Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 15, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CWST | |
Entity Registrant Name | CASELLA WASTE SYSTEMS INC | |
Entity Central Index Key | 911,177 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,243,775 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,648 | $ 2,312 |
Accounts receivable - trade, net of allowance for doubtful accounts of $989 and $988, respectively | 53,034 | 60,167 |
Refundable income taxes | 660 | 651 |
Prepaid expenses | 9,421 | 7,670 |
Inventory | 4,474 | 4,282 |
Other current assets | 1,495 | 1,586 |
Total current assets | 70,732 | 76,668 |
Property, plant and equipment, net of accumulated depreciation and amortization of $802,815 and $789,766, respectively | 397,107 | 402,252 |
Goodwill | 118,976 | 118,976 |
Intangible assets, net | 8,728 | 9,252 |
Restricted assets | 871 | 2,251 |
Cost method investments | 12,333 | 12,333 |
Other non-current assets | 11,659 | 11,937 |
Total assets | 620,406 | 633,669 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital leases | 1,458 | 1,448 |
Accounts payable | 38,809 | 44,921 |
Accrued payroll and related expenses | 5,579 | 8,175 |
Accrued interest | 5,173 | 12,305 |
Current accrued capping, closure and post-closure costs | 706 | 732 |
Other accrued liabilities | 18,660 | 17,765 |
Total current liabilities | 70,385 | 85,346 |
Long-term debt and capital leases, less current portion | 513,220 | 505,985 |
Accrued capping, closure and post-closure costs, less current portion | 41,549 | 40,309 |
Deferred income taxes | 5,695 | 5,595 |
Other long-term liabilities | $ 18,073 | $ 18,031 |
COMMITMENTS AND CONTINGENCIES | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Additional paid-in capital | $ 345,236 | $ 344,518 |
Accumulated deficit | (374,067) | (366,459) |
Accumulated other comprehensive (loss) income, net of tax | (76) | 7 |
Total Casella Waste Systems, Inc. stockholders' deficit | (28,495) | (21,523) |
Noncontrolling interests | (21) | (74) |
Total stockholders' deficit | (28,516) | (21,597) |
Total liabilities and stockholders' deficit | 620,406 | 633,669 |
Class A Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 402 | 401 |
Total stockholders' deficit | 402 | 401 |
Class B Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 10 | 10 |
Total stockholders' deficit | $ 10 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2016USD ($)Vote$ / sharesshares | Dec. 31, 2015USD ($)Vote$ / sharesshares |
Accounts receivable - trade, allowance for doubtful accounts | $ | $ 989 | $ 988 |
Property, plant and equipment, accumulated depreciation and amortization | $ | $ 802,815 | $ 789,766 |
Class A Common Stock [Member] | ||
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common stock, issued shares | 40,243,000 | 40,064,000 |
Common stock, outstanding shares | 40,243,000 | 40,064,000 |
Class B Common Stock [Member] | ||
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common stock, votes (in votes per share) | Vote | 10 | 10 |
Common stock, issued shares | 988,000 | 988,000 |
Common stock, outstanding shares | 988,000 | 988,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 125,432 | $ 116,577 |
Operating expenses: | ||
Cost of operations | 90,418 | 87,833 |
General and administration | 18,587 | 16,805 |
Depreciation and amortization | 14,453 | 13,748 |
Divestiture transactions | (4,935) | |
Total operating expenses | 123,458 | 113,451 |
Operating income | 1,974 | 3,126 |
Other expense (income): | ||
Interest income | (104) | (141) |
Interest expense | 10,030 | 10,126 |
(Gain) loss on debt extinguishment | (48) | 521 |
Loss on derivative instruments | 151 | |
Other income | (141) | (164) |
Other expense, net | 9,737 | 10,493 |
Loss before income taxes | (7,763) | (7,367) |
(Benefit) provision for income taxes | (149) | 596 |
Net loss | (7,614) | (7,963) |
Less: Net (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Net loss attributable to common stockholders | $ (7,608) | $ (9,271) |
Basic and diluted earnings per share attributable to common stockholders: | ||
Weighted average common shares outstanding | 40,996 | 40,417 |
Basic and diluted earnings per share | $ (0.19) | $ (0.23) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (7,614) | $ (7,963) |
Other comprehensive loss, net of tax: | ||
Unrealized loss resulting from changes in fair value of marketable securities | (83) | (34) |
Other comprehensive loss, net of tax | (83) | (34) |
Comprehensive loss | (7,697) | (7,997) |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Comprehensive loss attributable to common stockholders | $ (7,691) | $ (9,305) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] |
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 | |||||
Net loss | (7,614) | 0 | (7,608) | 0 | (6) | $ 0 | $ 0 |
Other comprehensive loss | (83) | 0 | 0 | (83) | 0 | 0 | 0 |
Issuances of Class A common stock | (3) | (4) | 0 | 0 | 0 | $ 1 | $ 0 |
Issuances of Class A common stock, shares | 179,000 | 0 | |||||
Stock-based compensation | 722 | 722 | 0 | 0 | 0 | $ 0 | $ 0 |
Contribution from noncontrolling interest holder | 59 | 0 | 0 | 0 | 59 | 0 | 0 |
Balance at Mar. 31, 2016 | $ (28,516) | $ 345,236 | $ (374,067) | $ (76) | $ (21) | $ 402 | $ 10 |
Balance (in shares) at Mar. 31, 2016 | 40,243,000 | 988,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (7,614) | $ (7,963) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 14,453 | 13,748 |
Depletion of landfill operating lease obligations | 1,950 | 1,690 |
Interest accretion on landfill and environmental remediation liabilities | 886 | 848 |
Amortization of debt issuance costs and discount on long-term debt | 1,040 | 938 |
Stock-based compensation | 722 | 660 |
Gain on sale of property and equipment | (203) | (46) |
Divestiture transactions | (4,935) | |
(Gain) loss on debt extinguishment | (48) | 521 |
Loss on derivative instruments | 151 | |
Deferred income taxes | 100 | (49) |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable | 7,133 | 3,237 |
Accounts payable | (6,112) | (9,108) |
Prepaid expenses, inventories and other assets | (1,492) | 3,483 |
Accrued expenses and other liabilities | (9,091) | (8,870) |
Net cash provided by (used in) operating activities | 1,724 | (5,695) |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (9,848) | (4,444) |
Payments on landfill operating lease contracts | (500) | (478) |
Proceeds from divestiture transactions | 4,550 | |
Proceeds from sale of property and equipment | 359 | 89 |
Net cash used in investing activities | (9,989) | (283) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 64,300 | 197,591 |
Principal payments on long-term debt | (57,948) | (186,500) |
Payments of debt issuance costs | (99) | (6,852) |
Change in restricted cash | 1,348 | 4,086 |
Distributions to noncontrolling interest holder | (1,495) | |
Net cash provided by financing activities | 7,601 | 6,830 |
Net (decrease) increase in cash and cash equivalents | (664) | 852 |
Cash and cash equivalents, beginning of period | 2,312 | 2,205 |
Cash and cash equivalents, end of period | 1,648 | 3,057 |
Cash paid during the period for: | ||
Interest | 16,122 | 15,336 |
Income taxes, net of refunds | $ 101 | $ 30 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 unaudited consolidated financial statements, which include the accounts of the Parent, our wholly-owned subsidiaries and any partially owned entities over which we have a controlling financial interest, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed with the SEC on March 2, 2016. For comparative purposes, certain prior period amounts in the consolidated financial statements, including the presentation of debt issuance costs, have been reclassified to conform to the current period presentation. See Note 2, Accounting Changes Long-Term Debt Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2016 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Subsequent Events We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2016, but prior to the filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed, there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q. |
Accounting Changes
Accounting Changes | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | 2. ACCOUNTING CHANGES The following table provides a brief description of recent Accounting Standards Updates (“ASUs”) to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) deemed to have a material effect on our consolidated financial statements upon adoption: Standard Description Effect on the Financial Statements or Other Accounting standards that were adopted effective January 1, 2016 ASU 2016-09: Compensation - Stock Compensation (Topic 718) Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The adoption of this ASU resulted in the following: (1) our stock-based compensation accounting policy was updated to record stock-based compensation expense for all equity-based awards by accounting for forfeitures as they occur; (2) our accounting for excess tax benefits and tax deficiencies in the calculation of income tax expense was updated; and (3) excess tax benefits are classified as a cash flow from operating activity and are no longer separated from income tax cash flows and classified as a cash flow from financing activity. ASU 2015-03 and 15: Imputation of Interest (Topic 835-30) To simplify the presentation of debt issuance costs. These amendments require 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 that debt liability, consistent with debt discounts. The adoption of this ASU resulted in the presentation of debt issuance costs on our balance sheet being treated as a direct reduction of the carrying amount of the debt liability rather than a capitalized asset. See Note 5, Long-Term Debt The following table provides a brief description of recent accounting pronouncements that may have a material effect on our consolidated financial statements upon adoption: Standard Description Effect on the Financial Statements or Other Accounting standards that are not yet adopted ASU 2016-02: Leases (Topic 842) Requires that a lessee recognize at the commencement date a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The adoption of this ASU primarily impacts the balance sheet through the recognition of a right-of-use asset and lease liability for all leases. This guidance is effective January 1, 2019 using a modified retrospective transition approach with early adoption permitted. ASU 2016-01: Financial Instruments - Overall (Topic 825-10) Requires the following: (1) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and the elimination of the disclosure requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The adoption of this ASU results in a cumulative-effect adjustment to the balance sheet, the recognition of changes in fair value of certain equity investments in net income, and enhanced dislosure. Thus guidance is effective January 1, 2018 with a cumulative-effect adjustment. ASU 2014-09 and ASU 2015-14: Revenue from Contracts with Customers (Topic 718) The core principle of the guidance is 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. We are currently evaluating the alternative methods of adoption and the effect on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2018 using a full or modified retrospective approach with early adoption permitted January 1, 2017. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 3. INTANGIBLE ASSETS Intangible assets consisted of the following: Covenants Not-to-Compete Client Lists Total Balance, March 31, 2016 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (16,301 ) (8,302 ) (24,603 ) $ 965 $ 7,763 $ 8,728 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 Intangible amortization expense for the three months ended March 31, 2016 and 2015 was $524 and $749, respectively. Estimated Future Amortization Expense as of March 31, 2016: For the fiscal year ending December 31, 2016 $ 1,524 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 |
Accrued Final Capping, Closure
Accrued Final Capping, Closure and Post Closure | 3 Months Ended |
Mar. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Accrued Final Capping, Closure and Post Closure | 4. ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE Accrued final capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for final capping, closure and post-closure of our landfills. We estimate our future final capping, closure and post-closure costs in order to determine the final capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated timeframe for paying these costs varies based on the remaining useful life of each landfill, as well as the duration of the post-closure monitoring period. The changes to accrued final capping, closure and post-closure liabilities are as follows: Three Months Ended March 31, 2016 2015 Beginning balance $ 41,041 $ 39,829 Obligations incurred 526 441 Accretion expense 886 828 Obligations settled (1) (198 ) (504 ) Ending balance $ 42,255 $ 40,594 (1) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and capital leases consisted of the following: March 31, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one-month LIBOR plus 2.25% $ 68,000 $ 57,422 Tax-Exempt Bonds: New York State Enviornmental 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 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 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 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 Other: Capital leases maturing through April 2023, bearing interest at up to 7.70% 3,997 4,130 Notes payable maturing through December 2017, bearing interest at up to 7.00% 1,167 1,167 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% 366,070 370,300 Principal amount of long-term debt and capital leases 531,234 525,019 Less—unamortized discount and debt issuance costs (1) 16,556 17,586 Long-term debt and capital leases less unamortized discount and debt issuance costs 514,678 507,433 Less—current maturities of long-term debt 1,458 1,448 $ 513,220 $ 505,985 (1) Unamortized discount and debt issuance costs associated with each respective debt instrument are as follows: March 31, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility $ 5,335 $ 5,593 New York State Enviornmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 1,361 1,407 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 553 566 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 812 830 Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 628 636 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 659 690 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 34 35 Senior Subordinated Notes 7,174 7,829 $ 16,556 $ 17,586 (Gain) Loss on Debt Extinguishment Senior Subordinated Notes. Senior Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. COMMITMENTS AND CONTINGENCIES Legal Proceedings In the ordinary course of our business and as a result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills and transfer stations, or allegations of 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 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 (“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 (“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 alleged that we had the obligation to provide a specialized type of wood fuel to the Facility or, alternatively, that we owed a “Fuel Replacement Fee” of up to $2,000 a year (subject to the possibility of certain credits against such payments). The Contract was to expire in 2036. On or about February 10, 2016, we reached an agreement in principle with MFGR to dismiss the Lawsuit with prejudice, and to resolve all outstanding claims of any nature including future claims which could arise under the Contract, and a Joint Stipulation of Dismissal with Prejudice was filed with the Superior Court on April 15, 2016. On or about April 12, 2016, the Parties entered into a Settlement Agreement (“SA”) along with other ancillary agreements. Pursuant to the 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 March 31, 2016. This includes a contract settlement charge of $1,940 and $676 of operating expenses recorded in the fiscal year ended December 31, 2015. We also have reserved $46 as of March 31, 2016 for legal costs associated with the Lawsuit and SA. We have also entered 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 has entered into a waste disposal agreement at market prices with us for the disposal at Juniper Ridge of waste materials produced in the demolition or re-purposing of the Facility. 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 matters represents our potential or outstanding material claims. Southbridge Recycling & Disposal Park, Inc. In October 2015, our Southbridge Recycling and Disposal Park, Inc. (“SRD”) subsidiary reported to the Massachusetts Department of Environmental Protection (“MADEP”) results of analysis of samples collected pursuant to our existing permit from private drinking water wells located near the landfill operated by SRD. Those results indicated the presence of contaminants above the levels triggering notice and response obligations under MADEP regulations. In response to those results, we are carrying out an Immediate Response Action pursuant to state law. Further, we have implemented a plan to analyze and better understand the groundwater near the landfill and we are investigating with the objective of identifying the source or sources of the elevated levels of contamination measured in the well samples. If it is determined that some or all of the contamination originated at the landfill, we will work with the Town of Southbridge, the landfill owner, to evaluate and possibly allocate the liabilities related to that contamination. In February 2016, we received a Notice of Intent to Sue under the Resource Conservation and Recovery Act from a law firm representing residents from approximately 40 homes located in the vicinity of the landfill, indicating its intent to file suit against us. We believe it is reasonably possible that a loss may occur as a result of this potential matter although an estimate of loss cannot be reasonably estimated at this time. 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: Three Months Ended March 31, 2016 2015 Beginning balance $ 5,221 $ 5,142 Accretion expense — 20 Ending balance $ 5,221 $ 5,162 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 7. STOCKHOLDERS’ EQUITY Stock Based Compensation Shares Available For Issuance In the fiscal year ended April 30, 2007, we adopted the 2006 Stock Incentive Plan (“2006 Plan”). The 2006 Plan was amended in the fiscal year ended April 30, 2010. Under the 2006 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,475 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events), plus (ii) such additional number of shares of Class A common stock as were subject to stock options granted under our 1993 Incentive Stock Option Plan, 1994 Non-statutory Stock Option Plan, 1996 Stock Option Plan, and 1997 Stock Incentive Plan (“Prior Plans”), which were not actually issued under the Prior Plans because such stock options expire or otherwise result in shares not being issued. As of March 31, 2016, there were 546 Class A common stock equivalents available for future grant under the 2006 Plan, inclusive of additional Class A common stock equivalents that were previously issued under our terminated plans and have become available for grant because such awards expired or otherwise resulted in shares not being issued. No awards may be granted under the 2006 Plan after October 10, 2016 and accordingly we expect to implement a new stock incentive plan which would be recommended to stockholders for approval at the 2016 Annual Meeting of Stockholders. Stock Options 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. The following table summarizes stock option activity: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2015 1,297 $ 7.03 Granted — $ — Exercised — $ — Forfeited (30 ) $ 11.24 Outstanding, March 31, 2016 1,267 $ 6.93 5.4 $ 1,717 Exercisable, March 31, 2016 932 $ 7.29 4.1 $ 1,388 Expected to vest, March 31, 2016 1,266 $ 6.93 5.4 $ 1,715 Stock-based compensation expense for stock options was $146 during the three months ended March 31, 2016, as compared to $157 during the three months ended March 31, 2015. As of March 31, 2016, total unrecognized stock-based compensation expense related to outstanding stock options was $1,078, which will be recognized over a weighted average period of 2.1 years. Other Stock Awards We grant restricted stock awards, restricted stock units and performance-based 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-based stock units vest at a future date following the grant date and are based on the attainment of certain performance targets. The following table summarizes restricted stock, restricted stock unit and performance-based stock unit activity: Restricted Stock, and Performance-Based Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2015 962 $ 4.49 Granted 400 $ 6.32 Class A Common Stock Vested (180 ) $ 4.19 Forfeited (4 ) $ 4.74 Outstanding, March 31, 2016 1,178 $ 5.16 2.0 $ 1,798 Expected to vest, March 31, 2016 986 $ 5.09 1.9 $ 1,584 (1) Performance-based stock units are included at the 100% attainment level. Attainment of the maximum performance targets could result in the issuance of an additional 43 shares of Class A common stock. Stock-based compensation expense related to restricted stock, restricted stock units and performance-based stock units was $550 during the three months ended March 31, 2016, as compared to $486 during the three months ended March 31, 2015. During the three months ended March 31, 2016, the total fair value of other stock awards vested was $1,006. As of March 31, 2016, total unrecognized compensation expense related to outstanding restricted stock and restricted stock units was $3,839, which will be recognized over a weighted average period of 1.9 years. Maximum unrecognized stock-based compensation expense as of March 31, 2016 related to outstanding performance-based stock units was $451 to be recognized over a weighted average period of 2.8 years. We also recorded $26 of stock-based compensation expense related to our Amended and Restated 1997 Employee Stock Purchase Plan during the three months ended March 31, 2016, as compared to $17 during the three months ended March 31, 2015. Accumulated Other Comprehensive (Loss) Income The changes in the balances of each component of accumulated other comprehensive (loss) income are as follows: Marketable Balance as of December 31, 2015 $ 7 Other comprehensive loss before reclassifications (83 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (83 ) Balance as of March 31, 2016 $ (76 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. EARNINGS PER SHARE The following table sets forth the numerator and denominator used in the computation of earnings per share: Three Months Ended March 31, 2016 2015 Numerator: Net loss attributable to common stockholders $ (7,608 ) $ (9,271 ) Denominator: Number of shares outstanding, end of period: Class A common stock 40,243 39,588 Class B common stock 988 988 Unvested restricted stock (115 ) (159 ) Effect of weighted average shares outstanding (120 ) — Weighted average common shares outstanding 40,996 40,417 Antidilutive potentially issuable shares 2,445 2,705 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 9. FAIR VALUE OF FINANCIAL INSTRUMENTS We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions which we believe market participants would use in pricing an asset or a liability. Assets and Liabilities Accounted for at Fair Value Our financial instruments for the periods reported below 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 restricted cash, which are valued using quoted market prices, are included as restricted assets in the Level 1 tier below. The fair value of the interest rate derivative, included in the Level 2 tier below, was 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. The interest rate derivative matured on March 15, 2016. We recognize all derivatives on the balance sheet at fair value. Our financial assets and liabilities that are measured at fair value on a recurring basis include the following: Fair Value Measurement at March 31, 2016 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Unobservable Inputs Assets: Restricted assets - landfill closure $ 871 $ — $ — Fair Value Measurement at December 31, 2015 Using: Quoted Prices in (Level 1) Significant Other Significant Assets: Restricted assets - capital projects $ 1,348 $ — $ — Restricted assets - landfill closure 903 — — Total $ 2,251 $ — $ — Liabilities: Interest rate derivative $ — $ 178 $ — Fair Value of Debt As of March 31, 2016, the fair value of our fixed rate debt, including our 2019 Notes, Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 (“FAME Bonds 2005R-2”), Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 (“FAME Bonds 2015”), Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds”), New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 (“New York Bonds”) and Solid Waste Disposal Revenue Bonds Series 2013 issued by the Business Finance Authority of the State of New Hampshire (“New Hampshire Bonds”) was approximately $463,484 and the carrying value was $454,470. 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 March 31, 2016, the fair value of our ABL Facility is considered to be Level 2 within the fair value hierarchy as the fair value approximates its carrying value of $68,000 based on current borrowing rates for similar types of borrowing arrangements. The carrying value of our remaining material variable rate debt, the Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1, approximates fair value because the interest rate for the debt instrument is based on a market index that approximates current market rates for instruments with similar risk and maturities. |
Divestiture Transactions
Divestiture Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture Transactions | 10. DIVESTITURE TRANSACTIONS Maine Energy In the fiscal year ended April 30, 2013, we executed a purchase and sale agreement with the City of Biddeford, Maine, pursuant to which we agreed to sell the real property of Maine Energy Recovery Company, LP (“Maine Energy”) to the City of Biddeford. We agreed to sell Maine Energy for an undiscounted purchase consideration of $6,650, which was to be paid to us in installments over twenty-one years. The transaction closed in November 2012. In December 2012, we ceased operations of the Maine Energy facility and initiated the decommissioning, demolition and site remediation process in accordance with the provisions of the agreement. We have completed the demolition process and site remediation under the auspices and in accordance with work plans approved by the Maine Department of Environmental Protection and the U.S. Environmental Protection Agency. In consideration of the fact that the project was substantially completed and based on incurred costs to date and estimates at that time regarding the remaining costs to fulfill our obligation under the purchase and sale agreement, we reversed a reserve of $1,157 of excess costs to complete the divestiture in the three months ended March 31, 2015. As of March 31, 2016, we had no remaining costs to complete the divestiture accrued as we had fulfilled our obligation under the agreement. CARES and Related Transaction Casella-Altela Regional Environmental Services, LLC (“CARES”) is a joint venture that owned and operated a water and leachate treatment facility for the natural gas drilling industry in Pennsylvania. Our joint venture partner in CARES is Altela, Inc. (“Altela”). As of March 31, 2016, our ownership interest in CARES was 51%. In accordance with FASB ASC 810-10-15, we consolidate the assets, liabilities and results of operations of CARES into our consolidated financial statements due to our controlling financial interest in the joint venture. On February 9, 2015, we executed a purchase and sale agreement pursuant to which we and Altela agreed to sell certain assets of the CARES water treatment facility to an unrelated third-party. We sold these assets of CARES for purchase consideration of $3,500, resulting in a gain of $2,850 in the three months ended March 31, 2015, 49% of which was attributable to Altela, the noncontrolling interest holder. In connection with this transaction, we also sold certain of our equipment and real estate to the same buyer for total consideration of $1,050, resulting in a gain of $928 in the three months ended March 31, 2015. As of March 31, 2016, we were proceeding with dissolution of CARES in accordance with the CARES Limited Liability Company Agreement. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. SEGMENT REPORTING We report selected information about operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments, 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. Three Months Ended March 31, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 38,987 $ 9,536 $ 6,190 $ (788 ) $ 209,315 Western 52,462 14,852 6,490 2,993 312,369 Recycling 10,638 631 1,092 (1,074 ) 48,042 Other 23,345 280 681 843 50,680 Eliminations — (25,299 ) — — — Total $ 125,432 $ — $ 14,453 $ 1,974 $ 620,406 Three Months Ended March 31, 2015 Segment Outside Inter-company Depreciation and Operating income (loss) Total assets Eastern $ 33,267 $ 8,016 $ 5,237 $ (485 ) $ 205,062 Western 49,357 14,398 6,738 4,995 325,799 Recycling 10,294 4 1,116 (2,010 ) 50,157 Other 23,659 221 657 626 55,363 Eliminations — (22,639 ) — — — Total $ 116,577 $ — $ 13,748 $ 3,126 $ 636,381 Amounts of our total revenue attributable to services provided are as follows: Three Months Ended March 31, 2016 2015 Collection $ 57,851 $ 53,326 Disposal 32,253 27,767 Power generation 1,707 2,047 Processing 973 1,121 Solid waste operations 92,784 84,261 Organics 8,935 9,020 Customer solutions 13,075 13,002 Recycling 10,638 10,294 Total revenues $ 125,432 $ 116,577 |
Subsidiary Guarantors
Subsidiary Guarantors | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiary Guarantors | 12. SUBSIDIARY GUARANTORS Our 2019 Notes are guaranteed jointly and severally, fully and unconditionally, by our significant wholly-owned subsidiaries. The Parent is the issuer and a non-guarantor of the 2019 Notes and the Parent has no independent assets or operations. The information which follows presents the condensed consolidating financial position as of March 31, 2016 and December 31, 2015, the consolidating results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, and the condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 of (a) the Parent company only, (b) the combined guarantors (“Guarantors”), each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (“Non-Guarantors”), (d) eliminating entries and (e) the consolidated total. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2016 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,434 $ 201 $ 13 $ — $ 1,648 Accounts receivable - trade, net 388 52,646 — — 53,034 Refundable income taxes 660 — — — 660 Prepaid expenses 3,960 5,461 — — 9,421 Inventory — 4,474 — — 4,474 Other current assets 402 1,093 — — 1,495 Total current assets 6,844 63,875 13 — 70,732 Property, plant and equipment, net 6,323 390,784 — — 397,107 Goodwill — 118,976 — — 118,976 Intangible assets, net — 8,728 — — 8,728 Restricted assets — 871 — — 871 Cost method investments 12,333 1,932 — (1,932 ) 12,333 Investments in subsidiaries 9,989 — — (9,989 ) — Other non-current assets 1,587 10,072 — — 11,659 30,232 531,363 — (11,921 ) 549,674 Intercompany receivable 490,611 (453,566 ) (38,977 ) 1,932 — $ 527,687 $ 141,672 $ (38,964 ) $ (9,989 ) $ 620,406 Parent Guarantors Non - Elimination Consolidated LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 98 $ 1,360 $ — $ — $ 1,458 Accounts payable 15,468 23,342 (1 ) — 38,809 Accrued payroll and related expenses 1,629 3,950 — — 5,579 Accrued interest 5,148 25 — — 5,173 Current accrued capping, closure and post-closure costs — 703 3 — 706 Other accrued liabilities 8,667 9,993 — — 18,660 Total current liabilities 31,010 39,373 2 — 70,385 Long-term debt and capital leases, less current portion 510,302 2,918 — — 513,220 Accrued capping, closure and post-closure costs, less current portion — 41,518 31 — 41,549 Deferred income taxes 5,695 — — — 5,695 Other long-term liabilities 9,175 8,898 — — 18,073 STOCKHOLDERS’ DEFICIT: Casella Waste Systems, Inc. stockholders’ deficit (28,495 ) 48,965 (38,976 ) (9,989 ) (28,495 ) Noncontrolling interests — — (21 ) — (21 ) Total stockholders’ deficit (28,495 ) 48,965 (38,997 ) (9,989 ) (28,516 ) $ 527,687 $ 141,672 $ (38,964 ) $ (9,989 ) $ 620,406 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated ASSETS 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 7,744 — — (7,744 ) — Other non-current assets 1,587 10,350 — — 11,937 29,240 537,437 — (9,676 ) 557,001 Intercompany receivable 499,977 (462,932 ) (38,977 ) 1,932 — $ 535,377 $ 144,892 $ (38,856 ) $ (7,744 ) $ 633,669 Parent Guarantors Non - Elimination Consolidated LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY 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 portion 502,949 3,036 — — 505,985 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: Casella Waste Systems, Inc. stockholders’ deficit (21,523 ) 46,773 (39,029 ) (7,744 ) (21,523 ) Noncontrolling interests — — (74 ) — (74 ) Total stockholders’ deficit (21,523 ) 46,773 (39,103 ) (7,744 ) (21,597 ) $ 535,377 $ 144,892 $ (38,856 ) $ (7,744 ) $ 633,669 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non - Guarantors Elimination Consolidated Revenues $ — $ 125,432 $ — $ — $ 125,432 Operating expenses: Cost of operations 9 90,398 11 — 90,418 General and administration (169 ) 18,755 1 — 18,587 Depreciation and amortization 276 14,177 — — 14,453 116 123,330 12 — 123,458 Operating income (loss) (116 ) 2,102 (12 ) — 1,974 Other expense (income): Interest income — (104 ) — — (104 ) Interest expense 9,962 68 — — 10,030 (Gain) loss on debt extinguishment (48 ) — — — (48 ) Earnings from consolidated entities (2,258 ) — — 2,258 — Other income (15 ) (126 ) — — (141 ) Other expense, net 7,641 (162 ) — 2,258 9,737 Loss before income taxes (7,757 ) 2,264 (12 ) (2,258 ) (7,763 ) (Benefit) provision for income taxes (149 ) — — — (149 ) Net loss (7,608 ) 2,264 (12 ) (2,258 ) (7,614 ) Less: Net (loss) income attributable to noncontrolling interests — — (6 ) — (6 ) Net loss attributable to common stockholders $ (7,608 ) $ 2,264 $ (6 ) $ (2,258 ) $ (7,608 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 116,453 $ 124 $ — $ 116,577 Operating expenses: Cost of operations (83 ) 87,679 237 — 87,833 General and administration (117 ) 16,938 (16 ) — 16,805 Depreciation and amortization 223 13,525 — — 13,748 Divestiture transactions — (2,085 ) (2,850 ) — (4,935 ) 23 116,057 (2,629 ) — 113,451 Operating income (loss) (23 ) 396 2,753 — 3,126 Other expense (income): Interest income (47 ) (94 ) — — (141 ) Interest expense 9,988 53 85 — 10,126 (Gain) loss on debt extinguishment 521 — — — 521 Loss on derivative instruments 151 — — — 151 Earnings from consolidated entities (1,924 ) — — 1,924 — Other income (37 ) (127 ) — — (164 ) Other expense, net 8,652 (168 ) 85 1,924 10,493 Loss before income taxes (8,675 ) 564 2,668 (1,924 ) (7,367 ) (Benefit) provision for income taxes 596 — — — 596 Net loss (9,271 ) 564 2,668 (1,924 ) (7,963 ) Less: Net (loss) income attributable to noncontrolling interests — — 1,308 — 1,308 Net loss attributable to common stockholders $ (9,271 ) $ 564 $ 1,360 $ (1,924 ) $ (9,271 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non - Elimination Consolidated Net loss $ (7,608 ) $ 2,264 $ (12 ) $ (2,258 ) $ (7,614 ) Other comprehensive loss, net of tax: Unrealized loss resulting from changes in fair value of marketable securities — (83 ) — — (83 ) Other comprehensive loss, net of tax — (83 ) — — (83 ) Comprehensive loss (7,608 ) 2,181 (12 ) (2,258 ) (7,697 ) Less: Comprehensive loss attributable to noncontrolling interests — — (6 ) — (6 ) Comprehensive (loss) income attributable to common stockholders $ (7,608 ) $ 2,181 $ (6 ) $ (2,258 ) $ (7,691 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Net loss $ (9,271 ) $ 564 $ 2,668 $ (1,924 ) $ (7,963 ) Other comprehensive loss, net of tax: Unrealized loss resulting from changes in fair value of marketable securities — (34 ) — — (34 ) Other comprehensive loss, net of tax — (34 ) — — (34 ) Comprehensive loss (9,271 ) 530 2,668 (1,924 ) (7,997 ) Less: Comprehensive (loss) income attributable to noncontrolling interests — — 1,308 — 1,308 Comprehensive loss attributable to common stockholders $ (9,271 ) $ 530 $ 1,360 $ (1,924 ) $ (9,305 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non-Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (6,711 ) $ 8,543 $ (108 ) $ — $ 1,724 Cash Flows from Investing Activities: Additions to property, plant and equipment (371 ) (9,477 ) — — (9,848 ) Payments on landfill operating lease contracts — (500 ) — — (500 ) Proceeds from sale of property and equipment — 359 — — 359 Net cash used in investing activities (371 ) (9,618 ) — — (9,989 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 64,300 — — — 64,300 Principal payments on long-term debt (57,838 ) (110 ) — — (57,948 ) Payments of debt issuance costs (99 ) — — — (99 ) Change in restricted cash 1,348 — — — 1,348 Intercompany borrowings (1,134 ) 1,134 — — — Net cash provided by financing activities 6,577 1,024 — — 7,601 Net (decrease) increase in cash and cash equivalents (505 ) (51 ) (108 ) — (664 ) Cash and cash equivalents, beginning of period 1,939 252 121 — 2,312 Cash and cash equivalents, end of period $ 1,434 $ 201 $ 13 $ — $ 1,648 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non-Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (10,886 ) $ 5,604 $ (413 ) $ — $ (5,695 ) Cash Flows from Investing Activities: Additions to property, plant and equipment (516 ) (3,928 ) — — (4,444 ) Payments on landfill operating lease contracts — (478 ) — — (478 ) Payments related to investments — 1,555 (1,555 ) — — Proceeds from divestiture transactions — 1,050 3,500 — 4,550 Proceeds from sale of property and equipment — 89 — — 89 Net cash used in investing activities (516 ) (1,712 ) 1,945 — (283 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 197,573 18 — — 197,591 Principal payments on long-term debt (186,267 ) (233 ) — — (186,500 ) Payments of debt issuance costs (6,852 ) — — — (6,852 ) Change in restricted cash 4,086 — — — 4,086 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 3,707 (3,707 ) — — — Net cash provided by financing activities 12,247 (3,922 ) (1,495 ) — 6,830 Net (decrease) increase in cash and cash equivalents 845 (30 ) 37 — 852 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 2,441 $ 223 $ 393 $ — $ 3,057 |
Accounting Changes (Policies)
Accounting Changes (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards that were Adopted and are Not Yet Adopted | The following table provides a brief description of recent Accounting Standards Updates (“ASUs”) to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) deemed to have a material effect on our consolidated financial statements upon adoption: Standard Description Effect on the Financial Statements or Other Accounting standards that were adopted effective January 1, 2016 ASU 2016-09: Compensation - Stock Compensation (Topic 718) Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The adoption of this ASU resulted in the following: (1) our stock-based compensation accounting policy was updated to record stock-based compensation expense for all equity-based awards by accounting for forfeitures as they occur; (2) our accounting for excess tax benefits and tax deficiencies in the calculation of income tax expense was updated; and (3) excess tax benefits are classified as a cash flow from operating activity and are no longer separated from income tax cash flows and classified as a cash flow from financing activity. ASU 2015-03 and 15: Imputation of Interest (Topic 835-30) To simplify the presentation of debt issuance costs. These amendments require 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 that debt liability, consistent with debt discounts. The adoption of this ASU resulted in the presentation of debt issuance costs on our balance sheet being treated as a direct reduction of the carrying amount of the debt liability rather than a capitalized asset. See Note 5, Long-Term Debt The following table provides a brief description of recent accounting pronouncements that may have a material effect on our consolidated financial statements upon adoption: Standard Description Effect on the Financial Statements or Other Accounting standards that are not yet adopted ASU 2016-02: Leases (Topic 842) Requires that a lessee recognize at the commencement date a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The adoption of this ASU primarily impacts the balance sheet through the recognition of a right-of-use asset and lease liability for all leases. This guidance is effective January 1, 2019 using a modified retrospective transition approach with early adoption permitted. ASU 2016-01: Financial Instruments - Overall (Topic 825-10) Requires the following: (1) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and the elimination of the disclosure requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The adoption of this ASU results in a cumulative-effect adjustment to the balance sheet, the recognition of changes in fair value of certain equity investments in net income, and enhanced dislosure. Thus guidance is effective January 1, 2018 with a cumulative-effect adjustment. ASU 2014-09 and ASU 2015-14: Revenue from Contracts with Customers (Topic 718) The core principle of the guidance is 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. We are currently evaluating the alternative methods of adoption and the effect on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2018 using a full or modified retrospective approach with early adoption permitted January 1, 2017. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | Intangible assets consisted of the following: Covenants Not-to-Compete Client Lists Total Balance, March 31, 2016 Intangible assets $ 17,266 $ 16,065 $ 33,331 Less accumulated amortization (16,301 ) (8,302 ) (24,603 ) $ 965 $ 7,763 $ 8,728 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 |
Estimated Future Amortization Expense | Intangible amortization expense for the three months ended March 31, 2016 and 2015 was $524 and $749, respectively. Estimated Future Amortization Expense as of March 31, 2016: For the fiscal year ending December 31, 2016 $ 1,524 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 |
Accrued Final Capping, Closur22
Accrued Final Capping, Closure and Post Closure (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: Three Months Ended March 31, 2016 2015 Beginning balance $ 41,041 $ 39,829 Obligations incurred 526 441 Accretion expense 886 828 Obligations settled (1) (198 ) (504 ) Ending balance $ 42,255 $ 40,594 (1) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt and Capital Leases | Long-term debt and capital leases consisted of the following: March 31, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one-month LIBOR plus 2.25% $ 68,000 $ 57,422 Tax-Exempt Bonds: New York State Enviornmental 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 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 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 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 Other: Capital leases maturing through April 2023, bearing interest at up to 7.70% 3,997 4,130 Notes payable maturing through December 2017, bearing interest at up to 7.00% 1,167 1,167 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% 366,070 370,300 Principal amount of long-term debt and capital leases 531,234 525,019 Less—unamortized discount and debt issuance costs (1) 16,556 17,586 Long-term debt and capital leases less unamortized discount and debt issuance costs 514,678 507,433 Less—current maturities of long-term debt 1,458 1,448 $ 513,220 $ 505,985 (1) Unamortized discount and debt issuance costs associated with each respective debt instrument are as follows: March 31, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility $ 5,335 $ 5,593 New York State Enviornmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 1,361 1,407 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 553 566 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 812 830 Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 628 636 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 659 690 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 34 35 Senior Subordinated Notes 7,174 7,829 $ 16,556 $ 17,586 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Liability Associated with Potsdam | The changes to the environmental remediation liability associated with the Potsdam environmental remediation liability are as follows: Three Months Ended March 31, 2016 2015 Beginning balance $ 5,221 $ 5,142 Accretion expense — 20 Ending balance $ 5,221 $ 5,162 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2015 1,297 $ 7.03 Granted — $ — Exercised — $ — Forfeited (30 ) $ 11.24 Outstanding, March 31, 2016 1,267 $ 6.93 5.4 $ 1,717 Exercisable, March 31, 2016 932 $ 7.29 4.1 $ 1,388 Expected to vest, March 31, 2016 1,266 $ 6.93 5.4 $ 1,715 |
Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity | The following table summarizes restricted stock, restricted stock unit and performance-based stock unit activity: Restricted Stock, and Performance-Based Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2015 962 $ 4.49 Granted 400 $ 6.32 Class A Common Stock Vested (180 ) $ 4.19 Forfeited (4 ) $ 4.74 Outstanding, March 31, 2016 1,178 $ 5.16 2.0 $ 1,798 Expected to vest, March 31, 2016 986 $ 5.09 1.9 $ 1,584 (1) Performance-based stock units are included at the 100% attainment level. Attainment of the maximum performance targets could result in the issuance of an additional 43 shares of Class A common stock. |
Accumulated Other Comprehensive (Loss) Income | The changes in the balances of each component of accumulated other comprehensive (loss) income are as follows: Marketable Balance as of December 31, 2015 $ 7 Other comprehensive loss before reclassifications (83 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (83 ) Balance as of March 31, 2016 $ (76 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: Three Months Ended March 31, 2016 2015 Numerator: Net loss attributable to common stockholders $ (7,608 ) $ (9,271 ) Denominator: Number of shares outstanding, end of period: Class A common stock 40,243 39,588 Class B common stock 988 988 Unvested restricted stock (115 ) (159 ) Effect of weighted average shares outstanding (120 ) — Weighted average common shares outstanding 40,996 40,417 Antidilutive potentially issuable shares 2,445 2,705 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Unobservable Inputs Assets: Restricted assets - landfill closure $ 871 $ — $ — Fair Value Measurement at December 31, 2015 Using: Quoted Prices in (Level 1) Significant Other Significant Assets: Restricted assets - capital projects $ 1,348 $ — $ — Restricted assets - landfill closure 903 — — Total $ 2,251 $ — $ — Liabilities: Interest rate derivative $ — $ 178 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | Three Months Ended March 31, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 38,987 $ 9,536 $ 6,190 $ (788 ) $ 209,315 Western 52,462 14,852 6,490 2,993 312,369 Recycling 10,638 631 1,092 (1,074 ) 48,042 Other 23,345 280 681 843 50,680 Eliminations — (25,299 ) — — — Total $ 125,432 $ — $ 14,453 $ 1,974 $ 620,406 Three Months Ended March 31, 2015 Segment Outside Inter-company Depreciation and Operating income (loss) Total assets Eastern $ 33,267 $ 8,016 $ 5,237 $ (485 ) $ 205,062 Western 49,357 14,398 6,738 4,995 325,799 Recycling 10,294 4 1,116 (2,010 ) 50,157 Other 23,659 221 657 626 55,363 Eliminations — (22,639 ) — — — Total $ 116,577 $ — $ 13,748 $ 3,126 $ 636,381 |
Summary of Revenue Attributable to Services Provided by Company | Amounts of our total revenue attributable to services provided are as follows: Three Months Ended March 31, 2016 2015 Collection $ 57,851 $ 53,326 Disposal 32,253 27,767 Power generation 1,707 2,047 Processing 973 1,121 Solid waste operations 92,784 84,261 Organics 8,935 9,020 Customer solutions 13,075 13,002 Recycling 10,638 10,294 Total revenues $ 125,432 $ 116,577 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2016 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,434 $ 201 $ 13 $ — $ 1,648 Accounts receivable - trade, net 388 52,646 — — 53,034 Refundable income taxes 660 — — — 660 Prepaid expenses 3,960 5,461 — — 9,421 Inventory — 4,474 — — 4,474 Other current assets 402 1,093 — — 1,495 Total current assets 6,844 63,875 13 — 70,732 Property, plant and equipment, net 6,323 390,784 — — 397,107 Goodwill — 118,976 — — 118,976 Intangible assets, net — 8,728 — — 8,728 Restricted assets — 871 — — 871 Cost method investments 12,333 1,932 — (1,932 ) 12,333 Investments in subsidiaries 9,989 — — (9,989 ) — Other non-current assets 1,587 10,072 — — 11,659 30,232 531,363 — (11,921 ) 549,674 Intercompany receivable 490,611 (453,566 ) (38,977 ) 1,932 — $ 527,687 $ 141,672 $ (38,964 ) $ (9,989 ) $ 620,406 Parent Guarantors Non - Elimination Consolidated LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 98 $ 1,360 $ — $ — $ 1,458 Accounts payable 15,468 23,342 (1 ) — 38,809 Accrued payroll and related expenses 1,629 3,950 — — 5,579 Accrued interest 5,148 25 — — 5,173 Current accrued capping, closure and post-closure costs — 703 3 — 706 Other accrued liabilities 8,667 9,993 — — 18,660 Total current liabilities 31,010 39,373 2 — 70,385 Long-term debt and capital leases, less current portion 510,302 2,918 — — 513,220 Accrued capping, closure and post-closure costs, less current portion — 41,518 31 — 41,549 Deferred income taxes 5,695 — — — 5,695 Other long-term liabilities 9,175 8,898 — — 18,073 STOCKHOLDERS’ DEFICIT: Casella Waste Systems, Inc. stockholders’ deficit (28,495 ) 48,965 (38,976 ) (9,989 ) (28,495 ) Noncontrolling interests — — (21 ) — (21 ) Total stockholders’ deficit (28,495 ) 48,965 (38,997 ) (9,989 ) (28,516 ) $ 527,687 $ 141,672 $ (38,964 ) $ (9,989 ) $ 620,406 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (in thousands) Parent Guarantors Non- Guarantors Elimination Consolidated ASSETS 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 7,744 — — (7,744 ) — Other non-current assets 1,587 10,350 — — 11,937 29,240 537,437 — (9,676 ) 557,001 Intercompany receivable 499,977 (462,932 ) (38,977 ) 1,932 — $ 535,377 $ 144,892 $ (38,856 ) $ (7,744 ) $ 633,669 Parent Guarantors Non - Elimination Consolidated LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY 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 portion 502,949 3,036 — — 505,985 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: Casella Waste Systems, Inc. stockholders’ deficit (21,523 ) 46,773 (39,029 ) (7,744 ) (21,523 ) Noncontrolling interests — — (74 ) — (74 ) Total stockholders’ deficit (21,523 ) 46,773 (39,103 ) (7,744 ) (21,597 ) $ 535,377 $ 144,892 $ (38,856 ) $ (7,744 ) $ 633,669 |
Schedule of Consolidating Statement of Operations | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non - Guarantors Elimination Consolidated Revenues $ — $ 125,432 $ — $ — $ 125,432 Operating expenses: Cost of operations 9 90,398 11 — 90,418 General and administration (169 ) 18,755 1 — 18,587 Depreciation and amortization 276 14,177 — — 14,453 116 123,330 12 — 123,458 Operating income (loss) (116 ) 2,102 (12 ) — 1,974 Other expense (income): Interest income — (104 ) — — (104 ) Interest expense 9,962 68 — — 10,030 (Gain) loss on debt extinguishment (48 ) — — — (48 ) Earnings from consolidated entities (2,258 ) — — 2,258 — Other income (15 ) (126 ) — — (141 ) Other expense, net 7,641 (162 ) — 2,258 9,737 Loss before income taxes (7,757 ) 2,264 (12 ) (2,258 ) (7,763 ) (Benefit) provision for income taxes (149 ) — — — (149 ) Net loss (7,608 ) 2,264 (12 ) (2,258 ) (7,614 ) Less: Net (loss) income attributable to noncontrolling interests — — (6 ) — (6 ) Net loss attributable to common stockholders $ (7,608 ) $ 2,264 $ (6 ) $ (2,258 ) $ (7,608 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Revenues $ — $ 116,453 $ 124 $ — $ 116,577 Operating expenses: Cost of operations (83 ) 87,679 237 — 87,833 General and administration (117 ) 16,938 (16 ) — 16,805 Depreciation and amortization 223 13,525 — — 13,748 Divestiture transactions — (2,085 ) (2,850 ) — (4,935 ) 23 116,057 (2,629 ) — 113,451 Operating income (loss) (23 ) 396 2,753 — 3,126 Other expense (income): Interest income (47 ) (94 ) — — (141 ) Interest expense 9,988 53 85 — 10,126 (Gain) loss on debt extinguishment 521 — — — 521 Loss on derivative instruments 151 — — — 151 Earnings from consolidated entities (1,924 ) — — 1,924 — Other income (37 ) (127 ) — — (164 ) Other expense, net 8,652 (168 ) 85 1,924 10,493 Loss before income taxes (8,675 ) 564 2,668 (1,924 ) (7,367 ) (Benefit) provision for income taxes 596 — — — 596 Net loss (9,271 ) 564 2,668 (1,924 ) (7,963 ) Less: Net (loss) income attributable to noncontrolling interests — — 1,308 — 1,308 Net loss attributable to common stockholders $ (9,271 ) $ 564 $ 1,360 $ (1,924 ) $ (9,271 ) |
Schedule of Consolidating Statement of Comprehensive Loss | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non - Elimination Consolidated Net loss $ (7,608 ) $ 2,264 $ (12 ) $ (2,258 ) $ (7,614 ) Other comprehensive loss, net of tax: Unrealized loss resulting from changes in fair value of marketable securities — (83 ) — — (83 ) Other comprehensive loss, net of tax — (83 ) — — (83 ) Comprehensive loss (7,608 ) 2,181 (12 ) (2,258 ) (7,697 ) Less: Comprehensive loss attributable to noncontrolling interests — — (6 ) — (6 ) Comprehensive (loss) income attributable to common stockholders $ (7,608 ) $ 2,181 $ (6 ) $ (2,258 ) $ (7,691 ) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non - Elimination Consolidated Net loss $ (9,271 ) $ 564 $ 2,668 $ (1,924 ) $ (7,963 ) Other comprehensive loss, net of tax: Unrealized loss resulting from changes in fair value of marketable securities — (34 ) — — (34 ) Other comprehensive loss, net of tax — (34 ) — — (34 ) Comprehensive loss (9,271 ) 530 2,668 (1,924 ) (7,997 ) Less: Comprehensive (loss) income attributable to noncontrolling interests — — 1,308 — 1,308 Comprehensive loss attributable to common stockholders $ (9,271 ) $ 530 $ 1,360 $ (1,924 ) $ (9,305 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantors Non-Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (6,711 ) $ 8,543 $ (108 ) $ — $ 1,724 Cash Flows from Investing Activities: Additions to property, plant and equipment (371 ) (9,477 ) — — (9,848 ) Payments on landfill operating lease contracts — (500 ) — — (500 ) Proceeds from sale of property and equipment — 359 — — 359 Net cash used in investing activities (371 ) (9,618 ) — — (9,989 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 64,300 — — — 64,300 Principal payments on long-term debt (57,838 ) (110 ) — — (57,948 ) Payments of debt issuance costs (99 ) — — — (99 ) Change in restricted cash 1,348 — — — 1,348 Intercompany borrowings (1,134 ) 1,134 — — — Net cash provided by financing activities 6,577 1,024 — — 7,601 Net (decrease) increase in cash and cash equivalents (505 ) (51 ) (108 ) — (664 ) Cash and cash equivalents, beginning of period 1,939 252 121 — 2,312 Cash and cash equivalents, end of period $ 1,434 $ 201 $ 13 $ — $ 1,648 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantors Non-Guarantors Elimination Consolidated Net cash provided by (used in) operating activities $ (10,886 ) $ 5,604 $ (413 ) $ — $ (5,695 ) Cash Flows from Investing Activities: Additions to property, plant and equipment (516 ) (3,928 ) — — (4,444 ) Payments on landfill operating lease contracts — (478 ) — — (478 ) Payments related to investments — 1,555 (1,555 ) — — Proceeds from divestiture transactions — 1,050 3,500 — 4,550 Proceeds from sale of property and equipment — 89 — — 89 Net cash used in investing activities (516 ) (1,712 ) 1,945 — (283 ) Cash Flows from Financing Activities: Proceeds from long-term borrowings 197,573 18 — — 197,591 Principal payments on long-term debt (186,267 ) (233 ) — — (186,500 ) Payments of debt issuance costs (6,852 ) — — — (6,852 ) Change in restricted cash 4,086 — — — 4,086 Distributions to noncontrolling interest holder — — (1,495 ) — (1,495 ) Intercompany borrowings 3,707 (3,707 ) — — — Net cash provided by financing activities 12,247 (3,922 ) (1,495 ) — 6,830 Net (decrease) increase in cash and cash equivalents 845 (30 ) 37 — 852 Cash and cash equivalents, beginning of period 1,596 253 356 — 2,205 Cash and cash equivalents, end of period $ 2,441 $ 223 $ 393 $ — $ 3,057 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
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 |
Intangible Assets - Components
Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 33,331 | $ 33,331 | |
Less accumulated amortization | (24,603) | (24,079) | |
Intangible assets, net | 8,728 | $ 9,252 | 9,252 |
Covenants Not-to-Compete [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 17,266 | 17,266 | |
Less accumulated amortization | (16,301) | (16,198) | |
Intangible assets, net | 965 | 1,068 | |
Client Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 16,065 | 16,065 | |
Less accumulated amortization | (8,302) | (7,881) | |
Intangible assets, net | $ 7,763 | $ 8,184 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expenses | $ 524 | $ 749 |
Intangible Assets - Estimated F
Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2016 | $ 1,524 |
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 |
Accrued Final Capping, Closur34
Accrued Final Capping, Closure and Post Closure - Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $ 41,041 | $ 39,829 |
Obligations incurred | 526 | 441 |
Accretion expense | 886 | 828 |
Obligations settled | (198) | (504) |
Ending balance | $ 42,255 | $ 40,594 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Principal amount of long-term debt and capital leases | $ 531,234 | $ 525,019 |
Less-unamortized discount and debt issuance costs | 16,556 | 17,586 |
Long-term debt and capital lease | 514,678 | 507,433 |
Less-current maturities of long-term debt | 1,458 | 1,448 |
Non current portion of long term debt and capital lease obligation | 513,220 | 505,985 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 68,000 | 57,422 |
Less-unamortized discount and debt issuance costs | 5,335 | 5,593 |
Revenue Bonds Series 2014 Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 25,000 | 25,000 |
Less-unamortized discount and debt issuance costs | 1,361 | 1,407 |
Revenue Bonds Series 2005R-2, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 21,400 | 21,400 |
Less-unamortized discount and debt issuance costs | 553 | 566 |
Revenue Bonds Series 2015 Due August 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 15,000 | 15,000 |
Less-unamortized discount and debt issuance costs | 812 | 830 |
Long-Term Revenue Bonds Series 2013 Due April 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 16,000 | 16,000 |
Less-unamortized discount and debt issuance costs | 628 | 636 |
Revenue Bonds Series 2013 Due April 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 11,000 | 11,000 |
Less-unamortized discount and debt issuance costs | 659 | 690 |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 3,600 | 3,600 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 3,997 | 4,130 |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 1,167 | 1,167 |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 366,070 | 370,300 |
Less-unamortized discount and debt issuance costs | $ 7,174 | $ 7,829 |
Long-Term Debt - Components o36
Long-Term Debt - Components of Long-Term Debt and Capital Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Unamortized discount and deferred financing costs | $ 16,556 | $ 17,586 |
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 | |
Unamortized discount and deferred financing costs | $ 5,335 | 5,593 |
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% | |
Unamortized discount and deferred financing costs | $ 1,361 | 1,407 |
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% | |
Unamortized discount and deferred financing costs | $ 553 | 566 |
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% | |
Unamortized discount and deferred financing costs | $ 812 | 830 |
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% | |
Unamortized discount and deferred financing costs | $ 628 | 636 |
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% | |
Unamortized discount and deferred financing costs | $ 659 | 690 |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Apr. 1, 2025 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Apr. 1, 2023 | |
Debt instrument stated percentage | 7.70% | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | 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% | |
Unamortized discount and deferred financing costs | $ 7,174 | 7,829 |
Revenue Bond Series 2013 Letter Of Credit Backed Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount and deferred financing costs | $ 34 | $ 35 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / NotesPayable | Mar. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Gain on debt extinguishment | $ 48 | $ (521) |
Senior Secured Revolving Credit Facility, Due 2016 [Member] | Write Off of Debt Issuance Costs [Member] | ||
Debt Instrument [Line Items] | ||
Gain on debt extinguishment | $ (521) | |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate principal repurchase amount | $ 4,230 | |
Repurchase price per debt instrument | $ / NotesPayable | 96.75 | |
Gain on debt extinguishment | $ 48 | |
Debt instrument stated percentage | 7.75% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Feb. 29, 2016Resident | Jan. 29, 2016 | Apr. 30, 2011USD ($) | May. 31, 2009USD ($) | |
Expera Old Town LLC [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Reserve related with settlement | $ 2,616,000 | |||||
Contract settlement charge | $ 1,940,000 | |||||
Reserve related with settlement | $ 676,000 | |||||
Reserve for legal costs | 46,000 | |||||
Expera Old Town LLC [Member] | upon execution of SA [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Litigation settlement | 1,250,000 | |||||
Expera Old Town LLC [Member] | Five years following execution of SA [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Litigation settlement | 350,000 | |||||
Southbridge Recycling and Disposal Park, Inc [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Number of resident's homes representing legal suit | Resident | 40 | |||||
Maximum [Member] | Expera Old Town LLC [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Fuel replacement fee | $ 2,000,000 | |||||
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 | ||||
Remediation activities, participant share percentage | 15.00% | |||||
Risk free interest rate | 1.80% |
Commitments and Contingencies39
Commitments and Contingencies - Schedule of Environmental Liability Associated with Potsdam (Detail) - Potsdam Environmental Remediation Liability [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Site Contingency [Line Items] | ||
Beginning balance | $ 5,221 | $ 5,142 |
Ending balance | 5,221 | 5,162 |
Accretion Expense [Member] | ||
Site Contingency [Line Items] | ||
Accretion expense | $ 0 | $ 20 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Apr. 30, 2007 | |
Limited Partners' Capital Account [Line Items] | |||
Total fair value of other stock awards vested | $ 1,006,000 | ||
Restricted Stock Awards [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | 550,000 | $ 486,000 | |
Stock Options [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | 146,000 | $ 157,000 | |
Unrecognized stock-based compensation expense | $ 1,078,000 | ||
Unrecognized stock-based compensation expense, weighted average period | 2 years 1 month 6 days | ||
Restricted Stock and Restricted Stock Unit [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Unrecognized stock-based compensation expense | $ 3,839,000 | ||
Unrecognized stock-based compensation expense, weighted average period | 1 year 10 months 24 days | ||
Performance-Based Stock Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Unrecognized stock-based compensation expense, weighted average period | 2 years 9 months 18 days | ||
Amended and Restated 1997 Employee Stock Purchase Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Stock-based compensation expense | $ 26,000 | $ 17,000 | |
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] | Performance-Based Stock Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Unrecognized stock-based compensation expense | $ 451,000 | ||
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] | 2006 Stock Incentive Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Common stock, authorized shares | 2,475 | ||
Number of shares available for future grant | 546 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options,Outstanding, December 31, 2015 | shares | 1,297 |
Stock Options, Granted | shares | 0 |
Stock Options, Exercised | shares | 0 |
Stock Options, Forfeited | shares | (30) |
Stock Options,Outstanding, March 31, 2016 | shares | 1,267 |
Stock Options,Exercisable, March 31, 2016 | shares | 932 |
Stock Options,Expected to vest, March 31, 2016 | shares | 1,266 |
Weighted Average Exercise Price,Outstanding, December 31, 2015 | $ / shares | $ 7.03 |
Weighted Average Exercise Price, Granted | $ / shares | 0 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited | $ / shares | 11.24 |
Weighted Average Exercise Price,Outstanding, March 31, 2016 | $ / shares | 6.93 |
Weighted Average Exercise Price,Exercisable, March 31, 2016 | $ / shares | 7.29 |
Weighted Average Exercise Price,Expected to vest, March 31, 2016 | $ / shares | $ 6.93 |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Expected to vest | 5 years 4 months 24 days |
Aggregate Intrinsic Value,Outstanding, March 31, 2016 | $ | $ 1,717 |
Aggregate Intrinsic Value,Exercisable, March 31, 2016 | $ | 1,388 |
Aggregate Intrinsic Value,Expected to vest, March 31, 2016 | $ | $ 1,715 |
Stockholders' Equity - Summar42
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Price, Outstanding, December 31, 2015 | $ / shares | $ 4.49 |
Weighted Average Grant Price, Granted | $ / shares | 6.32 |
Weighted Average Grant Price, Forfeited | $ / shares | 4.74 |
Weighted Average Grant Price, Outstanding, March 31, 2016 | $ / shares | 5.16 |
Weighted Average Grant Price, Expected to vest,March 31, 2016 | $ / shares | $ 5.09 |
Weighted Average Remaining Contractual Term, Outstanding | 2 years |
Weighted Average Remaining Contractual Term, Expected to vest | 1 year 10 months 24 days |
Aggregate Intrinsic Value, Outstanding, March 31, 2016 | $ | $ 1,798 |
Aggregate Intrinsic Value,Expected to vest, March 31, 2016 | $ | $ 1,584 |
Restricted Stock, Restricted Stock Units and Performance-Based Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Outstanding, December 31, 2015 | shares | 962 |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units, Granted | shares | 400 |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units, Forfeited | shares | (4) |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Outstanding, December 31, 2015 | shares | 1,178 |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Expected to vest, December 31, 2015 | shares | 986 |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Price Common Stock, Vested | $ / shares | $ 4.19 |
Class A Common Stock [Member] | Restricted Stock, Restricted Stock Units and Performance-Based Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Common Stock, Vested | shares | (180) |
Stockholders' Equity - Summar43
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity (Parenthetical) (Detail) - Performance-Based Stock Units [Member] | 3 Months Ended |
Mar. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based stock units, percentage of attainment level | 100.00% |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based stock units | 43 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 7 | |
Other comprehensive (loss) income | (83) | $ (34) |
Ending balance | (76) | |
Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 7 | |
Other comprehensive (loss) income before reclassifications | (83) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | |
Other comprehensive (loss) income | (83) | |
Ending balance | $ (76) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Numerator and Denominator Used in Computation of Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Numerator: | |||
Net loss attributable to common stockholders | $ (7,608) | $ (9,271) | |
Number of shares outstanding, end of period: | |||
Unvested restricted stock | (115,000) | (159,000) | |
Effect of weighted average shares outstanding | (120,000) | ||
Weighted average common shares outstanding | 40,996,000 | 40,417,000 | |
Antidilutive potentially issuable shares | 2,445,000 | 2,705,000 | |
Class A Common Stock [Member] | |||
Number of shares outstanding, end of period: | |||
Common stock shares outstanding | 40,243,000 | 39,588,000 | 40,064,000 |
Class B Common Stock [Member] | |||
Number of shares outstanding, end of period: | |||
Common stock shares outstanding | 988,000 | 988,000 | 988,000 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Restricted assets | $ 871 | $ 2,251 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted assets | 2,251 | |
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 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Restricted Assets - Landfill Closure [Member] | ||
Assets: | ||
Restricted assets | $ 871 | 903 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Interest rate derivative | $ 178 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Significant Other Observable Inputs (Level 2) [Member] | |
Debt Instrument [Line Items] | |
Carrying value of revolver debt | $ 68,000 |
Fixed Rate Bonds [Member] | |
Debt Instrument [Line Items] | |
Fair value of fixed rate debt | 463,484 |
Carrying value of fixed rate debt | $ 454,470 |
Divestiture Transactions - Addi
Divestiture Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Apr. 30, 2013 | Mar. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Divestiture transactions | $ (4,935,000) | |||
Remaining divestiture costs | $ 18,660,000 | $ 17,765,000 | ||
Proceeds from sale of assets | 4,550,000 | |||
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% | |||
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 | $ 1,157 | |||
Remaining divestiture costs | $ 0 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Inter-company revenues | $ 125,432 | $ 116,577 | |
Depreciation and amortization | 14,453 | 13,748 | |
Operating income (loss) | 1,974 | 3,126 | |
Total assets | 620,406 | 636,381 | $ 633,669 |
Eastern Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 6,190 | 5,237 | |
Operating income (loss) | (788) | (485) | |
Total assets | 209,315 | 205,062 | |
Western Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 6,490 | 6,738 | |
Operating income (loss) | 2,993 | 4,995 | |
Total assets | 312,369 | 325,799 | |
Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 1,092 | 1,116 | |
Operating income (loss) | (1,074) | (2,010) | |
Total assets | 48,042 | 50,157 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 681 | 657 | |
Operating income (loss) | 843 | 626 | |
Total assets | 50,680 | 55,363 | |
Outside Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 125,432 | 116,577 | |
Outside Revenues [Member] | Eastern Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 38,987 | 33,267 | |
Outside Revenues [Member] | Western Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 52,462 | 49,357 | |
Outside Revenues [Member] | Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 10,638 | 10,294 | |
Outside Revenues [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 23,345 | 23,659 | |
Inter-Company Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | (25,299) | (22,639) | |
Inter-Company Revenue [Member] | Eastern Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 9,536 | 8,016 | |
Inter-Company Revenue [Member] | Western Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 14,852 | 14,398 | |
Inter-Company Revenue [Member] | Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | 631 | 4 | |
Inter-Company Revenue [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-company revenues | $ 280 | $ 221 |
Segment Reporting - Summary o50
Segment Reporting - Summary of Revenue Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue from External Customer [Line Items] | ||
Revenues | $ 125,432 | $ 116,577 |
Solid Waste Operations Collection [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 57,851 | 53,326 |
Solid Waste Operations Disposal [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 32,253 | 27,767 |
Solid Waste Operations Power Generation [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 1,707 | 2,047 |
Solid Waste Operations Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 973 | 1,121 |
Solid Waste Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 92,784 | 84,261 |
Organics [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 8,935 | 9,020 |
Customer Solutions [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 13,075 | 13,002 |
Recycling [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 10,638 | $ 10,294 |
Subsidiary Guarantors - Schedul
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 1,648 | $ 2,312 | $ 3,057 | $ 2,205 |
Accounts receivable - trade, net | 53,034 | 60,167 | ||
Refundable income taxes | 660 | 651 | ||
Prepaid expenses | 9,421 | 7,670 | ||
Inventory | 4,474 | 4,282 | ||
Other current assets | 1,495 | 1,586 | ||
Total current assets | 70,732 | 76,668 | ||
Property, plant and equipment, net | 397,107 | 402,252 | ||
Goodwill | 118,976 | 118,976 | ||
Intangible assets, net | 8,728 | 9,252 | 9,252 | |
Restricted assets | 871 | 2,251 | ||
Cost method investments | 12,333 | 12,333 | ||
Other non-current assets | 11,659 | 11,937 | ||
Total non-current assets | 549,674 | 557,001 | ||
Total assets | 620,406 | 633,669 | 636,381 | |
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,458 | 1,448 | ||
Accounts payable | 38,809 | 44,921 | ||
Accrued payroll and related expenses | 5,579 | 8,175 | ||
Accrued interest | 5,173 | 12,305 | ||
Current accrued capping, closure and post-closure costs | 706 | 732 | ||
Other accrued liabilities | 18,660 | 17,765 | ||
Total current liabilities | 70,385 | 85,346 | ||
Long-term debt and capital leases, less current portion | 513,220 | 505,985 | ||
Accrued capping, closure and post-closure costs, less current portion | 41,549 | 40,309 | ||
Deferred income taxes | 5,695 | 5,595 | ||
Other long-term liabilities | 18,073 | 18,031 | ||
STOCKHOLDERS' DEFICIT: | ||||
Casella Waste Systems, Inc. stockholders' deficit | (28,495) | (21,523) | ||
Noncontrolling interests | (21) | (74) | ||
Total stockholders' deficit | (28,516) | (21,597) | ||
Total stockholders' deficit | 620,406 | 633,669 | ||
Parent [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 1,434 | 1,939 | 2,441 | 1,596 |
Accounts receivable - trade, net | 388 | 438 | ||
Refundable income taxes | 660 | 651 | ||
Prepaid expenses | 3,960 | 2,612 | ||
Other current assets | 402 | 520 | ||
Total current assets | 6,844 | 6,160 | ||
Property, plant and equipment, net | 6,323 | 6,220 | ||
Intangible assets, net | 8 | |||
Restricted assets | 1,348 | |||
Cost method investments | 12,333 | 12,333 | ||
Investments in subsidiaries | 9,989 | 7,744 | ||
Other non-current assets | 1,587 | 1,587 | ||
Total non-current assets | 30,232 | 29,240 | ||
Intercompany receivable | 490,611 | 499,977 | ||
Total assets | 527,687 | 535,377 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 98 | 96 | ||
Accounts payable | 15,468 | 16,203 | ||
Accrued payroll and related expenses | 1,629 | 2,994 | ||
Accrued interest | 5,148 | 12,292 | ||
Other accrued liabilities | 8,667 | 7,693 | ||
Total current liabilities | 31,010 | 39,278 | ||
Long-term debt and capital leases, less current portion | 510,302 | 502,949 | ||
Deferred income taxes | 5,695 | 5,595 | ||
Other long-term liabilities | 9,175 | 9,078 | ||
STOCKHOLDERS' DEFICIT: | ||||
Casella Waste Systems, Inc. stockholders' deficit | (28,495) | (21,523) | ||
Total stockholders' deficit | (28,495) | (21,523) | ||
Total stockholders' deficit | 527,687 | 535,377 | ||
Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 201 | 252 | 223 | 253 |
Accounts receivable - trade, net | 52,646 | 59,729 | ||
Prepaid expenses | 5,461 | 5,058 | ||
Inventory | 4,474 | 4,282 | ||
Other current assets | 1,093 | 1,066 | ||
Total current assets | 63,875 | 70,387 | ||
Property, plant and equipment, net | 390,784 | 396,032 | ||
Goodwill | 118,976 | 118,976 | ||
Intangible assets, net | 8,728 | 9,244 | ||
Restricted assets | 871 | 903 | ||
Cost method investments | 1,932 | 1,932 | ||
Other non-current assets | 10,072 | 10,350 | ||
Total non-current assets | 531,363 | 537,437 | ||
Intercompany receivable | (453,566) | (462,932) | ||
Total assets | 141,672 | 144,892 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt and capital leases | 1,360 | 1,352 | ||
Accounts payable | 23,342 | 28,504 | ||
Accrued payroll and related expenses | 3,950 | 5,181 | ||
Accrued interest | 25 | 13 | ||
Current accrued capping, closure and post-closure costs | 703 | 729 | ||
Other accrued liabilities | 9,993 | 10,072 | ||
Total current liabilities | 39,373 | 45,851 | ||
Long-term debt and capital leases, less current portion | 2,918 | 3,036 | ||
Accrued capping, closure and post-closure costs, less current portion | 41,518 | 40,279 | ||
Other long-term liabilities | 8,898 | 8,953 | ||
STOCKHOLDERS' DEFICIT: | ||||
Casella Waste Systems, Inc. stockholders' deficit | 48,965 | 46,773 | ||
Total stockholders' deficit | 48,965 | 46,773 | ||
Total stockholders' deficit | 141,672 | 144,892 | ||
Non-Guarantors [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 13 | 121 | $ 393 | $ 356 |
Total current assets | 13 | 121 | ||
Intercompany receivable | (38,977) | (38,977) | ||
Total assets | (38,964) | (38,856) | ||
CURRENT LIABILITIES: | ||||
Accounts payable | (1) | 214 | ||
Current accrued capping, closure and post-closure costs | 3 | 3 | ||
Total current liabilities | 2 | 217 | ||
Accrued capping, closure and post-closure costs, less current portion | 31 | 30 | ||
STOCKHOLDERS' DEFICIT: | ||||
Casella Waste Systems, Inc. stockholders' deficit | (38,976) | (39,029) | ||
Noncontrolling interests | (21) | (74) | ||
Total stockholders' deficit | (38,997) | (39,103) | ||
Total stockholders' deficit | (38,964) | (38,856) | ||
Elimination [Member] | ||||
CURRENT ASSETS: | ||||
Cost method investments | (1,932) | (1,932) | ||
Investments in subsidiaries | (9,989) | (7,744) | ||
Total non-current assets | (11,921) | (9,676) | ||
Intercompany receivable | 1,932 | 1,932 | ||
Total assets | (9,989) | (7,744) | ||
STOCKHOLDERS' DEFICIT: | ||||
Casella Waste Systems, Inc. stockholders' deficit | (9,989) | (7,744) | ||
Total stockholders' deficit | (9,989) | (7,744) | ||
Total stockholders' deficit | $ (9,989) | $ (7,744) |
Subsidiary Guarantors - Sched52
Subsidiary Guarantors - Schedule of Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | $ 125,432 | $ 116,577 |
Operating expenses: | ||
Cost of operations | 90,418 | 87,833 |
General and administration | 18,587 | 16,805 |
Depreciation and amortization | 14,453 | 13,748 |
Divestiture transactions | (4,935) | |
Total operating expenses | 123,458 | 113,451 |
Operating income (loss) | 1,974 | 3,126 |
Other expense (income): | ||
Interest income | (104) | (141) |
Interest expense | 10,030 | 10,126 |
(Gain) loss on debt extinguishment | (48) | 521 |
Loss on derivative instruments | 151 | |
Other income | (141) | (164) |
Other expense, net | 9,737 | 10,493 |
Loss before income taxes | (7,763) | (7,367) |
(Benefit) provision for income taxes | (149) | 596 |
Net loss | (7,614) | (7,963) |
Less: Net (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Net loss attributable to common stockholders | (7,608) | (9,271) |
Parent [Member] | ||
Operating expenses: | ||
Cost of operations | 9 | (83) |
General and administration | (169) | (117) |
Depreciation and amortization | 276 | 223 |
Total operating expenses | 116 | 23 |
Operating income (loss) | (116) | (23) |
Other expense (income): | ||
Interest income | (47) | |
Interest expense | 9,962 | 9,988 |
(Gain) loss on debt extinguishment | (48) | 521 |
Loss on derivative instruments | 151 | |
Earnings from consolidated entities | (2,258) | (1,924) |
Other income | (15) | (37) |
Other expense, net | 7,641 | 8,652 |
Loss before income taxes | (7,757) | (8,675) |
(Benefit) provision for income taxes | (149) | 596 |
Net loss | (7,608) | (9,271) |
Net loss attributable to common stockholders | (7,608) | (9,271) |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 125,432 | 116,453 |
Operating expenses: | ||
Cost of operations | 90,398 | 87,679 |
General and administration | 18,755 | 16,938 |
Depreciation and amortization | 14,177 | 13,525 |
Divestiture transactions | (2,085) | |
Total operating expenses | 123,330 | 116,057 |
Operating income (loss) | 2,102 | 396 |
Other expense (income): | ||
Interest income | (104) | (94) |
Interest expense | 68 | 53 |
Other income | (126) | (127) |
Other expense, net | (162) | (168) |
Loss before income taxes | 2,264 | 564 |
Net loss | 2,264 | 564 |
Net loss attributable to common stockholders | 2,264 | 564 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 124 | |
Operating expenses: | ||
Cost of operations | 11 | 237 |
General and administration | 1 | (16) |
Divestiture transactions | (2,850) | |
Total operating expenses | 12 | (2,629) |
Operating income (loss) | (12) | 2,753 |
Other expense (income): | ||
Interest expense | 85 | |
Other expense, net | 85 | |
Loss before income taxes | (12) | 2,668 |
Net loss | (12) | 2,668 |
Less: Net (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Net loss attributable to common stockholders | (6) | 1,360 |
Elimination [Member] | ||
Other expense (income): | ||
Earnings from consolidated entities | 2,258 | 1,924 |
Other expense, net | 2,258 | 1,924 |
Loss before income taxes | (2,258) | (1,924) |
Net loss | (2,258) | (1,924) |
Net loss attributable to common stockholders | $ (2,258) | $ (1,924) |
Subsidiary Guarantors - Sched53
Subsidiary Guarantors - Schedule of Consolidating Statement of Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net loss | $ (7,614) | $ (7,963) |
Other comprehensive loss, net of tax: | ||
Unrealized loss resulting from changes in fair value of marketable securities | (83) | (34) |
Other comprehensive loss, net of tax | (83) | (34) |
Comprehensive loss | (7,697) | (7,997) |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Comprehensive (loss) income attributable to common stockholders | (7,691) | (9,305) |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net loss | (7,608) | (9,271) |
Other comprehensive loss, net of tax: | ||
Comprehensive loss | (7,608) | (9,271) |
Comprehensive (loss) income attributable to common stockholders | (7,608) | (9,271) |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net loss | 2,264 | 564 |
Other comprehensive loss, net of tax: | ||
Unrealized loss resulting from changes in fair value of marketable securities | (83) | (34) |
Other comprehensive loss, net of tax | (83) | (34) |
Comprehensive loss | 2,181 | 530 |
Comprehensive (loss) income attributable to common stockholders | 2,181 | 530 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net loss | (12) | 2,668 |
Other comprehensive loss, net of tax: | ||
Comprehensive loss | (12) | 2,668 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (6) | 1,308 |
Comprehensive (loss) income attributable to common stockholders | (6) | 1,360 |
Elimination [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net loss | (2,258) | (1,924) |
Other comprehensive loss, net of tax: | ||
Comprehensive loss | (2,258) | (1,924) |
Comprehensive (loss) income attributable to common stockholders | $ (2,258) | $ (1,924) |
Subsidiary Guarantors - Sched54
Subsidiary Guarantors - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 1,724 | $ (5,695) |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (9,848) | (4,444) |
Payments on landfill operating lease contracts | (500) | (478) |
Proceeds from divestiture transactions | 4,550 | |
Proceeds from sale of property and equipment | 359 | 89 |
Net cash used in investing activities | (9,989) | (283) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 64,300 | 197,591 |
Principal payments on long-term debt | (57,948) | (186,500) |
Payments of debt issuance costs | (99) | (6,852) |
Change in restricted cash | 1,348 | 4,086 |
Distributions to noncontrolling interest holder | (1,495) | |
Net cash provided by financing activities | 7,601 | 6,830 |
Net (decrease) increase in cash and cash equivalents | (664) | 852 |
Cash and cash equivalents, beginning of period | 2,312 | 2,205 |
Cash and cash equivalents, end of period | 1,648 | 3,057 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (6,711) | (10,886) |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (371) | (516) |
Net cash used in investing activities | (371) | (516) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 64,300 | 197,573 |
Principal payments on long-term debt | (57,838) | (186,267) |
Payments of debt issuance costs | (99) | (6,852) |
Change in restricted cash | 1,348 | 4,086 |
Intercompany borrowings | (1,134) | 3,707 |
Net cash provided by financing activities | 6,577 | 12,247 |
Net (decrease) increase in cash and cash equivalents | (505) | 845 |
Cash and cash equivalents, beginning of period | 1,939 | 1,596 |
Cash and cash equivalents, end of period | 1,434 | 2,441 |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 8,543 | 5,604 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (9,477) | (3,928) |
Payments on landfill operating lease contracts | (500) | (478) |
Payments related to investments | 1,555 | |
Proceeds from divestiture transactions | 1,050 | |
Proceeds from sale of property and equipment | 359 | 89 |
Net cash used in investing activities | (9,618) | (1,712) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 18 | |
Principal payments on long-term debt | (110) | (233) |
Intercompany borrowings | 1,134 | (3,707) |
Net cash provided by financing activities | 1,024 | (3,922) |
Net (decrease) increase in cash and cash equivalents | (51) | (30) |
Cash and cash equivalents, beginning of period | 252 | 253 |
Cash and cash equivalents, end of period | 201 | 223 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (108) | (413) |
Cash Flows from Investing Activities: | ||
Payments related to investments | (1,555) | |
Proceeds from divestiture transactions | 3,500 | |
Net cash used in investing activities | 1,945 | |
Cash Flows from Financing Activities: | ||
Distributions to noncontrolling interest holder | (1,495) | |
Net cash provided by financing activities | (1,495) | |
Net (decrease) increase in cash and cash equivalents | (108) | 37 |
Cash and cash equivalents, beginning of period | 121 | 356 |
Cash and cash equivalents, end of period | $ 13 | $ 393 |