 |
Property, plant and equipment, accumulated depreciation and amortization | $ | $ 789,766 | $ 736,839 | $ 695,935 |
Class A Common Stock [Member] | |||
Common stock, authorized shares | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, issued shares | 40,064,000 | 39,587,000 | 39,086,000 |
Common stock, outstanding shares | 40,064,000 | 39,587,000 | 39,086,000 |
Class B Common Stock [Member] | |||
Common stock, authorized shares | 1,000,000 | 1,000,000 | 1,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, votes (in votes per share) | Vote | 10 | 10 | 10 |
Common stock, issued shares | 988,000 | 988,000 | 988,000 |
Common stock, outstanding shares | 988,000 | 988,000 | 988,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement [Abstract] | ||||
Revenues | $ 368,374 | $ 546,500 | $ 497,633 | $ 455,335 |
Operating expenses: | ||||
Cost of operations | 258,650 | 382,615 | 354,592 | 323,014 |
General and administration | 45,732 | 72,892 | 61,865 | 58,205 |
Depreciation and amortization | 41,485 | 62,704 | 60,339 | 56,576 |
Contract settlement charge | 1,940 | |||
Divestiture transactions | (553) | (5,517) | 7,455 | |
Environmental remediation charge | 950 | 0 | 400 | |
Development project charge | 0 | 0 | 1,394 | |
Severance and reorganization costs | 0 | 0 | 586 | 3,709 |
Expense from divestiture, acquisition and financing costs | 0 | 0 | 144 | 1,410 |
Gain on settlement of acquisition related contingent consideration | 0 | 0 | (1,058) | |
Total operating expenses | 346,264 | 514,634 | 485,717 | 442,914 |
Operating income | 22,110 | 31,866 | 11,916 | 12,421 |
Other expense (income): | ||||
Interest income | (247) | (330) | (312) | (141) |
Interest expense | 25,639 | 40,420 | 38,175 | 41,570 |
Loss on debt extinguishment | 0 | 999 | 15,584 | |
Loss on derivative instruments | 225 | 227 | 280 | 4,512 |
Impairment of investments | 2,320 | 2,099 | ||
Loss from equity method investments | 0 | 0 | 936 | 4,441 |
Gain on sale of equity method investment | 0 | 0 | (593) | |
Other income | (720) | (1,119) | (1,059) | (1,036) |
Other expense (income), net | 27,217 | 42,296 | 37,427 | 64,930 |
Loss from continuing operations before income taxes and discontinued operations | (5,107) | (10,430) | (25,511) | (52,509) |
Provision (benefit) for income taxes | 703 | 1,351 | 1,799 | (2,526) |
Loss from continuing operations before discontinued operations | (5,810) | (11,781) | (27,310) | (49,983) |
Discontinued operations: | ||||
Income (loss) from discontinued operations (net of income tax benefit of $0, $0, $0 and $0, respectively) | 0 | 0 | 284 | (4,480) |
Loss on disposal of discontinued operations (net of income tax provision of $0,$0, $0 and $0, respectively) | 0 | 0 | (378) | 0 |
Net income (loss) | (5,810) | (11,781) | (27,404) | (54,463) |
Less: Net income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) |
Net loss | (6,018) | (12,969) | (23,095) | (54,142) |
Net loss attributable to common stockholders: | ||||
Continuing operations, net of tax | (6,018) | (12,969) | (23,001) | (49,662) |
Discontinued operations, net of tax | 0 | 0 | (94) | (4,480) |
Net loss | $ (6,018) | $ (12,969) | $ (23,095) | $ (54,142) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 40,262 | 40,642 | 39,820 | 34,015 |
Basic and diluted earnings per share: | ||||
Continuing operations, net of tax | $ (0.15) | $ (0.32) | $ (0.58) | $ (1.46) |
Discontinued operations, net of tax | 0 | 0 | (0.13) | |
Net loss per common share | $ (0.15) | $ (0.32) | $ (0.58) | $ (1.59) |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement [Abstract] | ||||
Income (loss) from discontinued operations, income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
Loss on disposal of discontinued operations, income tax provision | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||||||||||||
Net loss | $ (6,017) | $ (7,020) | $ 2,259 | $ 943 | $ (7,963) | $ 361 | $ (154) | $ (15,633) | $ (11,033) | $ (575) | $ (163) | $ (13,518) | $ (11,474) | $ (21,092) | $ (8,379) | $ (5,810) | $ (11,781) | $ (27,404) | $ (54,463) | ||
Other comprehensive (loss) income, net of taxes: | |||||||||||||||||||||
Unrealized loss resulting from changes in fair value of derivative instruments | (36) | (2,910) | |||||||||||||||||||
Realized loss on derivative instruments reclassified into earnings | 655 | 4,247 | |||||||||||||||||||
Unrealized (loss) gain resulting from changes in fair value of marketable securities | 19 | (51) | 12 | 23 | |||||||||||||||||
Other comprehensive (loss) income | 19 | $ 631 | (51) | $ 19 | 631 | 1,360 | |||||||||||||||
Comprehensive loss | (5,791) | (11,832) | (26,773) | (53,103) | |||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) | |||||||||||||||||
Comprehensive loss attributable to common stockholders | $ (5,999) | $ (13,020) | $ (22,464) | $ (52,782) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] |
Balance at Apr. 30, 2012 | $ 18,231 | $ 288,348 | $ (270,235) | $ (1,952) | $ 1,800 | $ 260 | $ 10 |
Balance (in shares) at Apr. 30, 2012 | 25,991,000 | 988,000 | |||||
Net loss | (54,463) | (54,142) | (321) | ||||
Other comprehensive (loss) income | 1,360 | 1,360 | |||||
Issuances of Class A common stock | 2,840 | 2,828 | $ 12 | ||||
Issuances of Class A common stock, shares | 1,171,000 | ||||||
Sale of Class A common stock, net | 42,184 | 42,069 | $ 115 | ||||
Sale of Class A common stock, net (in shares) | 11,500,000 | ||||||
Stock-based compensation | 2,516 | 2,516 | |||||
Contributions from noncontrolling interest holders | 2,687 | 2,687 | |||||
Other | 96 | 96 | |||||
Balance at Apr. 30, 2013 | 15,451 | 335,857 | (324,377) | (592) | 4,166 | $ 387 | $ 10 |
Balance (in shares) at Apr. 30, 2013 | 38,662,000 | 988,000 | |||||
Net loss | (27,404) | (23,095) | (4,309) | ||||
Other comprehensive (loss) income | 631 | 631 | |||||
Issuances of Class A common stock | 368 | 364 | $ 4 | ||||
Issuances of Class A common stock, shares | 424,000 | ||||||
Stock-based compensation | 2,404 | 2,404 | |||||
Contributions from noncontrolling interest holders | 13 | 13 | |||||
Balance at Apr. 30, 2014 | (8,537) | 338,625 | (347,472) | 39 | (130) | $ 391 | $ 10 |
Balance (in shares) at Apr. 30, 2014 | 39,086,000 | 988,000 | |||||
Net loss | (5,810) | (6,018) | 208 | ||||
Other comprehensive (loss) income | 19 | 19 | |||||
Issuances of Class A common stock | 429 | 424 | $ 5 | ||||
Issuances of Class A common stock, shares | 501,000 | ||||||
Stock-based compensation | 1,639 | 1,639 | |||||
Contributions from noncontrolling interest holders | 155 | 155 | |||||
Other | 85 | 85 | |||||
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 | (11,781) | (12,969) | 1,188 | ||||
Other comprehensive (loss) income | (51) | (51) | |||||
Issuances of Class A common stock | 486 | 481 | $ 5 | ||||
Issuances of Class A common stock, shares | 477,000 | ||||||
Stock-based compensation | 3,079 | 3,079 | |||||
Distributions to noncontrolling interest holders | (1,495) | (1,495) | |||||
Other | 185 | 185 | |||||
Balance at Dec. 31, 2015 | $ (21,597) | $ 344,518 | $ (366,459) | $ 7 | $ (74) | $ 401 | $ 10 |
Balance (in shares) at Dec. 31, 2015 | 40,064,000 | 988,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Cash Flows from Operating Activities: | ||||
Net loss | $ (5,810) | $ (11,781) | $ (27,404) | $ (54,463) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
(Income) loss from discontinued operations, net of tax | 0 | 0 | (284) | 4,480 |
Loss on disposal of discontinued operations, net of tax | 0 | 0 | 378 | 0 |
Gain on sale of property and equipment | (197) | (131) | (840) | (407) |
Depletion of landfill operating lease obligations | 7,799 | 9,428 | 9,948 | 9,372 |
Interest accretion on landfill and environmental remediation liabilities | 2,366 | 3,449 | 3,985 | 3,675 |
Stock-based compensation and related severance expense | 1,639 | 3,079 | 2,404 | 2,516 |
Depreciation and amortization | 41,485 | 62,704 | 60,339 | 56,576 |
Divestiture transactions | (553) | (5,517) | 7,455 | |
Development project charge | 0 | 0 | 1,394 | |
Gain on settlement of acquisition related contingent consideration | 0 | 0 | (1,058) | |
Amortization of discount on long-term debt | 173 | 364 | 243 | 626 |
Loss on debt extinguishment | 0 | 999 | 15,584 | |
Loss on derivative instruments | 225 | 227 | 280 | 4,512 |
Impairment of investments | 2,320 | 2,099 | ||
Loss from equity method investments | 0 | 0 | 936 | 4,441 |
Gain on sale of equity method investment | 0 | 0 | (593) | |
Excess tax benefit on the vesting of share based awards | (84) | (185) | (96) | |
Deferred income taxes | 605 | 795 | 1,579 | (3,543) |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||||
Accounts receivable | (3,147) | (4,419) | (3,418) | 139 |
Accounts payable | (3,270) | (3,597) | (186) | 4,152 |
Prepaid expenses, inventories and other assets | (3,550) | 8,853 | (463) | 4,056 |
Accrued expenses and other liabilities | (1,715) | 4,140 | (5,053) | (7,714) |
Net cash provided by operating activities | 38,286 | 70,507 | 49,642 | 43,906 |
Cash Flows from Investing Activities: | ||||
Acquisitions, net of cash acquired | (360) | (8,305) | (25,225) | |
Acquisition related additions to property, plant and equipment | (45) | (2,633) | (1,746) | |
Additions to property, plant and equipment | (55,016) | (49,995) | (43,326) | (53,281) |
Payments on landfill operating lease contracts | (4,739) | (5,385) | (6,505) | (6,261) |
Proceeds from divestiture transactions | 5,335 | |||
Payments for capital related to divestiture | (618) | |||
Proceeds from sale of property and equipment | 463 | 715 | 1,524 | 883 |
Proceeds from sale of equity method investment | 3,442 | |||
Proceeds from property insurance settlement | 546 | |||
Payments related to investments | (2,107) | (3,207) | ||
Net cash used in investing activities | (59,697) | (48,784) | (57,910) | (89,455) |
Cash Flows from Financing Activities: | ||||
Proceeds from long-term borrowings | 136,800 | 355,229 | 161,650 | 376,346 |
Principal payments on long-term debt | (109,281) | (370,996) | (152,380) | (360,858) |
Change in restricted cash | (5,819) | 4,471 | ||
Payments of financing costs | (2,605) | (9,025) | (405) | (4,609) |
Payments of debt extinguishment costs | (146) | (10,743) | ||
Proceeds from the exercise of share based awards | 143 | 161 | 143 | |
Excess tax benefit on the vesting of share based awards | 84 | 185 | 96 | |
Net proceeds from the sale of Class A common stock | 42,184 | |||
(Distribution to) contribution from noncontrolling interest holder | (1,495) | 2,531 | ||
Net cash (used in) provided by financing activities | 19,322 | (21,616) | 9,008 | 44,947 |
Discontinued Operations: | ||||
Net cash used in operating activities | (201) | (1,037) | ||
Net cash provided by (used in)investing activities | 1,830 | 170 | (1,140) | |
Net cash provided by (used in) discontinued operations | 1,830 | (31) | (2,177) | |
Net increase (decrease) in cash and cash equivalents | (259) | 107 | 709 | (2,779) |
Cash and cash equivalents, beginning of period | 2,464 | 2,205 | 1,755 | 4,534 |
Cash and cash equivalents, end of period | 2,205 | 2,312 | 2,464 | 1,755 |
Cash paid during the period for: | ||||
Interest | 18,439 | 35,232 | 35,162 | 41,348 |
Income taxes, net of refunds | 182 | 282 | 532 | $ (253) |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||||
Receivable due from noncontrolling interest holder | $ 152 | |||
Property, plant and equipment acquired through long-term obligations | $ 3,264 | $ 2,301 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION Casella Waste Systems, Inc. (“Parent”), and its consolidated subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper and corrugated cardboard, which have been processed at our recycling facilities, as well as recyclables purchased from third-parties. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services, and our larger-scale recycling and commodity brokerage operations through our Recycling segment. Organics services, ancillary operations, major account and industrial services, discontinued operations and earnings from equity method investees, as applicable, are included in our Other segment. The accompanying 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. For comparative purposes, certain prior period amounts in the consolidated statements of operations have been reclassified to confirm to the current fiscal year presentation. The reclassifications had no effect on the previously reported results of operations or retained earnings. |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | 2. ACCOUNTING CHANGES Adoption of New Accounting Pronouncements Income Taxes In November 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the accounting for deferred income taxes. The update provides that deferred tax liabilities and assets be classified as noncurrent amounts in a classified statement of financial position. This guidance is effective prospectively or retrospectively for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 in order to simplify the presentation of deferred income taxes. This guidance impacts the balance sheet presentation of our deferred tax liabilities and assets. Prior periods were not retrospectively adjusted. 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, a group of components of an entity, or a business is required to be reported in discontinued operations once it 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 with no impact on our consolidated financial position or results of operations. New Accounting Pronouncements Pending Adoption Business Combinations In September 2015, the FASB issued an accounting standards update for the accounting of measurement-period adjustments in business combinations. The update provides that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined as if the accounting had been completed at the acquisition date. This includes the acquirer presenting separately on the face of the income statement or disclosing in the notes thereto the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective 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 upon adoption. Debt Issuance Costs In April 2015, the 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. This guidance will impact the balance sheet presentation of our debt issuance costs and related debt liabilities upon adoption. 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 are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. 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 upon adoption. 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 permitted only as of annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016. We are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Management’s Estimates and Assumptions 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 some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our consolidated financial statements, the estimates and assumptions that we consider to be significant and present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, asset impairments, accounts receivable valuation allowance, self-insurance reserves, deferred taxes and uncertain tax positions, estimates of the fair values of assets acquired and liabilities assumed in any acquisition, contingent liabilities and stock-based compensation. 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. Actual results may differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements. Change in Fiscal Year In June 2014, we elected to change our fiscal year-end from April 30 th st Term Financial Reporting Period fiscal year 2015 January 1, 2015 through December 31, 2015 transition period 2014 May 1, 2014 through December 31, 2014 fiscal year 2014 May 1, 2013 through April 30, 2014 fiscal year 2013 May 1, 2012 through April 30, 2013 Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable-trade and derivative instruments. We maintain cash and cash equivalents and restricted cash with banks that at times exceed applicable insurance limits. We reduce our exposure to credit risk by maintaining such deposits with high quality financial institutions. Our concentration of credit risk with respect to accounts receivable-trade is limited because our customer base is comprised of a large number of geographically diverse customers, thus reducing the credit risk associated with any one customer group. As of December 31, 2015 no single customer or customer group represented greater than 5% of total accounts receivable-trade. We manage credit risk through credit evaluations, credit limits, monitoring procedures and, at times, credit insurance, but generally do not require collateral to support accounts receivable -trade. We reduce our exposure to credit risk associated with derivative instruments by entering into agreements with high quality financial institutions and by evaluating and regularly monitoring their creditworthiness. Accounts Receivable – Trade, Net of Allowance for Doubtful Accounts Accounts receivable – trade represent receivables from customers for collection, transfer, recycling, disposal and other services. Our accounts receivable – trade are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. The carrying value of our accounts receivable – trade, net of allowance for doubtful accounts, represents its estimated net realizable value. Estimates are used in determining our allowance for doubtful accounts based on our historical collection experience, current trends, credit policy and a review of our accounts receivable – trade by aging category. Our reserve is evaluated and revised on a monthly basis. Past-due accounts receivable-trade are written off when deemed to be uncollectible. As of December 31, 2015, $44,707 of our accounts receivable – trade served as eligible collateral under our senior secured asset-based revolving credit and letter of credit facility (“ABL Facility”). Inventory Inventory includes secondary fibers, recyclables ready for sale, and parts and supplies. Inventory is stated at the lower of cost (first-in, first-out) or market. As of December 31, 2015, $219 of our recyclables ready for sale served as eligible collateral under our ABL Facility. Property, Plant and Equipment Property, plant and equipment is recorded at cost, less accumulated depreciation and amortization. We provide for depreciation and amortization using the straight-line method by charges to operations in amounts that allocate the cost of the assets over their estimated useful lives as follows: Asset Classification Estimated Useful Life Buildings and improvements 10-30 years Machinery and equipment 5-10 years Rolling stock 5-10 years Containers 5-12 years Furniture and Fixtures 3-8 years The cost of maintenance and repairs is charged to operations as incurred. Landfill development costs are included in property, plant and equipment. Landfill development costs include costs to develop each of our landfill sites, including such costs related to landfill liner material and installation, excavation for airspace, landfill leachate collection systems, landfill gas collection systems, environmental monitoring equipment for groundwater and landfill gas, directly related engineering, capitalized interest, on-site road construction, and other capital infrastructure. Additionally, landfill development costs include all land purchases within the landfill footprint and the purchase of any required landfill buffer property. Under life-cycle accounting, these costs are capitalized and charged to expense based on tonnage placed into each site. See the “ Landfill Accounting Property, Plant and Equipment Landfill Accounting Life Cycle Accounting Under life-cycle accounting, all costs related to acquisition and construction of landfill sites are capitalized and charged to expense based on tonnage placed into each site. Landfill permitting, acquisition and preparation costs are amortized on the units-of-consumption method as landfill airspace is consumed. In determining the amortization rate for our landfills, preparation costs include the total estimated costs to complete construction of the landfills’ permitted and expansion capacity. Landfill Development Costs We estimate the total cost to develop each of our landfill sites to its remaining permitted and expansion capacity (see landfill development costs discussed within the “ Property, Plant and Equipment Landfill Airspace We apply the following guidelines in determining a landfill’s remaining permitted and expansion airspace: Remaining Permitted Airspace. Expansion Airspace • we control the land on which the expansion is sought; • all technical siting criteria have been met or a variance has been obtained or is reasonably expected to be obtained; • we have not identified any legal or political impediments which we believe will not be resolved in our favor; • we are actively working on obtaining any necessary permits and we expect that all required permits will be received; and • senior management has approved the project. For unpermitted airspace to be included in our estimate of remaining permitted and expansion airspace, the expansion effort must meet all of the criteria listed above. These criteria are evaluated annually by our engineers, accountants, lawyers, managers and others to identify potential obstacles to obtaining the permits. Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys. When we include the expansion airspace in our calculation of remaining permitted and expansion airspace, we include the projected costs for development, as well as the projected asset retirement costs related to final capping, closure and post-closure of the expansion airspace in the amortization basis of the landfill. After determining the costs and the remaining permitted and expansion capacity at each of our landfills, we determine the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. We calculate per ton amortization rates for assets associated with each final capping event, for assets related to closure and post-closure activities and for all other costs capitalized or to be capitalized in the future for each landfill. These rates per ton are updated annually, or more frequently, as significant facts change. It is possible that actual results, including the amount of costs incurred, the timing of final capping, closure and post-closure activities, our airspace utilization or the success of our expansion efforts could ultimately turn out to be significantly different from our estimates and assumptions. To the extent that such estimates or related assumptions prove to be significantly different than actual results, lower profitability may be experienced due to higher amortization rates, higher final capping, closure or post-closure rates, or higher expenses. Higher profitability may result if the opposite occurs. Most significantly, if it is determined that the expansion capacity should no longer be considered in calculating the recoverability of the landfill asset, we may be required to recognize an asset impairment. If it is determined that the likelihood of receiving an expansion permit has become remote, the capitalized costs related to the expansion effort are expensed immediately. Final Capping, Closure and Post-Closure Costs The following is a description of our landfill asset retirement activities and related accounting: Final Capping Costs. Closure and Post-Closure Costs. r Our estimated future closure and post-closure costs, based on our interpretation of current requirements and proposed regulatory changes, are intended to approximate fair value. Absent quoted market prices, our cost estimates are based on historical experience, professional engineering judgment and quoted or actual prices paid for similar work. Our estimate of costs to discharge final capping, closure and post-closure asset retirement obligations for landfills are developed in today’s dollars. These costs are then inflated to the period of performance using an estimate of inflation, which is updated annually (2.0% as of December 31, 2015). Final capping, closure and post-closure liabilities are discounted using the credit adjusted risk-free rate in effect at the time the obligation is incurred. The weighted average rate applicable to our asset retirement obligations as of December 31, 2015 is between approximately 9.1% and 9.5%, the range of the credit adjusted risk free rates effective since the adoption of guidance associated with asset retirement obligations in the fiscal year ended April 30, 2004. Accretion expense is necessary to increase the accrued final capping, closure and post-closure liabilities to the future anticipated obligation. To accomplish this, we accrete our final capping, closure and post-closure accrual balances using the same credit-adjusted risk-free rate that was used to calculate the recorded liability. Accretion expense on recorded landfill liabilities is recorded to cost of operations from the time the liability is recognized until the costs are paid. Accretion expense on recorded landfill liabilities amounted to $3,370, $2,275, $3,967 and $3,538 in fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. We provide for the accrual and amortization of estimated future obligations for closure and post-closure based on tonnage placed into each site. With regards to final capping, the liability is recognized and the costs are amortized based on the airspace related to the specific final capping event. See Note 8, Final Capping, Closure and Post-Closure Costs We operate in states which require a certain portion of landfill final capping, closure and post-closure obligations to be secured by financial assurance, which may take the form of surety bonds, letters of credit and restricted cash. Surety bonds securing closure and post-closure obligations at December 31, 2015, December 31, 2014 and April 30, 2014 totaled $156,163, $144,633 and 133,847, respectively. Letters of credit securing closure and post-closure obligations as of December 31, 2015, December 31, 2014 and April 30, 2014 totaled $1,000, $1,104 and $1,104, respectively. See Note 5, Restricted Cash / Restricted Assets Landfill Operating Lease Contracts We entered into three landfill operation and management agreements in the fiscal year ended April 30, 2004 and one landfill operation and management agreement in the fiscal year ended April 30, 2006. These agreements are long-term landfill operating contracts with government bodies whereby we receive tipping revenue, pay normal operating expenses and assume future final capping, closure and post-closure liabilities. The government body retains ownership of the landfill. There is no bargain purchase option and title to the property does not pass to us at the end of the lease term. We allocate the consideration paid to the landfill airspace rights and underlying land lease based on the relative fair values. In addition to up-front or one-time payments, the landfill operating agreements require us to make future minimum rental payments, including success/expansion fees, other direct costs and final capping, closure and post-closure costs. The value of all future minimum rental payments is amortized and charged to cost of operations over the life of the contract. We amortize the consideration allocated to airspace rights as airspace is utilized on a units-of-consumption basis and such amortization is charged to cost of operations as airspace is consumed (e.g., as tons are placed into the landfill). The underlying value of any land lease is amortized to cost of operations on a straight-line basis over the estimated life of the operating agreement. See Note 6, Property, Plant and Equipment Leases We lease property and equipment in the ordinary course of our business. Our most significant lease obligations are for property and equipment specific to our industry. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, lease concessions, capital project funding, penalties or other obligations that we consider in determining minimum rental payments. Leases are classified as either operating leases or capital leases, as appropriate. Operating Leases. Commitments and Contingencies Capital Leases. Long-Term Debt and Capital Leases Goodwill and Intangible Assets Goodwill. Asset Impairments Goodwill and Intangible Assets Intangible Assets. Goodwill and Intangible Assets Investments in Unconsolidated Entities Investments in unconsolidated entities over which we have significant influence over the investees’ operating and financing activities are accounted for under the equity method of accounting. Investments in affiliates in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. As of December 31, 2015, December 31, 2014 and April 30, 2014, we had no investments accounted for under the equity method of accounting. We monitor and assess the carrying value of our investments throughout the year for potential impairment and write them down to their fair value when other-than-temporary declines exist. Fair value is generally based on (i) other third-party investors’ recent transactions in the securities; (ii) other information available regarding the current market for similar assets and/or (iii) a market or income approach, as deemed appropriate. When we assess the carrying value of our investments for potential impairment, determining the fair value of our investments is reliant upon the availability of market information and/or other information provided by third-parties to be able to develop an estimate of fair value. Additionally, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or other holders of these investments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a significant effect on the estimated fair values. The current estimates of fair value could differ significantly from the amounts presented. See “Asset Impairments” Fair Value of Financial Instruments Equity Method Investments GreenFiber. Tompkins. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable-trade, restricted cash and 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 and restricted cash reserved to finance certain capital projects, interest rate derivatives, trade payables and long-term debt. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The three-tier hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: 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. See Note 9, Long-Term Debt and Capital Leases Fair Value of Financial Instruments Derivatives and Hedging Business Combinations We acquire businesses in the waste industry, including non-hazardous waste collection, transfer station, recycling and disposal operations, as part of our growth strategy. Businesses are included in the consolidated financial statements from the date of acquisition. We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (b) the fair value of net assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once we receive the information we were seeking; however, this period will not extend beyond one year from the acquisition date. Any material adjustments recognized during the measurement period will be recognized retrospectively in the consolidated financial statements of the current period. All acquisition related transaction and restructuring costs are to be expensed as incurred. See Note 4, Business Combinations . Environmental Remediation Liabilities We have recorded environmental remediation liabilities representing our estimate of the most likely outcome of the matters for which we have determined that a liability is probable. These liabilities include potentially responsible party investigations, settlements, certain legal and consultant fees, as well as costs directly associated with site investigation and clean up, such as materials and incremental internal costs directly related to the remedy. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. We estimate costs required to remediate sites where it is probable that a liability has been incurred based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using third-party environmental engineers or other service providers. Where we believe that both the amount of a particular environmental remediation liability and timing of payments are reliably determinable, we inflate the cost in current dollars until the expected time of payment and discount the cost to present value. See Note 10, Commitments and Contingencies Self-Insurance Liabilities and Related Costs We are self-insured for vehicles and workers’ compensation with reinsurance coverage limiting our maximum exposure. Our maximum exposure in fiscal year 2015 under the workers’ compensation plan is $1,000 per individual event. Our maximum exposure in fiscal year 2015 under the automobile plan is $1,200 per individual event. The liability for unpaid claims and associated expenses, including incurred but not reported losses, is determined by management with the assistance of a third-party actuary and reflected in our consolidated balance sheet as an accrued liability. We use a third-party to track and evaluate actual claims experience for consistency with the data used in the annual actuarial valuation. The actuarially determined liability is calculated based on historical data, which considers both the frequency and settlement amount of claims. Our self-insurance reserves totaled $11,560, $10,863 and $10,280 as of December 31, 2015, December 31, 2014 and April 30, 2014, respectively. Our estimated accruals for these liabilities could be significantly different than our ultimate obligations if variables such as the frequency or severity of future events differ significantly from our assumptions. Income Taxes We use estimates to determine our provision for income taxes and related assets and liabilities and any valuation allowance recorded against our net deferred tax assets. Valuation allowances have been established for the possibility that tax benefits may not be realized for certain deferred tax assets. Deferred income taxes are recognized based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using currently enacted tax rates. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making this determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we will make an adjustment to the valuation allowance which would reduce the provision for income taxes. We account for income tax uncertainties according to guidance on the recognition, de-recognition and measurement of potential tax benefits associated with tax positions. We recognize interest and penalties relating to income tax matters as a component of income tax expense. See Note 14, Income Taxes Derivatives and Hedging We account for derivatives and hedging activities in accordance with derivatives and hedging accounting guidance that establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value. The guidance also requires that changes in the derivative’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Our objective for utilizing derivative instruments is to reduce our exposure to fluctuations in cash flows due to changes in the commodity prices of recycled paper and adverse movements in interest rates. Our strategy to hedge against fluctuations in the commodity prices of recycled paper is to enter into hedges to mitigate the variability in cash flows generated from the sales of recycled paper at floating prices, resulting in a fixed price being received from these sales. We evaluate the hedges and ensure that these instruments qualify for hedge accounting pursuant to derivative and hedging guidance. Designated as effective cash flow hedges, the change in the fair value of these derivatives is recorded in our stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss) until the hedged item is settled and recognized as part of commodity revenue. If the price per short ton of the underlying commodity, as reported on the Official Board Market, is less than the contract price per short ton, we receive the difference between the average price and the contract price (multiplied by the notional tons) from the respective counter-party. If the price per short ton of the underlying commodity exceeds the contract price per short ton, we pay the calculated difference to the counter-party. The fair value of commodity hedges are obtained or derived from our counter-parties using valuation models that take into consideration market price assumptions for commodities based on underlying active markets. We were not party to any commodity hedge contracts as of December 31, 2015. Our strategy to hedge against fluctuations in variable interest rates involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates. For interest rate derivatives deemed to be effective cash flow hedges, the change in fair value is recorded in our stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss) and included in interest expense at the same time as interest expense is affected by the hedged transaction. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt. We were not party to any interest rate derivative agreements deemed to be effective cash flow hedges as of December 31, 2015. For interest rate derivatives deemed to be ineffective cash flow hedges, the change in fair value is recorded through earnings and included in loss (gain) on derivative instruments. We are currently party to one interest rate swap deemed to be an ineffective cash flow hedge that is scheduled to mature on March 15, 2016 and were party to another interest rate swap deemed to be an ineffective cash flow hedge that was settled in fiscal year 2015 for $830 in conjunction with the refinancing of our senior revolving credit and letter of credit facility that was due March 18, 2016 (“Senior Credit Facility”). See Note 12, Fair Value of Financial Instruments Contingent Liabilities We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We analyze our litigation and regulatory matters based on available information to assess the potential liabilities. Management’s assessment is developed based on an analysis of possible outcomes under various strategies. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if estimable. We record losses related to contingencies in cost of operations or general and administration expenses, depending on the nature of the underlying transaction leading to the loss contingency. See Note 10, Commitments and Contingencies Business Combinations Revenue Recognition We recognize collection, transfer, recycling and disposal revenues as the services are provided. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. Revenues from the sale of recycled materials are recognized upon shipment. Rebates to certain municipalities based on sales of recyclable materials are recorded upon the sale of such recyclables to third-parties and are included as a reduction of revenues. Revenues for processing of recyclable materials are recognized when the related service is provided. Revenues from the brokerage of recycled materials are recognized on a net basis at the time of shipment. Asset Impairments Recovery of Long-Lived Assets. • a significant decrease in the market price of an asset or asset group; • a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition; • a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; • a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or • an impairment of goodwill at a reporting unit. There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion. For example, a regulator may initially deny a landfill expansion permit application although the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry. If an impairment indicator occurs, we perform a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. We group our long-lived assets for this purpose at the lowest level for which identifiable cash flows are primarily independent of the cash flows of other assets or asset groups. If the carrying values are in excess of undiscounted expected future cash flows, we measure any impairment by comparing the fair value of the asset or asset group to its carrying value. To determine fair value, we use discounted cash flow analyses and estimates about the future cash flows of the asset or asset group. This analysis includes a determination of an appropriate discount rate, the amount and timing of expected future cash flows and growth rates. The cash flows employed in our discounted cash flow analyses are typically based on financial forecasts developed internally by management. The discount rate used is commensurate with the risks involved. We may also rely on third-party valuations and or information available regarding the market value for similar assets. If the fair value of an asset or asset group is determined to be less than the carrying amount of the asset or asset group, impairment in the amount of the difference is recorded in the period that the impairment occurs. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized. See Note 15, Other Items and Charges Goodwill. th th st th st We may assess whether a goodwill impairment exists using either a qualitative or a quantitative assessment. If we perform a qualitative assessment, it involv |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS We acquired various businesses during transition period 2014, fiscal year 2014 and fiscal year 2013, including several solid waste hauling operations, a transfer station, a MRF and an industrial service management business (included in the Other segment). The operating results of these businesses are included in the accompanying audited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. These are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill, except amounts related to the acquisition of Bestway Disposal Services and BBI Waste Services (“BBI”) in fiscal year 2013, are expected to be deductible for tax purposes. See Note 14, Income Taxes The purchase price paid for these acquisitions and the allocation of the purchase price is as follows: Eight Months 2014 Fiscal Years Ended 2014 2013 Purchase Price: Cash used in acquisitions, net of cash acquired $ 314 $ 7,860 $ 25,225 Common stock issued — — 2,650 Other non-cash considerations — 555 — Contingent consideration and holdbacks (1) 67 1,653 33 Total 381 10,068 27,908 Current assets — 814 1,422 Equipment 99 2,010 9,423 Other liabilities, net — (241 ) (7,009 ) Intangible assets 251 4,302 9,850 Fair value of assets acquired and liabilities assumed 350 6,885 13,686 Excess purchase price to be allocated to goodwill $ 31 $ 3,183 $ 14,222 (1) In fiscal year 2014, we recovered a portion of the purchase price holdback amount we had previously paid and were relieved of any potential contingent consideration obligation associated with the acquisition of an industrial service management business completed earlier in fiscal year 2014. As a result, we recorded a $1,058 gain on settlement of acquisition related contingent consideration in fiscal year 2014. The following unaudited pro forma combined information shows our operational results as though each of the acquisitions completed in transition period 2014, fiscal year 2014 and fiscal year 2013 had occurred as of May 1, 2012. Eight Months 2014 Fiscal Year Ended 2014 2013 Revenue $ 368,641 $ 502,304 $ 478,630 Operating income $ 22,143 $ 12,770 $ 14,820 Net loss attributable to common stockholders $ (6,015 ) $ (22,775 ) $ (53,759 ) Basic net loss per common share attributable to common stockholders $ (0.15 ) $ (0.57 ) $ (1.58 ) Basic and diluted weighted average shares outstanding 40,262 39,820 34,015 The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions taken place as of May 1, 2012 or the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions. |
Restricted Cash _ Restricted As
Restricted Cash / Restricted Assets | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Restricted Cash / Restricted Assets | 5. RESTRICTED CASH / RESTRICTED ASSETS Restricted cash / restricted assets consist of cash and 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 and restricted cash reserved to finance certain capital projects. A summary of restricted cash / restricted assets is as follows: December 31, April 30, 2014 2015 2014 Current: Restricted assets - landfill closure $ — $ 76 $ 76 Non Current: Restricted assets - capital projects $ 1,348 $ 5,819 $ — Restricted assets - landfill closure 903 813 681 $ 2,251 $ 6,632 $ 681 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: December 31, April 30, 2015 2014 2014 Land $ 24,161 $ 21,671 $ 21,445 Landfills 536,577 513,851 496,515 Landfill operating lease contracts 125,991 120,607 115,867 Buildings and improvements 140,046 139,461 134,787 Machinery and equipment 131,384 127,359 117,193 Rolling stock 139,557 138,201 128,155 Containers 94,302 90,231 85,397 1,192,018 1,151,381 1,099,359 Less: accumulated depreciation and amortization 789,766 736,839 695,935 $ 402,252 $ 414,542 $ 403,424 Depreciation expense for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 was $33,168, $21,599, $33,094 and $34,065, respectively. Landfill amortization expense for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 was $26,969, $17,912, $24,689 and $21,206, respectively. Depletion expense on landfill operating lease contracts for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 was $9,428, $7,799, $9,948 and $9,372, respectively, and was recorded in cost of operations. As of December 31, 2015, $103,904 of our property, plant and equipment served as eligible collateral under our ABL Facility. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. GOODWILL AND INTANGIBLE ASSETS A summary of the activity and balances related to goodwill by reporting segment is as follows: December 31, 2014 Other (1) December 31, 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 April 30, 2014 Acquisitions December 31, 2014 Eastern region $ 17,429 $ — $ 17,429 Western region 87,666 31 87,697 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 119,139 $ 31 $ 119,170 April 30, 2013 Acquisitions Other (2) April 30, 2014 Eastern region $ 16,858 $ 539 $ 32 $ 17,429 Western region 86,880 790 (4 ) 87,666 Recycling 12,190 125 — 12,315 Other — 1,729 — 1,729 Total $ 115,928 $ 3,183 $ 28 $ 119,139 (1) Goodwill adjustment related to the allocation of goodwill to a business that was divested in fiscal year 2015. (2) Goodwill adjustments related to acquisition activity, including the finalization of the deferred tax liability associated with the December 5, 2012 BBI acquisition. Intangible assets consist of the following: Covenants Not-to-Compete Client Lists Total Balance, December 31, 2015 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (16,198 ) (7,881 ) (24,079 ) $ 1,068 $ 8,184 $ 9,252 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 Covenants Not-to-Compete Client Lists Total Balance, April 30, 2014 Intangible assets $ 17,245 $ 15,760 $ 33,005 Less accumulated amortization (15,363 ) (4,222 ) (19,585 ) $ 1,882 $ 11,538 $ 13,420 Intangible amortization expense for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 was $2,567, $1,974, $2,556 and $1,306, respectively. The intangible amortization expense estimated for the five fiscal years following fiscal year 2015 and thereafter is as follows: Estimated Future Amortization Expense as of December 31, 2015: 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 For the fiscal year ending December 31, 2020 $ 1,020 Thereafter $ 1,606 |
Final Capping, Closure and Post
Final Capping, Closure and Post-Closure Costs | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Final Capping, Closure and Post-Closure Costs | 8. FINAL CAPPING, CLOSURE AND POST-CLOSURE COSTS 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 as further described in Note 3, Summary of Significant Accounting Policies Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 April 30, 2014 Beginning balance $ 39,829 $ 44,654 $ 43,170 Obligations incurred 1,798 2,169 3,621 Revisions in estimates (1) (2,030 ) (3,378 ) (3,728 ) Accretion expense 3,370 2,275 3,967 Obligations settled (2) (1,926 ) (5,891 ) (2,376 ) Ending balance $ 41,041 $ 39,829 $ 44,654 (1) The revisions in estimates for final capping, closure and post-closure for fiscal year 2015, transition period 2014 and fiscal year 2014 consist 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 paid and amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Capital Leases | 9. LONG-TERM DEBT AND CAPITAL LEASES Long-term debt and capital leases consist of the following: December 31, April 30, 2015 2014 2014 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one month LIBOR plus 2.25% $ 57,422 $ — $ — Senior Secured Revolving Credit Facility: Due March 2016; bore interest at one month LIBOR plus 3.75% — 131,300 133,860 Tax-Exempt Bonds: New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 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 due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% 21,400 21,400 21,400 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 due August 2035 - fixed rate interest period through 2025, bearing interest at 5.125% 15,000 — — Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 due April 2036 - fixed rate interest period through 2018, bearing interest at 4.75% 16,000 16,000 16,000 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 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 3,600 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013; letter of credit backed due April 2029 - converted to fixed rate interest period, bore interest at SIFMA Index — — 5,500 Other: Capital leases maturing through April 2023, bearing interest at up to 7.70% 4,130 3,295 3,710 Notes payable maturing through December 2017, bearing interest at up to 7.00% 1,167 435 440 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,372, $1,319 and $1,491) 368,928 323,681 323,509 523,647 535,711 508,019 Less—current maturities of long-term debt 1,448 1,656 885 $ 522,199 $ 534,055 $ 507,134 ABL Facility In fiscal year 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. We used the net proceeds from this issuance, together with the initial borrowings under our new ABL Facility, to refinance our 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 one month 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 December 31, 2015. The ABL Facility matures on February 26, 2020. If we fail to refinance the 2019 Notes on or before November 16, 2018, the maturity date for the ABL Facility will be November 16, 2018. The ABL Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries and is collateralized by certain qualified accounts receivable, trade, inventory and property, plant and equipment. As of December 31, 2015, our borrowing availability under the ABL Facility was $64,112 and was calculated as a borrowing base of $148,473, less revolver borrowings of $57,422, less outstanding irrevocable letters of credit totaling $26,939, 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. Tax-Exempt Financings New York Bonds. As of December 31, 2015, we had outstanding $25,000 aggregate principal amount of senior unsecured New York Bonds. The New York Bonds, which are guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 3.75% per annum through December 1, 2019, at which time they may be converted from a fixed rate to a variable rate. During the fixed interest rate period, the New York Bonds will not be supported by a letter of credit. Interest is payable on June 1 and December 1 of each year. An additional $15,000 aggregate principal amount of New York Bonds may be offered under the same indenture in the future. The New York Bonds mature on December 1, 2044. Maine Bonds. As of December 31, 2015, we had outstanding $3,600 aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 (“FAME Bonds 2005R-1”). The FAME Bonds 2005R-1 are variable rate bonds secured by a letter of credit issued by our administrative agent bank and interest is payable semiannually in arrears on February 1 and August 1 of each year. The FAME Bonds 2005R-1 mature on January 1, 2025. We borrowed the proceeds of the FAME Bonds 2005R-1 and 2005R-2 to pay for certain costs relating to the following: landfill development and construction; the acquisition of vehicles, containers and related equipment for solid waste collection and transportation services; improvements to existing solid waste disposal, hauling, transfer station and other facilities; other infrastructure improvements; and the acquisition of machinery and equipment for solid waste disposal operations owned and operated by us, or a related party, all located in Maine. In fiscal year 2015, we completed a financing transaction involving the issuance by the Finance Authority of Maine of $15,000 aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 (“FAME Bonds 2015”). We borrowed the proceeds of the offering of the FAME Bonds 2015 to finance or refinance the costs of certain of our solid waste landfill facilities and solid waste collection, organics and transfer, recycling and hauling facilities, and to pay for the costs of the issuance of the FAME Bonds 2015. As of December 31, 2015, we had outstanding $15,000 aggregate principal amount of senior unsecured FAME Bonds 2015. The FAME Bonds 2015, which are and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 5.125% per annum through August 1, 2025, at which time they may be converted from a fixed to a variable rate. During the fixed interest rate period, the FAME Bonds 2015 will not be supported by a letter of credit. Interest is payable semiannually in arrears on February 1 and August 1 of each year. An additional $15,000 aggregate principal amount of FAME Bonds 2015 may be offered under the same indenture in the future. The FAME Bonds 2015 mature on August 1, 2035. Vermont Bonds. New Hampshire Bonds. As of December 31, 2015, we had outstanding $11,000 aggregate principal amount of senior unsecured New Hampshire Bonds. The New Hampshire Bonds, which are guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 4.00% per annum through October 1, 2019, at which time they may be converted from a fixed rate to a variable rate. During the fixed interest rate period, the New Hampshire Bonds will not be supported by a letter of credit. Interest is payable in arrears on April 1 and October 1 of each year. The New Hampshire Bonds mature on April 1, 2029. We borrowed the proceeds of the New Hampshire Bonds to repay borrowings under our Senior Credit Facility for qualifying property, plant and equipment assets purchased in the state of New Hampshire. Senior Subordinated Notes In fiscal year 2015, we issued an additional $60,000 aggregate principal amount of 2019 Notes. The additional 2019 Notes, which are both fungible and issued under the same indenture as the $325,000 2019 Notes previously issued, were issued at a discount of $476 to be accreted over the remaining term of the 2019 Notes. We used the net proceeds from this issuance, together with the initial borrowings under our new ABL Facility, to refinance our Senior Credit Facility. Additionally, in fiscal year 2015 we repurchased and permanently retired $14,700 aggregate principal amount of 2019 Notes at a weighted average repurchase price of $101.0 in order to maximize interest savings by paying down our most expensive debt. As of December 31, 2015, we had outstanding $370,300 aggregate principal amount of 2019 Notes, which will mature on February 15, 2019. The 2019 Notes accrue interest at the rate of 7.75% per annum and interest is payable semiannually in arrears on February 15 and August 15 of each year. The 2019 Notes are fully and unconditionally guaranteed on a senior subordinated basis by substantially all of our existing and future domestic restricted subsidiaries that guarantee our ABL Facility. The indenture governing the 2019 Notes contains certain negative covenants which restrict, among other things, our ability to sell assets, make investments in joint ventures, pay dividends, repurchase stock, incur debt, grant liens and issue preferred stock. As of December 31, 2015, we were in compliance with all covenants under the indenture governing the 2019 Notes, and we do not believe that these restrictions impact our ability to meet future liquidity needs except that they may impact our ability to increase our investments in non-wholly owned entities, including the joint ventures to which we are already party. Loss on Debt Extinguishment Senior Subordinated Notes. Senior Credit Facility. Second Lien Notes. Interest Expense The components of interest expense are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 2014 2013 Interest expense on long-term debt and capital leases $ 35,868 $ 23,065 $ 34,216 $ 36,955 Amortization of debt financing costs 3,613 2,020 2,757 3,325 Amortization of debt discounts 364 173 243 626 Letter of credit fees 637 714 1,215 1,032 Less: capitalized interest (62 ) (333 ) (256 ) (368 ) Total interest expense $ 40,420 $ 25,639 $ 38,175 $ 41,570 Fair Value of Debt As of December 31, 2015, the fair value of our fixed rate debt, including our 2019 Notes, FAME Bonds 2005R-2, FAME Bonds 2015, Vermont Bonds, New York Bonds and New Hampshire Bonds was approximately $458,775 and the carrying value was $458,700. 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 FAME Bonds 2015, 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 provided by a third-party 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 FAME Bonds 2015, 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 December 31, 2015, the fair value of our ABL Facility approximated its carrying value of $57,422 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 FAME Bonds 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. Future Maturities of Debt Aggregate principal maturities of long-term debt and capital leases are as follows: Estimated Future Payments as of December 31, 2015: 2016 $ 1,448 2017 856 2018 633 2019 (1) 369,609 2020 58,402 Thereafter 92,699 $ 523,647 (1) Includes unamortized discount of $1,372 on 2019 Notes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Lease Commitments We lease operating facilities and equipment in the ordinary course of our business under various operating leases with monthly payments varying up to $36. Future minimum rental payments are recognized on a straight-line basis over the minimum lease term. Total rent expense under operating leases charged to operations was $9,392, $4,868, $5,651 and $5,372 in fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. Future minimum rental payments under non-cancellable operating leases, which include landfill operating leases, are as follows: Estimated Future Minimum Lease Payments as of December 31, 2015: 2016 $ 17,591 2017 17,838 2018 17,954 2019 16,519 2020 13,218 Thereafter 117,224 Total minimum lease payments $ 200,344 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, inclusive of legal costs, 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. Expera Old Town, LLC v. Casella Waste Systems, Inc. On or about November 6, 2015, Expera Old Town, LLC (“Expera”) filed a lawsuit against us in Maine Superior Court, seeking damages for breach of contract and unjust enrichment, and an action for declaratory judgment (the “Lawsuit”). Expera was a successor-in-interest to a contract between us and Old Town Fuel and Fiber (“OTFF”), the former owner of a pulp manufacturing facility (“Facility”) located in Old Town, Maine (the “Contract”). Expera purchased the Facility during the pendency of the bankruptcy of OTFF. Since the filing of the Lawsuit, Expera has sold the Facility and related assets, to MFGR LLC (“MFGR”). MFGR continues to allege that we have the obligation to provide a specialized type of wood fuel to the Facility or, alternatively, that we owe a “Fuel Replacement Fee” of up to $2,000 a year (subject to the possibility of certain credits against such payments). The Contract expires in 2036. We believe we have meritorious defenses to each of the claims in the Lawsuit, are vigorously contesting these allegations, and have filed a counter claim for funds owed to us by MFGR or Expera. On or about February 10, 2016, we reached an agreement in principle with MFGR to dismiss this suit with prejudice, and to resolve all outstanding claims of any nature including future claims which could arise under the Contract. The Parties are endeavoring in good faith to enter into a settlement agreement (“SA”) and ancillary agreements. Pursuant to the pending SA, we will pay MFGR $1,250 upon execution of the SA, and $350 a year for five years following execution of the SA. Accordingly, taking into account the net present value of the settlement payments, we have recorded a reserve of $2,616 as of December 31, 2015. This includes a contract settlement charge of $1,940 and $676 of operating expenses recorded in fiscal year 2015. We also reserved $75 as of December 31, 2015 for legal costs associated with the Lawsuit and SA. We will also enter into a new leachate disposal agreement at market prices with MFGR for the treatment of leachate from the landfill managed by us for the State of Maine located in Old Town, Maine (“Juniper Ridge”), and MFGR will enter into a waste disposal agreement at market prices with us for the disposal at the Juniper Ridge of waste materials produced in the demolition or re-purposing of the Facility. 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 (“SEP”) for work being done by the Massachusetts Audubon Society at the Broad Meadow Brook Conservation Center & Wildlife Sanctuary in Worcester, Massachusetts. This SEP has been paid in full. 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. On January 29, 2016, a Cost-Sharing Agreement was executed between WSI, NiMo, Alcoa Inc. (“Alcoa”) and Reynolds Metal Company (“Reynolds”) whereby Alcoa and Reynolds elected to voluntarily participate in the onsite remediation activities at a 15% participant share. It is unlikely that any significant expenditures relating to onsite remediation will be incurred until the fiscal year ending December 31, 2017. WSI is jointly and severally liable with NiMo, Alcoa and Reynolds for the total cost to remediate. 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 1.8%. The changes to the environmental remediation liability associated with the Potsdam environmental remediation liability are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 April 30, 2014 Beginning balance $ 5,142 $ 5,320 $ 5,297 Obligations incurred — — 31 Revisions in estimates (1) — — (118 ) Accretion expense 79 92 138 Payments — (270 ) (28 ) Ending balance $ 5,221 $ 5,142 $ 5,320 The total expected environmental remediation payments, in today’s dollars, for each of the five succeeding fiscal years and the aggregate amount thereafter are as follows: Estimated Future Environmental Remediation Payments as of December 31, 2015: 2016 $ 273 2017 3,256 2018 855 2019 40 2020 25 Thereafter 749 Total $ 5,198 A reconciliation of the expected aggregate non-inflated, undiscounted environmental remediation liability to the amount recognized in the statement of financial position is as follows: Undiscounted liability $ 5,198 Plus inflation 23 Liability balance - December 31, 2015 $ 5,221 Any substantial liability incurred by us arising from environmental damage could have a material adverse effect on our business, financial condition and results of operations. We are not presently aware of any other situations that would have a material adverse impact on our business, financial condition, results of operations or cash flows. Employment Contracts We have entered into employment contracts with four of our executive officers. The contracts are dated June 18, 2001, March 31, 2006, July 6, 2010 and September 1, 2012. Each contract had an initial term between one and three years and a covenant not-to-compete ranging from one to two years from the date of termination. These contracts automatically extend for a one year period at the end of the initial term and any renewal period. Total annual commitments for salaries under these contracts are $1,425. In the event of a change in control of us, or in the event of involuntary termination without cause, the employment contracts provide for a payment ranging from one to three years of salary and bonuses. We also have other employment contracts or arrangements with employees who are not executive officers. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Deficit | 11. STOCKHOLDERS’ DEFICIT Common Stock The holders of the Class A common stock are entitled to one vote for each share held. The holders of the Class B common stock are entitled to ten votes for each share held, except for the election of one director, who is elected by the holders of the Class A common stock exclusively. The Class B common stock is convertible into Class A common stock on a share-for-share basis at the option of the shareholder. In fiscal year 2013, we sold 11,500 shares of Class A common stock at an average price of $4.00 per share in a registered public offering. The net proceeds received from the registered public offering, after deducting underwriting discounts, commissions and offering expenses, were $42,184 and were used to refinance our Second Lien Notes. Preferred Stock We are authorized to issue up to 944 shares of preferred stock in one or more series. As of December 31, 2015 and December 31, 2014 we had no shares issued. Stock Based Compensation Stock Incentive Plans 1997 Stock Option Plan. 2006 Stock Incentive Plan. Stock options granted 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, stock options granted have a term not to exceed ten years and vest over a one to four year period from the date of grant. 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 at a future date following the grant date and are based on the attainment of a performance target. Stock Options The following table summarizes stock option activity: Weighted Average Weighted Remaining Average Contractual Aggregate Stock Options Exercise Price Term (years) Intrinsic Value Outstanding, December 31, 2014 1,380 $ 7.70 Granted 150 $ 7.17 Exercised (33 ) $ 4.85 Forfeited (200 ) $ 12.16 Outstanding, December 31, 2015 1,297 $ 7.03 5.5 $ 1,156 Exercisable, December 31, 2015 942 $ 7.47 4.2 $ 928 Expected to vest, December 31, 2015 1,296 $ 7.03 5.5 $ 1,155 During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, stock-based compensation expense for stock options was $671, $386, $464, and $528, respectively. During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, the aggregate intrinsic value of stock options exercised was $52, $31, $23 and $0. As of December 31, 2015, total unrecognized stock-based compensation expense related to outstanding stock options was $1,225, which will be recognized over a weighted average period of 2.3 years. Our calculation of stock-based compensation expense associated with stock options granted was made using the Black-Scholes valuation model. The weighted average fair value of stock options granted during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 were $5.35, $3.62, $4.22 and $3.03 per option, respectively, which were calculated assuming no expected dividend yield using the following weighted average assumptions: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 2014 2013 Expected life 7.24 years 7.00 years 6.79 years 6.82 years Risk-free interest rate 2.02% 2.15% 2.22% 1.14% Expected volatility 81.31% 82.76% 83.96% 84.40% Expected life is calculated based on the weighted average historical life of the vested stock options, giving consideration to vesting schedules and historical exercise patterns. Risk-free interest rate is based on the U.S. Treasury yield curve for the period of the expected life of the stock option. Expected volatility is calculated using the weekly historical volatility of our Class A common stock over the expected life. The Black-Scholes valuation model requires extensive use of accounting judgment and financial estimation, including estimates of the expected term option holders will retain their vested stock options before exercising them, the estimated volatility of our Class A common stock price over the expected term and the number of stock options that will be forfeited prior to the completion of their vesting requirements. Application of alternative assumptions could produce significantly different estimates of the fair value of stock-based compensation and consequently, the related amounts recognized in the consolidated statements of operations. Other Stock Awards The following table summarizes restricted stock, restricted stock unit and performance stock unit activity: Restricted Stock, Weighted Average Restricted Stock Units, Weighted Remaining and Performance Stock Average Contractual Term Aggregate Intrinsic Units (1) Grant Price (years) Value Outstanding, December 31, 2014 1,048 $ 4.79 Granted 624 $ 4.40 Class A Common Stock Vested (410 ) $ 4.68 Forfeited (300 ) $ 5.09 Outstanding, December 31, 2015 962 $ 4.49 1.8 $ 1,449 Expected to vest, December 31, 2015 825 $ 4.51 1.8 $ 1,228 (1) Performance stock units are included at the 100% attainment level. As of December 31, 2015, no performance stock units remain outstanding. The following table summarizes the grant activity for other stock: Granted Weighted Unissued Fiscal year 2013 grants Restricted stock units 340 $ 5.15 — Performance stock units 316 $ 5.17 — Restricted stock awards 79 $ 4.45 — Total 735 — Fiscal year 2014 grants Restricted stock units 482 $ 4.09 135 Restricted stock awards 60 $ 5.81 14 Total 542 149 Transition period 2014 grants Restricted stock units 277 $ 5.28 171 Restricted stock awards 93 $ 3.78 44 Total 370 215 Fiscal year 2015 grants Restricted stock units 562 $ 4.20 541 Restricted stock awards 62 $ 6.25 57 Total 624 598 During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, stock-based compensation expense related to restricted stock, restricted stock units and performance stock units was $2,314, $1,202, $1,861 and $1,609, respectively. Stock-based compensation expense related to restricted stock and restricted stock units during fiscal year 2015 included $270 of incremental compensation expense resulting from the modification of restricted stock awards associated with the retirement of two members of our Board of Directors. There was $19, $0, $0 and $0 of tax benefit in the provision for income taxes associated with stock-based compensation expense during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013. During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, the total fair value of other stock awards vested was $2,340, $1,866, $1,458 and $2,475, respectively. As of December 31, 2015, total unrecognized stock-based compensation expense related to restricted stock and restricted stock units was $2,674, which will be recognized over a weighted average period of 1.8 years. We recorded a tax benefit of $185, $84, $0 and $96 to additional paid-in-capital related to the exercise of various share based awards in fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. Tax savings from stock-based compensation resulting from tax deductions in excess of expense are reflected as a financing cash flow in our consolidated financial statements. We also recorded $94, $52, $79 and $99 of stock-based compensation expense related to our Amended and Restated 1997 Employee Stock Purchase Plan during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. Accumulated Other Comprehensive Income Accumulated other comprehensive income is a component of stockholders’ deficit included in the accompanying consolidated balance sheets and includes, as applicable, the effective portion of changes in the fair value of our cash flow hedges that consist of commodity hedges and interest rate swaps, the changes in fair value of our marketable securities, as well as our portion of the changes in the fair value of GreenFiber’s commodity hedges up until the date of divestiture. The changes in the balances of each component of accumulated other comprehensive income (loss) are as follows: Marketable Commodity Interest Total Balance as of April 30, 2012 $ 4 $ 413 $ (2,369 ) $ (1,952 ) Other comprehensive income (loss) before reclassifications 23 (1,653 ) (1,257 ) (2,887 ) Amounts reclassified from accumulated other comprehensive loss — 621 3,626 4,247 Net current-period other comprehensive income (loss) 23 (1,032 ) 2,369 1,360 Balance as of April 30, 2013 27 (619 ) — (592 ) Other comprehensive income (loss) before reclassifications 12 (36 ) — (24 ) Amounts reclassified from accumulated other comprehensive loss — 655 — 655 Net current-period other comprehensive income 12 619 — 631 Balance as of April 30, 2014 39 — — 39 Other comprehensive income 19 — — 19 Balance as of December 31, 2014 58 — — 58 Other comprehensive loss (51 ) — — (51 ) Balance as of December 31, 2015 $ 7 $ — $ — $ 7 A summary of reclassifications out of accumulated other comprehensive income (loss) for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 is as follows: Fiscal Year Eight Months Ended Ended Fiscal Year Ended December 31, December 31, April 30, 2015 2014 2014 2013 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified Out of Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations Loss on derivative instruments: GreenFiber commodity hedges $ — $ — $ (405 ) $ (621 ) Loss from equity method investments Interest rate contracts — — — (3,626 ) Loss on derivative instruments — — (405 ) (4,247 ) Loss from continuing operations before income taxes and discontinued operations — — (250 ) — Benefit for income taxes $ — $ — $ (655 ) $ (4,247 ) Loss from continuing operations before discontinued operations |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 12. 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, 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 costs incurred to fund certain capital projects. The fair value of the interest rate derivative as of December 31, 2015, included in the Level 2 tier below, is calculated based on a valuation obtained from our counter-party based primarily on the three month LIBOR yield curve that is observable at commonly quoted intervals for the full term of the swap. Previously, it was calculated by us based on the three month LIBOR yield curve that is observable at commonly quoted intervals for the full term of the swap, adjusted by the credit risk of our counter-party and us based on observable credit default swap rates. The change in valuation method is due to the immaterial credit risk impact of our counter-party and us based on the short term nature of the interest rate swap, which matures on March 15, 2016. We recognize all derivatives on the balance sheet at fair value. See Note 9, Long-Term Debt and Capital Leases Recurring Fair Value Measurements Our financial assets and liabilities that are measured at fair value on a recurring basis include the following: Fair Value Measurement at December 31, 2015 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - capital projects $ 1,348 $ — $ — Restricted assets - landfill closure 903 — — $ 2,251 $ — $ — Liabilities: Interest rate derivative $ — $ 178 $ — Fair Value Measurement at December 31, 2014 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - capital projects $ 5,819 $ — $ — Restricted assets - landfill closure 813 — — $ 6,632 $ — $ — Liabilities: Interest rate derivatives $ — $ 1,668 $ — Fair Value Measurement at April 30, 2014 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - landfill closure $ 681 $ — $ — Liabilities: Interest rate derivatives $ — $ 2,770 $ — Non-Recurring Fair Value Measurements Our assets and liabilities that are measured at fair value on a non-recurring basis include the following: Fair Value Measurement at December 31, 2015 Using: Quoted Prices in Significant Other Significant Assets: Cost method investment - GreenerU $ — $ — $ 309 Cost method investment - Recycle Rewards — — 1,069 $ — $ — $ 1,378 As of December 31, 2015, our financial assets and liabilities recorded at fair value on a non-recurring basis include our cost method investments in GreenerU and Recycle Rewards. The fair value of our cost method investment in GreenerU was measured by a third-party valuation specialist who completed a valuation analysis using a market approach based on an option pricing methodology that considers comparable publicly traded companies revenue multiples to determine an equity value and fair market value per share for GreenerU, which we used to properly value our cost method investment in GreenerU. The fair value of our cost method investment in RecycleRewards was measured by us when we completed a valuation analysis using an income approach based on discounted cash flows to determine an equity value for Recycle Rewards in order to properly value our cost method investment in Recycle Rewards. Fair Value Measurement at December 31, 2014 Using: Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Assets: Cost method investment - Recycle Rewards $ — $ — $ 2,160 As of December 31, 2014, our financial assets and liabilities recorded at fair value on a non-recurring basis include our cost method investment in Recycle Rewards. The fair value of our cost method investment was measured by a third-party valuation specialist who completed a valuation analysis using an income approach based on discounted cash flows to determine an equity value for Recycle Rewards in order to properly value our cost method investment in Recycle Rewards. Fair Value Measurement at April 30, 2014 Using: Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Assets: Asset group - CARES $ — $ — $ 650 As of April 30, 2014, our financial assets and liabilities recorded at fair value on a non-recurring basis include our assets related to Casella-Altela Regional Environmental Services, LLC (“CARES”). The fair value of our CARES asset group was measured using an in-exchange valuation premise under the market approach derived from quoted market prices of similar assets, adjusted based on qualitative factors specific to the asset group. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Defined Contribution Plan We offer our eligible employees the opportunity to contribute to a 401(k) plan (“401(k) Plan”). Under the provisions of the 401(k) Plan participants may direct us to defer a portion of their compensation to the 401(k) Plan, subject to Internal Revenue Code limitations. We provide an employer matching contribution equal to fifty cents for every dollar an employee invests in the 401(k) Plan up to our maximum match of one thousand dollars per employee per calendar year, subject to revision. Participants vest in employer contributions ratably over a three year period. Employer contributions for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 amounted to $1,033, $497, $784 and $645, respectively. Employee Stock Purchase Plan In the fiscal year ended April 30, 1998, we implemented our employee stock purchase plan. Under this plan, qualified employees may purchase shares of Class A common stock by payroll deduction at a 15% discount from the market price. An aggregate of 1,200 shares of Class A common stock were initially reserved for this purpose. During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, 80, 79, 70 and 76 shares, respectively, of Class A common stock remained issued under this plan. As of December 31, 2015, 255 shares of Class A common stock were available for distribution under this plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES The provision (benefit) for income taxes from continuing operations consists of the following: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Federal— Current $ 2,899 $ 2,231 $ — $ — Current benefit of loss carryforwards (2,899 ) (2,231 ) — — Deferred 395 463 1,262 (2,827 ) 395 463 1,262 (2,827 ) State— Current 1,112 500 219 1,040 Current benefit of loss carryforwards (557 ) (402 ) — (22 ) Deferred 401 142 318 (717 ) 956 240 537 301 $ 1,351 $ 703 $ 1,799 $ (2,526 ) Included in the current state tax provision for fiscal year 2013 is an $800 settlement with New York State, comprised of $430 of tax and $370 of interest. New York State had alleged that we were not permitted to file a single combined corporation franchise tax return with our subsidiaries. On January 18, 2011, the State had assessed a liability of $3,852, comprising $2,220 tax and $1,632 penalties and interest, for tax years ending April 30, 2004 through April 30, 2006. We had filed Petitions of Redetermination with the State of New York Division of Tax Appeals and had been scheduled for an administrative hearing on April 18-19, 2013. Tax years ending April 30, 2007 through April 30, 2009 were also being audited for the same tax matter. The settlement, which represented less than 8% of the potential cumulative liability for the years settled, was a monetary settlement without any change to our filing combined returns in New York and it closed tax years ending April 30, 2004 through April 30, 2010. Subsequent to the settlement of that audit, the State of New York began an audit of the tax years ended April 30, 2011 through April 30, 2013 and raised the same issue. We continued to believe that our position related to the filing of our State of New York tax returns was correct, and, based on the prior settlement and subsequent favorable litigation related to similar issues, we concluded at December 31, 2014 that no reserve would be required for our State of New York filings. During fiscal year 2015, we reached a settlement with the State of New York for the tax years ended April 30, 2011 through April 30, 2013 on a basis similar to the prior settlement to minimize out-of-pocket costs. Included in the current state tax provision for fiscal year 2015 is a $180 settlement paid to the State of New York for 2011-2013, which includes $168 tax and $12 interest. No audit has been initiated for tax years after 2013. Due to a change in law, we are permitted to and plan to elect to file a single combined corporation franchise tax return with our subsidiaries in New York beginning with 2015. We have not established any reserve under ASC 740 for the tax years ended April 30, 2014 and December 31, 2014, since we believed our position would more likely than not be successful. The differences in the provision (benefit) for income taxes and the amounts determined by applying the Federal statutory rate to income before provision (benefit) for income taxes are as follows: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Federal statutory rate 35 % 35 % 35 % 35 % Tax at statutory rate $ (3,650 ) $ (1,787 ) $ (8,929 ) $ (18,378 ) State income taxes, net of federal benefit 198 (59 ) (1,271 ) (1,076 ) Other increase in valuation allowance 5,272 2,532 13,605 22,510 Non-deductible expenses 467 505 505 494 Tax credits (671 ) (380 ) (598 ) (660 ) Non-deductible equity income in subsidiaries and GreenFiber goodwill impairment (415 ) (73 ) 1,548 180 Decrease in valuation allowance due to BBI acquisition — — — (5,084 ) Tax over book basis in GreenFiber on sale — — (2,570 ) — Other, net 150 (35 ) (491 ) (512 ) $ 1,351 $ 703 $ 1,799 $ (2,526 ) Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred tax assets and liabilities consist of the following: December 31, April 30, 2015 2014 2014 Deferred tax assets: Book over tax depreciation of property and equipment $ 37,383 $ 31,535 $ 28,868 Net operating loss carryforwards 36,187 40,357 36,594 Accrued expenses and reserves 31,611 28,929 30,690 Alternative minimum tax credit carryforwards 3,766 3,457 3,330 General business tax credit carryforwards 3,379 2,921 2,666 Stock awards 1,338 1,082 1,315 Unrealized loss on hedges and swaps 71 672 1,115 Capital loss carryforwards — — 2,510 Other 2,707 2,106 1,496 Total deferred tax assets 116,442 111,059 108,584 Less: valuation allowance (93,007 ) (87,121 ) (84,540 ) Total deferred tax assets after valuation allowance 23,435 23,938 24,044 Deferred tax liabilities: Amortization of intangibles (28,935 ) (28,659 ) (28,210 ) Other (95 ) (264 ) (286 ) Total deferred tax liabilities (29,030 ) (28,923 ) (28,496 ) Net deferred tax liability $ (5,595 ) $ (4,985 ) $ (4,452 ) As of December 31, 2015 we have, for federal income tax purposes, net operating loss carryforwards of approximately $72,873 that expire in the fiscal years ending December 31, 2032 through 2033 and state net operating loss carryforwards of approximately $86,351 that expire in the fiscal years ending December 31, 2016 through 2035. The net operating loss carryforwards include approximately $383 for which a benefit will be recorded in additional paid-in capital when realized. In addition, we have $3,766 minimum tax credit carryforwards available that are not subject to a time limitation and $3,379 general business credit carryforwards which expire in the fiscal years ending December 31, 2023 through 2035. Sections 382 and 383 of the Internal Revenue Code can limit the amount of net operating loss and credit carryforwards which may be used in a tax year in the event of certain stock ownership changes. We are not currently subject to these limitations but could become subject to them if there were significant changes in the ownership of our stock. In assessing the realizability of carryforwards and other deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We adjust the valuation allowance in the period management determines it is more likely than not that deferred tax assets will or will not be realized. The net increase in the valuation allowance was $5,886 for fiscal year 2015 and $2,581 for transition period 2014. For fiscal year 2013, the valuation allowance decreased by $5,084 due to the recognition of additional reversing temporary differences from the deferred tax liability recorded through goodwill related to the BBI acquisition. The $5,084 deferred tax liability related to the BBI acquisition resulted from temporary differences related to the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. In determining the need for a valuation allowance, we have assessed the available means of recovering deferred tax assets, including the ability to carryback net operating losses, the existence of reversing temporary differences, the availability of tax planning strategies, and available sources of future taxable income. We have also considered the ability to implement certain strategies, such as a potential sale of assets that would, if necessary, be implemented to accelerate taxable income and use expiring deferred tax assets. We believe we are able to support the deferred tax assets recognized as of the end of the year based on all of the available evidence. The net deferred tax liability as of December 31, 2015 includes deferred tax liabilities related to amortizable goodwill, which are anticipated to reverse in an indefinite future period and which are not currently available as a source of taxable income. The provisions of FASB ASC 740-10-25-5 prescribe the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. Additionally, FASB ASC 740-10-25-5 provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Under FASB ASC 740-10-25-5, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Fiscal Year Eight Months Fiscal Year Unrecognized tax benefits at beginning of period $ 3,073 $ 3,061 $ 3,879 Gross increases for tax positions of prior years 168 14 22 Gross decreases for tax positions of prior years (1 ) (1 ) (229 ) Reductions resulting from lapse of statute of limitations (409 ) (1 ) (611 ) Gross increases resulting from reversal of benefit from lapse of statute of limitations 716 — — Settlements (168 ) — — Unrecognized tax benefits at end of period $ 3,379 $ 3,073 $ 3,061 The gross increases for tax positions of prior years for fiscal year 2015 includes $168 tax from the settlement with New York State, which is offset by the ($168) settlements for fiscal year 2015. Included in the balances at December 31, 2015, December 31, 2014 and April 30, 2014 are $279, $0 and $0, respectively, of unrecognized tax benefits (net of the federal benefit on state issues) that, if recognized, would favorably affect the effective income tax rate in future periods. We anticipate a decrease of $270 to unrecognized tax benefits within the next 12 months due to the expiration of the applicable statute of limitations. Our continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. Related to uncertain tax positions during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, we have accrued interest of $92, $143, $116 and $76 and penalties of $8, $8, $8 and $9, respectively. We accrued ($51), $26, $40 and $41 for interest and penalties in income tax expense related to uncertain tax positions during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. We are subject to U.S. federal income tax, as well as income tax of multiple state jurisdictions. Due to Federal and state net operating loss carryforwards, income tax returns from years ending in 1998 through 2015 remain open for examination, with limited exceptions. |
Other Items and Charges
Other Items and Charges | 12 Months Ended |
Dec. 31, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Other Items and Charges | 15. OTHER ITEMS AND CHARGES Environmental Remediation Charge In transition period 2014, we recorded an environmental remediation charge of $950 associated with remediation performed at Southbridge in the Eastern region. We had previously recorded an environmental remediation charge of $400 in fiscal year 2014 associated with remediating this site. Expense from Divestiture, Acquisition and Financing Costs In fiscal year 2014, we incurred $144 of expenses primarily associated with legal costs for the acquisition of the remaining 50% membership interest of Tompkins. See Note 3, Summary of Significant Accounting Policies In fiscal year 2013, we incurred $1,410 of expenses including a $303 write-off of costs associated with the attempted refinancing of our Second Lien Notes, $602 of legal costs associated with the divestiture of Maine Energy Recovery Company, LP (“Maine Energy”) divestiture transaction, as discussed in Note 16, Divestiture Transactions and Discontinued Operations Development Project Charge In fiscal year 2014, we recorded a charge of $1,394 for deferred costs associated with a gas pipeline development project in Maine no longer deemed viable. Severance and Reorganization Costs In fiscal year 2014, we recorded a charge of $586 for severance costs associated with various planned reorganization efforts including the divestiture of Maine Energy. In fiscal year 2013, we recorded a charge of $3,709 for severance costs associated primarily with the realignment of our operations in order to streamline functions and improve our cost structure, the closure of Maine Energy and a reorganization of senior management. Through the realignment of our operations we improved certain aspects of the sales function to better facilitate customer service and retention, pricing growth, and support of strategic growth initiatives; better aligned transportation, route management and maintenance functions at the local level; and reduced corporate overhead and staff to match organizational needs and reduce costs. |
Divestiture Transactions and Di
Divestiture Transactions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture Transactions and Discontinued Operations | 16. DIVESTITURE TRANSACTIONS AND DISCONTINUED OPERATIONS We review planned business dispositions based on available information and events that have occurred to determine whether or not a business or disposal group qualifies for discontinued operations treatment. We analyze our operations that have been divested or classified as held-for-sale to determine if they qualify for discontinued operations accounting. A component of an entity, a group of components of an entity, or a business is required to be reported in discontinued operations once it meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale. A disposal is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. We evaluate whether the component has met the criteria to be classified as held-for-sale. To be classified as held-for-sale, the criteria established by FASB ASC 360-10 must be met as of the reporting date, including an active program to market the business and the disposition of the business within one year. A business that has not been disposed of may not be classified as discontinued operations until the held-for-sale criteria are met. No depreciation is recorded during the periods in which a disposal group is classified as held-for-sale. Discontinued Operations In fiscal year 2013, we initiated a plan to dispose of BioFuels and as a result, the assets associated with BioFuels were classified as held-for-sale and the results of operations were recorded as income from discontinued operations. Assets of the disposal group previously classified as held-for-sale, and subsequently included in discontinued operations, included certain inventory along with plant and equipment. In the first quarter of fiscal year 2014, we executed a purchase and sale agreement with ReEnergy Lewiston LLC (“ReEnergy”), pursuant to which we agreed to sell certain assets of BioFuels, which was located in our Eastern region, to ReEnergy. We agreed to sell the BioFuels assets for undiscounted purchase consideration of $2,000, which was to be paid to us in equal quarterly installments over five years commencing November 1, 2013, subject to the terms of the purchase and sale agreement. The related note receivable was paid in full by ReEnergy in transition period 2014. We recognized a $378 loss on disposal of discontinued operations in fiscal year 2014 associated with the disposition. The operating results of these operations, including those related to prior years, have been reclassified from continuing to discontinued operations in the accompanying consolidated financial statements. Revenues and loss before income taxes attributable to discontinued operations are as follows: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Revenues $ — $ — $ 3,316 $ 12,033 Income (loss) before income taxes $ — $ — $ 284 $ (4,480 ) We allocate interest expense to discontinued operations. We have also eliminated inter-company activity associated with discontinued operations. Divestiture Transactions Sale of Business. Maine Energy. CARES and Related Transaction. We executed a purchase and sale agreement in fiscal year 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 fiscal year 2015, 49% of which was attributable to Altela, the noncontrolling interest holder. As of December 31, 2015, we continued to pursue the dissolution of CARES in accordance with the CARES 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 fiscal year 2015. BioFuels. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. EARNINGS PER SHARE The following table sets forth the numerator and denominator used in the computation of earnings per share: Fiscal Year Eight Months Fiscal Year Ended April 30, 2015 2014 2014 2013 Numerator: Loss from continuing operations before discontinued operations attributable to common stockholders $ (12,969 ) $ (6,018 ) $ (23,001 ) $ (49,662 ) Denominator: Number of shares outstanding, end of period: Class A common stock 40,064 39,587 39,086 38,662 Class B common stock 988 988 988 988 Unvested restricted stock (115 ) (159 ) (130 ) (134 ) Effect of weighted average shares outstanding (295 ) (154 ) (124 ) (5,501 ) Weighted average common shares outstanding 40,642 40,262 39,820 34,015 Antidilutive potentially issuable shares 2,259 2,178 2,190 2,074 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS Services During fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, we retained the services of CCI, a company wholly owned by John Casella, our Chairman and Chief Executive Officer, and Douglas Casella, a member of our Board of Directors, as a contractor in developing or closing certain landfills owned by us. Total purchased services charged to operations or capitalized to landfills for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 were $1,341, $5,562, $7,818 and $6,574, respectively, of which $28, $2 and $890 were outstanding and included in either accounts payable or other current liabilities as of December 31, 2015, December 31, 2014 and April 30, 2014, respectively. In addition to the total purchased services, CCI contributed $350 in cash and $390 in non-compensable services for work performed at the Southbridge landfill to assist in the remediation of the site. See Note 15, Other Items and Charges Leases In the fiscal year ended April 30, 1994, we entered into two leases for operating facilities with a partnership of which John Casella, our Chairman and Chief Executive Officer, and Douglas Casella, a member of our Board of Directors, are the general partners. The leases have since been extended through April 2018 with a five year option to extend the terms. The terms of the lease agreements require monthly payments of approximately $27. Total expense charged to operations for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 under these agreements was $384, $263, $386 and $286, respectively. Landfill Post-closure We have agreed to pay the cost of post-closure on a landfill owned by John Casella, our Chairman and Chief Executive Officer, and Douglas Casella, a member of our Board of Directors. We paid the cost of closing this landfill in 1992, and the post-closure maintenance obligations are expected to last until the fiscal year ending December 31, 2024. In fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, we paid $9, $8, $8, and $8, respectively, pursuant to this agreement. As of December 31, 2015, December 31, 2014 and April 30, 2014, we have accrued $75, $84 and $94, respectively, for costs associated with its post-closure obligations. Employee Loan In fiscal year 2014, we entered into an agreement with an employee to amend a promissory note, whereas the outstanding balance of $149, which had been included in Notes receivable – related party in the accompanying consolidated balance sheet, will be deemed paid in full in exchange for continued employment and the employee forgoing participation in the annual cash incentive plan and restricted stock program for a period of time specified in the amended note. Upon entering into the amended note, interest ceased accruing on the note and we recorded a charge of $149 in general and administration to reserve for the note. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 19. 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, the Western and Eastern regions. 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, as applicable, are included in our Other segment. Fiscal Year Ended December 31, 2015 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 167,467 $ 43,560 $ 25,977 $ 7,338 $ (200 ) $ 24,840 $ 17,429 $ 212,922 Western 231,951 68,284 29,488 26,035 165 20,282 87,503 318,730 Recycling 46,338 995 4,480 (2,406 ) 25 1,770 12,315 49,355 Other 100,744 1,014 2,759 899 40,100 3,103 1,729 68,876 Eliminations — (113,853 ) — — — — — — Total $ 546,500 $ — $ 62,704 $ 31,866 $ 40,090 $ 49,995 $ 118,976 $ 649,883 Eight Months Ended December 31, 2014 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 108,423 $ 31,840 $ 17,195 $ 3,434 $ (315 ) $ 27,354 $ 17,429 $ 211,020 Western 156,877 50,235 19,775 18,840 (6 ) 21,884 87,697 333,028 Recycling 33,741 (175 ) 2,876 (238 ) — 3,016 12,315 52,016 Other 69,333 1,763 1,639 74 25,713 2,807 1,729 73,731 Eliminations — (83,663 ) — — — — — — Total $ 368,374 $ — $ 41,485 $ 22,110 $ 25,392 $ 55,061 $ 119,170 $ 669,795 Fiscal Year Ended April 30, 2014 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 147,330 $ 38,946 $ 24,961 $ (1,105 ) $ (272 ) $ 19,870 $ 17,429 $ 200,235 Western 216,911 70,809 28,693 13,298 112 20,471 87,666 331,304 Recycling 43,825 (139 ) 4,262 (2,435 ) — 1,111 12,315 49,652 Other 89,567 2,019 2,423 2,158 38,023 4,507 1,729 68,706 Eliminations — (111,635 ) — — — — — — Total $ 497,633 $ — $ 60,339 $ 11,916 $ 37,863 $ 45,959 $ 119,139 $ 649,897 Fiscal Year Ended April 30, 2013 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 129,889 $ 30,933 $ 23,518 $ (5,291 ) $ 27,054 $ 20,383 $ 16,858 $ 198,710 Western 205,747 65,390 26,446 20,058 (1,311 ) 30,384 86,880 348,455 Recycling 42,273 116 4,303 (697 ) 5,553 935 12,190 50,921 Other 77,426 3,933 2,309 (1,649 ) 10,133 3,325 — 65,033 Eliminations — (100,372 ) — — — — — — Total $ 455,335 $ — $ 56,576 $ 12,421 $ 41,429 $ 55,027 $ 115,928 $ 663,119 Amount of our total revenue attributable to services provided are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended April 30, December 31, 2015 December 31, 2014 2014 2013 Collection $ 238,301 43.6 % $ 157,809 42.8 % $ 225,441 45.3 % $ 208,973 45.9 % Disposal 156,536 28.6 % 102,304 27.8 % 128,778 25.9 % 115,049 25.3 % Power generation 6,796 1.2 % 5,049 1.4 % 9,512 1.9 % 11,354 2.4 % Processing 6,061 1.1 % 6,643 1.8 % 8,852 1.8 % 6,901 1.5 % Solid waste operations 407,694 74.5 % 271,805 73.8 % 372,583 74.9 % 342,277 75.1 % Organics 39,134 7.2 % 27,012 7.3 % 37,829 7.6 % 35,330 7.8 % Customer solutions 53,334 9.8 % 35,816 9.7 % 43,396 8.7 % 35,455 7.8 % Recycling 46,338 8.5 % 33,741 9.2 % 43,825 8.8 % 42,273 9.3 % Total revenues $ 546,500 100.0 % $ 368,374 100.0 % $ 497,633 100.0 % $ 455,335 100.0 % |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 20. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following is a summary of certain items in the consolidated statements of operations by quarter. The impact of discontinued operations, as described in Note 16, Divestiture Transactions and Discontinued Operations Fiscal Year 2015 First Second Third Fourth Revenues $ 116,577 $ 143,714 $ 146,185 $ 140,024 Operating income $ 3,126 $ 11,342 $ 12,696 $ 4,702 Net (loss) income $ (7,963 ) $ 943 $ 2,259 $ (7,020 ) (Loss) income attributable to common stockholders from continuing operations $ (9,271 ) $ 1,025 $ 2,296 $ (7,019 ) Net (loss) income attributable to common stockholders $ (9,271 ) $ 1,025 $ 2,296 $ (7,019 ) Earnings per common share: — Basic and diluted: — (Loss) income attributable to common stockholders from continuing operations $ (0.23 ) $ 0.03 $ 0.06 $ (0.17 ) Net (loss) income attributable to common stockholders $ (0.23 ) $ 0.03 $ 0.06 $ (0.17 ) Transition Period 2014 First Second Two Months December 31, 2014 Revenues $ 141,387 $ 141,341 $ 85,646 Operating income $ 9,338 $ 10,064 $ 2,708 Net (loss) income $ (154 ) $ 361 $ (6,017 ) (Loss) income attributable to common stockholders from continuing operations $ (290 ) $ 259 $ (5,987 ) Net (loss) income attributable to common stockholders $ (290 ) $ 259 $ (5,987 ) Earnings common share: Basic and diluted: (Loss) income attributable to common stockholders from continuing operations $ (0.01 ) $ 0.01 $ (0.15 ) Net (loss) income attributable to common stockholders $ (0.01 ) $ 0.01 $ (0.15 ) Fiscal Year 2014 First Second Third Fourth Revenues $ 128,558 $ 132,296 $ 117,852 $ 118,927 Operating income (loss) $ 9,737 $ 9,450 $ (1,298 ) $ (5,973 ) Net loss $ (163 ) $ (575 ) $ (11,033 ) $ (15,633 ) Loss attributable to common stockholders from continuing operations $ (142 ) $ (294 ) $ (10,750 ) $ (11,815 ) Net loss attributable to common stockholders $ (191 ) $ (339 ) $ (10,750 ) $ (11,815 ) Earnings per common share: Basic and diluted: Loss attributable to common stockholders from continuing operations $ (0.00 ) $ (0.01 ) $ (0.27 ) $ (0.30 ) Net loss attributable to common stockholders $ (0.00 ) $ (0.01 ) $ (0.27 ) $ (0.30 ) Fiscal Year 2013 First Second Third Fourth Revenues $ 117,638 $ 116,836 $ 112,167 $ 108,694 Operating income $ 5,807 $ 4,426 $ 78 $ 2,110 Net loss $ (8,379 ) $ (21,092 ) $ (11,474 ) $ (13,518 ) Loss attributable to common stockholders from continuing operations $ (8,155 ) $ (20,732 ) $ (11,079 ) $ (9,696 ) Net loss attributable to common stockholders $ (8,371 ) $ (20,967 ) $ (11,407 ) $ (13,397 ) Earnings per common share: Basic and diluted: Loss attributable to common stockholders from continuing operations $ (0.30 ) $ (0.67 ) $ (0.28 ) $ (0.25 ) Net loss attributable to common stockholders $ (0.31 ) $ (0.68 ) $ (0.29 ) $ (0.34 ) Our transfer and disposal revenues historically have been lower from the months of November through March. This seasonality reflects the lower volume of waste during the late fall, winter and early spring months. Since certain of our operating and fixed costs remain constant throughout fiscal year, operating income is impacted by a similar seasonality. In addition, particularly harsh weather conditions typically result in increased operating costs. Our recycling business experiences increased volumes of newspaper in November and December due to increased newspaper advertising and retail activity during the holiday season. |
Subsidiary Guarantors
Subsidiary Guarantors | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiary Guarantors | 21. 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, the consolidating results of operations and comprehensive income (loss) and the condensed consolidating statements of cash flows of (a) the Parent company only, (b) the combined guarantors (the “Guarantors”), each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (the “Non-Guarantors”), (d) eliminating entries and (e) the consolidated total. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (in thousands) Non- ASSETS Parent Guarantors Guarantors Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 1,939 $ 252 $ 121 $ — $ 2,312 Accounts receivable - trade, net 438 59,729 — — 60,167 Refundable income taxes 651 — — — 651 Prepaid expenses 2,612 5,058 — — 7,670 Inventory — 4,282 — — 4,282 Other current assets 520 1,066 — — 1,586 Total current assets 6,160 70,387 121 — 76,668 Property, plant and equipment, net 6,220 396,032 — — 402,252 Goodwill — 118,976 — — 118,976 Intangible assets, net 8 9,244 — — 9,252 Restricted assets 1,348 903 — — 2,251 Cost method investments 12,333 1,932 — (1,932 ) 12,333 Investments in subsidiaries 23,316 — — (23,316 ) — Other non-current assets 17,801 10,350 — — 28,151 61,026 537,437 — (25,248 ) 573,215 Intercompany receivable 484,405 (447,360 ) (38,977 ) 1,932 — $ 551,591 $ 160,464 $ (38,856 ) $ (23,316 ) $ 649,883 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non - Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 96 $ 1,352 $ — $ — $ 1,448 Accounts payable 16,203 28,504 214 — 44,921 Accrued payroll and related expenses 2,994 5,181 — — 8,175 Accrued interest 12,292 13 — — 12,305 Current accrued capping, closure and post-closure costs — 729 3 — 732 Other accrued liabilities 7,693 10,072 — — 17,765 Total current liabilities 39,278 45,851 217 — 85,346 Long-term debt and capital leases, less current maturities 519,163 3,036 — — 522,199 Accrued capping, closure and post-closure costs, less current portion — 40,279 30 — 40,309 Deferred income taxes 5,595 — — — 5,595 Other long-term liabilities 9,078 8,953 — — 18,031 — STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders’ (deficit) equity (21,523 ) 62,345 (39,029 ) (23,316 ) (21,523 ) Noncontrolling interests — — (74 ) — (74 ) Total stockholders’ (deficit) equity (21,523 ) 62,345 (39,103 ) (23,316 ) (21,597 ) $ 551,591 $ 160,464 $ (38,856 ) $ (23,316 ) $ 649,883 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (in thousands, except for share and per share data) ASSETS Parent Guarantors Non- 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 - 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 CONDENSED CONSOLIDATING BALANCE SHEET AS OF APRIL 30, 2014 (in thousands, except for share and per share data) ASSETS Parent Guarantors Non- Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 2,151 $ 271 $ 42 $ — $ 2,464 Restricted cash — 76 — — 76 Accounts receivable - trade, net 534 51,983 86 — 52,603 Refundable income taxes 465 — — — 465 Prepaid expenses 2,617 4,557 2 — 7,176 Inventory — 3,852 53 — 3,905 Deferred income taxes 2,502 — — — 2,502 Other current assets 312 936 7 — 1,255 Current assets of discontinued operations — 359 — — 359 Total current assets 8,581 62,034 190 — 70,805 Property, plant and equipment, net 4,104 398,670 650 — 403,424 Goodwill — 119,139 — — 119,139 Intangible assets, net 159 13,261 — — 13,420 Restricted assets — 681 — — 681 Cost method investments 16,752 1,932 — (1,932 ) 16,752 Investments in subsidiaries (36,006 ) — — 36,006 — Other non-current assets 13,874 10,331 — — 24,205 Non-current assets of discontinued operations — 1,471 — — 1,471 (1,117 ) 545,485 650 34,074 579,092 Intercompany receivable 543,291 (506,348 ) (38,875 ) 1,932 — $ 550,755 $ 101,171 $ (38,035 ) $ 36,006 $ 649,897 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non - Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 84 $ 801 $ — $ — $ 885 Accounts payable 22,678 28,286 824 — 51,788 Accrued payroll and related expenses 1,212 4,849 1 — 6,062 Accrued interest 6,084 3 — — 6,087 Current accrued capping, closure and post-closure costs — 7,309 3 — 7,312 Other accrued liabilities 7,289 10,081 242 — 17,612 Total current liabilities 37,347 51,329 1,070 — 89,746 Long-term debt and capital leases, less current maturities 504,836 2,298 — — 507,134 Accrued capping, closure and post-closure costs, less current portion — 37,306 36 — 37,342 Deferred income taxes 6,954 — — — 6,954 Other long-term liabilities 10,025 7,149 84 — 17,258 STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders’ (deficit) equity (8,407 ) 3,089 (39,095 ) 36,006 (8,407 ) Noncontrolling interests — — (130 ) — (130 ) Total stockholders’ (deficit) equity (8,407 ) 3,089 (39,225 ) 36,006 (8,537 ) $ 550,755 $ 101,171 $ (38,035 ) $ 36,006 $ 649,897 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 546,376 $ 124 $ — $ 546,500 Operating expenses: Cost of operations (1 ) 382,160 456 — 382,615 General and administration 2,255 70,625 12 — 72,892 Depreciation and amortization 1,066 61,643 (5 ) — 62,704 Contract settlement charge — 1,940 — — 1,940 Divestiture transactions — (2,667 ) (2,850 ) — (5,517 ) 3,320 513,701 (2,387 ) — 514,634 Operating income (loss) (3,320 ) 32,675 2,511 — 31,866 Other expense (income), net: Interest income (47 ) (283 ) — — (330 ) Interest expense 40,191 145 84 — 40,420 Loss on debt extinguishment 999 — — — 999 (Income) loss on derivative instruments 227 — — — 227 Impairment of investments 2,099 — — — 2,099 (Income) loss from consolidated entities (34,610 ) — — 34,610 — Other income (561 ) (558 ) — — (1,119 ) Other expense (income), net 8,298 (696 ) 84 34,610 42,296 Income (loss) before income taxes (11,618 ) 33,371 2,427 (34,610 ) (10,430 ) Provision (benefit) for income taxes 1,351 — — — 1,351 Net income (loss) (12,969 ) 33,371 2,427 (34,610 ) (11,781 ) Less: Net income (loss) attributable to noncontrolling interests — — 1,188 — 1,188 Net income (loss) attributable to common stockholders $ (12,969 ) $ 33,371 $ 1,239 $ (34,610 ) $ (12,969 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 367,576 $ 798 $ — $ 368,374 Operating expenses: Cost of operations 175 258,142 333 — 258,650 General and administration 2,681 43,011 40 — 45,732 Depreciation and amortization 548 40,942 (5 ) — 41,485 Environmental remediation charge — 950 — — 950 Divestiture transactions — (553 ) — — (553 ) 3,404 342,492 368 — 346,264 Operating income (loss) (3,404 ) 25,084 430 — 22,110 Other expense (income), net: Interest income — (247 ) — — (247 ) Interest expense 25,815 (176 ) — — 25,639 (Gain) loss on derivative instruments 225 — — — 225 Impairment of investments 2,320 — — — 2,320 (Income) loss from consolidated entities (26,148 ) — — 26,148 — Other income (301 ) (419 ) — — (720 ) Other expense (income), net 1,911 (842 ) — 26,148 27,217 Income (loss) from continuing operations before income taxes (5,315 ) 25,926 430 (26,148 ) (5,107 ) Provision (benefit) for income taxes 703 — — — 703 Net income (loss) (6,018 ) 25,926 430 (26,148 ) (5,810 ) Less: Net income (loss) attributable to noncontrolling interests — — 208 — 208 Net income (loss) attributable to common stockholders $ (6,018 ) $ 25,926 $ 222 $ (26,148 ) $ (6,018 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 495,391 $ 2,242 $ — $ 497,633 Operating expenses: Cost of operations (23 ) 351,829 2,786 — 354,592 General and administration 1,377 60,446 42 — 61,865 Depreciation and amortization 935 58,651 753 — 60,339 Divestiture transactions — — 7,455 — 7,455 Development project charge — 1,394 — — 1,394 Severance and reorganization costs 4 582 — — 586 Environmental remediation charge — 400 — — 400 Expense from divestiture, acquisition and financing costs — 144 — — 144 Change in fair value of acquisition related contingent consideration — (1,058 ) — — (1,058 ) 2,293 472,388 11,036 — 485,717 Operating income (loss) (2,293 ) 23,003 (8,794 ) — 11,916 Other expense (income), net: Interest income (4 ) (308 ) — — (312 ) Interest expense 38,095 80 — — 38,175 (Gain) loss on derivative instruments 280 — — — 280 (Income) loss from equity method investments (18,811 ) (169 ) 1,105 18,811 936 (Gain) loss on sale of equity method investment — — (593 ) — (593 ) Other income (557 ) (501 ) (1 ) — (1,059 ) Other expense (income), net 19,003 (898 ) 511 18,811 37,427 Income (loss) from continuing operations before income taxes (21,296 ) 23,901 (9,305 ) (18,811 ) (25,511 ) Provision (benefit) for income taxes 1,799 — — — 1,799 Income (loss) from continuing operations (23,095 ) 23,901 (9,305 ) (18,811 ) (27,310 ) Discontinued operations: Income (loss) from discontinued operations, net — 284 — — 284 Gain (loss) on disposal of discontinued operations, net — (378 ) — — (378 ) Net income (loss) (23,095 ) 23,807 (9,305 ) (18,811 ) (27,404 ) Less: Net income (loss) attributable to noncontrolling interests — — (4,309 ) — (4,309 ) Net income (loss) attributable to common stockholders $ (23,095 ) $ 23,807 $ (4,996 ) $ (18,811 ) $ (23,095 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 453,589 $ 1,746 $ — $ 455,335 Operating expenses: Cost of operations (295 ) 321,382 1,927 — 323,014 General and administration 220 57,898 87 — 58,205 Depreciation and amortization 1,017 55,142 417 — 56,576 Severance and reorganization costs 1,766 1,943 — — 3,709 Expense from divestiture, acquisition and financing costs 303 1,107 — — 1,410 3,011 437,472 2,431 — 442,914 Operating income (loss) (3,011 ) 16,117 (685 ) — 12,421 Other expense (income), net: Interest income (32,896 ) (113 ) — 32,868 (141 ) Interest expense 42,405 32,033 — (32,868 ) 41,570 Loss on debt extinguishment 15,584 — — — 15,584 Loss on derivative instruments 4,512 — — — 4,512 Loss (income) from equity method investments 24,723 36 4,405 (24,723 ) 4,441 Other income (671 ) (365 ) — — (1,036 ) Other expense (income), net 53,657 31,591 4,405 (24,723 ) 64,930 Income (loss) from continuing operations before income taxes (56,668 ) (15,474 ) (5,090 ) 24,723 (52,509 ) Provision (benefit) for income taxes (2,526 ) — — — (2,526 ) Income (loss) from continuing operations (54,142 ) (15,474 ) (5,090 ) 24,723 (49,983 ) Discontinued operations: Income (loss) from discontinued operations, net — (4,480 ) — — (4,480 ) Gain (loss) on disposal of discontinued operations, net — — — — — Net income (loss) (54,142 ) (19,954 ) (5,090 ) 24,723 (54,463 ) Less: Net income (loss) attributable to noncontrolling interest — — (321 ) — (321 ) Net income (loss) attributable to common stockholders $ (54,142 ) $ (19,954 ) $ (4,769 ) $ 24,723 $ (54,142 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (12,969 ) $ 33,371 $ 2,427 $ (34,610 ) $ (11,781 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — (51 ) — — (51 ) Other comprehensive income (loss), net of tax — (51 ) — — (51 ) Comprehensive income (loss) (12,969 ) 33,320 2,427 (34,610 ) (11,832 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 1,188 — 1,188 Comprehensive income (loss) attributable to common stockholders $ (12,969 ) $ 33,320 $ 1,239 $ (34,610 ) $ (13,020 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (6,018 ) $ 25,926 $ 430 $ (26,148 ) $ (5,810 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — 19 — — 19 Other comprehensive income (loss), net of tax — 19 — — 19 Comprehensive income (loss) (6,018 ) 25,945 430 (26,148 ) (5,791 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 208 — 208 Comprehensive income (loss) attributable to common stockholders $ (6,018 ) $ 25,945 $ 222 $ (26,148 ) $ (5,999 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (23,095 ) $ 23,807 $ (9,305 ) $ (18,811 ) $ (27,404 ) Other comprehensive income (loss), net of taxes: Unrealized gain (loss) resulting from changes in fair value of derivative instruments — — (36 ) — (36 ) Realized loss (gain) on derivative instruments reclassified into earnings — — 655 — 655 Unrealized gain (loss) resulting from changes in fair value of marketable securities — 12 — — 12 Other comprehensive income (loss) — 12 619 — 631 Comprehensive income (loss) (23,095 ) 23,819 (8,686 ) (18,811 ) (26,773 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (4,309 ) — (4,309 ) Comprehensive income (loss) attributable to common stockholders $ (23,095 ) $ 23,819 $ (4,377 ) $ (18,811 ) $ (22,464 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (54,142 ) $ (19,954 ) $ (5,090 ) $ 24,723 $ (54,463 ) Other comprehensive income (loss), net of taxes: Unrealized gain (loss) resulting from changes in fair value of derivative instruments (1,257 ) — (1,653 ) — (2,910 ) Realized loss (gain) on derivative instruments reclassified into earnings 3,626 — 621 — 4,247 Unrealized gain (loss) resulting from changes in fair value of marketable securities — 23 — — 23 Other comprehensive income (loss) 2,369 23 (1,032 ) — 1,360 Comprehensive income (loss) (51,773 ) (19,931 ) (6,122 ) 24,723 (53,103 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — (321 ) — (321 ) Comprehensive income (loss) attributable to common stockholders $ (51,773 ) $ (19,931 ) $ (5,801 ) $ 24,723 $ (52,782 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 15,543 $ 55,649 $ (685 ) $ — $ 70,507 Cash Flows from Investing Activities: Additions to property, plant and equipment (2,146 ) (47,849 ) — — (49,995 ) Payments on landfill operating lease contracts — (5,385 ) — — (5,385 ) Proceeds from divestiture transactions — 1,835 3,500 — 5,335 Proceeds from sale of property and equipment — 715 — — 715 Proceeds from property insurance settlement — 546 — — 546 Payments related to investments — 1,555 (1,555 ) — — Net cash provided by (used in) investing activities (2,146 ) (48,583 ) 1,945 — (48,784 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 351,946 3,283 — — 355,229 Principal payments on long-term debt (369,368 ) (1,628 ) — — (370,996 ) Change in restricted cash 4,471 — — — 4,471 Payments of financing costs (9,025 ) — — — (9,025 ) Payments of debt extinguishment costs (146 ) — — — (146 ) Proceeds from the exercise of share based awards 161 — — — 161 Excess tax benefit on the vesting of share based awards 185 — — — 185 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 8,722 (8,722 ) — — — Net cash provided by (used in) financing activities (13,054 ) (7,067 ) (1,495 ) — (21,616 ) Net increase (decrease) in cash and cash equivalents 343 (1 ) (235 ) — 107 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 1,939 $ 252 $ 121 $ — $ 2,312 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (27,340 ) $ 65,622 $ 4 $ — $ 38,286 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (360 ) — — (360 ) Acquisition related additions to property, plant and equipment — (45 ) — — (45 ) Additions to property, plant and equipment (1,433 ) (53,583 ) — — (55,016 ) Payments on landfill operating lease contracts — (4,739 ) — — (4,739 ) Proceeds from sale of property and equipment — 463 — — 463 Payments related to investments — (310 ) 310 — — Net cash provided by (used in) investing activities (1,433 ) (58,574 ) 310 — (59,697 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 136,800 — — — 136,800 Principal payments on long-term debt (108,917 ) (364 ) — — (109,281 ) Change in restricted cash (5,819 ) — — — (5,819 ) Payments of financing costs (2,605 ) — — — (2,605 ) Proceeds from the exercise of share based awards 143 — — — 143 Excess tax benefit on the vesting of share based awards 84 — — — 84 Intercompany borrowings 8,532 (8,532 ) — — — Net cash provided by (used in) financing activities 28,218 (8,896 ) — — 19,322 Net cash provided by (used in) discontinued operations — 1,830 — — 1,830 Net increase (decrease) in cash and cash equivalents (555 ) (18 ) 314 — (259 ) Cash and cash equivalents, beginning of period 2,151 271 42 — 2,464 Cash and cash equivalents, end of period $ 1,596 $ 253 $ 356 $ — $ 2,205 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (40,365 ) $ 89,792 $ 215 $ — $ 49,642 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (8,305 ) — — (8,305 ) Acquisition related additions to property, plant and equipment — (2,633 ) — — (2,633 ) Additions to property, plant and equipment (1,675 ) (41,236 ) (415 ) — (43,326 ) Payments on landfill operating lease contracts — (6,505 ) — — (6,505 ) Proceeds from sale of property and equipment — 1,524 — — 1,524 Proceeds from sale of equity method investment 3,442 — — — 3,442 Payments related to investments (2,107 ) — — — (2,107 ) Net cash provided by (used in) investing activities (340 ) (57,155 ) (415 ) — (57,910 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 160,487 1,163 — — 161,650 Principal payments on long-term debt (151,074 ) (1,306 ) — — (152,380 ) Payments of financing costs (405 ) — — — (405 ) Proceeds from the exercise of share based awards — 143 — — 143 Intercompany borrowings 32,588 (32,588 ) — — — Net cash provided by (used in) financing activities 41,596 (32,588 ) — — 9,008 Net cash provided by (used in) discontinued operations — (31 ) — — (31 ) Net increase (decrease) in cash and cash equivalents 891 18 (200 ) — 709 Cash and cash equivalents, beginning of period 1,260 253 242 — 1,755 Cash and cash equivalents, end of period $ 2,151 $ 271 $ 42 $ — $ 2,464 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (5,319 ) $ 50,527 $ (1,302 ) $ — $ 43,906 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (25,225 ) — — (25,225 ) Acquisition related additions to property, plant and equipment — (1,746 ) — — (1,746 ) Additions to property, plant and equipment (203 ) (48,058 ) (5,020 ) — (53,281 ) Payments on landfill operating lease contracts — (6,261 ) — — (6,261 ) Payment for capital related to divestiture — (618 ) — — (618 ) Proceeds from sale of property and equipment — 883 — — 883 Payments related to investments (4,166 ) (2,707 ) 3,666 — (3,207 ) Net cash provided by (used in) investing activities (4,369 ) (83,732 ) (1,354 ) — (89,455 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 376,185 161 — — 376,346 Principal payments on long-term debt (359,342 ) (1,516 ) — — (360,858 ) Payments of financing costs (4,609 ) — — — (4,609 ) Payments of debt extinguishment costs (10,743 ) — — — (10,743 ) Excess tax benefit on the vesting of share based awards 96 — — — 96 Net proceeds from the issuance of class A common stock 42,184 — — — 42,184 Contributions from noncontrolling interest holder — — 2,531 — 2,531 Intercompany borrowings (36,622 ) 36,622 — — — Net cash provided by (used in) financing activities 7,149 35,267 2,531 — 44,947 Discontinued Operations: Net cash provided by (used in) discontinued operations — (2,177 ) — — (2,177 ) Net increase (decrease) in cash and cash equivalents (2,539 ) (115 ) (125 ) — (2,779 ) Cash and cash equivalents, beginning of period 3,799 368 367 — 4,534 Cash and cash equivalents, end of period $ 1,260 $ 253 $ 242 $ — $ 1,755 |
Schedule II Valuation Accounts
Schedule II Valuation Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation Accounts | Schedule II Valuation Accounts Allowance for Doubtful Accounts (in thousands) Fiscal Year Ended December 31, 2015 Eight Months Ended December 31, 2014 Fiscal Year Ended April 30, 2014 2013 Balance at beginning of period $ 2,153 $ 1,672 $ 1,332 $ 740 Additions—charged to expense 1,344 1,524 1,586 1,682 Deductions—bad debts written off, net of recoveries (2,509 ) (1,043 ) (1,246 ) (1,090 ) Balance at end of period $ 988 $ 2,153 $ 1,672 $ 1,332 |
Accounting Changes (Policies)
Accounting Changes (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Policies Adopted and Pending Adoption | Adoption of New Accounting Pronouncements Income Taxes In November 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the accounting for deferred income taxes. The update provides that deferred tax liabilities and assets be classified as noncurrent amounts in a classified statement of financial position. This guidance is effective prospectively or retrospectively for annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 in order to simplify the presentation of deferred income taxes. This guidance impacts the balance sheet presentation of our deferred tax liabilities and assets. Prior periods were not retrospectively adjusted. 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, a group of components of an entity, or a business is required to be reported in discontinued operations once it 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 with no impact on our consolidated financial position or results of operations. New Accounting Pronouncements Pending Adoption Business Combinations In September 2015, the FASB issued an accounting standards update for the accounting of measurement-period adjustments in business combinations. The update provides that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined as if the accounting had been completed at the acquisition date. This includes the acquirer presenting separately on the face of the income statement or disclosing in the notes thereto the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective 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 upon adoption. Debt Issuance Costs In April 2015, the 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. This guidance will impact the balance sheet presentation of our debt issuance costs and related debt liabilities upon adoption. 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 are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. 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 upon adoption. 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 permitted only as of annual reporting periods, and interim reporting periods within those reporting periods, beginning after December 15, 2016. We are currently assessing the potential impact this guidance may have on our consolidated financial statements as a result of adopting this standard. |
Management's Estimates and Assumptions | Management’s Estimates and Assumptions 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 some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our consolidated financial statements, the estimates and assumptions that we consider to be significant and present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, asset impairments, accounts receivable valuation allowance, self-insurance reserves, deferred taxes and uncertain tax positions, estimates of the fair values of assets acquired and liabilities assumed in any acquisition, contingent liabilities and stock-based compensation. 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. Actual results may differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements. |
Change in Fiscal Year | Change in Fiscal Year In June 2014, we elected to change our fiscal year-end from April 30 th st Term Financial Reporting Period fiscal year 2015 January 1, 2015 through December 31, 2015 transition period 2014 May 1, 2014 through December 31, 2014 fiscal year 2014 May 1, 2013 through April 30, 2014 fiscal year 2013 May 1, 2012 through April 30, 2013 |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable-trade and derivative instruments. We maintain cash and cash equivalents and restricted cash with banks that at times exceed applicable insurance limits. We reduce our exposure to credit risk by maintaining such deposits with high quality financial institutions. Our concentration of credit risk with respect to accounts receivable-trade is limited because our customer base is comprised of a large number of geographically diverse customers, thus reducing the credit risk associated with any one customer group. As of December 31, 2015 no single customer or customer group represented greater than 5% of total accounts receivable-trade. We manage credit risk through credit evaluations, credit limits, monitoring procedures and, at times, credit insurance, but generally do not require collateral to support accounts receivable -trade. We reduce our exposure to credit risk associated with derivative instruments by entering into agreements with high quality financial institutions and by evaluating and regularly monitoring their creditworthiness. |
Accounts Receivable - Trade, Net of Allowance for Doubtful Accounts | Accounts Receivable – Trade, Net of Allowance for Doubtful Accounts Accounts receivable – trade represent receivables from customers for collection, transfer, recycling, disposal and other services. Our accounts receivable – trade are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. The carrying value of our accounts receivable – trade, net of allowance for doubtful accounts, represents its estimated net realizable value. Estimates are used in determining our allowance for doubtful accounts based on our historical collection experience, current trends, credit policy and a review of our accounts receivable – trade by aging category. Our reserve is evaluated and revised on a monthly basis. Past-due accounts receivable-trade are written off when deemed to be uncollectible. As of December 31, 2015, $44,707 of our accounts receivable – trade served as eligible collateral under our senior secured asset-based revolving credit and letter of credit facility (“ABL Facility”). |
Inventory | Inventory Inventory includes secondary fibers, recyclables ready for sale, and parts and supplies. Inventory is stated at the lower of cost (first-in, first-out) or market. As of December 31, 2015, $219 of our recyclables ready for sale served as eligible collateral under our ABL Facility. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost, less accumulated depreciation and amortization. We provide for depreciation and amortization using the straight-line method by charges to operations in amounts that allocate the cost of the assets over their estimated useful lives as follows: Asset Classification Estimated Useful Life Buildings and improvements 10-30 years Machinery and equipment 5-10 years Rolling stock 5-10 years Containers 5-12 years Furniture and Fixtures 3-8 years The cost of maintenance and repairs is charged to operations as incurred. Landfill development costs are included in property, plant and equipment. Landfill development costs include costs to develop each of our landfill sites, including such costs related to landfill liner material and installation, excavation for airspace, landfill leachate collection systems, landfill gas collection systems, environmental monitoring equipment for groundwater and landfill gas, directly related engineering, capitalized interest, on-site road construction, and other capital infrastructure. Additionally, landfill development costs include all land purchases within the landfill footprint and the purchase of any required landfill buffer property. Under life-cycle accounting, these costs are capitalized and charged to expense based on tonnage placed into each site. See the “ Landfill Accounting Property, Plant and Equipment |
Landfill Accounting | Landfill Accounting Life Cycle Accounting Under life-cycle accounting, all costs related to acquisition and construction of landfill sites are capitalized and charged to expense based on tonnage placed into each site. Landfill permitting, acquisition and preparation costs are amortized on the units-of-consumption method as landfill airspace is consumed. In determining the amortization rate for our landfills, preparation costs include the total estimated costs to complete construction of the landfills’ permitted and expansion capacity. Landfill Development Costs We estimate the total cost to develop each of our landfill sites to its remaining permitted and expansion capacity (see landfill development costs discussed within the “ Property, Plant and Equipment Landfill Airspace We apply the following guidelines in determining a landfill’s remaining permitted and expansion airspace: Remaining Permitted Airspace. Expansion Airspace • we control the land on which the expansion is sought; • all technical siting criteria have been met or a variance has been obtained or is reasonably expected to be obtained; • we have not identified any legal or political impediments which we believe will not be resolved in our favor; • we are actively working on obtaining any necessary permits and we expect that all required permits will be received; and • senior management has approved the project. For unpermitted airspace to be included in our estimate of remaining permitted and expansion airspace, the expansion effort must meet all of the criteria listed above. These criteria are evaluated annually by our engineers, accountants, lawyers, managers and others to identify potential obstacles to obtaining the permits. Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys. When we include the expansion airspace in our calculation of remaining permitted and expansion airspace, we include the projected costs for development, as well as the projected asset retirement costs related to final capping, closure and post-closure of the expansion airspace in the amortization basis of the landfill. After determining the costs and the remaining permitted and expansion capacity at each of our landfills, we determine the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. We calculate per ton amortization rates for assets associated with each final capping event, for assets related to closure and post-closure activities and for all other costs capitalized or to be capitalized in the future for each landfill. These rates per ton are updated annually, or more frequently, as significant facts change. It is possible that actual results, including the amount of costs incurred, the timing of final capping, closure and post-closure activities, our airspace utilization or the success of our expansion efforts could ultimately turn out to be significantly different from our estimates and assumptions. To the extent that such estimates or related assumptions prove to be significantly different than actual results, lower profitability may be experienced due to higher amortization rates, higher final capping, closure or post-closure rates, or higher expenses. Higher profitability may result if the opposite occurs. Most significantly, if it is determined that the expansion capacity should no longer be considered in calculating the recoverability of the landfill asset, we may be required to recognize an asset impairment. If it is determined that the likelihood of receiving an expansion permit has become remote, the capitalized costs related to the expansion effort are expensed immediately. Final Capping, Closure and Post-Closure Costs The following is a description of our landfill asset retirement activities and related accounting: Final Capping Costs. Closure and Post-Closure Costs. r Our estimated future closure and post-closure costs, based on our interpretation of current requirements and proposed regulatory changes, are intended to approximate fair value. Absent quoted market prices, our cost estimates are based on historical experience, professional engineering judgment and quoted or actual prices paid for similar work. Our estimate of costs to discharge final capping, closure and post-closure asset retirement obligations for landfills are developed in today’s dollars. These costs are then inflated to the period of performance using an estimate of inflation, which is updated annually (2.0% as of December 31, 2015). Final capping, closure and post-closure liabilities are discounted using the credit adjusted risk-free rate in effect at the time the obligation is incurred. The weighted average rate applicable to our asset retirement obligations as of December 31, 2015 is between approximately 9.1% and 9.5%, the range of the credit adjusted risk free rates effective since the adoption of guidance associated with asset retirement obligations in the fiscal year ended April 30, 2004. Accretion expense is necessary to increase the accrued final capping, closure and post-closure liabilities to the future anticipated obligation. To accomplish this, we accrete our final capping, closure and post-closure accrual balances using the same credit-adjusted risk-free rate that was used to calculate the recorded liability. Accretion expense on recorded landfill liabilities is recorded to cost of operations from the time the liability is recognized until the costs are paid. Accretion expense on recorded landfill liabilities amounted to $3,370, $2,275, $3,967 and $3,538 in fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013, respectively. We provide for the accrual and amortization of estimated future obligations for closure and post-closure based on tonnage placed into each site. With regards to final capping, the liability is recognized and the costs are amortized based on the airspace related to the specific final capping event. See Note 8, Final Capping, Closure and Post-Closure Costs We operate in states which require a certain portion of landfill final capping, closure and post-closure obligations to be secured by financial assurance, which may take the form of surety bonds, letters of credit and restricted cash. Surety bonds securing closure and post-closure obligations at December 31, 2015, December 31, 2014 and April 30, 2014 totaled $156,163, $144,633 and 133,847, respectively. Letters of credit securing closure and post-closure obligations as of December 31, 2015, December 31, 2014 and April 30, 2014 totaled $1,000, $1,104 and $1,104, respectively. See Note 5, Restricted Cash / Restricted Assets Landfill Operating Lease Contracts We entered into three landfill operation and management agreements in the fiscal year ended April 30, 2004 and one landfill operation and management agreement in the fiscal year ended April 30, 2006. These agreements are long-term landfill operating contracts with government bodies whereby we receive tipping revenue, pay normal operating expenses and assume future final capping, closure and post-closure liabilities. The government body retains ownership of the landfill. There is no bargain purchase option and title to the property does not pass to us at the end of the lease term. We allocate the consideration paid to the landfill airspace rights and underlying land lease based on the relative fair values. In addition to up-front or one-time payments, the landfill operating agreements require us to make future minimum rental payments, including success/expansion fees, other direct costs and final capping, closure and post-closure costs. The value of all future minimum rental payments is amortized and charged to cost of operations over the life of the contract. We amortize the consideration allocated to airspace rights as airspace is utilized on a units-of-consumption basis and such amortization is charged to cost of operations as airspace is consumed (e.g., as tons are placed into the landfill). The underlying value of any land lease is amortized to cost of operations on a straight-line basis over the estimated life of the operating agreement. See Note 6, Property, Plant and Equipment |
Leases | Leases We lease property and equipment in the ordinary course of our business. Our most significant lease obligations are for property and equipment specific to our industry. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, lease concessions, capital project funding, penalties or other obligations that we consider in determining minimum rental payments. Leases are classified as either operating leases or capital leases, as appropriate. Operating Leases. Commitments and Contingencies Capital Leases. Long-Term Debt and Capital Leases |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill. Asset Impairments Goodwill and Intangible Assets Intangible Assets. Goodwill and Intangible Assets |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Investments in unconsolidated entities over which we have significant influence over the investees’ operating and financing activities are accounted for under the equity method of accounting. Investments in affiliates in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. As of December 31, 2015, December 31, 2014 and April 30, 2014, we had no investments accounted for under the equity method of accounting. We monitor and assess the carrying value of our investments throughout the year for potential impairment and write them down to their fair value when other-than-temporary declines exist. Fair value is generally based on (i) other third-party investors’ recent transactions in the securities; (ii) other information available regarding the current market for similar assets and/or (iii) a market or income approach, as deemed appropriate. When we assess the carrying value of our investments for potential impairment, determining the fair value of our investments is reliant upon the availability of market information and/or other information provided by third-parties to be able to develop an estimate of fair value. Additionally, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or other holders of these investments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a significant effect on the estimated fair values. The current estimates of fair value could differ significantly from the amounts presented. See “Asset Impairments” Fair Value of Financial Instruments Equity Method Investments GreenFiber. Tompkins. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable-trade, restricted cash and 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 and restricted cash reserved to finance certain capital projects, interest rate derivatives, trade payables and long-term debt. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The three-tier hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: 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. See Note 9, Long-Term Debt and Capital Leases Fair Value of Financial Instruments Derivatives and Hedging |
Business Combinations | Business Combinations We acquire businesses in the waste industry, including non-hazardous waste collection, transfer station, recycling and disposal operations, as part of our growth strategy. Businesses are included in the consolidated financial statements from the date of acquisition. We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (b) the fair value of net assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once we receive the information we were seeking; however, this period will not extend beyond one year from the acquisition date. Any material adjustments recognized during the measurement period will be recognized retrospectively in the consolidated financial statements of the current period. All acquisition related transaction and restructuring costs are to be expensed as incurred. See Note 4, Business Combinations . |
Environmental Remediation Liabilities | Environmental Remediation Liabilities We have recorded environmental remediation liabilities representing our estimate of the most likely outcome of the matters for which we have determined that a liability is probable. These liabilities include potentially responsible party investigations, settlements, certain legal and consultant fees, as well as costs directly associated with site investigation and clean up, such as materials and incremental internal costs directly related to the remedy. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. We estimate costs required to remediate sites where it is probable that a liability has been incurred based on site-specific facts and circumstances. Estimates of the cost for the likely remedy are developed using third-party environmental engineers or other service providers. Where we believe that both the amount of a particular environmental remediation liability and timing of payments are reliably determinable, we inflate the cost in current dollars until the expected time of payment and discount the cost to present value. See Note 10, Commitments and Contingencies |
Self-Insurance Liabilities and Related Costs | Self-Insurance Liabilities and Related Costs We are self-insured for vehicles and workers’ compensation with reinsurance coverage limiting our maximum exposure. Our maximum exposure in fiscal year 2015 under the workers’ compensation plan is $1,000 per individual event. Our maximum exposure in fiscal year 2015 under the automobile plan is $1,200 per individual event. The liability for unpaid claims and associated expenses, including incurred but not reported losses, is determined by management with the assistance of a third-party actuary and reflected in our consolidated balance sheet as an accrued liability. We use a third-party to track and evaluate actual claims experience for consistency with the data used in the annual actuarial valuation. The actuarially determined liability is calculated based on historical data, which considers both the frequency and settlement amount of claims. Our self-insurance reserves totaled $11,560, $10,863 and $10,280 as of December 31, 2015, December 31, 2014 and April 30, 2014, respectively. Our estimated accruals for these liabilities could be significantly different than our ultimate obligations if variables such as the frequency or severity of future events differ significantly from our assumptions. |
Income Taxes | Income Taxes We use estimates to determine our provision for income taxes and related assets and liabilities and any valuation allowance recorded against our net deferred tax assets. Valuation allowances have been established for the possibility that tax benefits may not be realized for certain deferred tax assets. Deferred income taxes are recognized based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using currently enacted tax rates. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making this determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we will make an adjustment to the valuation allowance which would reduce the provision for income taxes. We account for income tax uncertainties according to guidance on the recognition, de-recognition and measurement of potential tax benefits associated with tax positions. We recognize interest and penalties relating to income tax matters as a component of income tax expense. See Note 14, Income Taxes |
Derivatives and Hedging | Derivatives and Hedging We account for derivatives and hedging activities in accordance with derivatives and hedging accounting guidance that establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value. The guidance also requires that changes in the derivative’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Our objective for utilizing derivative instruments is to reduce our exposure to fluctuations in cash flows due to changes in the commodity prices of recycled paper and adverse movements in interest rates. Our strategy to hedge against fluctuations in the commodity prices of recycled paper is to enter into hedges to mitigate the variability in cash flows generated from the sales of recycled paper at floating prices, resulting in a fixed price being received from these sales. We evaluate the hedges and ensure that these instruments qualify for hedge accounting pursuant to derivative and hedging guidance. Designated as effective cash flow hedges, the change in the fair value of these derivatives is recorded in our stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss) until the hedged item is settled and recognized as part of commodity revenue. If the price per short ton of the underlying commodity, as reported on the Official Board Market, is less than the contract price per short ton, we receive the difference between the average price and the contract price (multiplied by the notional tons) from the respective counter-party. If the price per short ton of the underlying commodity exceeds the contract price per short ton, we pay the calculated difference to the counter-party. The fair value of commodity hedges are obtained or derived from our counter-parties using valuation models that take into consideration market price assumptions for commodities based on underlying active markets. We were not party to any commodity hedge contracts as of December 31, 2015. Our strategy to hedge against fluctuations in variable interest rates involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates. For interest rate derivatives deemed to be effective cash flow hedges, the change in fair value is recorded in our stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss) and included in interest expense at the same time as interest expense is affected by the hedged transaction. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt. We were not party to any interest rate derivative agreements deemed to be effective cash flow hedges as of December 31, 2015. For interest rate derivatives deemed to be ineffective cash flow hedges, the change in fair value is recorded through earnings and included in loss (gain) on derivative instruments. We are currently party to one interest rate swap deemed to be an ineffective cash flow hedge that is scheduled to mature on March 15, 2016 and were party to another interest rate swap deemed to be an ineffective cash flow hedge that was settled in fiscal year 2015 for $830 in conjunction with the refinancing of our senior revolving credit and letter of credit facility that was due March 18, 2016 (“Senior Credit Facility”). See Note 12, Fair Value of Financial Instruments |
Contingent Liabilities | Contingent Liabilities We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We analyze our litigation and regulatory matters based on available information to assess the potential liabilities. Management’s assessment is developed based on an analysis of possible outcomes under various strategies. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if estimable. We record losses related to contingencies in cost of operations or general and administration expenses, depending on the nature of the underlying transaction leading to the loss contingency. See Note 10, Commitments and Contingencies Business Combinations |
Revenue Recognition | Revenue Recognition We recognize collection, transfer, recycling and disposal revenues as the services are provided. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. Revenues from the sale of recycled materials are recognized upon shipment. Rebates to certain municipalities based on sales of recyclable materials are recorded upon the sale of such recyclables to third-parties and are included as a reduction of revenues. Revenues for processing of recyclable materials are recognized when the related service is provided. Revenues from the brokerage of recycled materials are recognized on a net basis at the time of shipment. |
Asset Impairments | Asset Impairments Recovery of Long-Lived Assets. • a significant decrease in the market price of an asset or asset group; • a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition; • a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; • a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or • an impairment of goodwill at a reporting unit. There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion. For example, a regulator may initially deny a landfill expansion permit application although the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry. If an impairment indicator occurs, we perform a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. We group our long-lived assets for this purpose at the lowest level for which identifiable cash flows are primarily independent of the cash flows of other assets or asset groups. If the carrying values are in excess of undiscounted expected future cash flows, we measure any impairment by comparing the fair value of the asset or asset group to its carrying value. To determine fair value, we use discounted cash flow analyses and estimates about the future cash flows of the asset or asset group. This analysis includes a determination of an appropriate discount rate, the amount and timing of expected future cash flows and growth rates. The cash flows employed in our discounted cash flow analyses are typically based on financial forecasts developed internally by management. The discount rate used is commensurate with the risks involved. We may also rely on third-party valuations and or information available regarding the market value for similar assets. If the fair value of an asset or asset group is determined to be less than the carrying amount of the asset or asset group, impairment in the amount of the difference is recorded in the period that the impairment occurs. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized. See Note 15, Other Items and Charges Goodwill. th th st th st We may assess whether a goodwill impairment exists using either a qualitative or a quantitative assessment. If we perform a qualitative assessment, it involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, we will not perform a quantitative assessment. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if we elect not to perform a qualitative assessment, we perform a quantitative assessment, or two-step impairment test, to determine whether goodwill impairment exists at the reporting unit. In the first step (defined as “Step 1”) of testing for goodwill impairment, we estimate the fair value of each reporting unit, which we have determined to be our geographic operating segments, our Recycling segment and our Customer Solutions business, which is included in the Other segment, and compare the fair value with the carrying value of the net assets of each reporting unit. If the fair value is less than its carrying value, then we would perform a second step (defined as “Step 2”) and determine the fair value of the goodwill. In Step 2, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. To determine the fair value of each of our reporting units as a whole we use discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit. Significant judgments inherent in this analysis include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in our discounted cash flow analyses are based on financial forecasts developed internally by management. Our discount rate assumptions are based on an assessment of our risk adjusted discount rate, applicable for each reporting unit. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate our results against our current market capitalization. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge would be recorded to earnings. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill becomes its new accounting basis. In addition to an annual goodwill impairment assessment, we would evaluate a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: • a significant adverse change in legal status or in the business climate; • an adverse action or assessment by a regulator; • a more likely than not expectation that a segment or a significant portion thereof will be sold; or • the testing for recoverability of a significant asset group within the segment. We elected to perform a quantitative analysis as part of our annual goodwill impairment test in fiscal year 2015. As of December 31, 2015, the Step 1 testing for goodwill impairment performed for the Eastern, Western, Recycling and Customer Solutions reporting units indicated that the fair value of each reporting unit exceeded its carrying amount, including goodwill. Furthermore, the Step 1 test indicated that in each case the fair value of the Eastern, Western, Recycling and Customer Solutions reporting units exceeded its carrying value by in excess of 22.9%. We incurred no impairment of goodwill as a result of our annual goodwill impairment tests in fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013. However, there can be no assurance that goodwill will not be impaired at any time in the future. Cost Method Investments. As of December 31, 2015, we owned 9.8% of the outstanding equity value of GreenerU, Inc. (“GreenerU”), a services company focused on providing energy efficiency, sustainability and renewable energy solutions to colleges and universities. In fiscal year 2015, it was determined based on the operating performance and recent indications of third-party interest in GreenerU that our cost method investment in GreenerU was potentially impaired. A valuation analysis was performed by a third-party valuation specialist using a market approach based on an option pricing methodology to determine an equity value and fair market value per share for GreenerU. Based on this analysis, it was determined that the fair value of our cost method investment in GreenerU was less than the carrying amount and, therefore, we recorded an other-than-temporary investment impairment charge of $691 in fiscal year 2015. As of December 31, 2015, the carrying amount of our cost method investment in GreenerU was $309. As of December 31, 2015, we owned 17.0% and 16.2% of the outstanding common stock of AGreen Energy LLC (“AGreen”) and BGreen Energy LLC (“BGreen”), respectively. In fiscal year 2015, AGreen and BGreen, both of which we account for as cost method investments, entered into agreements that resulted in the contribution and sale of certain assets and liabilities of AGreen and BGreen to a limited liability company in exchange for partial ownership interests in a parent of that limited liability company. As a result of the transactions, we performed an analysis to determine whether an other-than-temporary impairment in the carrying value of our cost method investments had occurred. Based on the analysis performed, which measured the fair value of our cost method investments using an in-exchange valuation premise under the market approach that utilized the estimated purchase consideration received, we recorded an investment impairment charge of $318 in fiscal year 2015. As of December 31, 2015, the carrying amount of our cost method investment in AGreen and BGreen was $297. |
Stock-Based Compensation | Stock-Based Compensation All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense-in general and administration expense over the employee’s requisite service period. Stock-based compensation expense is based on the number of awards ultimately expected to vest and is therefore reduced for an estimate of the awards that are expected to be forfeited prior to vesting. The fair value of each stock option is estimated using a Black-Scholes option pricing model, which requires extensive use of accounting judgment and financial estimation, including estimates of the expected term option holders will retain their vested stock options before exercising them and the estimated volatility of our common stock price over the expected term. See Note 11, Stockholders Deficit |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing the net loss from continuing operations attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the combined weighted average number of common shares and potentially dilutive shares, which include, where appropriate, the assumed exercise of employee stock options, unvested restricted stock awards, unvested restricted stock units and unvested performance stock units. In computing diluted earnings per share, we utilize the treasury stock method. See Note 17, Earnings Per Share |
Discontinued Operations | Discontinued Operations We analyze our operations that have been divested or classified as held-for-sale to determine if they qualify for discontinued operations accounting. A component of an entity, a group of components of an entity, or a business is required to be reported in discontinued operations once it meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale. A disposal is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. See Note 16, Divestiture Transactions and Discontinued Operations |
Subsequent Events | Subsequent Events Except as disclosed, no material subsequent events have occurred since December 31, 2015 through the date of this filing that would require recognition or disclosure in our current period consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Property, plant and equipment is recorded at cost, less accumulated depreciation and amortization. We provide for depreciation and amortization using the straight-line method by charges to operations in amounts that allocate the cost of the assets over their estimated useful lives as follows: Asset Classification Estimated Useful Life Buildings and improvements 10-30 years Machinery and equipment 5-10 years Rolling stock 5-10 years Containers 5-12 years Furniture and Fixtures 3-8 years |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Paid for Acquisitions | The purchase price paid for these acquisitions and the allocation of the purchase price is as follows: Eight Months 2014 Fiscal Years Ended 2014 2013 Purchase Price: Cash used in acquisitions, net of cash acquired $ 314 $ 7,860 $ 25,225 Common stock issued — — 2,650 Other non-cash considerations — 555 — Contingent consideration and holdbacks (1) 67 1,653 33 Total 381 10,068 27,908 Current assets — 814 1,422 Equipment 99 2,010 9,423 Other liabilities, net — (241 ) (7,009 ) Intangible assets 251 4,302 9,850 Fair value of assets acquired and liabilities assumed 350 6,885 13,686 Excess purchase price to be allocated to goodwill $ 31 $ 3,183 $ 14,222 (1) In fiscal year 2014, we recovered a portion of the purchase price holdback amount we had previously paid and were relieved of any potential contingent consideration obligation associated with the acquisition of an industrial service management business completed earlier in fiscal year 2014. As a result, we recorded a $1,058 gain on settlement of acquisition related contingent consideration in fiscal year 2014. |
Schedule of Unaudited Pro forma Combined Information | The following unaudited pro forma combined information shows our operational results as though each of the acquisitions completed in transition period 2014, fiscal year 2014 and fiscal year 2013 had occurred as of May 1, 2012. Eight Months 2014 Fiscal Year Ended 2014 2013 Revenue $ 368,641 $ 502,304 $ 478,630 Operating income $ 22,143 $ 12,770 $ 14,820 Net loss attributable to common stockholders $ (6,015 ) $ (22,775 ) $ (53,759 ) Basic net loss per common share attributable to common stockholders $ (0.15 ) $ (0.57 ) $ (1.58 ) Basic and diluted weighted average shares outstanding 40,262 39,820 34,015 |
Restricted Cash _ Restricted 34
Restricted Cash / Restricted Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Restricted Cash / Restricted Assets | A summary of restricted cash / restricted assets is as follows: December 31, April 30, 2014 2015 2014 Current: Restricted assets - landfill closure $ — $ 76 $ 76 Non Current: Restricted assets - capital projects $ 1,348 $ 5,819 $ — Restricted assets - landfill closure 903 813 681 $ 2,251 $ 6,632 $ 681 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consists of the following: December 31, April 30, 2015 2014 2014 Land $ 24,161 $ 21,671 $ 21,445 Landfills 536,577 513,851 496,515 Landfill operating lease contracts 125,991 120,607 115,867 Buildings and improvements 140,046 139,461 134,787 Machinery and equipment 131,384 127,359 117,193 Rolling stock 139,557 138,201 128,155 Containers 94,302 90,231 85,397 1,192,018 1,151,381 1,099,359 Less: accumulated depreciation and amortization 789,766 736,839 695,935 $ 402,252 $ 414,542 $ 403,424 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Activity and Balances Related to Goodwill by Reporting Segment | A summary of the activity and balances related to goodwill by reporting segment is as follows: December 31, 2014 Other (1) December 31, 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 April 30, 2014 Acquisitions December 31, 2014 Eastern region $ 17,429 $ — $ 17,429 Western region 87,666 31 87,697 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 119,139 $ 31 $ 119,170 April 30, 2013 Acquisitions Other (2) April 30, 2014 Eastern region $ 16,858 $ 539 $ 32 $ 17,429 Western region 86,880 790 (4 ) 87,666 Recycling 12,190 125 — 12,315 Other — 1,729 — 1,729 Total $ 115,928 $ 3,183 $ 28 $ 119,139 (1) Goodwill adjustment related to the allocation of goodwill to a business that was divested in fiscal year 2015. (2) Goodwill adjustments related to acquisition activity, including the finalization of the deferred tax liability associated with the December 5, 2012 BBI acquisition. |
Components of Intangible Assets | Covenants Not-to-Compete Client Lists Total Balance, December 31, 2015 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (16,198 ) (7,881 ) (24,079 ) $ 1,068 $ 8,184 $ 9,252 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 Covenants Not-to-Compete Client Lists Total Balance, April 30, 2014 Intangible assets $ 17,245 $ 15,760 $ 33,005 Less accumulated amortization (15,363 ) (4,222 ) (19,585 ) $ 1,882 $ 11,538 $ 13,420 |
Estimated Future Amortization Expense | The intangible amortization expense estimated for the five fiscal years following fiscal year 2015 and thereafter is as follows: Estimated Future Amortization Expense as of December 31, 2015: 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 For the fiscal year ending December 31, 2020 $ 1,020 Thereafter $ 1,606 |
Final Capping, Closure and Po37
Final Capping, Closure and Post-Closure Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes to Accrued Capping, Closure and Post-Closure Liabilities | The changes to accrued final capping, closure and post-closure liabilities are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 April 30, 2014 Beginning balance $ 39,829 $ 44,654 $ 43,170 Obligations incurred 1,798 2,169 3,621 Revisions in estimates (1) (2,030 ) (3,378 ) (3,728 ) Accretion expense 3,370 2,275 3,967 Obligations settled (2) (1,926 ) (5,891 ) (2,376 ) Ending balance $ 41,041 $ 39,829 $ 44,654 (1) The revisions in estimates for final capping, closure and post-closure for fiscal year 2015, transition period 2014 and fiscal year 2014 consist 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 paid and amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt and Capital Le38
Long-Term Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt and Capital Leases | Long-term debt and capital leases consist of the following: December 31, April 30, 2015 2014 2014 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one month LIBOR plus 2.25% $ 57,422 $ — $ — Senior Secured Revolving Credit Facility: Due March 2016; bore interest at one month LIBOR plus 3.75% — 131,300 133,860 Tax-Exempt Bonds: New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 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 due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% 21,400 21,400 21,400 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 due August 2035 - fixed rate interest period through 2025, bearing interest at 5.125% 15,000 — — Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 due April 2036 - fixed rate interest period through 2018, bearing interest at 4.75% 16,000 16,000 16,000 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 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 3,600 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013; letter of credit backed due April 2029 - converted to fixed rate interest period, bore interest at SIFMA Index — — 5,500 Other: Capital leases maturing through April 2023, bearing interest at up to 7.70% 4,130 3,295 3,710 Notes payable maturing through December 2017, bearing interest at up to 7.00% 1,167 435 440 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,372, $1,319 and $1,491) 368,928 323,681 323,509 523,647 535,711 508,019 Less—current maturities of long-term debt 1,448 1,656 885 $ 522,199 $ 534,055 $ 507,134 |
Components of Interest Expense | The components of interest expense are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 2014 2013 Interest expense on long-term debt and capital leases $ 35,868 $ 23,065 $ 34,216 $ 36,955 Amortization of debt financing costs 3,613 2,020 2,757 3,325 Amortization of debt discounts 364 173 243 626 Letter of credit fees 637 714 1,215 1,032 Less: capitalized interest (62 ) (333 ) (256 ) (368 ) Total interest expense $ 40,420 $ 25,639 $ 38,175 $ 41,570 |
Schedule of Future Maturities of Debt | Aggregate principal maturities of long-term debt and capital leases are as follows: Estimated Future Payments as of December 31, 2015: 2016 $ 1,448 2017 856 2018 633 2019 (1) 369,609 2020 58,402 Thereafter 92,699 $ 523,647 (1) Includes unamortized discount of $1,372 on 2019 Notes. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments under Non-Cancellable Operating Leases | Future minimum rental payments under non-cancellable operating leases, which include landfill operating leases, are as follows: Estimated Future Minimum Lease Payments as of December 31, 2015: 2016 $ 17,591 2017 17,838 2018 17,954 2019 16,519 2020 13,218 Thereafter 117,224 Total minimum lease payments $ 200,344 |
Schedule of Environmental Liability Associated with Potsdam | The changes to the environmental remediation liability associated with the Potsdam environmental remediation liability are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 April 30, 2014 Beginning balance $ 5,142 $ 5,320 $ 5,297 Obligations incurred — — 31 Revisions in estimates (1) — — (118 ) Accretion expense 79 92 138 Payments — (270 ) (28 ) Ending balance $ 5,221 $ 5,142 $ 5,320 |
Schedule of Total Expected Environmental Remediation Payments for Succeeding Year | The total expected environmental remediation payments, in today’s dollars, for each of the five succeeding fiscal years and the aggregate amount thereafter are as follows: Estimated Future Environmental Remediation Payments as of December 31, 2015: 2016 $ 273 2017 3,256 2018 855 2019 40 2020 25 Thereafter 749 Total $ 5,198 |
Reconciliation of Expected Aggregate Non-inflated, Undiscounted Environmental Remediation Liability to Amount Recognized in Statement of Financial Position | A reconciliation of the expected aggregate non-inflated, undiscounted environmental remediation liability to the amount recognized in the statement of financial position is as follows: Undiscounted liability $ 5,198 Plus inflation 23 Liability balance - December 31, 2015 $ 5,221 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity: Weighted Average Weighted Remaining Average Contractual Aggregate Stock Options Exercise Price Term (years) Intrinsic Value Outstanding, December 31, 2014 1,380 $ 7.70 Granted 150 $ 7.17 Exercised (33 ) $ 4.85 Forfeited (200 ) $ 12.16 Outstanding, December 31, 2015 1,297 $ 7.03 5.5 $ 1,156 Exercisable, December 31, 2015 942 $ 7.47 4.2 $ 928 Expected to vest, December 31, 2015 1,296 $ 7.03 5.5 $ 1,155 |
Schedule of Fair Value of Stock Options Weighted Average Assumptions | The weighted average fair value of stock options granted during fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 were $5.35, $3.62, $4.22 and $3.03 per option, respectively, which were calculated assuming no expected dividend yield using the following weighted average assumptions: Fiscal Year Ended Eight Months Ended Fiscal Year Ended December 31, 2015 December 31, 2014 2014 2013 Expected life 7.24 years 7.00 years 6.79 years 6.82 years Risk-free interest rate 2.02% 2.15% 2.22% 1.14% Expected volatility 81.31% 82.76% 83.96% 84.40% |
Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity | The following table summarizes restricted stock, restricted stock unit and performance stock unit activity: Restricted Stock, Weighted Average Restricted Stock Units, Weighted Remaining and Performance Stock Average Contractual Term Aggregate Intrinsic Units (1) Grant Price (years) Value Outstanding, December 31, 2014 1,048 $ 4.79 Granted 624 $ 4.40 Class A Common Stock Vested (410 ) $ 4.68 Forfeited (300 ) $ 5.09 Outstanding, December 31, 2015 962 $ 4.49 1.8 $ 1,449 Expected to vest, December 31, 2015 825 $ 4.51 1.8 $ 1,228 (1) Performance stock units are included at the 100% attainment level. As of December 31, 2015, no performance stock units remain outstanding. |
Summary of Grant Activity for Other Stock Awards | The following table summarizes the grant activity for other stock: Granted Weighted Unissued Fiscal year 2013 grants Restricted stock units 340 $ 5.15 — Performance stock units 316 $ 5.17 — Restricted stock awards 79 $ 4.45 — Total 735 — Fiscal year 2014 grants Restricted stock units 482 $ 4.09 135 Restricted stock awards 60 $ 5.81 14 Total 542 149 Transition period 2014 grants Restricted stock units 277 $ 5.28 171 Restricted stock awards 93 $ 3.78 44 Total 370 215 Fiscal year 2015 grants Restricted stock units 562 $ 4.20 541 Restricted stock awards 62 $ 6.25 57 Total 624 598 |
Accumulated Other Comprehensive Income (Loss) | The changes in the balances of each component of accumulated other comprehensive income (loss) are as follows: Marketable Commodity Interest Total Balance as of April 30, 2012 $ 4 $ 413 $ (2,369 ) $ (1,952 ) Other comprehensive income (loss) before reclassifications 23 (1,653 ) (1,257 ) (2,887 ) Amounts reclassified from accumulated other comprehensive loss — 621 3,626 4,247 Net current-period other comprehensive income (loss) 23 (1,032 ) 2,369 1,360 Balance as of April 30, 2013 27 (619 ) — (592 ) Other comprehensive income (loss) before reclassifications 12 (36 ) — (24 ) Amounts reclassified from accumulated other comprehensive loss — 655 — 655 Net current-period other comprehensive income 12 619 — 631 Balance as of April 30, 2014 39 — — 39 Other comprehensive income 19 — — 19 Balance as of December 31, 2014 58 — — 58 Other comprehensive loss (51 ) — — (51 ) Balance as of December 31, 2015 $ 7 $ — $ — $ 7 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | A summary of reclassifications out of accumulated other comprehensive income (loss) for fiscal year 2015, transition period 2014, fiscal year 2014 and fiscal year 2013 is as follows: Fiscal Year Eight Months Ended Ended Fiscal Year Ended December 31, December 31, April 30, 2015 2014 2014 2013 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified Out of Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations Loss on derivative instruments: GreenFiber commodity hedges $ — $ — $ (405 ) $ (621 ) Loss from equity method investments Interest rate contracts — — — (3,626 ) Loss on derivative instruments — — (405 ) (4,247 ) Loss from continuing operations before income taxes and discontinued operations — — (250 ) — Benefit for income taxes $ — $ — $ (655 ) $ (4,247 ) Loss from continuing operations before discontinued operations |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Our financial assets and liabilities that are measured at fair value on a recurring basis include the following: Fair Value Measurement at December 31, 2015 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - capital projects $ 1,348 $ — $ — Restricted assets - landfill closure 903 — — $ 2,251 $ — $ — Liabilities: Interest rate derivative $ — $ 178 $ — Fair Value Measurement at December 31, 2014 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - capital projects $ 5,819 $ — $ — Restricted assets - landfill closure 813 — — $ 6,632 $ — $ — Liabilities: Interest rate derivatives $ — $ 1,668 $ — Fair Value Measurement at April 30, 2014 Using: Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Assets: Restricted assets - landfill closure $ 681 $ — $ — Liabilities: Interest rate derivatives $ — $ 2,770 $ — |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Our assets and liabilities that are measured at fair value on a non-recurring basis include the following: Fair Value Measurement at December 31, 2015 Using: Quoted Prices in Significant Other Significant Assets: Cost method investment - GreenerU $ — $ — $ 309 Cost method investment - Recycle Rewards — — 1,069 $ — $ — $ 1,378 Fair Value Measurement at December 31, 2014 Using: Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Assets: Cost method investment - Recycle Rewards $ — $ — $ 2,160 Fair Value Measurement at April 30, 2014 Using: Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Assets: Asset group - CARES $ — $ — $ 650 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes Continuing Operations | The provision (benefit) for income taxes from continuing operations consists of the following: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Federal— Current $ 2,899 $ 2,231 $ — $ — Current benefit of loss carryforwards (2,899 ) (2,231 ) — — Deferred 395 463 1,262 (2,827 ) 395 463 1,262 (2,827 ) State— Current 1,112 500 219 1,040 Current benefit of loss carryforwards (557 ) (402 ) — (22 ) Deferred 401 142 318 (717 ) 956 240 537 301 $ 1,351 $ 703 $ 1,799 $ (2,526 ) |
Schedule of Difference in Provision (Benefit) for Income Taxes | The differences in the provision (benefit) for income taxes and the amounts determined by applying the Federal statutory rate to income before provision (benefit) for income taxes are as follows: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Federal statutory rate 35 % 35 % 35 % 35 % Tax at statutory rate $ (3,650 ) $ (1,787 ) $ (8,929 ) $ (18,378 ) State income taxes, net of federal benefit 198 (59 ) (1,271 ) (1,076 ) Other increase in valuation allowance 5,272 2,532 13,605 22,510 Non-deductible expenses 467 505 505 494 Tax credits (671 ) (380 ) (598 ) (660 ) Non-deductible equity income in subsidiaries and GreenFiber goodwill impairment (415 ) (73 ) 1,548 180 Decrease in valuation allowance due to BBI acquisition — — — (5,084 ) Tax over book basis in GreenFiber on sale — — (2,570 ) — Other, net 150 (35 ) (491 ) (512 ) $ 1,351 $ 703 $ 1,799 $ (2,526 ) |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred tax assets and liabilities consist of the following: December 31, April 30, 2015 2014 2014 Deferred tax assets: Book over tax depreciation of property and equipment $ 37,383 $ 31,535 $ 28,868 Net operating loss carryforwards 36,187 40,357 36,594 Accrued expenses and reserves 31,611 28,929 30,690 Alternative minimum tax credit carryforwards 3,766 3,457 3,330 General business tax credit carryforwards 3,379 2,921 2,666 Stock awards 1,338 1,082 1,315 Unrealized loss on hedges and swaps 71 672 1,115 Capital loss carryforwards — — 2,510 Other 2,707 2,106 1,496 Total deferred tax assets 116,442 111,059 108,584 Less: valuation allowance (93,007 ) (87,121 ) (84,540 ) Total deferred tax assets after valuation allowance 23,435 23,938 24,044 Deferred tax liabilities: Amortization of intangibles (28,935 ) (28,659 ) (28,210 ) Other (95 ) (264 ) (286 ) Total deferred tax liabilities (29,030 ) (28,923 ) (28,496 ) Net deferred tax liability $ (5,595 ) $ (4,985 ) $ (4,452 ) |
Schedule of Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Fiscal Year Eight Months Fiscal Year Unrecognized tax benefits at beginning of period $ 3,073 $ 3,061 $ 3,879 Gross increases for tax positions of prior years 168 14 22 Gross decreases for tax positions of prior years (1 ) (1 ) (229 ) Reductions resulting from lapse of statute of limitations (409 ) (1 ) (611 ) Gross increases resulting from reversal of benefit from lapse of statute of limitations 716 — — Settlements (168 ) — — Unrecognized tax benefits at end of period $ 3,379 $ 3,073 $ 3,061 |
Divestiture Transactions and 43
Divestiture Transactions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Revenues and Loss Before Income Taxes Attributable to Discontinued Operations | Revenues and loss before income taxes attributable to discontinued operations are as follows: Fiscal Year Eight Months Fiscal Year Ended 2015 2014 2014 2013 Revenues $ — $ — $ 3,316 $ 12,033 Income (loss) before income taxes $ — $ — $ 284 $ (4,480 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Numerator and Denominator Used in Computation of Earnings Per Share | The following table sets forth the numerator and denominator used in the computation of earnings per share: Fiscal Year Eight Months Fiscal Year Ended April 30, 2015 2014 2014 2013 Numerator: Loss from continuing operations before discontinued operations attributable to common stockholders $ (12,969 ) $ (6,018 ) $ (23,001 ) $ (49,662 ) Denominator: Number of shares outstanding, end of period: Class A common stock 40,064 39,587 39,086 38,662 Class B common stock 988 988 988 988 Unvested restricted stock (115 ) (159 ) (130 ) (134 ) Effect of weighted average shares outstanding (295 ) (154 ) (124 ) (5,501 ) Weighted average common shares outstanding 40,642 40,262 39,820 34,015 Antidilutive potentially issuable shares 2,259 2,178 2,190 2,074 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | Fiscal Year Ended December 31, 2015 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 167,467 $ 43,560 $ 25,977 $ 7,338 $ (200 ) $ 24,840 $ 17,429 $ 212,922 Western 231,951 68,284 29,488 26,035 165 20,282 87,503 318,730 Recycling 46,338 995 4,480 (2,406 ) 25 1,770 12,315 49,355 Other 100,744 1,014 2,759 899 40,100 3,103 1,729 68,876 Eliminations — (113,853 ) — — — — — — Total $ 546,500 $ — $ 62,704 $ 31,866 $ 40,090 $ 49,995 $ 118,976 $ 649,883 Eight Months Ended December 31, 2014 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 108,423 $ 31,840 $ 17,195 $ 3,434 $ (315 ) $ 27,354 $ 17,429 $ 211,020 Western 156,877 50,235 19,775 18,840 (6 ) 21,884 87,697 333,028 Recycling 33,741 (175 ) 2,876 (238 ) — 3,016 12,315 52,016 Other 69,333 1,763 1,639 74 25,713 2,807 1,729 73,731 Eliminations — (83,663 ) — — — — — — Total $ 368,374 $ — $ 41,485 $ 22,110 $ 25,392 $ 55,061 $ 119,170 $ 669,795 Fiscal Year Ended April 30, 2014 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 147,330 $ 38,946 $ 24,961 $ (1,105 ) $ (272 ) $ 19,870 $ 17,429 $ 200,235 Western 216,911 70,809 28,693 13,298 112 20,471 87,666 331,304 Recycling 43,825 (139 ) 4,262 (2,435 ) — 1,111 12,315 49,652 Other 89,567 2,019 2,423 2,158 38,023 4,507 1,729 68,706 Eliminations — (111,635 ) — — — — — — Total $ 497,633 $ — $ 60,339 $ 11,916 $ 37,863 $ 45,959 $ 119,139 $ 649,897 Fiscal Year Ended April 30, 2013 Segment Outside Inter-company Depreciation and Operating Interest Capital Goodwill Total assets Eastern $ 129,889 $ 30,933 $ 23,518 $ (5,291 ) $ 27,054 $ 20,383 $ 16,858 $ 198,710 Western 205,747 65,390 26,446 20,058 (1,311 ) 30,384 86,880 348,455 Recycling 42,273 116 4,303 (697 ) 5,553 935 12,190 50,921 Other 77,426 3,933 2,309 (1,649 ) 10,133 3,325 — 65,033 Eliminations — (100,372 ) — — — — — — Total $ 455,335 $ — $ 56,576 $ 12,421 $ 41,429 $ 55,027 $ 115,928 $ 663,119 |
Summary of Revenue Attributable to Services Provided by Company | Amount of our total revenue attributable to services provided are as follows: Fiscal Year Ended Eight Months Ended Fiscal Year Ended April 30, December 31, 2015 December 31, 2014 2014 2013 Collection $ 238,301 43.6 % $ 157,809 42.8 % $ 225,441 45.3 % $ 208,973 45.9 % Disposal 156,536 28.6 % 102,304 27.8 % 128,778 25.9 % 115,049 25.3 % Power generation 6,796 1.2 % 5,049 1.4 % 9,512 1.9 % 11,354 2.4 % Processing 6,061 1.1 % 6,643 1.8 % 8,852 1.8 % 6,901 1.5 % Solid waste operations 407,694 74.5 % 271,805 73.8 % 372,583 74.9 % 342,277 75.1 % Organics 39,134 7.2 % 27,012 7.3 % 37,829 7.6 % 35,330 7.8 % Customer solutions 53,334 9.8 % 35,816 9.7 % 43,396 8.7 % 35,455 7.8 % Recycling 46,338 8.5 % 33,741 9.2 % 43,825 8.8 % 42,273 9.3 % Total revenues $ 546,500 100.0 % $ 368,374 100.0 % $ 497,633 100.0 % $ 455,335 100.0 % |
Quarterly Financial Informati46
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following is a summary of certain items in the consolidated statements of operations by quarter. The impact of discontinued operations, as described in Note 16, Divestiture Transactions and Discontinued Operations Fiscal Year 2015 First Second Third Fourth Revenues $ 116,577 $ 143,714 $ 146,185 $ 140,024 Operating income $ 3,126 $ 11,342 $ 12,696 $ 4,702 Net (loss) income $ (7,963 ) $ 943 $ 2,259 $ (7,020 ) (Loss) income attributable to common stockholders from continuing operations $ (9,271 ) $ 1,025 $ 2,296 $ (7,019 ) Net (loss) income attributable to common stockholders $ (9,271 ) $ 1,025 $ 2,296 $ (7,019 ) Earnings per common share: — Basic and diluted: — (Loss) income attributable to common stockholders from continuing operations $ (0.23 ) $ 0.03 $ 0.06 $ (0.17 ) Net (loss) income attributable to common stockholders $ (0.23 ) $ 0.03 $ 0.06 $ (0.17 ) Transition Period 2014 First Second Two Months December 31, 2014 Revenues $ 141,387 $ 141,341 $ 85,646 Operating income $ 9,338 $ 10,064 $ 2,708 Net (loss) income $ (154 ) $ 361 $ (6,017 ) (Loss) income attributable to common stockholders from continuing operations $ (290 ) $ 259 $ (5,987 ) Net (loss) income attributable to common stockholders $ (290 ) $ 259 $ (5,987 ) Earnings common share: Basic and diluted: (Loss) income attributable to common stockholders from continuing operations $ (0.01 ) $ 0.01 $ (0.15 ) Net (loss) income attributable to common stockholders $ (0.01 ) $ 0.01 $ (0.15 ) Fiscal Year 2014 First Second Third Fourth Revenues $ 128,558 $ 132,296 $ 117,852 $ 118,927 Operating income (loss) $ 9,737 $ 9,450 $ (1,298 ) $ (5,973 ) Net loss $ (163 ) $ (575 ) $ (11,033 ) $ (15,633 ) Loss attributable to common stockholders from continuing operations $ (142 ) $ (294 ) $ (10,750 ) $ (11,815 ) Net loss attributable to common stockholders $ (191 ) $ (339 ) $ (10,750 ) $ (11,815 ) Earnings per common share: Basic and diluted: Loss attributable to common stockholders from continuing operations $ (0.00 ) $ (0.01 ) $ (0.27 ) $ (0.30 ) Net loss attributable to common stockholders $ (0.00 ) $ (0.01 ) $ (0.27 ) $ (0.30 ) Fiscal Year 2013 First Second Third Fourth Revenues $ 117,638 $ 116,836 $ 112,167 $ 108,694 Operating income $ 5,807 $ 4,426 $ 78 $ 2,110 Net loss $ (8,379 ) $ (21,092 ) $ (11,474 ) $ (13,518 ) Loss attributable to common stockholders from continuing operations $ (8,155 ) $ (20,732 ) $ (11,079 ) $ (9,696 ) Net loss attributable to common stockholders $ (8,371 ) $ (20,967 ) $ (11,407 ) $ (13,397 ) Earnings per common share: Basic and diluted: Loss attributable to common stockholders from continuing operations $ (0.30 ) $ (0.67 ) $ (0.28 ) $ (0.25 ) Net loss attributable to common stockholders $ (0.31 ) $ (0.68 ) $ (0.29 ) $ (0.34 ) |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (in thousands) Non- ASSETS Parent Guarantors Guarantors Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 1,939 $ 252 $ 121 $ — $ 2,312 Accounts receivable - trade, net 438 59,729 — — 60,167 Refundable income taxes 651 — — — 651 Prepaid expenses 2,612 5,058 — — 7,670 Inventory — 4,282 — — 4,282 Other current assets 520 1,066 — — 1,586 Total current assets 6,160 70,387 121 — 76,668 Property, plant and equipment, net 6,220 396,032 — — 402,252 Goodwill — 118,976 — — 118,976 Intangible assets, net 8 9,244 — — 9,252 Restricted assets 1,348 903 — — 2,251 Cost method investments 12,333 1,932 — (1,932 ) 12,333 Investments in subsidiaries 23,316 — — (23,316 ) — Other non-current assets 17,801 10,350 — — 28,151 61,026 537,437 — (25,248 ) 573,215 Intercompany receivable 484,405 (447,360 ) (38,977 ) 1,932 — $ 551,591 $ 160,464 $ (38,856 ) $ (23,316 ) $ 649,883 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non - Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 96 $ 1,352 $ — $ — $ 1,448 Accounts payable 16,203 28,504 214 — 44,921 Accrued payroll and related expenses 2,994 5,181 — — 8,175 Accrued interest 12,292 13 — — 12,305 Current accrued capping, closure and post-closure costs — 729 3 — 732 Other accrued liabilities 7,693 10,072 — — 17,765 Total current liabilities 39,278 45,851 217 — 85,346 Long-term debt and capital leases, less current maturities 519,163 3,036 — — 522,199 Accrued capping, closure and post-closure costs, less current portion — 40,279 30 — 40,309 Deferred income taxes 5,595 — — — 5,595 Other long-term liabilities 9,078 8,953 — — 18,031 — STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders’ (deficit) equity (21,523 ) 62,345 (39,029 ) (23,316 ) (21,523 ) Noncontrolling interests — — (74 ) — (74 ) Total stockholders’ (deficit) equity (21,523 ) 62,345 (39,103 ) (23,316 ) (21,597 ) $ 551,591 $ 160,464 $ (38,856 ) $ (23,316 ) $ 649,883 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (in thousands, except for share and per share data) ASSETS Parent Guarantors Non- 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 - 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 CONDENSED CONSOLIDATING BALANCE SHEET AS OF APRIL 30, 2014 (in thousands, except for share and per share data) ASSETS Parent Guarantors Non- Elimination Consolidated CURRENT ASSETS: Cash and cash equivalents $ 2,151 $ 271 $ 42 $ — $ 2,464 Restricted cash — 76 — — 76 Accounts receivable - trade, net 534 51,983 86 — 52,603 Refundable income taxes 465 — — — 465 Prepaid expenses 2,617 4,557 2 — 7,176 Inventory — 3,852 53 — 3,905 Deferred income taxes 2,502 — — — 2,502 Other current assets 312 936 7 — 1,255 Current assets of discontinued operations — 359 — — 359 Total current assets 8,581 62,034 190 — 70,805 Property, plant and equipment, net 4,104 398,670 650 — 403,424 Goodwill — 119,139 — — 119,139 Intangible assets, net 159 13,261 — — 13,420 Restricted assets — 681 — — 681 Cost method investments 16,752 1,932 — (1,932 ) 16,752 Investments in subsidiaries (36,006 ) — — 36,006 — Other non-current assets 13,874 10,331 — — 24,205 Non-current assets of discontinued operations — 1,471 — — 1,471 (1,117 ) 545,485 650 34,074 579,092 Intercompany receivable 543,291 (506,348 ) (38,875 ) 1,932 — $ 550,755 $ 101,171 $ (38,035 ) $ 36,006 $ 649,897 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Parent Guarantors Non - Elimination Consolidated CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 84 $ 801 $ — $ — $ 885 Accounts payable 22,678 28,286 824 — 51,788 Accrued payroll and related expenses 1,212 4,849 1 — 6,062 Accrued interest 6,084 3 — — 6,087 Current accrued capping, closure and post-closure costs — 7,309 3 — 7,312 Other accrued liabilities 7,289 10,081 242 — 17,612 Total current liabilities 37,347 51,329 1,070 — 89,746 Long-term debt and capital leases, less current maturities 504,836 2,298 — — 507,134 Accrued capping, closure and post-closure costs, less current portion — 37,306 36 — 37,342 Deferred income taxes 6,954 — — — 6,954 Other long-term liabilities 10,025 7,149 84 — 17,258 STOCKHOLDERS’ (DEFICIT) EQUITY: Casella Waste Systems, Inc. stockholders’ (deficit) equity (8,407 ) 3,089 (39,095 ) 36,006 (8,407 ) Noncontrolling interests — — (130 ) — (130 ) Total stockholders’ (deficit) equity (8,407 ) 3,089 (39,225 ) 36,006 (8,537 ) $ 550,755 $ 101,171 $ (38,035 ) $ 36,006 $ 649,897 |
Schedule of Consolidating Statement of Operations | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 546,376 $ 124 $ — $ 546,500 Operating expenses: Cost of operations (1 ) 382,160 456 — 382,615 General and administration 2,255 70,625 12 — 72,892 Depreciation and amortization 1,066 61,643 (5 ) — 62,704 Contract settlement charge — 1,940 — — 1,940 Divestiture transactions — (2,667 ) (2,850 ) — (5,517 ) 3,320 513,701 (2,387 ) — 514,634 Operating income (loss) (3,320 ) 32,675 2,511 — 31,866 Other expense (income), net: Interest income (47 ) (283 ) — — (330 ) Interest expense 40,191 145 84 — 40,420 Loss on debt extinguishment 999 — — — 999 (Income) loss on derivative instruments 227 — — — 227 Impairment of investments 2,099 — — — 2,099 (Income) loss from consolidated entities (34,610 ) — — 34,610 — Other income (561 ) (558 ) — — (1,119 ) Other expense (income), net 8,298 (696 ) 84 34,610 42,296 Income (loss) before income taxes (11,618 ) 33,371 2,427 (34,610 ) (10,430 ) Provision (benefit) for income taxes 1,351 — — — 1,351 Net income (loss) (12,969 ) 33,371 2,427 (34,610 ) (11,781 ) Less: Net income (loss) attributable to noncontrolling interests — — 1,188 — 1,188 Net income (loss) attributable to common stockholders $ (12,969 ) $ 33,371 $ 1,239 $ (34,610 ) $ (12,969 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 367,576 $ 798 $ — $ 368,374 Operating expenses: Cost of operations 175 258,142 333 — 258,650 General and administration 2,681 43,011 40 — 45,732 Depreciation and amortization 548 40,942 (5 ) — 41,485 Environmental remediation charge — 950 — — 950 Divestiture transactions — (553 ) — — (553 ) 3,404 342,492 368 — 346,264 Operating income (loss) (3,404 ) 25,084 430 — 22,110 Other expense (income), net: Interest income — (247 ) — — (247 ) Interest expense 25,815 (176 ) — — 25,639 (Gain) loss on derivative instruments 225 — — — 225 Impairment of investments 2,320 — — — 2,320 (Income) loss from consolidated entities (26,148 ) — — 26,148 — Other income (301 ) (419 ) — — (720 ) Other expense (income), net 1,911 (842 ) — 26,148 27,217 Income (loss) from continuing operations before income taxes (5,315 ) 25,926 430 (26,148 ) (5,107 ) Provision (benefit) for income taxes 703 — — — 703 Net income (loss) (6,018 ) 25,926 430 (26,148 ) (5,810 ) Less: Net income (loss) attributable to noncontrolling interests — — 208 — 208 Net income (loss) attributable to common stockholders $ (6,018 ) $ 25,926 $ 222 $ (26,148 ) $ (6,018 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 495,391 $ 2,242 $ — $ 497,633 Operating expenses: Cost of operations (23 ) 351,829 2,786 — 354,592 General and administration 1,377 60,446 42 — 61,865 Depreciation and amortization 935 58,651 753 — 60,339 Divestiture transactions — — 7,455 — 7,455 Development project charge — 1,394 — — 1,394 Severance and reorganization costs 4 582 — — 586 Environmental remediation charge — 400 — — 400 Expense from divestiture, acquisition and financing costs — 144 — — 144 Change in fair value of acquisition related contingent consideration — (1,058 ) — — (1,058 ) 2,293 472,388 11,036 — 485,717 Operating income (loss) (2,293 ) 23,003 (8,794 ) — 11,916 Other expense (income), net: Interest income (4 ) (308 ) — — (312 ) Interest expense 38,095 80 — — 38,175 (Gain) loss on derivative instruments 280 — — — 280 (Income) loss from equity method investments (18,811 ) (169 ) 1,105 18,811 936 (Gain) loss on sale of equity method investment — — (593 ) — (593 ) Other income (557 ) (501 ) (1 ) — (1,059 ) Other expense (income), net 19,003 (898 ) 511 18,811 37,427 Income (loss) from continuing operations before income taxes (21,296 ) 23,901 (9,305 ) (18,811 ) (25,511 ) Provision (benefit) for income taxes 1,799 — — — 1,799 Income (loss) from continuing operations (23,095 ) 23,901 (9,305 ) (18,811 ) (27,310 ) Discontinued operations: Income (loss) from discontinued operations, net — 284 — — 284 Gain (loss) on disposal of discontinued operations, net — (378 ) — — (378 ) Net income (loss) (23,095 ) 23,807 (9,305 ) (18,811 ) (27,404 ) Less: Net income (loss) attributable to noncontrolling interests — — (4,309 ) — (4,309 ) Net income (loss) attributable to common stockholders $ (23,095 ) $ 23,807 $ (4,996 ) $ (18,811 ) $ (23,095 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 453,589 $ 1,746 $ — $ 455,335 Operating expenses: Cost of operations (295 ) 321,382 1,927 — 323,014 General and administration 220 57,898 87 — 58,205 Depreciation and amortization 1,017 55,142 417 — 56,576 Severance and reorganization costs 1,766 1,943 — — 3,709 Expense from divestiture, acquisition and financing costs 303 1,107 — — 1,410 3,011 437,472 2,431 — 442,914 Operating income (loss) (3,011 ) 16,117 (685 ) — 12,421 Other expense (income), net: Interest income (32,896 ) (113 ) — 32,868 (141 ) Interest expense 42,405 32,033 — (32,868 ) 41,570 Loss on debt extinguishment 15,584 — — — 15,584 Loss on derivative instruments 4,512 — — — 4,512 Loss (income) from equity method investments 24,723 36 4,405 (24,723 ) 4,441 Other income (671 ) (365 ) — — (1,036 ) Other expense (income), net 53,657 31,591 4,405 (24,723 ) 64,930 Income (loss) from continuing operations before income taxes (56,668 ) (15,474 ) (5,090 ) 24,723 (52,509 ) Provision (benefit) for income taxes (2,526 ) — — — (2,526 ) Income (loss) from continuing operations (54,142 ) (15,474 ) (5,090 ) 24,723 (49,983 ) Discontinued operations: Income (loss) from discontinued operations, net — (4,480 ) — — (4,480 ) Gain (loss) on disposal of discontinued operations, net — — — — — Net income (loss) (54,142 ) (19,954 ) (5,090 ) 24,723 (54,463 ) Less: Net income (loss) attributable to noncontrolling interest — — (321 ) — (321 ) Net income (loss) attributable to common stockholders $ (54,142 ) $ (19,954 ) $ (4,769 ) $ 24,723 $ (54,142 ) |
Schedule of Consolidating Statement of Comprehensive Income (Loss) | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (12,969 ) $ 33,371 $ 2,427 $ (34,610 ) $ (11,781 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — (51 ) — — (51 ) Other comprehensive income (loss), net of tax — (51 ) — — (51 ) Comprehensive income (loss) (12,969 ) 33,320 2,427 (34,610 ) (11,832 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 1,188 — 1,188 Comprehensive income (loss) attributable to common stockholders $ (12,969 ) $ 33,320 $ 1,239 $ (34,610 ) $ (13,020 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (6,018 ) $ 25,926 $ 430 $ (26,148 ) $ (5,810 ) Other comprehensive income (loss), net of tax: Unrealized gain (loss) resulting from changes in fair value of marketable securities — 19 — — 19 Other comprehensive income (loss), net of tax — 19 — — 19 Comprehensive income (loss) (6,018 ) 25,945 430 (26,148 ) (5,791 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — 208 — 208 Comprehensive income (loss) attributable to common stockholders $ (6,018 ) $ 25,945 $ 222 $ (26,148 ) $ (5,999 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (23,095 ) $ 23,807 $ (9,305 ) $ (18,811 ) $ (27,404 ) Other comprehensive income (loss), net of taxes: Unrealized gain (loss) resulting from changes in fair value of derivative instruments — — (36 ) — (36 ) Realized loss (gain) on derivative instruments reclassified into earnings — — 655 — 655 Unrealized gain (loss) resulting from changes in fair value of marketable securities — 12 — — 12 Other comprehensive income (loss) — 12 619 — 631 Comprehensive income (loss) (23,095 ) 23,819 (8,686 ) (18,811 ) (26,773 ) Less: Comprehensive income (loss) attributable to noncontrolling interests — — (4,309 ) — (4,309 ) Comprehensive income (loss) attributable to common stockholders $ (23,095 ) $ 23,819 $ (4,377 ) $ (18,811 ) $ (22,464 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non - Elimination Consolidated Net income (loss) $ (54,142 ) $ (19,954 ) $ (5,090 ) $ 24,723 $ (54,463 ) Other comprehensive income (loss), net of taxes: Unrealized gain (loss) resulting from changes in fair value of derivative instruments (1,257 ) — (1,653 ) — (2,910 ) Realized loss (gain) on derivative instruments reclassified into earnings 3,626 — 621 — 4,247 Unrealized gain (loss) resulting from changes in fair value of marketable securities — 23 — — 23 Other comprehensive income (loss) 2,369 23 (1,032 ) — 1,360 Comprehensive income (loss) (51,773 ) (19,931 ) (6,122 ) 24,723 (53,103 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — (321 ) — (321 ) Comprehensive income (loss) attributable to common stockholders $ (51,773 ) $ (19,931 ) $ (5,801 ) $ 24,723 $ (52,782 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ 15,543 $ 55,649 $ (685 ) $ — $ 70,507 Cash Flows from Investing Activities: Additions to property, plant and equipment (2,146 ) (47,849 ) — — (49,995 ) Payments on landfill operating lease contracts — (5,385 ) — — (5,385 ) Proceeds from divestiture transactions — 1,835 3,500 — 5,335 Proceeds from sale of property and equipment — 715 — — 715 Proceeds from property insurance settlement — 546 — — 546 Payments related to investments — 1,555 (1,555 ) — — Net cash provided by (used in) investing activities (2,146 ) (48,583 ) 1,945 — (48,784 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 351,946 3,283 — — 355,229 Principal payments on long-term debt (369,368 ) (1,628 ) — — (370,996 ) Change in restricted cash 4,471 — — — 4,471 Payments of financing costs (9,025 ) — — — (9,025 ) Payments of debt extinguishment costs (146 ) — — — (146 ) Proceeds from the exercise of share based awards 161 — — — 161 Excess tax benefit on the vesting of share based awards 185 — — — 185 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 8,722 (8,722 ) — — — Net cash provided by (used in) financing activities (13,054 ) (7,067 ) (1,495 ) — (21,616 ) Net increase (decrease) in cash and cash equivalents 343 (1 ) (235 ) — 107 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 1,939 $ 252 $ 121 $ — $ 2,312 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS EIGHT MONTHS ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (27,340 ) $ 65,622 $ 4 $ — $ 38,286 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (360 ) — — (360 ) Acquisition related additions to property, plant and equipment — (45 ) — — (45 ) Additions to property, plant and equipment (1,433 ) (53,583 ) — — (55,016 ) Payments on landfill operating lease contracts — (4,739 ) — — (4,739 ) Proceeds from sale of property and equipment — 463 — — 463 Payments related to investments — (310 ) 310 — — Net cash provided by (used in) investing activities (1,433 ) (58,574 ) 310 — (59,697 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 136,800 — — — 136,800 Principal payments on long-term debt (108,917 ) (364 ) — — (109,281 ) Change in restricted cash (5,819 ) — — — (5,819 ) Payments of financing costs (2,605 ) — — — (2,605 ) Proceeds from the exercise of share based awards 143 — — — 143 Excess tax benefit on the vesting of share based awards 84 — — — 84 Intercompany borrowings 8,532 (8,532 ) — — — Net cash provided by (used in) financing activities 28,218 (8,896 ) — — 19,322 Net cash provided by (used in) discontinued operations — 1,830 — — 1,830 Net increase (decrease) in cash and cash equivalents (555 ) (18 ) 314 — (259 ) Cash and cash equivalents, beginning of period 2,151 271 42 — 2,464 Cash and cash equivalents, end of period $ 1,596 $ 253 $ 356 $ — $ 2,205 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED APRIL 30, 2014 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (40,365 ) $ 89,792 $ 215 $ — $ 49,642 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (8,305 ) — — (8,305 ) Acquisition related additions to property, plant and equipment — (2,633 ) — — (2,633 ) Additions to property, plant and equipment (1,675 ) (41,236 ) (415 ) — (43,326 ) Payments on landfill operating lease contracts — (6,505 ) — — (6,505 ) Proceeds from sale of property and equipment — 1,524 — — 1,524 Proceeds from sale of equity method investment 3,442 — — — 3,442 Payments related to investments (2,107 ) — — — (2,107 ) Net cash provided by (used in) investing activities (340 ) (57,155 ) (415 ) — (57,910 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 160,487 1,163 — — 161,650 Principal payments on long-term debt (151,074 ) (1,306 ) — — (152,380 ) Payments of financing costs (405 ) — — — (405 ) Proceeds from the exercise of share based awards — 143 — — 143 Intercompany borrowings 32,588 (32,588 ) — — — Net cash provided by (used in) financing activities 41,596 (32,588 ) — — 9,008 Net cash provided by (used in) discontinued operations — (31 ) — — (31 ) Net increase (decrease) in cash and cash equivalents 891 18 (200 ) — 709 Cash and cash equivalents, beginning of period 1,260 253 242 — 1,755 Cash and cash equivalents, end of period $ 2,151 $ 271 $ 42 $ — $ 2,464 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FISCAL YEAR ENDED APRIL 30, 2013 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (5,319 ) $ 50,527 $ (1,302 ) $ — $ 43,906 Cash Flows from Investing Activities: Acquisitions, net of cash acquired — (25,225 ) — — (25,225 ) Acquisition related additions to property, plant and equipment — (1,746 ) — — (1,746 ) Additions to property, plant and equipment (203 ) (48,058 ) (5,020 ) — (53,281 ) Payments on landfill operating lease contracts — (6,261 ) — — (6,261 ) Payment for capital related to divestiture — (618 ) — — (618 ) Proceeds from sale of property and equipment — 883 — — 883 Payments related to investments (4,166 ) (2,707 ) 3,666 — (3,207 ) Net cash provided by (used in) investing activities (4,369 ) (83,732 ) (1,354 ) — (89,455 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 376,185 161 — — 376,346 Principal payments on long-term debt (359,342 ) (1,516 ) — — (360,858 ) Payments of financing costs (4,609 ) — — — (4,609 ) Payments of debt extinguishment costs (10,743 ) — — — (10,743 ) Excess tax benefit on the vesting of share based awards 96 — — — 96 Net proceeds from the issuance of class A common stock 42,184 — — — 42,184 Contributions from noncontrolling interest holder — — 2,531 — 2,531 Intercompany borrowings (36,622 ) 36,622 — — — Net cash provided by (used in) financing activities 7,149 35,267 2,531 — 44,947 Discontinued Operations: Net cash provided by (used in) discontinued operations — (2,177 ) — — (2,177 ) Net increase (decrease) in cash and cash equivalents (2,539 ) (115 ) (125 ) — (2,779 ) Cash and cash equivalents, beginning of period 3,799 368 367 — 4,534 Cash and cash equivalents, end of period $ 1,260 $ 253 $ 242 $ — $ 1,755 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Cash and Cash Equivalents - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Maximum cash equivalents maturity period | Three months |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Concentrations of Credit Risk - Additional Information (Detail) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration of credit risk | As of December 31, 2015 no single group or customer represented greater than 5% of total accounts receivable-trade. | |||
Maximum percentage of accounts receivable represented by single group or customer | 100.00% | 100.00% | 100.00% | 100.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Maximum percentage of accounts receivable represented by single group or customer | 5.00% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Accounts Receivable [Member] | ABL Facility [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Debt eligible collateral amount | $ 44,707 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Inventory - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
ABL Facility [Member] | Recyclables Ready for Sale [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Debt eligible collateral amount | $ 219 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 5 years |
Minimum [Member] | Rolling Stock [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 5 years |
Minimum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 3 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 30 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 10 years |
Maximum [Member] | Rolling Stock [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 10 years |
Maximum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 12 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful life | 8 years |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Landfill Development Cost- Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Capitalized interest | $ 333 | $ 62 | $ 256 | $ 368 |
Estimate of inflation rate | 2.00% | |||
Accretion expense | 2,275 | $ 3,370 | 3,967 | |
Closure and Post-Closure Costs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accretion expense | 2,275 | 3,370 | 3,967 | $ 3,538 |
Surety bond | 144,633 | 156,163 | 133,847 | |
Letters of credit | $ 1,104 | $ 1,000 | $ 1,104 | |
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Rate of asset retirement obligation | 9.10% | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Rate of asset retirement obligation | 9.50% |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets, useful life | 10 years |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Investments in Unconsolidated Entities - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Investments under equity method of accounting | $ 0 | $ 0 | $ 0 | |
Net cash proceeds | 3,442,000 | |||
Gain on sale of equity method investment | 0 | 0 | 593,000 | |
Gain through loss from equity method investments | $ 0 | $ 0 | (936,000) | $ (4,441,000) |
GreenFiber [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Sale of equity method investment | 18,000,000 | |||
Gross cash proceeds | 19,194,000 | |||
Adjustment of working capital | 1,194,000 | |||
Net cash proceeds | 3,442,000 | |||
Unrealized losses relating to derivative instruments | 593,000 | |||
Gain on sale of equity method investment | $ 593,000 | |||
Equity method investment membership interest | 50.00% | |||
Tompkins County Recycling LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity contribution | $ 425,000 | |||
Price to purchase acquired assets prior to the acquisition date | 300,000 | |||
Gain through loss from equity method investments | $ 106,000 | |||
Equity method investment membership interest | 50.00% |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Self-Insurance Liabilities and Related Costs - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum exposure automobile plan per individual event | $ 1,000,000 | ||
Self insurance reserves | 11,560,000 | $ 10,863,000 | $ 10,280,000 |
Automobile Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum exposure automobile plan per individual event | $ 1,200,000 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Derivatives and Hedging - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)Agreement | |
Summary Of Significant Accounting Policies [Line Items] | |
Derivative Instrument maturity term | Mar. 15, 2016 |
Number of interest rate swap | Agreement | 1 |
Settlement of forward starting interest rate derivative agreements | $ | $ 830 |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Derivative Instrument maturity term | Mar. 18, 2016 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Asset Impairments - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill impairment incurred | $ 0 | $ 0 | $ 0 | $ 0 |
Investment impairment charge | 2,320,000 | 2,099,000 | ||
Carrying amount of cost method investment | 14,432,000 | $ 12,333,000 | $ 16,752,000 | |
Recycle Rewards Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Outstanding common stock percentage | 5.30% | |||
Investment impairment charge | $ 2,320,000 | $ 1,090,000 | ||
Carrying amount of cost method investment | $ 1,070,000 | |||
GreenerU Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Outstanding common stock percentage | 9.80% | |||
Investment impairment charge | $ 691,000 | |||
Carrying amount of cost method investment | $ 309,000 | |||
Agreen Energy LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Outstanding common stock percentage | 17.00% | |||
Bgreen Energy LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Outstanding common stock percentage | 16.20% | |||
Agreen And Bgreen [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Investment impairment charge | $ 318,000 | |||
Carrying amount of cost method investment | $ 297,000 | |||
Eastern Region [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reporting units exceeded their carrying values | 22.90% | |||
Western Region [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reporting units exceeded their carrying values | 22.90% | |||
Recycling [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reporting units exceeded their carrying values | 22.90% | |||
Other [Member] | Customer Solutions [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reporting units exceeded their carrying values | 22.90% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Business | |
Business Acquisition [Line Items] | |
Number of businesses acquired | 0 |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Intangible assets, useful life | 5 years |
Maximum [Member] | |
Business Acquisition [Line Items] | |
Intangible assets, useful life | 10 years |
Business Combinations - Schedul
Business Combinations - Schedule of Purchase Price Paid for Acquisitions (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Cash used in acquisitions, net of cash acquired | $ 360 | $ 8,305 | $ 25,225 | |
Excess purchase price to be allocated to goodwill | 119,170 | 119,139 | 115,928 | $ 118,976 |
BBI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash used in acquisitions, net of cash acquired | 314 | 7,860 | 25,225 | |
Common stock issued | 2,650 | |||
Other non-cash considerations | 555 | |||
Contingent consideration and holdbacks | 67 | 1,653 | 33 | |
Total | 381 | 10,068 | 27,908 | |
Current assets | 814 | 1,422 | ||
Equipment | 99 | 2,010 | 9,423 | |
Other liabilities, net | (241) | (7,009) | ||
Intangible assets | 251 | 4,302 | 9,850 | |
Fair value of assets acquired and liabilities assumed | 350 | 6,885 | 13,686 | |
Excess purchase price to be allocated to goodwill | $ 31 | $ 3,183 | $ 14,222 |
Business Combinations - Sched62
Business Combinations - Schedule of Purchase Price Paid for Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | |
Business Combinations [Abstract] | |||
Gain on settlement of acquisition related contingent consideration | $ 0 | $ 0 | $ 1,058 |
Business Combinations - Sched63
Business Combinations - Schedule of Unaudited Pro forma Combined Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Business Combinations [Abstract] | ||||
Revenue | $ 368,641 | $ 502,304 | $ 478,630 | |
Operating income | 22,143 | 12,770 | 14,820 | |
Net loss attributable to common stockholders | $ (6,015) | $ (22,775) | $ (53,759) | |
Basic net loss per common share attributable to common stockholders | $ (0.15) | $ (0.57) | $ (1.58) | |
Basic and diluted weighted average shares outstanding | 40,262 | 40,642 | 39,820 | 34,015 |
Restricted Cash _ Restricted 64
Restricted Cash / Restricted Assets - Summary of Restricted Cash / Restricted Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Current: | |||
Restricted cash / restricted assets | $ 76 | $ 76 | |
Non Current: | |||
Restricted cash / restricted assets | $ 2,251 | 6,632 | 681 |
Restricted Assets - Landfill Closure [Member] | |||
Current: | |||
Restricted cash / restricted assets | 76 | 76 | |
Non Current: | |||
Restricted cash / restricted assets | 903 | 813 | $ 681 |
Restricted Assets - Capital Projects [Member] | |||
Non Current: | |||
Restricted cash / restricted assets | $ 1,348 | $ 5,819 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,192,018 | $ 1,151,381 | $ 1,099,359 |
Less: accumulated depreciation and amortization | 789,766 | 736,839 | 695,935 |
Property, plant and equipment, net | 402,252 | 414,542 | 403,424 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 24,161 | 21,671 | 21,445 |
Landfills [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 536,577 | 513,851 | 496,515 |
Landfill operating lease contracts [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 125,991 | 120,607 | 115,867 |
Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 140,046 | 139,461 | 134,787 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 131,384 | 127,359 | 117,193 |
Rolling Stock [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 139,557 | 138,201 | 128,155 |
Containers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 94,302 | $ 90,231 | $ 85,397 |
Property, Plant and Equipment66
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 21,599 | $ 33,168 | $ 33,094 | $ 34,065 |
Depletion expense on operating lease contracts | 7,799 | 9,428 | 9,948 | 9,372 |
Property, Plant and Equipment [Member] | ABL Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Debt eligible collateral amount | 103,904 | |||
Landfills [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization expense | 17,912 | 26,969 | 24,689 | 21,206 |
Depletion expense on operating lease contracts | $ 7,799 | $ 9,428 | $ 9,948 | $ 9,372 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets - Schedule of Activity and Balances Related to Goodwill by Reporting Segment (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | |
Goodwill [Line Items] | |||
Goodwill, beginning balance | $ 119,139 | $ 119,170 | $ 115,928 |
Other | (194) | ||
Acquisitions | 31 | 3,183 | |
Goodwill, ending balance | 119,170 | 118,976 | 119,139 |
BBI Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 3,183 | 31 | 14,222 |
Other | 28 | ||
Goodwill, ending balance | 31 | 3,183 | |
Eastern Region [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 17,429 | 17,429 | 16,858 |
Acquisitions | 539 | ||
Goodwill, ending balance | 17,429 | 17,429 | 17,429 |
Eastern Region [Member] | BBI Acquisition [Member] | |||
Goodwill [Line Items] | |||
Other | 32 | ||
Western Region [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 87,666 | 87,697 | 86,880 |
Other | (194) | ||
Acquisitions | 31 | 790 | |
Goodwill, ending balance | 87,697 | 87,503 | 87,666 |
Western Region [Member] | BBI Acquisition [Member] | |||
Goodwill [Line Items] | |||
Other | (4) | ||
Recycling [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 12,315 | 12,315 | 12,190 |
Acquisitions | 125 | ||
Goodwill, ending balance | 12,315 | 12,315 | 12,315 |
Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 1,729 | 1,729 | |
Acquisitions | 1,729 | ||
Goodwill, ending balance | $ 1,729 | $ 1,729 | $ 1,729 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 33,331 | $ 33,367 | $ 33,005 |
Less accumulated amortization | (24,079) | (21,559) | (19,585) |
Intangible assets, net | 9,252 | 11,808 | 13,420 |
Covenants Not-to-Compete [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 17,266 | 17,296 | 17,245 |
Less accumulated amortization | (16,198) | (15,730) | (15,363) |
Intangible assets, net | 1,068 | 1,566 | 1,882 |
Client Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 16,065 | 16,071 | 15,760 |
Less accumulated amortization | (7,881) | (5,829) | (4,222) |
Intangible assets, net | $ 8,184 | $ 10,242 | $ 11,538 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expenses | $ 1,974 | $ 2,567 | $ 2,556 | $ 1,306 |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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, For the fiscal year ending December 31, 2020 | 1,020 |
Estimated Future Amortization Expense, Thereafter | $ 1,606 |
Final Capping, Closure and Po71
Final Capping, Closure and Post-Closure Costs - Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning balance | $ 44,654 | $ 39,829 | $ 43,170 |
Obligations incurred | 2,169 | 1,798 | 3,621 |
Revisions in estimates | (3,378) | (2,030) | (3,728) |
Accretion expense | 2,275 | 3,370 | 3,967 |
Obligations settled | (5,891) | (1,926) | (2,376) |
Ending balance | $ 39,829 | $ 41,041 | $ 44,654 |
Long-Term Debt and Capital Le72
Long-Term Debt and Capital Leases - Components of Long-Term Debt and Capital Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | $ 523,647 | $ 535,711 | $ 508,019 |
Less-current maturities of long-term debt | 1,448 | 1,656 | 885 |
Non current portion of long term debt and capital lease obligation | 522,199 | 534,055 | 507,134 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 57,422 | ||
Senior Secured Revolving Credit Facility, Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 131,300 | 133,860 | |
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 | 21,400 |
Revenue Bonds Series 2015 Due August 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 15,000 | ||
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 16,000 | 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 | 3,600 |
Revenue Bond Series 2013 Letter Of Credit Backed Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 5,500 | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 4,130 | 3,295 | 3,710 |
Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | 1,167 | 435 | 440 |
Senior Subordinated Notes Due 2019 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease | $ 368,928 | $ 323,681 | $ 323,509 |
Long-Term Debt and Capital Le73
Long-Term Debt and Capital Leases - Components of Long-Term Debt and Capital Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, due date | Feb. 26, 2020 | ||
Debt instrument stated percentage | 2.25% | ||
Debt instrument, description of variable rate basis | one month LIBOR | ||
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% | ||
Debt instrument, description of variable rate basis | one month LIBOR | ||
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% | ||
Revenue Bonds Series 2015 Due August 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, due date | Aug. 1, 2035 | ||
Debt instrument stated percentage | 5.125% | ||
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 | ||
Revenue Bond Series 2013 Letter Of Credit Backed Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, due date | Apr. 1, 2029 | ||
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 | Dec. 1, 2017 | ||
Debt instrument stated percentage | 7.00% | ||
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 | $ 1,372 | $ 1,319 | $ 1,491 |
Long-Term Debt and Capital Le74
Long-Term Debt and Capital Leases - Additional Information (Detail) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)$ / NotesPayable | Apr. 30, 2013USD ($) | Apr. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 535,711 | $ 523,647 | $ 508,019 | |
Loss on debt extinguishment | 0 | 999 | $ 15,584 | |
Carrying value of revolver debt | $ 57,422 | |||
Maine Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Jan. 1, 2025 | |||
Debt instrument interest rate | 6.25% | |||
Aggregate principal amount | $ 21,400 | |||
Maine Bonds [Member] | Variable Rate Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of bonds | $ 3,600 | |||
Senior Subordinated Notes Due 2019 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 15, 2019 | |||
Debt instrument interest rate | 7.75% | |||
Issued discount | 1,319 | $ 1,372 | 1,491 | |
Aggregate principal amount | 323,681 | 368,928 | 323,509 | |
Carrying value of bonds | 370,300 | |||
Aggregate principal repurchase amount | $ 14,700 | |||
Repurchase price per debt instrument | $ / NotesPayable | 101 | |||
Loss on debt extinguishment | $ 478 | |||
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [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 | One month 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 will be November 16, 2018. | |||
Borrowing base | $ 148,473 | |||
Available revolving credit facility | 64,112 | |||
Aggregate principal amount | 57,422 | |||
Outstanding irrevocable letters of credit totaling | $ 26,939 | |||
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated percentage | 1.75% | |||
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated percentage | 2.50% | |||
Senior Secured Revolving Credit Facility, Due 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 18, 2016 | |||
Debt instrument stated percentage | 3.75% | |||
Aggregate principal amount | 131,300 | $ 133,860 | ||
Senior Secured Revolving Credit Facility, Due 2016 [Member] | Write off Deferred Financing Costs [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | $ 521 | |||
New York Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 1, 2044 | |||
Debt instrument interest rate | 3.75% | |||
Carrying value of bonds | 25,000 | $ 25,000 | ||
Additional bond issued | $ 15,000 | |||
Revenue Bonds Series 2015 Due August 2035 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Aug. 1, 2035 | |||
Debt instrument interest rate | 5.125% | |||
Aggregate principal amount | $ 15,000 | |||
Carrying value of bonds | 15,000 | |||
Additional bond issued | 15,000 | |||
Fixed Rate Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of bonds | 458,700 | |||
Fair value of fixed rate debt | $ 458,775 | |||
Fixed Rate Bonds [Member] | Vermont Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Apr. 1, 2036 | |||
Debt instrument interest rate | 4.75% | |||
Carrying value of bonds | $ 16,000 | |||
New Hampshire Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Apr. 1, 2029 | |||
Debt instrument interest rate | 4.00% | |||
Aggregate principal amount | 5,500 | |||
Carrying value of bonds | 11,000 | $ 11,000 | ||
Additional bond issued | $ 5,500 | |||
Second Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 11.00% | |||
Loss on debt extinguishment | $ 15,584 | |||
Second Lien Notes [Member] | Write off Deferred Financing Costs [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | 2,767 | |||
Second Lien Notes [Member] | Write off Unamortized Original Issue Discount [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | 2,074 | |||
Second Lien Notes [Member] | Tender Premium and Tender Fees [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | $ 10,743 | |||
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 | |||
Issued discount | 476 | |||
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 |
Long-Term Debt and Capital Le75
Long-Term Debt and Capital Leases - Components of Interest Expense (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Interest Expense, Debt [Abstract] | ||||
Interest expense on long-term debt and capital leases | $ 23,065 | $ 35,868 | $ 34,216 | $ 36,955 |
Amortization of debt financing costs | 2,020 | 3,613 | 2,757 | 3,325 |
Amortization of debt discounts | 173 | 364 | 243 | 626 |
Letter of credit fees | 714 | 637 | 1,215 | 1,032 |
Less: capitalized interest | (333) | (62) | (256) | (368) |
Total interest expense | $ 25,639 | $ 40,420 | $ 38,175 | $ 41,570 |
Long-Term Debt and Capital Le76
Long-Term Debt and Capital Leases - Schedule of Future Maturities of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Maturities of Long-term Debt and Capital Lease Obligations [Abstract] | |||
2,016 | $ 1,448 | ||
2,017 | 856 | ||
2,018 | 633 | ||
2,019 | 369,609 | ||
2,020 | 58,402 | ||
Thereafter | 92,699 | ||
Long-term debt and capital lease | $ 523,647 | $ 535,711 | $ 508,019 |
Long-Term Debt and Capital Le77
Long-Term Debt and Capital Leases - Schedule of Future Maturities of Debt (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
2019 Notes [Member] | |
Debt Instrument, Redemption [Line Items] | |
Unamortized discount | $ 1,372 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)aExecutives | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | Jan. 29, 2016 | Apr. 30, 2011USD ($) | May. 31, 2009USD ($) | |
Contingencies And Commitments [Line Items] | |||||||
Total rent expense under operating leases charged to operations | $ 4,868,000 | $ 9,392,000 | $ 5,651,000 | $ 5,372,000 | |||
Contract settlement charge | $ 1,940,000 | ||||||
Number of executive officers | Executives | 4 | ||||||
Contract extension period | 1 year | ||||||
Total annual commitments for salaries | $ 1,425,000 | ||||||
Greenwood Street Landfill [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Litigation settlement | 129,000 | ||||||
Greenwood Street Landfill [Member] | Administrative Penalty [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Litigation settlement | 172,000 | ||||||
Expera Old Town LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Reserve related with settlement | 2,616,000 | ||||||
Contract settlement charge | 1,940,000 | ||||||
Reserve for legal costs | 75,000 | ||||||
upon execution of SA [Member] | Expera Old Town LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Litigation settlement | 1,250,000 | ||||||
Five years following execution of SA [Member] | Expera Old Town LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Litigation settlement | 350,000 | ||||||
Operating Expense [Member] | Expera Old Town LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Reserve related with settlement | 676,000 | ||||||
Maximum [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Operating facilities and equipment under operating leases | $ 36,000 | ||||||
Initial term of employment contract | 3 years | ||||||
Intangible assets, useful life | 10 years | ||||||
Salary and bonuses payment range | 3 years | ||||||
Maximum [Member] | Expera Old Town LLC [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Fuel replacement fee | $ 2,000,000 | ||||||
Maximum [Member] | Employment Contracts [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Intangible assets, useful life | 2 years | ||||||
Minimum [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Initial term of employment contract | 1 year | ||||||
Intangible assets, useful life | 5 years | ||||||
Salary and bonuses payment range | 1 year | ||||||
Minimum [Member] | Employment Contracts [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Intangible assets, useful life | 1 year | ||||||
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 | $ 12,130,000 | $ 10,219,000 | |||||
Risk free interest rate | 1.80% | ||||||
Potsdam Environmental Remediation Liability [Member] | Subsequent Event [Member] | |||||||
Contingencies And Commitments [Line Items] | |||||||
Remediation activities, participant share percentage | 15.00% |
Commitments and Contingencies79
Commitments and Contingencies - Schedule of Future Minimum Rental Payments under Non-Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 17,591 |
2,017 | 17,838 |
2,018 | 17,954 |
2,019 | 16,519 |
2,020 | 13,218 |
Thereafter | 117,224 |
Total minimum lease payments | $ 200,344 |
Commitments and Contingencies80
Commitments and Contingencies - Schedule of Environmental Liability Associated with Potsdam (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | |
Site Contingency [Line Items] | |||
Ending balance | $ 5,221 | ||
Potsdam Environmental Remediation Liability [Member] | |||
Site Contingency [Line Items] | |||
Beginning balance | $ 5,320 | 5,142 | $ 5,297 |
Revisions in estimates | (118) | ||
Payments | (270) | (28) | |
Ending balance | 5,142 | 5,221 | 5,320 |
Potsdam Environmental Remediation Liability [Member] | Obligations Incurred [Member] | |||
Site Contingency [Line Items] | |||
Accretion expense | 31 | ||
Potsdam Environmental Remediation Liability [Member] | Accretion Expense [Member] | |||
Site Contingency [Line Items] | |||
Accretion expense | $ 92 | $ 79 | $ 138 |
Commitments and Contingencies81
Commitments and Contingencies - Schedule of Future Minimum Rental (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 273 |
2,017 | 3,256 |
2,018 | 855 |
2,019 | 40 |
2,020 | 25 |
Thereafter | 749 |
Total | $ 5,198 |
Commitments and Contingencies82
Commitments and Contingencies - Reconciliation of Expected Aggregate Non-inflated, Undiscounted Amount to Amount Recognized in Statements of Financial Position (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Accrual for Environmental Loss Contingencies, Rolling Maturity [Abstract] | |
Undiscounted liability | $ 5,198 |
Plus inflation | 23 |
Liability balance | $ 5,221 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2007 | |
Limited Partners' Capital Account [Line Items] | |||||
Shares issued | 0 | 0 | |||
Weighted average fair value stock options granted | $ 3.62 | $ 7.17 | $ 4.22 | $ 3.03 | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |
Total fair value of other stock awards vested | $ 1,866,000 | $ 2,340,000 | $ 1,458,000 | $ 2,475,000 | |
Tax benefits from additional paid-in-capital adjustments | 84,000 | 185,000 | 0 | 96,000 | |
Stock Options [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | 386,000 | 671,000 | 464,000 | 528,000 | |
Aggregate intrinsic value of stock options exercised | 31,000 | 52,000 | 23,000 | 0 | |
Unrecognized stock-based compensation expense | $ 1,225,000 | ||||
Unrecognized stock-based compensation expense, weighted average period | 2 years 3 months 18 days | ||||
Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | 1,202,000 | $ 2,314,000 | 1,861,000 | 1,609,000 | |
Income taxes associated with stock-based compensation expense | 0 | 19,000 | 0 | 0 | |
Restricted Stock and Restricted Stock Unit [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Unrecognized stock-based compensation expense | $ 2,674,000 | ||||
Unrecognized stock-based compensation expense, weighted average period | 1 year 9 months 18 days | ||||
Incremental compensation expense | $ 270,000 | ||||
Amended and Restated 1997 Employee Stock Purchase Plan [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | $ 52,000 | $ 94,000 | $ 79,000 | $ 99,000 | |
Non-Employee Director [Member] | Restricted Stock Awards [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Options vesting period | 3 years | ||||
Minimum [Member] | 2006 Stock Incentive Plan [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Options vesting period | 1 year | ||||
Maximum [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Preferred stock authorized to issue | 944,000 | ||||
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] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Issuances of Class A common stock | 11,500,000 | ||||
Share price | $ 4 | ||||
Net proceeds from the registered public offering | $ 42,184,000 | ||||
Common stock, authorized shares | 1,200,000 | ||||
Number of shares available for future grant | 255,000 | ||||
Class A Common Stock [Member] | 2006 Stock Incentive Plan [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Common stock, authorized shares | 2,475,000 | ||||
Number of shares available for future grant | 956,000 |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock Options,Outstanding, December 31, 2014 | 1,380 | |||
Stock Options, Granted | 150 | |||
Stock Options, Exercised | (33) | |||
Stock Options, Forfeited | (200) | |||
Stock Options,Outstanding, December 31, 2015 | 1,380 | 1,297 | ||
Stock Options,Exercisable, December 31, 2015 | 942 | |||
Stock Options,Expected to vest, December 31, 2015 | 1,296 | |||
Weighted Average Exercise Price, Outstanding, December 31, 2014 | $ 7.70 | |||
Weighted Average Exercise Price, Granted | $ 3.62 | 7.17 | $ 4.22 | $ 3.03 |
Weighted Average Exercise Price, Exercised | 4.85 | |||
Weighted Average Exercise Price, Forfeited | 12.16 | |||
Weighted Average Exercise Price, Outstanding, December 31, 2015 | $ 7.70 | 7.03 | ||
Weighted Average Exercise Price, Exercisable, December 31, 2015 | 7.47 | |||
Weighted Average Exercise Price, Expected to vest, December 31, 2015 | $ 7.03 | |||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 6 months | |||
Weighted Average Remaining Contractual Term, Exercisable | 4 years 2 months 12 days | |||
Weighted Average Remaining Contractual Term, Expected to vest | 5 years 6 months | |||
Aggregate Intrinsic Value,Outstanding, December 31, 2015 | $ 1,156 | |||
Aggregate Intrinsic Value, Exercisable, December 31, 2015 | 928 | |||
Aggregate Intrinsic Value,Expected to vest, December 31, 2015 | $ 1,155 |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Fair Value of Stock Options Weighted Average Assumptions (Detail) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Expected life | 7 years | 7 years 2 months 27 days | 6 years 9 months 15 days | 6 years 9 months 26 days |
Risk-free interest rate | 2.15% | 2.02% | 2.22% | 1.14% |
Expected volatility | 82.76% | 81.31% | 83.96% | 84.40% |
Stockholders' Deficit - Summa86
Stockholders' Deficit - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Price, Outstanding, December 31, 2014 | $ / shares | $ 4.79 |
Weighted Average Grant Price, Granted | $ / shares | 4.40 |
Weighted Average Grant Price, Forfeited | $ / shares | 5.09 |
Weighted Average Grant Price, Outstanding, December 31, 2015 | $ / shares | 4.49 |
Weighted Average Grant Price, Expected to vest, December 31, 2015 | $ / shares | $ 4.51 |
Weighted Average Remaining Contractual Term, Outstanding | 1 year 9 months 18 days |
Weighted Average Remaining Contractual Term, Expected to vest | 1 year 9 months 18 days |
Aggregate Intrinsic Value, Outstanding, December 31, 2015 | $ | $ 1,449 |
Aggregate Intrinsic Value, Expected to vest, December 31, 2015 | $ | $ 1,228 |
Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, December 31, 2014 | shares | 1,048 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Granted | shares | 624 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Forfeited | shares | (300) |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, December 31, 2015 | shares | 962 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Expected to vest, December 31, 2015 | shares | 825 |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Price Common Stock, Vested | $ / shares | $ 4.68 |
Class A Common Stock [Member] | Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Common Stock, Vested | shares | (410) |
Stockholders' Deficit - Summa87
Stockholders' Deficit - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Parenthetical) (Detail) - Performance Stock Units [Member] | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance stock units, percentage of attainment level | 100.00% |
Performance stock units | 0 |
Stockholders' Deficit - Summa88
Stockholders' Deficit - Summary of Grant Activity for Other Stock Awards (Detail) - $ / shares shares in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Weighted Average Grant Date Fair Value | $ 4.40 | |||
2013 Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 735 | |||
2013 Grants [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 340 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 5.15 | |||
2013 Grants [Member] | Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 316 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 5.17 | |||
2013 Grants [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 79 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 4.45 | |||
2014 Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 542 | |||
Stock Awards, Unvested | 149 | |||
2014 Grants [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 482 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 4.09 | |||
Stock Awards, Unvested | 135 | |||
2014 Grants [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 60 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 5.81 | |||
Stock Awards, Unvested | 14 | |||
Transition Period 2014 Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 370 | |||
Stock Awards, Unvested | 215 | |||
Transition Period 2014 Grants [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 277 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 5.28 | |||
Stock Awards, Unvested | 171 | |||
Transition Period 2014 Grants [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 93 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 3.78 | |||
Stock Awards, Unvested | 44 | |||
2015 Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 624 | |||
Stock Awards, Unvested | 598 | |||
2015 Grants [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 562 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 4.20 | |||
Stock Awards, Unvested | 541 | |||
2015 Grants [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Awards, Granted | 62 | |||
Stock Awards, Weighted Average Grant Date Fair Value | $ 6.25 | |||
Stock Awards, Unvested | 57 |
Stockholders' Deficit - Accumul
Stockholders' Deficit - Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | $ 39 | $ 58 | $ (592) | $ (1,952) | ||
Other comprehensive income (loss) before reclassifications | $ (24) | (2,887) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 655 | 4,247 | ||||
Other comprehensive income | 19 | 631 | (51) | $ 19 | 631 | 1,360 |
Ending balance | 58 | 39 | 7 | 58 | 39 | (592) |
Marketable Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | 39 | 58 | 27 | 4 | ||
Other comprehensive income (loss) before reclassifications | 12 | 23 | ||||
Other comprehensive income | 12 | (51) | 19 | 23 | ||
Ending balance | $ 58 | 39 | $ 7 | $ 58 | 39 | 27 |
Commodity Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | $ (619) | 413 | ||||
Other comprehensive income (loss) before reclassifications | (36) | (1,653) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 655 | 621 | ||||
Other comprehensive income | $ 619 | (1,032) | ||||
Ending balance | (619) | |||||
Interest Rate Swaps [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (2,369) | |||||
Other comprehensive income (loss) before reclassifications | (1,257) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,626 | |||||
Other comprehensive income | $ 2,369 |
Stockholders' Deficit - Reclass
Stockholders' Deficit - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Loss from equity method investments | $ 0 | $ 0 | $ (936) | $ (4,441) | |||||||||||||||
Loss on derivative instruments | (225) | (227) | (280) | (4,512) | |||||||||||||||
Loss from continuing operations before income taxes and discontinued operations | (5,107) | (10,430) | (25,511) | (52,509) | |||||||||||||||
Benefit for income taxes | 703 | 1,351 | 1,799 | (2,526) | |||||||||||||||
Loss from continuing operations before discontinued operations | $ (5,987) | $ (7,019) | $ 2,296 | $ 1,025 | $ (9,271) | $ 259 | $ (290) | $ (11,815) | $ (10,750) | $ (294) | $ (142) | $ (9,696) | $ (11,079) | $ (20,732) | $ (8,155) | $ (5,810) | $ (11,781) | (27,310) | (49,983) |
Commodity Hedges [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Loss from continuing operations before income taxes and discontinued operations | (405) | (4,247) | |||||||||||||||||
Benefit for income taxes | (250) | ||||||||||||||||||
Loss from continuing operations before discontinued operations | (655) | (4,247) | |||||||||||||||||
Commodity Hedges [Member] | Commodity Contract [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | GreenFiber Commodity Hedges [Member] | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Loss from equity method investments | $ (405) | (621) | |||||||||||||||||
Commodity Hedges [Member] | Interest Rate Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Loss on derivative instruments | $ (3,626) |
Fair Value of Financial Instr91
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Assets: | |||
Restricted assets | $ 2,251 | $ 6,632 | $ 681 |
Restricted Assets - Capital Projects [Member] | |||
Assets: | |||
Restricted assets | 1,348 | 5,819 | |
Restricted Assets - Landfill Closure [Member] | |||
Assets: | |||
Restricted assets | 903 | 813 | 681 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Restricted assets | 2,251 | 6,632 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Restricted Assets - Capital Projects [Member] | |||
Assets: | |||
Restricted assets | 1,348 | 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 | 903 | 813 | 681 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Interest rate derivative | $ 178 | $ 1,668 | $ 2,770 |
Fair Value of Financial Instr92
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Assets: | |||
Cost method investment | $ 12,333 | $ 14,432 | $ 16,752 |
GreenerU Inc [Member] | |||
Assets: | |||
Cost method investment | 309 | ||
Recycle Rewards Inc [Member] | |||
Assets: | |||
Cost method investment | 1,070 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets: | |||
Cost method investment | 1,378 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | GreenerU Inc [Member] | |||
Assets: | |||
Cost method investment | 309 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Recycle Rewards Inc [Member] | |||
Assets: | |||
Cost method investment | $ 1,069 | $ 2,160 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Casella-Altela Regional Environmental Services, LLC [Member] | |||
Assets: | |||
Asset group - CARES | $ 650 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Employee Stock Purchase Plan [Line Items] | ||||
Employer contributions | $ 497 | $ 1,033 | $ 784 | $ 645 |
Defined contribution plan, description | We provide an employer matching contribution equal to fifty cents for every dollar an employee invests in the 401(k) Plan up to our maximum match of one thousand dollars per employee per calendar year, subject to revision. | |||
Employer contributions vesting period | 3 years | |||
Class A Common Stock [Member] | ||||
Employee Stock Purchase Plan [Line Items] | ||||
Discount rate | 15.00% | |||
Common stock, authorized shares | 1,200,000 | |||
Stock issued under stock purchase plan | 79,000 | 80,000 | 70,000 | 76,000 |
Stock available for distribution under stock purchase plan | 255,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes Continuing Operations (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Federal- | ||||
Current | $ 2,231 | $ 2,899 | ||
Current benefit of loss carryforwards | (2,231) | (2,899) | ||
Deferred | 463 | 395 | $ 1,262 | $ (2,827) |
Total | 463 | 395 | 1,262 | (2,827) |
State- | ||||
Current | 500 | 1,112 | 219 | 1,040 |
Current benefit of loss carryforwards | (402) | (557) | (22) | |
Deferred | 142 | 401 | 318 | (717) |
Total | 240 | 956 | 537 | 301 |
Income before provision (benefit) for income tax, net | $ 703 | $ 1,351 | $ 1,799 | $ (2,526) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Audit | Apr. 30, 2013USD ($) | Apr. 30, 2014USD ($) | Jan. 18, 2011USD ($) | |
Income Taxes [Line Items] | |||||
Income tax settlement amount | $ 180 | $ 800 | |||
Tax paid for income tax settlement | 168 | 430 | |||
Interest paid for income tax settlement | $ 12 | $ 370 | |||
Aggregate finance asserting liability total | $ 3,852 | ||||
Taxation payable | 2,220 | ||||
Penalties and interest payable | $ 1,632 | ||||
Potential cumulative liability | 8.00% | ||||
Number of audits initiated | Audit | 0 | ||||
Net operating loss carryforwards | $ 72,873 | ||||
Net operating loss carryforwards expiry period | 2032 through 2033 | ||||
State net operating loss carryforwards expiry period | $ 86,351 | ||||
Net operating loss carryforwards benefit recorded additional paid-in capital | 383 | ||||
Alternative minimum tax credit carryforwards | $ 3,457 | 3,766 | $ 3,330 | ||
General business tax credit carryforwards | 2,921 | $ 3,379 | 2,666 | ||
General business tax credit carryforwards expiration date | 2023 through 2035 | ||||
Valuation allowance | 2,581 | $ 5,886 | |||
Settlements | (168) | ||||
Unrecognized tax benefit net of federal benefit on state issue | 0 | 279 | 0 | ||
Unrecognized tax benefits | 270 | ||||
Uncertain tax positions, accrued interest | 143 | 92 | $ 76 | 116 | |
Uncertain tax positions, penalties | 8 | 8 | 9 | 8 | |
Accrued income tax expense | $ 26 | $ (51) | 41 | $ 40 | |
Business Acquisition [Member] | |||||
Income Taxes [Line Items] | |||||
Increase (decrease) in valuation allowance | $ 5,084 | ||||
State [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards expiry period | 2016 through 2035 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Difference in Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Tax at statutory rate | $ (1,787) | $ (3,650) | $ (8,929) | $ (18,378) |
State income taxes, net of federal benefit | (59) | 198 | (1,271) | (1,076) |
Non-deductible expenses | 505 | 467 | 505 | 494 |
Tax credits | (380) | (671) | (598) | (660) |
Non-deductible equity income in subsidiaries and GreenFiber goodwill impairment | (73) | (415) | 1,548 | 180 |
Tax over book basis in GreenFiber on sale | (2,570) | |||
Other, net | (35) | 150 | (491) | (512) |
Income before provision (benefit) for income tax, net | 703 | 1,351 | 1,799 | (2,526) |
Other Valuation Allowance [Member] | ||||
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | ||||
Increase (decrease) in valuation allowance | $ 2,532 | $ 5,272 | $ 13,605 | 22,510 |
Business Acquisition [Member] | ||||
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | ||||
Increase (decrease) in valuation allowance | $ (5,084) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 |
Deferred tax assets: | |||
Book over tax depreciation of property and equipment | $ 37,383 | $ 31,535 | $ 28,868 |
Net operating loss carryforwards | 36,187 | 40,357 | 36,594 |
Accrued expenses and reserves | 31,611 | 28,929 | 30,690 |
Alternative minimum tax credit carryforwards | 3,766 | 3,457 | 3,330 |
General business tax credit carryforwards | 3,379 | 2,921 | 2,666 |
Stock awards | 1,338 | 1,082 | 1,315 |
Unrealized loss on hedges and swaps | 71 | 672 | 1,115 |
Capital loss carryforwards | 2,510 | ||
Other | 2,707 | 2,106 | 1,496 |
Total deferred tax assets | 116,442 | 111,059 | 108,584 |
Less: valuation allowance | (93,007) | (87,121) | (84,540) |
Total deferred tax assets after valuation allowance | 23,435 | 23,938 | 24,044 |
Deferred tax liabilities: | |||
Amortization of intangibles | (28,935) | (28,659) | (28,210) |
Other | (95) | (264) | (286) |
Total deferred tax liabilities | (29,030) | (28,923) | (28,496) |
Net deferred tax liability | $ (5,595) | $ (4,985) | $ (4,452) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of period | $ 3,061 | $ 3,073 | $ 3,879 |
Gross increases for tax positions of prior years | 14 | 168 | 22 |
Gross decreases for tax positions of prior years | (1) | (1) | (229) |
Reductions resulting from lapse of statute of limitations | (1) | (409) | (611) |
Gross increases resulting from reversal of benefit from lapse of statute of limitations | 716 | ||
Settlements | (168) | ||
Unrecognized tax benefits at end of period | $ 3,073 | $ 3,379 | $ 3,061 |
Other Items and Charges - Addit
Other Items and Charges - Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Other Items and Charges [Line Items] | ||||
Environmental remediation charge | $ 950 | $ 0 | $ 400 | |
Legal costs for the acquisition | 0 | 0 | 144 | $ 1,410 |
Development project charge | 0 | 0 | 1,394 | |
Severance and reorganization charge | $ 0 | $ 0 | 586 | 3,709 |
BBI Acquisition [Member] | ||||
Other Items and Charges [Line Items] | ||||
Legal costs for the acquisition | 1,410 | |||
Second Lien Notes [Member] | BBI Acquisition [Member] | ||||
Other Items and Charges [Line Items] | ||||
Legal costs for the acquisition | 303 | |||
Maine Energy Facility [Member] | ||||
Other Items and Charges [Line Items] | ||||
Legal costs for the acquisition | 505 | |||
Development project charge | $ 1,394 | |||
Tompkins [Member] | ||||
Other Items and Charges [Line Items] | ||||
Equity method investment membership interest | 50.00% | |||
Legal Costs [Member] | BBI Acquisition [Member] | ||||
Other Items and Charges [Line Items] | ||||
Legal costs for the acquisition | $ 602 | |||
Legal Costs [Member] | Tompkins [Member] | ||||
Other Items and Charges [Line Items] | ||||
Legal costs for the acquisition | $ 144 |
Divestiture Transactions and100
Divestiture Transactions and Discontinued Operations - Additional Information (Detail) - USD ($) | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||
Jul. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) on disposal of discontinued operations, net | $ (378,000) | $ 0 | $ 0 | $ (378,000) | $ 0 |
Divestiture transactions | (553,000) | (5,517,000) | 7,455,000 | ||
Remaining divestiture costs | 16,667,000 | 17,765,000 | $ 17,612,000 | ||
Proceeds from sale of assets | 5,335,000 | ||||
BioFuels [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture transactions | $ (553,000) | ||||
BioFuels Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Undiscounted purchase consideration | $ 2,000,000 | ||||
Undiscounted purchase consideration paid in installments | 5 years | ||||
Maine Energy Facility [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Undiscounted purchase consideration | $ 6,650,000 | ||||
Undiscounted purchase consideration paid in installments | 21 years | ||||
Divestiture transactions | 1,149,000 | ||||
Remaining divestiture costs | 0 | ||||
Western Region [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received from sale of assets | 872,000 | ||||
Divestiture transactions | (590,000) | ||||
Western Region [Member] | Cares [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge | 7,455,000 | ||||
Casella-Altela Regional Environmental Services, LLC [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture transactions | $ (2,850,000) | ||||
Membership interest | 51.00% | ||||
Proceeds from sale of assets | $ 3,500,000 | ||||
Casella-Altela Regional Environmental Services, LLC [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture transactions | (928,000) | ||||
Proceeds from sale of assets | $ 1,050,000 | ||||
Altela, Inc. [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Membership interest | 49.00% |
Divestiture Transactions and101
Divestiture Transactions and Discontinued Operations - Schedule of Revenues and Loss Before Income Taxes Attributable to Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $ 3,316 | $ 12,033 |
Income (loss) before income taxes | $ 284 | $ (4,480) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Numerator and Denominator Used in Computation of Earnings Per Share (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Numerator: | |||||
Loss from continuing operations before discontinued operations attributable to common stockholders | $ (6,018) | $ (12,969) | $ (23,001) | $ (49,662) | |
Number of shares outstanding, end of period: | |||||
Unvested restricted stock | (159,000) | (115,000) | (130,000) | (134,000) | |
Effect of weighted average shares outstanding | (154,000) | (295,000) | (124,000) | (5,501,000) | |
Weighted average common shares outstanding | 40,262,000 | 40,642,000 | 39,820,000 | 34,015,000 | |
Antidilutive potentially issuable shares | 2,178,000 | 2,259,000 | 2,190,000 | 2,074,000 | |
Class A Common Stock [Member] | |||||
Number of shares outstanding, end of period: | |||||
Common stock shares outstanding | 39,587,000 | 40,064,000 | 39,086,000 | 38,662,000 | 25,991,000 |
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 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Lease | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Related Party Transaction [Line Items] | ||||
Total services purchased | $ 5,562 | $ 1,341 | $ 7,818 | $ 6,574 |
Outstanding accounts payable | 2 | $ 28 | 890 | |
Number of leases | Lease | 2 | |||
Total expense charged to operations under lease agreement | 263 | $ 384 | 386 | 286 |
Accrued costs associated with post-closure obligations | 39,829 | 41,041 | 44,654 | 43,170 |
Loan to an employee outstanding | 149 | |||
Charges in general and administration to reserve for the notes | 45,732 | 72,892 | 61,865 | 58,205 |
Restricted Assets - Landfill Closure [Member] | ||||
Related Party Transaction [Line Items] | ||||
Landfill post-closure cost | 8 | 9 | 8 | $ 8 |
Accrued costs associated with post-closure obligations | $ 84 | $ 75 | 94 | |
Capital Lease Obligations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease extended period | 5 years | |||
Lease maturity date | Apr. 30, 2018 | |||
Southbridge Landfill [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party contributions on business divestitures | $ 350 | |||
Related party contributions on business divestitures | 390 | |||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Leases monthly payments | $ 27 | |||
Allowance for Notes Receivable [Member] | ||||
Related Party Transaction [Line Items] | ||||
Charges in general and administration to reserve for the notes | $ 149 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | $ 85,646 | $ 140,024 | $ 146,185 | $ 143,714 | $ 116,577 | $ 141,341 | $ 141,387 | $ 118,927 | $ 117,852 | $ 132,296 | $ 128,558 | $ 108,694 | $ 112,167 | $ 116,836 | $ 117,638 | $ 368,374 | $ 546,500 | $ 497,633 | $ 455,335 |
Depreciation and amortization | 41,485 | 62,704 | 60,339 | 56,576 | |||||||||||||||
Operating income (loss) | 2,708 | 4,702 | $ 12,696 | $ 11,342 | $ 3,126 | $ 10,064 | $ 9,338 | (5,973) | $ (1,298) | $ 9,450 | $ 9,737 | 2,110 | $ 78 | $ 4,426 | $ 5,807 | 22,110 | 31,866 | 11,916 | 12,421 |
Interest expense, net | 25,392 | 40,090 | 37,863 | 41,429 | |||||||||||||||
Capital expenditures | 55,061 | 49,995 | 45,959 | 55,027 | |||||||||||||||
Goodwill | 119,170 | 118,976 | 119,139 | 115,928 | 119,170 | 118,976 | 119,139 | 115,928 | |||||||||||
Total assets | 669,795 | 649,883 | 649,897 | 663,119 | 669,795 | 649,883 | 649,897 | 663,119 | |||||||||||
Eastern Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | 17,195 | 25,977 | 24,961 | 23,518 | |||||||||||||||
Operating income (loss) | 3,434 | 7,338 | (1,105) | (5,291) | |||||||||||||||
Interest expense, net | (315) | (200) | (272) | 27,054 | |||||||||||||||
Capital expenditures | 27,354 | 24,840 | 19,870 | 20,383 | |||||||||||||||
Goodwill | 17,429 | 17,429 | 17,429 | 16,858 | 17,429 | 17,429 | 17,429 | 16,858 | |||||||||||
Total assets | 211,020 | 212,922 | 200,235 | 198,710 | 211,020 | 212,922 | 200,235 | 198,710 | |||||||||||
Western Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | 19,775 | 29,488 | 28,693 | 26,446 | |||||||||||||||
Operating income (loss) | 18,840 | 26,035 | 13,298 | 20,058 | |||||||||||||||
Interest expense, net | (6) | 165 | 112 | (1,311) | |||||||||||||||
Capital expenditures | 21,884 | 20,282 | 20,471 | 30,384 | |||||||||||||||
Goodwill | 87,697 | 87,503 | 87,666 | 86,880 | 87,697 | 87,503 | 87,666 | 86,880 | |||||||||||
Total assets | 333,028 | 318,730 | 331,304 | 348,455 | 333,028 | 318,730 | 331,304 | 348,455 | |||||||||||
Recycling [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | 2,876 | 4,480 | 4,262 | 4,303 | |||||||||||||||
Operating income (loss) | (238) | (2,406) | (2,435) | (697) | |||||||||||||||
Interest expense, net | 25 | 5,553 | |||||||||||||||||
Capital expenditures | 3,016 | 1,770 | 1,111 | 935 | |||||||||||||||
Goodwill | 12,315 | 12,315 | 12,315 | 12,190 | 12,315 | 12,315 | 12,315 | 12,190 | |||||||||||
Total assets | 52,016 | 49,355 | 49,652 | 50,921 | 52,016 | 49,355 | 49,652 | 50,921 | |||||||||||
Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | 1,639 | 2,759 | 2,423 | 2,309 | |||||||||||||||
Operating income (loss) | 74 | 899 | 2,158 | (1,649) | |||||||||||||||
Interest expense, net | 25,713 | 40,100 | 38,023 | 10,133 | |||||||||||||||
Capital expenditures | 2,807 | 3,103 | 4,507 | 3,325 | |||||||||||||||
Goodwill | 1,729 | 1,729 | 1,729 | 1,729 | 1,729 | 1,729 | |||||||||||||
Total assets | $ 73,731 | $ 68,876 | $ 68,706 | $ 65,033 | 73,731 | 68,876 | 68,706 | 65,033 | |||||||||||
Outside Revenues [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 368,374 | 546,500 | 497,633 | 455,335 | |||||||||||||||
Outside Revenues [Member] | Eastern Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 108,423 | 167,467 | 147,330 | 129,889 | |||||||||||||||
Outside Revenues [Member] | Western Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 156,877 | 231,951 | 216,911 | 205,747 | |||||||||||||||
Outside Revenues [Member] | Recycling [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 33,741 | 46,338 | 43,825 | 42,273 | |||||||||||||||
Outside Revenues [Member] | Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 69,333 | 100,744 | 89,567 | 77,426 | |||||||||||||||
Inter-Company Revenue [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | (83,663) | (113,853) | (111,635) | (100,372) | |||||||||||||||
Inter-Company Revenue [Member] | Eastern Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 31,840 | 43,560 | 38,946 | 30,933 | |||||||||||||||
Inter-Company Revenue [Member] | Western Region [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | 50,235 | 68,284 | 70,809 | 65,390 | |||||||||||||||
Inter-Company Revenue [Member] | Recycling [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | (175) | 995 | (139) | 116 | |||||||||||||||
Inter-Company Revenue [Member] | Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Inter-company revenues | $ 1,763 | $ 1,014 | $ 2,019 | $ 3,933 |
Segment Reporting - Summary 105
Segment Reporting - Summary of Revenue Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 85,646 | $ 140,024 | $ 146,185 | $ 143,714 | $ 116,577 | $ 141,341 | $ 141,387 | $ 118,927 | $ 117,852 | $ 132,296 | $ 128,558 | $ 108,694 | $ 112,167 | $ 116,836 | $ 117,638 | $ 368,374 | $ 546,500 | $ 497,633 | $ 455,335 |
Revenues percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||
Solid Waste Operations Collection [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 157,809 | $ 238,301 | $ 225,441 | $ 208,973 | |||||||||||||||
Revenues percentage | 42.80% | 43.60% | 45.30% | 45.90% | |||||||||||||||
Solid Waste Operations Disposal [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 102,304 | $ 156,536 | $ 128,778 | $ 115,049 | |||||||||||||||
Revenues percentage | 27.80% | 28.60% | 25.90% | 25.30% | |||||||||||||||
Solid Waste Operations Power Generation [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 5,049 | $ 6,796 | $ 9,512 | $ 11,354 | |||||||||||||||
Revenues percentage | 1.40% | 1.20% | 1.90% | 2.40% | |||||||||||||||
Solid Waste Operations Processing [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 6,643 | $ 6,061 | $ 8,852 | $ 6,901 | |||||||||||||||
Revenues percentage | 1.80% | 1.10% | 1.80% | 1.50% | |||||||||||||||
Solid Waste Operations [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 271,805 | $ 407,694 | $ 372,583 | $ 342,277 | |||||||||||||||
Revenues percentage | 73.80% | 74.50% | 74.90% | 75.10% | |||||||||||||||
Organics [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 27,012 | $ 39,134 | $ 37,829 | $ 35,330 | |||||||||||||||
Revenues percentage | 7.30% | 7.20% | 7.60% | 7.80% | |||||||||||||||
Customer Solutions [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 35,816 | $ 53,334 | $ 43,396 | $ 35,455 | |||||||||||||||
Revenues percentage | 9.70% | 9.80% | 8.70% | 7.80% | |||||||||||||||
Recycling [Member] | |||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||
Revenues | $ 33,741 | $ 46,338 | $ 43,825 | $ 42,273 | |||||||||||||||
Revenues percentage | 9.20% | 8.50% | 8.80% | 9.30% |
Quarterly Financial Informat106
Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Text Block [Abstract] | |||||||||||||||||||
Revenues | $ 85,646 | $ 140,024 | $ 146,185 | $ 143,714 | $ 116,577 | $ 141,341 | $ 141,387 | $ 118,927 | $ 117,852 | $ 132,296 | $ 128,558 | $ 108,694 | $ 112,167 | $ 116,836 | $ 117,638 | $ 368,374 | $ 546,500 | $ 497,633 | $ 455,335 |
Operating income (loss) | 2,708 | 4,702 | 12,696 | 11,342 | 3,126 | 10,064 | 9,338 | (5,973) | (1,298) | 9,450 | 9,737 | 2,110 | 78 | 4,426 | 5,807 | 22,110 | 31,866 | 11,916 | 12,421 |
Net (loss) income | (6,017) | (7,020) | 2,259 | 943 | (7,963) | 361 | (154) | (15,633) | (11,033) | (575) | (163) | (13,518) | (11,474) | (21,092) | (8,379) | (5,810) | (11,781) | (27,404) | (54,463) |
(Loss) income attributable to common stockholders from continuing operations | (5,987) | (7,019) | 2,296 | 1,025 | (9,271) | 259 | (290) | (11,815) | (10,750) | (294) | (142) | (9,696) | (11,079) | (20,732) | (8,155) | (5,810) | (11,781) | (27,310) | (49,983) |
Net (loss) income attributable to common stockholders | $ (5,987) | $ (7,019) | $ 2,296 | $ 1,025 | $ (9,271) | $ 259 | $ (290) | $ (11,815) | $ (10,750) | $ (339) | $ (191) | $ (13,397) | $ (11,407) | $ (20,967) | $ (8,371) | $ (6,018) | $ (12,969) | $ (23,095) | $ (54,142) |
Basic and diluted: | |||||||||||||||||||
Loss attributable to common stockholders from continuing operations | $ (0.15) | $ (0.17) | $ 0.06 | $ 0.03 | $ (0.23) | $ 0.01 | $ (0.01) | $ (0.30) | $ (0.27) | $ (0.01) | $ 0 | $ (0.25) | $ (0.28) | $ (0.67) | $ (0.30) | $ (0.15) | $ (0.32) | $ (0.58) | $ (1.46) |
Net loss attributable to common stockholders | (0.15) | (0.17) | 0.06 | 0.03 | (0.23) | 0.01 | (0.01) | (0.30) | (0.27) | (0.01) | 0 | (0.34) | (0.29) | (0.68) | (0.31) | (0.15) | (0.32) | (0.58) | (1.59) |
(Loss) income attributable to common stockholders from continuing operations | (0.15) | (0.17) | 0.06 | 0.03 | (0.23) | 0.01 | (0.01) | (0.30) | (0.27) | (0.01) | 0 | (0.25) | (0.28) | (0.67) | (0.30) | (0.15) | (0.32) | (0.58) | (1.46) |
Net (loss) income attributable to common stockholders | $ (0.15) | $ (0.17) | $ 0.06 | $ 0.03 | $ (0.23) | $ 0.01 | $ (0.01) | $ (0.30) | $ (0.27) | $ (0.01) | $ 0 | $ (0.34) | $ (0.29) | $ (0.68) | $ (0.31) | $ (0.15) | $ (0.32) | $ (0.58) | $ (1.59) |
Subsidiary Guarantors - Schedul
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
CURRENT ASSETS: | |||||
Cash and cash equivalents | $ 2,312 | $ 2,205 | $ 2,464 | $ 1,755 | $ 4,534 |
Restricted cash | 76 | 76 | |||
Accounts receivable - trade, net | 60,167 | 55,750 | 52,603 | ||
Refundable income taxes | 651 | 554 | 465 | ||
Prepaid expenses | 7,670 | 8,763 | 7,176 | ||
Inventory | 4,282 | 4,374 | 3,905 | ||
Deferred income taxes | 2,095 | 2,502 | |||
Other current assets | 1,586 | 4,852 | 1,255 | ||
Current assets of discontinued operations | 359 | ||||
Total current assets | 76,668 | 78,669 | 70,805 | ||
Property, plant and equipment, net | 402,252 | 414,542 | 403,424 | ||
Goodwill | 118,976 | 119,170 | 119,139 | 115,928 | |
Intangible assets, net | 9,252 | 11,808 | 13,420 | ||
Restricted assets | 2,251 | 6,632 | 681 | ||
Cost method investments | 12,333 | 14,432 | 16,752 | ||
Other non-current assets | 28,151 | 24,542 | 24,205 | ||
Non-current assets of discontinued operations | 1,471 | ||||
Total non-current assets | 573,215 | 591,126 | 579,092 | ||
Total assets | 649,883 | 669,795 | 649,897 | 663,119 | |
CURRENT LIABILITIES: | |||||
Current maturities of long-term debt and capital leases | 1,448 | 1,656 | 885 | ||
Accounts payable | 44,921 | 48,518 | 51,788 | ||
Accrued payroll and related expenses | 8,175 | 6,289 | 6,062 | ||
Accrued interest | 12,305 | 11,094 | 6,087 | ||
Current accrued capping, closure and post-closure costs | 732 | 2,208 | 7,312 | ||
Other accrued liabilities | 17,765 | 16,667 | 17,612 | ||
Total current liabilities | 85,346 | 86,432 | 89,746 | ||
Long-term debt and capital leases, less current maturities | 522,199 | 534,055 | 507,134 | ||
Accrued capping, closure and post-closure costs, less current portion | 40,309 | 37,621 | 37,342 | ||
Deferred income taxes | 5,595 | 7,080 | 6,954 | ||
Other long-term liabilities | 18,031 | 16,627 | 17,258 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | |||||
Casella Waste Systems, Inc. stockholders' (deficit) equity | (21,523) | (12,253) | (8,407) | ||
Noncontrolling interests | (74) | 233 | (130) | ||
Total stockholders' (deficit) equity | (21,597) | (12,020) | (8,537) | 15,451 | 18,231 |
Total liabilities and stockholders' (deficit) equity | 649,883 | 669,795 | 649,897 | ||
Parent [Member] | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | 1,939 | 1,596 | 2,151 | 1,260 | 3,799 |
Accounts receivable - trade, net | 438 | 597 | 534 | ||
Refundable income taxes | 651 | 554 | 465 | ||
Prepaid expenses | 2,612 | 3,622 | 2,617 | ||
Deferred income taxes | 2,095 | 2,502 | |||
Other current assets | 520 | 296 | 312 | ||
Total current assets | 6,160 | 8,760 | 8,581 | ||
Property, plant and equipment, net | 6,220 | 5,049 | 4,104 | ||
Intangible assets, net | 8 | 98 | 159 | ||
Restricted assets | 1,348 | 5,819 | |||
Cost method investments | 12,333 | 14,432 | 16,752 | ||
Investments in subsidiaries | 23,316 | (9,888) | (36,006) | ||
Other non-current assets | 17,801 | 14,611 | 13,874 | ||
Total non-current assets | 61,026 | 30,121 | (1,117) | ||
Intercompany receivable | 484,405 | 537,228 | 543,291 | ||
Total assets | 551,591 | 576,109 | 550,755 | ||
CURRENT LIABILITIES: | |||||
Current maturities of long-term debt and capital leases | 96 | 89 | 84 | ||
Accounts payable | 16,203 | 17,953 | 22,678 | ||
Accrued payroll and related expenses | 2,994 | 1,536 | 1,212 | ||
Accrued interest | 12,292 | 11,083 | 6,084 | ||
Other accrued liabilities | 7,693 | 8,618 | 7,289 | ||
Total current liabilities | 39,278 | 39,279 | 37,347 | ||
Long-term debt and capital leases, less current maturities | 519,163 | 532,889 | 504,836 | ||
Deferred income taxes | 5,595 | 7,080 | 6,954 | ||
Other long-term liabilities | 9,078 | 9,114 | 10,025 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | |||||
Casella Waste Systems, Inc. stockholders' (deficit) equity | (21,523) | (12,253) | (8,407) | ||
Total stockholders' (deficit) equity | (21,523) | (12,253) | (8,407) | ||
Total liabilities and stockholders' (deficit) equity | 551,591 | 576,109 | 550,755 | ||
Guarantors [Member] | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | 252 | 253 | 271 | 253 | 368 |
Restricted cash | 76 | 76 | |||
Accounts receivable - trade, net | 59,729 | 55,053 | 51,983 | ||
Prepaid expenses | 5,058 | 5,136 | 4,557 | ||
Inventory | 4,282 | 4,345 | 3,852 | ||
Other current assets | 1,066 | 4,549 | 936 | ||
Current assets of discontinued operations | 359 | ||||
Total current assets | 70,387 | 69,412 | 62,034 | ||
Property, plant and equipment, net | 396,032 | 408,843 | 398,670 | ||
Goodwill | 118,976 | 119,170 | 119,139 | ||
Intangible assets, net | 9,244 | 11,710 | 13,261 | ||
Restricted assets | 903 | 813 | 681 | ||
Cost method investments | 1,932 | 1,932 | 1,932 | ||
Other non-current assets | 10,350 | 9,931 | 10,331 | ||
Non-current assets of discontinued operations | 1,471 | ||||
Total non-current assets | 537,437 | 552,399 | 545,485 | ||
Intercompany receivable | (447,360) | (500,267) | (506,348) | ||
Total assets | 160,464 | 121,544 | 101,171 | ||
CURRENT LIABILITIES: | |||||
Current maturities of long-term debt and capital leases | 1,352 | 1,567 | 801 | ||
Accounts payable | 28,504 | 30,040 | 28,286 | ||
Accrued payroll and related expenses | 5,181 | 4,751 | 4,849 | ||
Accrued interest | 13 | 11 | 3 | ||
Current accrued capping, closure and post-closure costs | 729 | 2,205 | 7,309 | ||
Other accrued liabilities | 10,072 | 7,957 | 10,081 | ||
Total current liabilities | 45,851 | 46,531 | 51,329 | ||
Long-term debt and capital leases, less current maturities | 3,036 | 1,166 | 2,298 | ||
Accrued capping, closure and post-closure costs, less current portion | 40,279 | 37,589 | 37,306 | ||
Other long-term liabilities | 8,953 | 7,433 | 7,149 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | |||||
Casella Waste Systems, Inc. stockholders' (deficit) equity | 62,345 | 28,825 | 3,089 | ||
Total stockholders' (deficit) equity | 62,345 | 28,825 | 3,089 | ||
Total liabilities and stockholders' (deficit) equity | 160,464 | 121,544 | 101,171 | ||
Non-Guarantors [Member] | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | 121 | 356 | 42 | $ 242 | $ 367 |
Accounts receivable - trade, net | 100 | 86 | |||
Prepaid expenses | 5 | 2 | |||
Inventory | 29 | 53 | |||
Other current assets | 7 | 7 | |||
Total current assets | 121 | 497 | 190 | ||
Property, plant and equipment, net | 650 | 650 | |||
Total non-current assets | 650 | 650 | |||
Intercompany receivable | (38,977) | (38,893) | (38,875) | ||
Total assets | (38,856) | (37,746) | (38,035) | ||
CURRENT LIABILITIES: | |||||
Accounts payable | 214 | 525 | 824 | ||
Accrued payroll and related expenses | 2 | 1 | |||
Current accrued capping, closure and post-closure costs | 3 | 3 | 3 | ||
Other accrued liabilities | 92 | 242 | |||
Total current liabilities | 217 | 622 | 1,070 | ||
Accrued capping, closure and post-closure costs, less current portion | 30 | 32 | 36 | ||
Other long-term liabilities | 80 | 84 | |||
STOCKHOLDERS' (DEFICIT) EQUITY: | |||||
Casella Waste Systems, Inc. stockholders' (deficit) equity | (39,029) | (38,713) | (39,095) | ||
Noncontrolling interests | (74) | 233 | (130) | ||
Total stockholders' (deficit) equity | (39,103) | (38,480) | (39,225) | ||
Total liabilities and stockholders' (deficit) equity | (38,856) | (37,746) | (38,035) | ||
Elimination [Member] | |||||
CURRENT ASSETS: | |||||
Cost method investments | (1,932) | (1,932) | (1,932) | ||
Investments in subsidiaries | (23,316) | 9,888 | 36,006 | ||
Total non-current assets | (25,248) | 7,956 | 34,074 | ||
Intercompany receivable | 1,932 | 1,932 | 1,932 | ||
Total assets | (23,316) | 9,888 | 36,006 | ||
STOCKHOLDERS' (DEFICIT) EQUITY: | |||||
Casella Waste Systems, Inc. stockholders' (deficit) equity | (23,316) | 9,888 | 36,006 | ||
Total stockholders' (deficit) equity | (23,316) | 9,888 | 36,006 | ||
Total liabilities and stockholders' (deficit) equity | $ (23,316) | $ 9,888 | $ 36,006 |
Subsidiary Guarantors - Sche108
Subsidiary Guarantors - Schedule of Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||
Revenues | $ 85,646 | $ 140,024 | $ 146,185 | $ 143,714 | $ 116,577 | $ 141,341 | $ 141,387 | $ 118,927 | $ 117,852 | $ 132,296 | $ 128,558 | $ 108,694 | $ 112,167 | $ 116,836 | $ 117,638 | $ 368,374 | $ 546,500 | $ 497,633 | $ 455,335 |
Operating expenses: | |||||||||||||||||||
Cost of operations | 258,650 | 382,615 | 354,592 | 323,014 | |||||||||||||||
General and administration | 45,732 | 72,892 | 61,865 | 58,205 | |||||||||||||||
Depreciation and amortization | 41,485 | 62,704 | 60,339 | 56,576 | |||||||||||||||
Contract settlement charge | 1,940 | ||||||||||||||||||
Divestiture transactions | (553) | (5,517) | 7,455 | ||||||||||||||||
Development project charge | 0 | 0 | 1,394 | ||||||||||||||||
Severance and reorganization costs | 0 | 0 | 586 | 3,709 | |||||||||||||||
Environmental remediation charge | 950 | 0 | 400 | ||||||||||||||||
Expense from divestiture, acquisition and financing costs | 0 | 0 | 144 | 1,410 | |||||||||||||||
Change in fair value of acquisition related contingent consideration | 0 | 0 | (1,058) | ||||||||||||||||
Total operating expenses | 346,264 | 514,634 | 485,717 | 442,914 | |||||||||||||||
Operating income (loss) | 2,708 | 4,702 | 12,696 | 11,342 | 3,126 | 10,064 | 9,338 | (5,973) | (1,298) | 9,450 | 9,737 | 2,110 | 78 | 4,426 | 5,807 | 22,110 | 31,866 | 11,916 | 12,421 |
Other expense (income), net: | |||||||||||||||||||
Interest income | (247) | (330) | (312) | (141) | |||||||||||||||
Interest expense | 25,639 | 40,420 | 38,175 | 41,570 | |||||||||||||||
Loss on debt extinguishment | 0 | 999 | 15,584 | ||||||||||||||||
(Gain) loss on derivative instruments | 225 | 227 | 280 | 4,512 | |||||||||||||||
(Income) loss from equity method investments | 0 | 0 | 936 | 4,441 | |||||||||||||||
Impairment of investments | 2,320 | 2,099 | |||||||||||||||||
(Gain) loss on sale of equity method investment | 0 | 0 | (593) | ||||||||||||||||
Other income | (720) | (1,119) | (1,059) | (1,036) | |||||||||||||||
Other expense (income), net | 27,217 | 42,296 | 37,427 | 64,930 | |||||||||||||||
Income (loss) before income taxes | (5,107) | (10,430) | (25,511) | (52,509) | |||||||||||||||
Provision (benefit) for income taxes | 703 | 1,351 | 1,799 | (2,526) | |||||||||||||||
Income (loss) from continuing operations | (5,987) | (7,019) | 2,296 | 1,025 | (9,271) | 259 | (290) | (11,815) | (10,750) | (294) | (142) | (9,696) | (11,079) | (20,732) | (8,155) | (5,810) | (11,781) | (27,310) | (49,983) |
Discontinued operations: | |||||||||||||||||||
Income (loss) from discontinued operations, net | 0 | 0 | 284 | (4,480) | |||||||||||||||
Gain (loss) on disposal of discontinued operations, net | (378) | 0 | 0 | (378) | 0 | ||||||||||||||
Net income (loss) | (6,017) | (7,020) | 2,259 | 943 | (7,963) | 361 | (154) | (15,633) | (11,033) | (575) | (163) | (13,518) | (11,474) | (21,092) | (8,379) | (5,810) | (11,781) | (27,404) | (54,463) |
Less: Net income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) | |||||||||||||||
Net income (loss) attributable to common stockholders | $ (5,987) | $ (7,019) | $ 2,296 | $ 1,025 | $ (9,271) | $ 259 | $ (290) | $ (11,815) | $ (10,750) | $ (339) | $ (191) | $ (13,397) | $ (11,407) | $ (20,967) | $ (8,371) | (6,018) | (12,969) | (23,095) | (54,142) |
Parent [Member] | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||
Cost of operations | 175 | (1) | (23) | (295) | |||||||||||||||
General and administration | 2,681 | 2,255 | 1,377 | 220 | |||||||||||||||
Depreciation and amortization | 548 | 1,066 | 935 | 1,017 | |||||||||||||||
Severance and reorganization costs | 4 | 1,766 | |||||||||||||||||
Expense from divestiture, acquisition and financing costs | 303 | ||||||||||||||||||
Total operating expenses | 3,404 | 3,320 | 2,293 | 3,011 | |||||||||||||||
Operating income (loss) | (3,404) | (3,320) | (2,293) | (3,011) | |||||||||||||||
Other expense (income), net: | |||||||||||||||||||
Interest income | (47) | (4) | (32,896) | ||||||||||||||||
Interest expense | 25,815 | 40,191 | 38,095 | 42,405 | |||||||||||||||
Loss on debt extinguishment | 999 | 15,584 | |||||||||||||||||
(Gain) loss on derivative instruments | 225 | 227 | 280 | 4,512 | |||||||||||||||
(Income) loss from equity method investments | (18,811) | 24,723 | |||||||||||||||||
Impairment of investments | 2,320 | 2,099 | |||||||||||||||||
(Income) loss from consolidated entities | (26,148) | (34,610) | |||||||||||||||||
Other income | (301) | (561) | (557) | (671) | |||||||||||||||
Other expense (income), net | 1,911 | 8,298 | 19,003 | 53,657 | |||||||||||||||
Income (loss) before income taxes | (5,315) | (11,618) | (21,296) | (56,668) | |||||||||||||||
Provision (benefit) for income taxes | 703 | 1,351 | 1,799 | (2,526) | |||||||||||||||
Income (loss) from continuing operations | (23,095) | (54,142) | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||
Net income (loss) | (6,018) | (12,969) | (23,095) | (54,142) | |||||||||||||||
Net income (loss) attributable to common stockholders | (6,018) | (12,969) | (23,095) | (54,142) | |||||||||||||||
Guarantors [Member] | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||
Revenues | 367,576 | 546,376 | 495,391 | 453,589 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Cost of operations | 258,142 | 382,160 | 351,829 | 321,382 | |||||||||||||||
General and administration | 43,011 | 70,625 | 60,446 | 57,898 | |||||||||||||||
Depreciation and amortization | 40,942 | 61,643 | 58,651 | 55,142 | |||||||||||||||
Contract settlement charge | 1,940 | ||||||||||||||||||
Divestiture transactions | (553) | (2,667) | |||||||||||||||||
Development project charge | 1,394 | ||||||||||||||||||
Severance and reorganization costs | 582 | 1,943 | |||||||||||||||||
Environmental remediation charge | 950 | 400 | |||||||||||||||||
Expense from divestiture, acquisition and financing costs | 144 | 1,107 | |||||||||||||||||
Change in fair value of acquisition related contingent consideration | (1,058) | ||||||||||||||||||
Total operating expenses | 342,492 | 513,701 | 472,388 | 437,472 | |||||||||||||||
Operating income (loss) | 25,084 | 32,675 | 23,003 | 16,117 | |||||||||||||||
Other expense (income), net: | |||||||||||||||||||
Interest income | (247) | (283) | (308) | (113) | |||||||||||||||
Interest expense | (176) | 145 | 80 | 32,033 | |||||||||||||||
(Income) loss from equity method investments | (169) | 36 | |||||||||||||||||
Other income | (419) | (558) | (501) | (365) | |||||||||||||||
Other expense (income), net | (842) | (696) | (898) | 31,591 | |||||||||||||||
Income (loss) before income taxes | 25,926 | 33,371 | 23,901 | (15,474) | |||||||||||||||
Income (loss) from continuing operations | 23,901 | (15,474) | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||
Income (loss) from discontinued operations, net | 284 | (4,480) | |||||||||||||||||
Gain (loss) on disposal of discontinued operations, net | (378) | ||||||||||||||||||
Net income (loss) | 25,926 | 33,371 | 23,807 | (19,954) | |||||||||||||||
Net income (loss) attributable to common stockholders | 25,926 | 33,371 | 23,807 | (19,954) | |||||||||||||||
Non-Guarantors [Member] | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||
Revenues | 798 | 124 | 2,242 | 1,746 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Cost of operations | 333 | 456 | 2,786 | 1,927 | |||||||||||||||
General and administration | 40 | 12 | 42 | 87 | |||||||||||||||
Depreciation and amortization | (5) | (5) | 753 | 417 | |||||||||||||||
Divestiture transactions | (2,850) | 7,455 | |||||||||||||||||
Total operating expenses | 368 | (2,387) | 11,036 | 2,431 | |||||||||||||||
Operating income (loss) | 430 | 2,511 | (8,794) | (685) | |||||||||||||||
Other expense (income), net: | |||||||||||||||||||
Interest expense | 84 | ||||||||||||||||||
(Income) loss from equity method investments | 1,105 | 4,405 | |||||||||||||||||
(Gain) loss on sale of equity method investment | (593) | ||||||||||||||||||
Other income | (1) | ||||||||||||||||||
Other expense (income), net | 84 | 511 | 4,405 | ||||||||||||||||
Income (loss) before income taxes | 430 | 2,427 | (9,305) | (5,090) | |||||||||||||||
Income (loss) from continuing operations | (9,305) | (5,090) | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||
Net income (loss) | 430 | 2,427 | (9,305) | (5,090) | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) | |||||||||||||||
Net income (loss) attributable to common stockholders | 222 | 1,239 | (4,996) | (4,769) | |||||||||||||||
Elimination [Member] | |||||||||||||||||||
Other expense (income), net: | |||||||||||||||||||
Interest income | 32,868 | ||||||||||||||||||
Interest expense | (32,868) | ||||||||||||||||||
(Income) loss from equity method investments | 18,811 | (24,723) | |||||||||||||||||
(Income) loss from consolidated entities | 26,148 | 34,610 | |||||||||||||||||
Other expense (income), net | 26,148 | 34,610 | 18,811 | (24,723) | |||||||||||||||
Income (loss) before income taxes | (26,148) | (34,610) | (18,811) | 24,723 | |||||||||||||||
Income (loss) from continuing operations | (18,811) | 24,723 | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||
Net income (loss) | (26,148) | (34,610) | (18,811) | 24,723 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ (26,148) | $ (34,610) | $ (18,811) | $ 24,723 |
Subsidiary Guarantors - Sche109
Subsidiary Guarantors - Schedule of Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Net income (loss) | $ (6,017) | $ (7,020) | $ 2,259 | $ 943 | $ (7,963) | $ 361 | $ (154) | $ (15,633) | $ (11,033) | $ (575) | $ (163) | $ (13,518) | $ (11,474) | $ (21,092) | $ (8,379) | $ (5,810) | $ (11,781) | $ (27,404) | $ (54,463) | ||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments | (36) | (2,910) | |||||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings | 655 | 4,247 | |||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 19 | (51) | 12 | 23 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 19 | $ 631 | (51) | $ 19 | 631 | 1,360 | |||||||||||||||
Comprehensive income (loss) | (5,791) | (11,832) | (26,773) | (53,103) | |||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | (5,999) | (13,020) | (22,464) | (52,782) | |||||||||||||||||
Parent [Member] | |||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Net income (loss) | (6,018) | (12,969) | (23,095) | (54,142) | |||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments | (1,257) | ||||||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings | 3,626 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,369 | ||||||||||||||||||||
Comprehensive income (loss) | (6,018) | (12,969) | (23,095) | (51,773) | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | (6,018) | (12,969) | (23,095) | (51,773) | |||||||||||||||||
Guarantors [Member] | |||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Net income (loss) | 25,926 | 33,371 | 23,807 | (19,954) | |||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 19 | (51) | 12 | 23 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 19 | (51) | 12 | 23 | |||||||||||||||||
Comprehensive income (loss) | 25,945 | 33,320 | 23,819 | (19,931) | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | 25,945 | 33,320 | 23,819 | (19,931) | |||||||||||||||||
Non-Guarantors [Member] | |||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Net income (loss) | 430 | 2,427 | (9,305) | (5,090) | |||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments | (36) | (1,653) | |||||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings | 655 | 621 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 619 | (1,032) | |||||||||||||||||||
Comprehensive income (loss) | 430 | 2,427 | (8,686) | (6,122) | |||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 208 | 1,188 | (4,309) | (321) | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | 222 | 1,239 | (4,377) | (5,801) | |||||||||||||||||
Elimination [Member] | |||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Net income (loss) | (26,148) | (34,610) | (18,811) | 24,723 | |||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Comprehensive income (loss) | (26,148) | (34,610) | (18,811) | 24,723 | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ (26,148) | $ (34,610) | $ (18,811) | $ 24,723 |
Subsidiary Guarantors - Sche110
Subsidiary Guarantors - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 38,286 | $ 70,507 | $ 49,642 | $ 43,906 |
Cash Flows from Investing Activities: | ||||
Acquisitions, net of cash acquired | (360) | (8,305) | (25,225) | |
Acquisition related additions to property, plant and equipment | (45) | (2,633) | (1,746) | |
Additions to property, plant and equipment | (55,016) | (49,995) | (43,326) | (53,281) |
Payments on landfill operating lease contracts | (4,739) | (5,385) | (6,505) | (6,261) |
Payment for capital related to divestiture | (618) | |||
Proceeds from divestiture transactions | 5,335 | |||
Proceeds from sale of property and equipment | 463 | 715 | 1,524 | 883 |
Proceeds from property insurance settlement | 546 | |||
Proceeds from sale of equity method investment | 3,442 | |||
Payments related to investments | (2,107) | (3,207) | ||
Net cash provided by (used in) investing activities | (59,697) | (48,784) | (57,910) | (89,455) |
Cash Flows from Financing Activities: | ||||
Proceeds from long-term borrowings | 136,800 | 355,229 | 161,650 | 376,346 |
Principal payments on long-term debt | (109,281) | (370,996) | (152,380) | (360,858) |
Change in restricted cash | (5,819) | 4,471 | ||
Payments of financing costs | (2,605) | (9,025) | (405) | (4,609) |
Payments of debt extinguishment costs | (146) | (10,743) | ||
Proceeds from the exercise of share based awards | 143 | 161 | 143 | |
Excess tax benefit on the vesting of share based awards | 84 | 185 | 96 | |
Net proceeds from the issuance of class A common stock | 42,184 | |||
Contributions from (distributions to) noncontrolling interest holder | (1,495) | 2,531 | ||
Net cash (used in) provided by financing activities | 19,322 | (21,616) | 9,008 | 44,947 |
Net cash provided by (used in) discontinued operations | 1,830 | (31) | (2,177) | |
Discontinued operations: | ||||
Net cash provided by (used in) discontinued operations | 1,830 | (31) | (2,177) | |
Net increase (decrease) in cash and cash equivalents | (259) | 107 | 709 | (2,779) |
Cash and cash equivalents, beginning of period | 2,464 | 2,205 | 1,755 | 4,534 |
Cash and cash equivalents, end of period | 2,205 | 2,312 | 2,464 | 1,755 |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (27,340) | 15,543 | (40,365) | (5,319) |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | (1,433) | (2,146) | (1,675) | (203) |
Proceeds from sale of equity method investment | 3,442 | |||
Payments related to investments | (2,107) | (4,166) | ||
Net cash provided by (used in) investing activities | (1,433) | (2,146) | (340) | (4,369) |
Cash Flows from Financing Activities: | ||||
Proceeds from long-term borrowings | 136,800 | 351,946 | 160,487 | 376,185 |
Principal payments on long-term debt | (108,917) | (369,368) | (151,074) | (359,342) |
Change in restricted cash | (5,819) | 4,471 | ||
Payments of financing costs | (2,605) | (9,025) | (405) | (4,609) |
Payments of debt extinguishment costs | (146) | (10,743) | ||
Proceeds from the exercise of share based awards | 143 | 161 | ||
Excess tax benefit on the vesting of share based awards | 84 | 185 | 96 | |
Net proceeds from the issuance of class A common stock | 42,184 | |||
Intercompany borrowings | 8,532 | 8,722 | 32,588 | (36,622) |
Net cash (used in) provided by financing activities | 28,218 | (13,054) | 41,596 | 7,149 |
Discontinued operations: | ||||
Net increase (decrease) in cash and cash equivalents | (555) | 343 | 891 | (2,539) |
Cash and cash equivalents, beginning of period | 2,151 | 1,596 | 1,260 | 3,799 |
Cash and cash equivalents, end of period | 1,596 | 1,939 | 2,151 | 1,260 |
Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 65,622 | 55,649 | 89,792 | 50,527 |
Cash Flows from Investing Activities: | ||||
Acquisitions, net of cash acquired | (360) | (8,305) | (25,225) | |
Acquisition related additions to property, plant and equipment | (45) | (2,633) | (1,746) | |
Additions to property, plant and equipment | (53,583) | (47,849) | (41,236) | (48,058) |
Payments on landfill operating lease contracts | (4,739) | (5,385) | (6,505) | (6,261) |
Payment for capital related to divestiture | (618) | |||
Proceeds from divestiture transactions | 1,835 | |||
Proceeds from sale of property and equipment | 463 | 715 | 1,524 | 883 |
Proceeds from property insurance settlement | 546 | |||
Payments related to investments | (310) | 1,555 | (2,707) | |
Net cash provided by (used in) investing activities | (58,574) | (48,583) | (57,155) | (83,732) |
Cash Flows from Financing Activities: | ||||
Proceeds from long-term borrowings | 3,283 | 1,163 | 161 | |
Principal payments on long-term debt | (364) | (1,628) | (1,306) | (1,516) |
Proceeds from the exercise of share based awards | 143 | |||
Intercompany borrowings | (8,532) | (8,722) | (32,588) | 36,622 |
Net cash (used in) provided by financing activities | (8,896) | (7,067) | (32,588) | 35,267 |
Net cash provided by (used in) discontinued operations | 1,830 | (31) | (2,177) | |
Discontinued operations: | ||||
Net cash provided by (used in) discontinued operations | 1,830 | (31) | (2,177) | |
Net increase (decrease) in cash and cash equivalents | (18) | (1) | 18 | (115) |
Cash and cash equivalents, beginning of period | 271 | 253 | 253 | 368 |
Cash and cash equivalents, end of period | 253 | 252 | 271 | 253 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 4 | (685) | 215 | (1,302) |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | (415) | (5,020) | ||
Proceeds from divestiture transactions | 3,500 | |||
Payments related to investments | 310 | (1,555) | 3,666 | |
Net cash provided by (used in) investing activities | 310 | 1,945 | (415) | (1,354) |
Cash Flows from Financing Activities: | ||||
Contributions from (distributions to) noncontrolling interest holder | (1,495) | 2,531 | ||
Net cash (used in) provided by financing activities | (1,495) | 2,531 | ||
Discontinued operations: | ||||
Net increase (decrease) in cash and cash equivalents | 314 | (235) | (200) | (125) |
Cash and cash equivalents, beginning of period | 42 | 356 | 242 | 367 |
Cash and cash equivalents, end of period | $ 356 | $ 121 | $ 42 | $ 242 |
Schedule II - Valuation Account
Schedule II - Valuation Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 1,672 | $ 2,153 | $ 1,332 | $ 740 |
Additions-Charged to expense | 1,524 | 1,344 | 1,586 | 1,682 |
Deductions-Bad debts written off, net of recoveries | (1,043) | (2,509) | (1,246) | (1,090) |
Balance at end of period | $ 2,153 | $ 988 | $ 1,672 | $ 1,332 |