Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 15, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CWST | |
Entity Registrant Name | CASELLA WASTE SYSTEMS INC | |
Entity Central Index Key | 911,177 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,500,202 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 988,200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,382 | $ 2,312 |
Accounts receivable - trade, net of allowance for doubtful accounts of $1,070 and $988, respectively | 61,083 | 60,167 |
Refundable income taxes | 736 | 651 |
Prepaid expenses | 8,435 | 7,670 |
Inventory | 4,603 | 4,282 |
Other current assets | 1,350 | 1,586 |
Total current assets | 78,589 | 76,668 |
Property, plant and equipment, net of accumulated depreciation and amortization of $812,737 and $789,766, respectively | 398,747 | 402,252 |
Goodwill | 119,899 | 118,976 |
Intangible assets, net | 8,425 | 9,252 |
Restricted assets | 1,762 | 2,251 |
Cost method investments | 12,333 | 12,333 |
Other non-current assets | 11,866 | 11,937 |
Total assets | 631,621 | 633,669 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital leases | 1,411 | 1,448 |
Accounts payable | 46,037 | 44,921 |
Accrued payroll and related expenses | 7,595 | 8,175 |
Accrued interest | 11,866 | 12,305 |
Current accrued capping, closure and post-closure costs | 604 | 732 |
Other accrued liabilities | 17,121 | 17,765 |
Total current liabilities | 84,634 | 85,346 |
Long-term debt and capital leases, less current portion | 501,804 | 505,985 |
Accrued capping, closure and post-closure costs, less current portion | 42,874 | 40,309 |
Deferred income taxes | 5,898 | 5,595 |
Other long-term liabilities | 18,600 | 18,031 |
COMMITMENTS AND CONTINGENCIES | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Additional paid-in capital | 346,324 | 344,518 |
Accumulated deficit | (368,872) | (366,459) |
Accumulated other comprehensive (loss) income, net of tax | (32) | 7 |
Total Casella Waste Systems, Inc. stockholders' deficit | (22,165) | (21,523) |
Noncontrolling interests | (24) | (74) |
Total stockholders' deficit | (22,189) | (21,597) |
Total liabilities and stockholders' deficit | 631,621 | 633,669 |
Class A Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | 405 | 401 |
Class B Common Stock [Member] | ||
Casella Waste Systems, Inc. stockholders' deficit: | ||
Common stock | $ 10 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2016USD ($)Vote$ / sharesshares | Dec. 31, 2015USD ($)Vote$ / sharesshares |
Accounts receivable - trade, allowance for doubtful accounts | $ | $ 1,070 | $ 988 |
Property, plant and equipment, accumulated depreciation and amortization | $ | $ 812,737 | $ 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 | 40,500,000 | 40,064,000 |
Common stock, outstanding shares | 40,500,000 | 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 144,670 | $ 143,714 | $ 270,103 | $ 260,292 |
Operating expenses: | ||||
Cost of operations | 95,188 | 98,737 | 185,606 | 186,569 |
General and administration | 18,084 | 18,071 | 36,672 | 34,876 |
Depreciation and amortization | 15,802 | 16,241 | 30,255 | 29,990 |
Divestiture transactions | (677) | (5,611) | ||
Total operating expenses | 129,074 | 132,372 | 252,533 | 245,824 |
Operating income | 15,596 | 11,342 | 17,570 | 14,468 |
Other expense (income): | ||||
Interest income | (60) | (70) | (164) | (211) |
Interest expense | 10,004 | 10,150 | 20,034 | 20,276 |
Loss on debt extinguishment | 593 | 545 | 521 | |
Loss on derivative instruments | 47 | 198 | ||
Other income | (363) | (46) | (504) | (209) |
Other expense, net | 10,174 | 10,081 | 19,911 | 20,575 |
Income (loss) before income taxes | 5,422 | 1,261 | (2,341) | (6,107) |
Provision for income taxes | 230 | 318 | 81 | 914 |
Net income (loss) | 5,192 | 943 | (2,422) | (7,021) |
Less: Net (loss) income attributable to noncontrolling interests | (3) | (82) | (9) | 1,226 |
Net income (loss) attributable to common stockholders | $ 5,195 | $ 1,025 | $ (2,413) | $ (8,247) |
Basic earnings per share attributable to common stockholders: | ||||
Weighted average common shares outstanding | 41,132 | 40,447 | 41,064 | 40,432 |
Basic earnings per share | $ 0.13 | $ 0.03 | $ (0.06) | $ (0.20) |
Diluted earnings per share attributable to common stockholders: | ||||
Weighted average common shares outstanding | 41,598 | 40,846 | 41,064 | 40,432 |
Diluted earnings per share | $ 0.12 | $ 0.03 | $ (0.06) | $ (0.20) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 5,192 | $ 943 | $ (2,422) | $ (7,021) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 44 | 3 | (39) | (31) |
Other comprehensive income (loss), net of tax | 44 | 3 | (39) | (31) |
Comprehensive income (loss) | 5,236 | 946 | (2,461) | (7,052) |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (3) | (82) | (9) | 1,226 |
Comprehensive income (loss) attributable to common stockholders | $ 5,239 | $ 1,028 | $ (2,452) | $ (8,278) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit (Unaudited) - 6 months ended Jun. 30, 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 A Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member]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 | 40,064 | 988,000 | 988 | |||||
Net loss | (2,422) | (2,413) | (9) | ||||||
Other comprehensive loss | (39) | (39) | |||||||
Issuances of Class A common stock | 188 | 184 | $ 4 | ||||||
Issuances of Class A common stock, shares | 436,000 | ||||||||
Stock-based compensation | 1,622 | 1,622 | |||||||
Contribution from noncontrolling interest holder | 59 | 59 | |||||||
Balance at Jun. 30, 2016 | $ (22,189) | $ 346,324 | $ (368,872) | $ (32) | $ (24) | $ 405 | $ 10 | ||
Balance (in shares) at Jun. 30, 2016 | 40,500,000 | 40,500 | 988,000 | 988 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (2,422) | $ (7,021) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 30,255 | 29,990 |
Depletion of landfill operating lease obligations | 4,443 | 4,359 |
Interest accretion on landfill and environmental remediation liabilities | 1,782 | 1,704 |
Amortization of debt issuance costs and discount on long-term debt | 2,079 | 1,999 |
Stock-based compensation | 1,622 | 1,435 |
Gain on sale of property and equipment | (520) | (93) |
Divestiture transactions | (5,611) | |
Loss on debt extinguishment | 545 | 521 |
Loss on derivative instruments | 198 | |
Excess tax benefit on the vesting of share based awards | (153) | |
Deferred income taxes | 303 | 416 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable | (916) | (7,674) |
Accounts payable | 1,116 | (371) |
Prepaid expenses, inventories and other assets | (782) | 3,853 |
Accrued expenses and other liabilities | (1,920) | 337 |
Net cash provided by operating activities | 35,585 | 23,889 |
Cash Flows from Investing Activities: | ||
Acquisitions, net of cash acquired | (2,439) | |
Acquisition related additions to property, plant and equipment | (38) | |
Additions to property, plant and equipment | (23,460) | (16,311) |
Payments on landfill operating lease contracts | (3,326) | (1,425) |
Proceeds from divestiture transactions | 5,335 | |
Proceeds from sale of property and equipment | 957 | 259 |
Proceeds from property insurance settlement | 546 | |
Net cash used in investing activities | (28,306) | (11,596) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 126,000 | 231,728 |
Principal payments on long-term debt | (132,716) | (239,340) |
Payments of debt issuance costs | (682) | (8,063) |
Payments of debt extinguishment costs | (310) | |
Excess tax benefit on the vesting of share based awards | 153 | |
Change in restricted cash | 499 | 5,677 |
Distributions to noncontrolling interest holder | (1,495) | |
Net cash used in financing activities | (7,209) | (11,340) |
Net increase in cash and cash equivalents | 70 | 953 |
Cash and cash equivalents, beginning of period | 2,312 | 2,205 |
Cash and cash equivalents, end of period | 2,382 | 3,158 |
Cash paid during the period for: | ||
Interest | 18,394 | 17,063 |
Income taxes, net of refunds | 203 | $ 55 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Non-current assets obtained through long-term obligations | $ 866 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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. Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three and six months ended June 30, 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. 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 Subsequent Events We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 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 there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q. |
Accounting Changes
Accounting Changes | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | 2. ACCOUNTING CHANGES A table providing a brief description of recent Accounting Standards Updates (“ASU”) 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 follows: 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 activities and are no longer separated from income tax cash flows and classified as a cash flow from financing activities. ASU 2015-03 and 15: Imputation of Interest (Topic 835-30) 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 other non-current asset. See Note 6, Long-Term Debt A table providing a brief description of recent accounting pronouncements that may have a material effect on our consolidated financial statements upon adoption follows: 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 (4) 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. This guidance is effective January 1, 2018 with a cumulative-effect adjustment. ASU 2014-09, ASU 2015-14, ASU 2016-10 and ASU 2016-12: Revenue from Contracts with Customers (Topic 606) 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. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 3. BUSINESS COMBINATIONS We acquired three transfer stations in our Western region during the three months ended June 30, 2016. The operating results of the acquired businesses are included in the accompanying unaudited consolidated statements of operations from the date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at the date of each acquisition, with the residual amounts recorded as goodwill. A summary of the purchase prices and the allocation of the purchase prices for these acquisitions follow: Six Months Ended June 30, 2016 2015 Purchase Price: Cash used in acquisitions $ 2,439 $ — Holdbacks 400 — Total 2,839 — Current assets 40 — Land 353 — Building 1,360 — Equipment 269 — Other liabilities, net (106 ) — Fair value of assets acquired and liabilities assumed 1,916 — Excess purchase price allocated to goodwill $ 923 $ — Unaudited pro forma combined information that shows our operational results as though each of the acquisitions completed in the three months ended June 30, 2016 had occurred as of January 1, 2015 follows. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 144,670 $ 144,537 $ 270,926 $ 261,939 Operating income $ 15,596 $ 11,263 $ 17,491 $ 14,309 Net income (loss) attributable to common stockholders $ 5,195 $ 978 $ (2,460 ) $ (8,342 ) Basic net income (loss) per share attributable to common stockholders $ 0.13 $ 0.02 $ (0.06 ) $ (0.21 ) Basic weighted average shares outstanding 41,132 40,447 41,064 40,432 Diluted net income (loss) per share attributable to common stockholders $ 0.12 $ 0.02 $ (0.06 ) $ (0.21 ) Diluted weighted average shares outstanding 41,598 40,846 41,064 40,432 The pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2015 or the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4 . GOODWILL AND INTANGIBLE ASSETS A summary of the activity and balances related to goodwill by operating segment follows: December 31, 2015 Acquisitions June 30, 2016 Eastern region $ 17,429 $ — $ 17,429 Western region 87,503 923 88,426 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 118,976 $ 923 $ 119,899 A summary of intangible assets by intangible asset type follows: Covenants Not-to-Compete Client Lists Total Balance, June 30, 2016 Intangible assets $ 17,226 $ 16,071 $ 33,297 Less accumulated amortization (16,148 ) (8,724 ) (24,872 ) $ 1,078 $ 7,347 $ 8,425 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 was $519 and $1,043 during the three and six months ended June 30, 2016, respectively, as compared to $632 and $1,381 during the three and six months ended June 30, 2015, respectively. A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2015 and thereafter follows: Estimated Future Amortization Expense as of June 30, 2016: For the fiscal year ending December 31, 2016 $ 1,037 For the fiscal year ending December 31, 2017 $ 1,827 For the fiscal year ending December 31, 2018 $ 1,624 For the fiscal year ending December 31, 2019 $ 1,256 For the fiscal year ending December 31, 2020 $ 1,063 Thereafter $ 1,618 |
Accrued Final Capping, Closure
Accrued Final Capping, Closure and Post Closure | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Accrued Final Capping, Closure and Post Closure | 5. 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. A summary of the changes to accrued final capping, closure and post-closure liabilities follows: Six Months Ended June 30, 2016 2015 Beginning balance $ 41,041 $ 39,829 Obligations incurred 1,143 1,116 Revisions in estimates (1) (56 ) — Accretion expense 1,782 1,665 Obligations settled (2) (432 ) (984 ) Ending balance $ 43,478 $ 41,626 (1) Relates to changes in estimates and assumptions concerning anticipated waste flow, cost and timing of future final capping, closure and post-closure activities at certain of our landfills. (2) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT A summary of long-term debt and capital leases by debt instrument follows: June 30, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one-month LIBOR plus 2.25% $ 55,800 $ 57,422 Tax-Exempt Bonds: New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% 25,000 25,000 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 due December 2044 - fixed rate interest period through 2026, bearing interest at 3.125% 15,000 — 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% 4,508 4,130 Notes payable maturing through January 2021, bearing interest at up to 7.00% 1,153 1,167 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% 350,570 370,300 Principal amount of long-term debt and capital leases 519,031 525,019 Less—unamortized discount and debt issuance costs (1) 15,816 17,586 Long-term debt and capital leases less unamortized discount and debt issuance costs 503,215 507,433 Less—current maturities of long-term debt 1,411 1,448 $ 501,804 $ 505,985 (1) A summary of unamortized discount and debt issuance costs by debt instrument follows: June 30, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility $ 4,976 $ 5,593 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 1,314 1,407 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 602 — Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 534 566 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 795 830 Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 620 636 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 627 690 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 33 35 Senior Subordinated Notes 6,315 7,829 $ 15,816 $ 17,586 Financing Activities New York Bonds 2016 In the three months ended June 30, 2016, we completed a financing transaction involving the issuance by the New York State Environmental Facilities Corporation of $15,000 aggregate principal amount of Solid Waste Disposal Revenue Bonds Series 2014R-2 (“New York Bonds 2016”). We borrowed the proceeds of the offering of the New York Bonds 2016 to finance or refinance certain capital projects in the state of New York, and to pay certain costs of issuance of the New York Bonds 2016. As of June 30, 2016, we had $848 of restricted cash reserved for repayment of certain capital projects in the state of New York as a result of this financing. As of June 30, 2016, we had outstanding $15,000 aggregate principal amount of New York Bonds 2016. The New York Bonds 2016, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 3.125% per annum through May 31, 2026, at which time they may be converted from a fixed rate to a variable rate, and interest is payable on June 1 and December 1 of each year. Loss on Debt Extinguishment Senior Subordinated Notes In the three months ended June 30, 2016, we redeemed and permanently retired $12,500 aggregate principal amount of 7.75% senior subordinated notes due February 2019 (“2019 Notes”) at a redemption price equal to 101.938% of the principal amount thereof plus accrued and unpaid interest thereon in order to maximize interest savings by paying down our most expensive debt. As a result of the redemption, we recorded a loss on debt extinguishment of $525 in the three months ended June 30, 2016 related to the premium associated with the redemption price, the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. In the three months ended June 30, 2016, we repurchased and permanently retired $3,000 aggregate principal amount of 2019 Notes at a repurchase price of $102.25 in order to maximize interest savings by paying down our most expensive debt. As a result of the repurchase, we recorded a loss on debt extinguishment of $68 in the three months ended June 30, 2016 related to the premium associated with the repurchase price, the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. In the quarter ended March 31, 2016, we repurchased and permanently retired $4,230 aggregate principal amount of 2019 Notes at a repurchase price of $96.75 in order to maximize interest savings by paying down our most expensive debt. As a result of the repurchase, we recorded a gain on debt extinguishment of $48 in the quarter ended March 31, 2016 related to the non-cash gain associated with the below par repurchase price, net of the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. Senior Credit Facility In the quarter ended March 31, 2015, we recorded a charge of $521 as a loss on debt extinguishment related to the write-off of debt issuance costs in connection with changes to the borrowing capacity from our previous senior revolving credit and letter of credit facility that was due March 2016 (“Senior Credit Facility”) to our current senior secured asset-based revolving credit and letter of credit facility due February 2020 (“ABL Facility”). The remaining unamortized deferred financing costs of the Senior Credit Facility, along with fees paid to the creditor and third-party costs incurred for the ABL Facility, are to be amortized over the term of the ABL Facility. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. 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 may be 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 paid MFGR $1,250 upon execution of the SA, and will pay $350 a year for five years following execution of the SA. Accordingly, taking into account the net present value of the settlement payments, we recorded a reserve of $2,616 that included a contract settlement charge of $1,940 and operating expenses of $676 recorded in the fiscal year ended December 31, 2015. As of June 30, 2016, $1,355 of this reserve remains outstanding. We have also reserved $34 for legal costs associated with the Lawsuit and SA as of June 30, 2016. 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 Landfill”), and MFGR has entered into a waste disposal agreement at market prices with us for the disposal at Juniper Ridge Landfill 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 Town of Southbridge, Massachusetts Landfill (“Southbridge Landfill”), which is 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 Southbridge 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 Southbridge Landfill, we will work with the Town of Southbridge (“Town”), the Southbridge Landfill owner and operator of an unlined portion of the Southbridge Landfill prior to our operation of a double-lined portion of the Southbridge Landfill commencing in 2004, to evaluate and allocate the liabilities related to that contamination. In July 2016, we sent correspondence to the Town pursuant to Chapter 21E of Massachusetts General Laws advising the Town that we have incurred expenditures of $1,548, that we expect the Town to reimburse us for such costs, and for the Town to be responsible for any such costs in the future, as well as any other costs or liabilities resulting from the release of contaminants from the Southbridge Landfill. 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 Southbridge 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 provided at this time. We would also expect the Town to be responsible for any costs or liabilities associated with this suit relative to alleged contamination originating from the Southbridge Landfill pursuant to Chapter 21E. 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%. A summary of the changes to the environmental remediation liability associated with the Potsdam environmental remediation liability follows: Six Months Ended June 30, 2016 2015 Beginning balance $ 5,221 $ 5,142 Accretion expense — 40 Ending balance $ 5,221 $ 5,182 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 8. 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 June 30, 2016, there were 562 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 9, 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. A summary of stock option activity follows: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2015 1,297 $ 7.03 Granted — $ — Exercised — $ — Forfeited (45 ) $ 12.69 Outstanding, June 30, 2016 1,252 $ 6.82 5.2 $ 2,715 Exercisable, June 30, 2016 917 $ 7.15 3.9 $ 2,071 Expected to vest, June 30, 2016 1,251 $ 6.82 5.2 $ 2,712 Stock-based compensation expense for stock options was $146 and $292 during the three and six months ended June 30, 2016, respectively, as compared to $160 and $317 during the three and six months ended June 30, 2015, respectively. As of June 30, 2016, total unrecognized stock-based compensation expense related to outstanding stock options was $929, which will be recognized over a weighted average period of 1.8 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. A summary of restricted stock, restricted stock unit and performance-based stock unit activity follows: Restricted Stock, Restricted Stock Units, and Performance-Based Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2015 962 $ 4.49 Granted 400 $ 6.32 Class A Common Stock Vested (398 ) $ 4.38 Forfeited (5 ) $ 5.07 Outstanding, June 30, 2016 959 $ 5.29 2.0 $ 2,452 Expected to vest, June 30, 2016 799 $ 5.25 2.0 $ 2,082 (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 $729 and $1,278 during the three and six months ended June 30, 2016, respectively, as compared to $594 and $1,080 during the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2016, the total fair value of other stock awards vested was $1,647 and $2,654, respectively. As of June 30, 2016, total unrecognized stock-based compensation expense related to outstanding restricted stock and restricted stock units was $3,316, which will be recognized over a weighted average period of 1.9 years. As of June 30, 2016, maximum unrecognized stock-based compensation expense related to outstanding performance-based stock units was $442 to be recognized over a weighted average period of 2.5 years. We also recorded $26 and $52 of stock-based compensation expense related to our Amended and Restated 1997 Employee Stock Purchase Plan during the three and six months ended June 30, 2016, respectively, as compared to $21 and $38 during the three and six months ended June 30, 2015, respectively. Accumulated Other Comprehensive (Loss) Income A summary of the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax follows: Marketable Balance as of December 31, 2015 $ 7 Other comprehensive loss before reclassifications (39 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (39 ) Balance as of June 30, 2016 $ (32 ) |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE A summary of the numerator and denominators used in the computation of earnings per share follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 5,195 $ 1,025 $ (2,413 ) $ (8,247 ) Denominators: Number of shares outstanding, end of period: Class A common stock 40,500 39,927 40,500 39,927 Class B common stock 988 988 988 988 Unvested restricted stock (115 ) (156 ) (115 ) (156 ) Effect of weighted average shares outstanding (241 ) (312 ) (309 ) (327 ) Basic weighted average common shares outstanding 41,132 40,447 41,064 40,432 Impact of potentially dilutive securities: Dilutive effect of options and restricted / performance stock units 466 399 — — Diluted weighted average common shares outstanding 41,598 40,846 41,064 40,432 Antidilutive potentially issuable shares 473 793 2,211 2,271 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 10. 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 London Interbank Offered Rate yield curve that was 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 accounted for on the balance sheet at fair value. Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow: Fair Value Measurement at June 30, 2016 Using: Quoted Prices in Significant Other Significant Assets: Restricted assets - capital projects $ 848 $ — $ — Restricted assets - landfill closure 914 — — Total $ 1,762 $ — $ — Fair Value Measurement at December 31, 2015 Using: Quoted Prices in 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 June 30, 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 2014”), New York Bonds 2016 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 $466,317 and the carrying value was $453,970. 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 2014, the New York Bonds 2016 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 2014, the New York Bonds 2016 and the New Hampshire Bonds using available market information and commonly accepted valuation methodologies, a change in available market information, and/or the use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. These amounts have not been revalued, and current estimates of fair value could differ significantly from the amounts presented. As of June 30, 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 $55,800 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 | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture Transactions | 11. DIVESTITURE TRANSACTIONS Sale of Business In the three months ended June 30, 2015, we divested of a business, which included the sale of certain assets associated with various waste collection routes in the Western region, for total consideration of $872, resulting in a gain of $677 in the three months ended June 30, 2015. Maine Energy In the fiscal year ended April 30, 2013, we executed a purchase and sale agreement with the City of Biddeford, Maine, pursuant to which we agreed to sell the real property of Maine Energy Recovery Company, LP (“Maine Energy”) to the City of Biddeford. We agreed to sell Maine Energy for an undiscounted purchase consideration of $6,650, which 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 quarter ended March 31, 2015. As of June 30, 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”) was 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 was Altela, Inc. (“Altela”). 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 and its wholly owned subsidiary, CARES McKean, LLC, 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 quarter 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 quarter ended March 31, 2015. In the three months ended June 30, 2016, we dissolved CARES in accordance with the CARES Limited Liability Company Agreement. We are in the process of dissolving CARES McKean, LLC in accordance with Pennsylvania dissolution proceedings and upon dissolution we will deconsolidate the assets, liabilities and equity components, including the noncontrolling interest. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. SEGMENT REPORTING We report selected information about operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments, 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 June 30, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 45,405 $ 11,692 $ 7,138 $ 3,079 $ 208,316 Western 59,460 17,889 6,908 10,175 319,480 Recycling 12,816 302 1,040 468 48,782 Other 26,989 404 716 1,874 55,043 Eliminations — (30,287 ) — — — Total $ 144,670 $ — $ 15,802 $ 15,596 $ 631,621 Three Months Ended June 30, 2015 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 43,822 $ 11,401 $ 6,752 $ 3,186 $ 207,507 Western 61,686 18,504 7,674 7,684 323,746 Recycling 11,462 253 1,110 (401 ) 50,457 Other 26,744 270 705 873 58,467 Eliminations — (30,428 ) — — — Total $ 143,714 $ — $ 16,241 $ 11,342 $ 640,177 Six Months Ended June 30, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 84,392 $ 21,229 $ 13,327 $ 2,291 $ 208,316 Western 111,922 32,740 13,398 13,169 319,480 Recycling 23,454 933 2,132 (606 ) 48,782 Other 50,335 684 1,398 2,716 55,043 Eliminations — (55,586 ) — — — Total $ 270,103 $ — $ 30,255 $ 17,570 $ 631,621 Six Months Ended June 30, 2015 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 77,090 $ 19,417 $ 11,990 $ 2,700 $ 207,507 Western 111,043 32,901 14,412 12,679 323,746 Recycling 21,756 257 2,226 (2,411 ) 50,457 Other 50,403 491 1,362 1,500 58,467 Eliminations — (53,066 ) — — — Total $ 260,292 $ — $ 29,990 $ 14,468 $ 640,177 A summary of our revenues attributable to services provided follows: Three Months Ended Six Months Ended June 30, 2016 2015 2016 2015 Collection $ 63,685 $ 60,636 $ 121,536 $ 113,962 Disposal 39,384 44,064 71,637 71,831 Power generation 1,460 1,564 3,167 3,612 Processing 1,747 1,665 2,720 2,785 Solid waste operations 106,276 107,929 199,060 192,190 Organics 12,171 10,847 21,106 19,867 Customer solutions 13,407 13,476 26,483 26,479 Recycling 12,816 11,462 23,454 21,756 Total revenues $ 144,670 $ 143,714 $ 270,103 $ 260,292 |
Accounting Changes (Policies)
Accounting Changes (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards that were Adopted and are Not Yet Adopted | A table providing a brief description of recent Accounting Standards Updates (“ASU”) 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 follows: 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 activities and are no longer separated from income tax cash flows and classified as a cash flow from financing activities. ASU 2015-03 and 15: Imputation of Interest (Topic 835-30) 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 other non-current asset. See Note 6, Long-Term Debt A table providing a brief description of recent accounting pronouncements that may have a material effect on our consolidated financial statements upon adoption follows: 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 (4) 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. This guidance is effective January 1, 2018 with a cumulative-effect adjustment. ASU 2014-09, ASU 2015-14, ASU 2016-10 and ASU 2016-12: Revenue from Contracts with Customers (Topic 606) 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. |
Accounting Changes (Tables)
Accounting Changes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Description of Recent Accounting Standards Updates ("ASU") Adopted | A table providing a brief description of recent Accounting Standards Updates (“ASU”) 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 follows: 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 activities and are no longer separated from income tax cash flows and classified as a cash flow from financing activities. ASU 2015-03 and 15: Imputation of Interest (Topic 835-30) 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 other non-current asset. See Note 6, Long-Term Debt |
Description of Recent Accounting Standards Updates ("ASU") Not Yet Adopted | A table providing a brief description of recent accounting pronouncements that may have a material effect on our consolidated financial statements upon adoption follows: 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 (4) 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. This guidance is effective January 1, 2018 with a cumulative-effect adjustment. ASU 2014-09, ASU 2015-14, ASU 2016-10 and ASU 2016-12: Revenue from Contracts with Customers (Topic 606) 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. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Paid for Acquisitions | A summary of the purchase prices and the allocation of the purchase prices for these acquisitions follow: Six Months Ended June 30, 2016 2015 Purchase Price: Cash used in acquisitions $ 2,439 $ — Holdbacks 400 — Total 2,839 — Current assets 40 — Land 353 — Building 1,360 — Equipment 269 — Other liabilities, net (106 ) — Fair value of assets acquired and liabilities assumed 1,916 — Excess purchase price allocated to goodwill $ 923 $ — |
Schedule of Unaudited Pro forma Combined Information | Unaudited pro forma combined information that shows our operational results as though each of the acquisitions completed in the three months ended June 30, 2016 had occurred as of January 1, 2015 follows. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 144,670 $ 144,537 $ 270,926 $ 261,939 Operating income $ 15,596 $ 11,263 $ 17,491 $ 14,309 Net income (loss) attributable to common stockholders $ 5,195 $ 978 $ (2,460 ) $ (8,342 ) Basic net income (loss) per share attributable to common stockholders $ 0.13 $ 0.02 $ (0.06 ) $ (0.21 ) Basic weighted average shares outstanding 41,132 40,447 41,064 40,432 Diluted net income (loss) per share attributable to common stockholders $ 0.12 $ 0.02 $ (0.06 ) $ (0.21 ) Diluted weighted average shares outstanding 41,598 40,846 41,064 40,432 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Activity and Balances Related to Goodwill by Operating Segment | A summary of the activity and balances related to goodwill by operating segment follows: December 31, 2015 Acquisitions June 30, 2016 Eastern region $ 17,429 $ — $ 17,429 Western region 87,503 923 88,426 Recycling 12,315 — 12,315 Other 1,729 — 1,729 Total $ 118,976 $ 923 $ 119,899 |
Summary of Intangible Assets by Intangible Asset Type | A summary of intangible assets by intangible asset type follows: Covenants Not-to-Compete Client Lists Total Balance, June 30, 2016 Intangible assets $ 17,226 $ 16,071 $ 33,297 Less accumulated amortization (16,148 ) (8,724 ) (24,872 ) $ 1,078 $ 7,347 $ 8,425 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 |
Summary of Intangible Amortization Expense Estimated | A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2015 and thereafter follows: Estimated Future Amortization Expense as of June 30, 2016: For the fiscal year ending December 31, 2016 $ 1,037 For the fiscal year ending December 31, 2017 $ 1,827 For the fiscal year ending December 31, 2018 $ 1,624 For the fiscal year ending December 31, 2019 $ 1,256 For the fiscal year ending December 31, 2020 $ 1,063 Thereafter $ 1,618 |
Accrued Final Capping, Closur24
Accrued Final Capping, Closure and Post Closure (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Changes to Accrued Capping, Closure and Post-Closure Liabilities | A summary of the changes to accrued final capping, closure and post-closure liabilities follows: Six Months Ended June 30, 2016 2015 Beginning balance $ 41,041 $ 39,829 Obligations incurred 1,143 1,116 Revisions in estimates (1) (56 ) — Accretion expense 1,782 1,665 Obligations settled (2) (432 ) (984 ) Ending balance $ 43,478 $ 41,626 (1) Relates to changes in estimates and assumptions concerning anticipated waste flow, cost and timing of future final capping, closure and post-closure activities at certain of our landfills. (2) Includes amounts that are being processed through accounts payable as a part of our disbursement cycle. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Components of Long-Term Debt and Capital Leases by Debt Instrument | A summary of long-term debt and capital leases by debt instrument follows: June 30, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility: Due February 2020; bearing interest at one-month LIBOR plus 2.25% $ 55,800 $ 57,422 Tax-Exempt Bonds: New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% 25,000 25,000 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 due December 2044 - fixed rate interest period through 2026, bearing interest at 3.125% 15,000 — 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% 4,508 4,130 Notes payable maturing through January 2021, bearing interest at up to 7.00% 1,153 1,167 Senior Subordinated Notes: Due February 2019; bearing interest at 7.75% 350,570 370,300 Principal amount of long-term debt and capital leases 519,031 525,019 Less—unamortized discount and debt issuance costs (1) 15,816 17,586 Long-term debt and capital leases less unamortized discount and debt issuance costs 503,215 507,433 Less—current maturities of long-term debt 1,411 1,448 $ 501,804 $ 505,985 (1) A summary of unamortized discount and debt issuance costs by debt instrument follows: June 30, 2016 December 31, 2015 Senior Secured Asset-Based Revolving Credit Facility $ 4,976 $ 5,593 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 1,314 1,407 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 602 — Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 534 566 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 795 830 Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 620 636 Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 627 690 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 33 35 Senior Subordinated Notes 6,315 7,829 $ 15,816 $ 17,586 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Environmental Liability Associated with Potsdam | A summary of the changes to the environmental remediation liability associated with the Potsdam environmental remediation liability follows: Six Months Ended June 30, 2016 2015 Beginning balance $ 5,221 $ 5,142 Accretion expense — 40 Ending balance $ 5,221 $ 5,182 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity follows: Stock Options Weighted Weighted Aggregate Outstanding, December 31, 2015 1,297 $ 7.03 Granted — $ — Exercised — $ — Forfeited (45 ) $ 12.69 Outstanding, June 30, 2016 1,252 $ 6.82 5.2 $ 2,715 Exercisable, June 30, 2016 917 $ 7.15 3.9 $ 2,071 Expected to vest, June 30, 2016 1,251 $ 6.82 5.2 $ 2,712 |
Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity | A summary of restricted stock, restricted stock unit and performance-based stock unit activity follows: Restricted Stock, Restricted Stock Units, and Performance-Based Weighted Weighted Average Aggregate Intrinsic Outstanding, December 31, 2015 962 $ 4.49 Granted 400 $ 6.32 Class A Common Stock Vested (398 ) $ 4.38 Forfeited (5 ) $ 5.07 Outstanding, June 30, 2016 959 $ 5.29 2.0 $ 2,452 Expected to vest, June 30, 2016 799 $ 5.25 2.0 $ 2,082 (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. |
Summary of Accumulated Other Comprehensive (Loss) Income, Net of Tax | A summary of the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax follows: Marketable Balance as of December 31, 2015 $ 7 Other comprehensive loss before reclassifications (39 ) Amounts reclassified from accumulated other comprehensive loss — Net current-period other comprehensive loss (39 ) Balance as of June 30, 2016 $ (32 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Numerator and Denominators Used in Computation of Earnings Per Share | A summary of the numerator and denominators used in the computation of earnings per share follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 5,195 $ 1,025 $ (2,413 ) $ (8,247 ) Denominators: Number of shares outstanding, end of period: Class A common stock 40,500 39,927 40,500 39,927 Class B common stock 988 988 988 988 Unvested restricted stock (115 ) (156 ) (115 ) (156 ) Effect of weighted average shares outstanding (241 ) (312 ) (309 ) (327 ) Basic weighted average common shares outstanding 41,132 40,447 41,064 40,432 Impact of potentially dilutive securities: Dilutive effect of options and restricted / performance stock units 466 399 — — Diluted weighted average common shares outstanding 41,598 40,846 41,064 40,432 Antidilutive potentially issuable shares 473 793 2,211 2,271 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow: Fair Value Measurement at June 30, 2016 Using: Quoted Prices in Significant Other Significant Assets: Restricted assets - capital projects $ 848 $ — $ — Restricted assets - landfill closure 914 — — Total $ 1,762 $ — $ — Fair Value Measurement at December 31, 2015 Using: Quoted Prices in 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) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | Three Months Ended June 30, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 45,405 $ 11,692 $ 7,138 $ 3,079 $ 208,316 Western 59,460 17,889 6,908 10,175 319,480 Recycling 12,816 302 1,040 468 48,782 Other 26,989 404 716 1,874 55,043 Eliminations — (30,287 ) — — — Total $ 144,670 $ — $ 15,802 $ 15,596 $ 631,621 Three Months Ended June 30, 2015 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 43,822 $ 11,401 $ 6,752 $ 3,186 $ 207,507 Western 61,686 18,504 7,674 7,684 323,746 Recycling 11,462 253 1,110 (401 ) 50,457 Other 26,744 270 705 873 58,467 Eliminations — (30,428 ) — — — Total $ 143,714 $ — $ 16,241 $ 11,342 $ 640,177 Six Months Ended June 30, 2016 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 84,392 $ 21,229 $ 13,327 $ 2,291 $ 208,316 Western 111,922 32,740 13,398 13,169 319,480 Recycling 23,454 933 2,132 (606 ) 48,782 Other 50,335 684 1,398 2,716 55,043 Eliminations — (55,586 ) — — — Total $ 270,103 $ — $ 30,255 $ 17,570 $ 631,621 Six Months Ended June 30, 2015 Segment Outside Inter-company Depreciation and Operating Total assets Eastern $ 77,090 $ 19,417 $ 11,990 $ 2,700 $ 207,507 Western 111,043 32,901 14,412 12,679 323,746 Recycling 21,756 257 2,226 (2,411 ) 50,457 Other 50,403 491 1,362 1,500 58,467 Eliminations — (53,066 ) — — — Total $ 260,292 $ — $ 29,990 $ 14,468 $ 640,177 |
Summary of Revenues Attributable to Services Provided by Company | A summary of our revenues attributable to services provided follows: Three Months Ended Six Months Ended June 30, 2016 2015 2016 2015 Collection $ 63,685 $ 60,636 $ 121,536 $ 113,962 Disposal 39,384 44,064 71,637 71,831 Power generation 1,460 1,564 3,167 3,612 Processing 1,747 1,665 2,720 2,785 Solid waste operations 106,276 107,929 199,060 192,190 Organics 12,171 10,847 21,106 19,867 Customer solutions 13,407 13,476 26,483 26,479 Recycling 12,816 11,462 23,454 21,756 Total revenues $ 144,670 $ 143,714 $ 270,103 $ 260,292 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Paid for Acquisitions (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Excess purchase price allocated to goodwill | $ 119,899 | $ 118,976 |
Transfer Stations Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash used in acquisitions | 2,439 | |
Holdbacks | 400 | |
Total | 2,839 | |
Current assets | 40 | |
Land | 353 | |
Building | 1,360 | |
Equipment | 269 | |
Other liabilities, net | (106) | |
Fair value of assets acquired and liabilities assumed | 1,916 | |
Excess purchase price allocated to goodwill | $ 923 |
Business Combinations - Schedul
Business Combinations - Schedule of Unaudited Pro forma Combined Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Combinations [Abstract] | ||||
Revenue | $ 144,670 | $ 144,537 | $ 270,926 | $ 261,939 |
Operating income | 15,596 | 11,263 | 17,491 | 14,309 |
Net income (loss) attributable to common stockholders | $ 5,195 | $ 978 | $ (2,460) | $ (8,342) |
Basic net income (loss) per share attributable to common stockholders | $ 0.13 | $ 0.02 | $ (0.06) | $ (0.21) |
Basic weighted average shares outstanding | 41,132 | 40,447 | 41,064 | 40,432 |
Diluted net income (loss) per share attributable to common stockholders | $ 0.12 | $ 0.02 | $ (0.06) | $ (0.21) |
Diluted weighted average shares outstanding | 41,598 | 40,846 | 41,064 | 40,432 |
Goodwill and Intangible Asset34
Goodwill and Intangible Assets - Schedule of Activity and Balances Related to Goodwill by Operating Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 118,976 |
Acquisitions | 923 |
Goodwill, ending balance | 119,899 |
Eastern Region [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 17,429 |
Goodwill, ending balance | 17,429 |
Western Region [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 87,503 |
Acquisitions | 923 |
Goodwill, ending balance | 88,426 |
Recycling [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 12,315 |
Goodwill, ending balance | 12,315 |
Other [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 1,729 |
Goodwill, ending balance | $ 1,729 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets - Summary of Intangible Assets by Intangible Asset Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 33,297 | $ 33,331 |
Less accumulated amortization | (24,872) | (24,079) |
Intangible assets, net | 8,425 | 9,252 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 17,226 | 17,266 |
Less accumulated amortization | (16,148) | (16,198) |
Intangible assets, net | 1,078 | 1,068 |
Client Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 16,071 | 16,065 |
Less accumulated amortization | (8,724) | (7,881) |
Intangible assets, net | $ 7,347 | $ 8,184 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expenses | $ 519 | $ 632 | $ 1,043 | $ 1,381 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets - Summary of Intangible Amortization Expense Estimated (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2016 | $ 1,037 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2017 | 1,827 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2018 | 1,624 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2019 | 1,256 |
Estimated Future Amortization Expense, For the fiscal year ending December 31, 2020 | 1,063 |
Estimated Future Amortization Expense, Thereafter | $ 1,618 |
Accrued Final Capping, Closur38
Accrued Final Capping, Closure and Post Closure - Summary of Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $ 41,041 | $ 39,829 |
Obligations incurred | 1,143 | 1,116 |
Revisions in estimates | (56) | |
Accretion expense | 1,782 | 1,665 |
Obligations settled | (432) | (984) |
Ending balance | $ 43,478 | $ 41,626 |
Long-Term Debt - Summary of Com
Long-Term Debt - Summary of Components of Long-Term Debt and Capital Leases by Debt Instrument (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Principal amount of long-term debt and capital leases | $ 519,031 | $ 525,019 |
Less-unamortized discount and debt issuance costs | 15,816 | 17,586 |
Long-term debt and capital lease | 503,215 | 507,433 |
Less-current maturities of long-term debt | 1,411 | 1,448 |
Non current portion of long term debt and capital lease obligation | 501,804 | 505,985 |
Senior Secured Asset Based Revolving Credit Facility, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 55,800 | 57,422 |
Less-unamortized discount and debt issuance costs | 4,976 | 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 | 1,314 | 1,407 |
Revenue Bonds Series 2014R-2, Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 15,000 | |
Less-unamortized discount and debt issuance costs | 602 | |
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 | 534 | 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 | 795 | 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 | 620 | 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 | 627 | 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 | 4,508 | 4,130 |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 1,153 | 1,167 |
Senior Subordinated Notes Due 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease | 350,570 | 370,300 |
Less-unamortized discount and debt issuance costs | $ 6,315 | $ 7,829 |
Long-Term Debt - Summary of C40
Long-Term Debt - Summary of Components of Long-Term Debt and Capital Leases by Debt Instrument (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Unamortized discount and deferred financing costs | $ 15,816 | $ 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 | $ 4,976 | 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 | $ 1,314 | 1,407 |
Revenue Bonds Series 2014R-2, Due December 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Dec. 1, 2044 | |
Debt instrument stated percentage | 3.125% | |
Unamortized discount and deferred financing costs | $ 602 | |
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 | $ 534 | 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 | $ 795 | 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 | $ 620 | 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 | $ 627 | 690 |
Revenue Bonds Series, 2005R-1, Due January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, due date | Jan. 1, 2025 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Apr. 1, 2023 | |
Debt instrument stated percentage | 7.70% | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jan. 1, 2021 | |
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 | $ 6,315 | 7,829 |
Revenue Bond Series 2013 Letter Of Credit Backed Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount and deferred financing costs | $ 33 | $ 35 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 15, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)$ / NotesPayable | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Restricted cash reserved for repayment of capital projects | $ 1,762 | $ 1,762 | $ 1,762 | $ 2,251 | ||||
Gain (loss) on debt extinguishment | $ (593) | $ (545) | $ (521) | |||||
Senior Secured Revolving Credit Facility, Due 2016 [Member] | Write Off of Debt Issuance Costs [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) on debt extinguishment | $ (521) | |||||||
Senior Subordinated Notes Due 2019 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 7.75% | 7.75% | 7.75% | |||||
Gain (loss) on debt extinguishment | $ (525) | $ (68) | $ 48 | |||||
Aggregate principal redemption amount | $ 12,500 | |||||||
Redemption price percentage of principal amount | 101.938% | |||||||
Aggregate principal repurchase amount | 3,000 | $ 3,000 | $ 4,230 | $ 3,000 | ||||
Repurchase price per debt instrument | $ / NotesPayable | 96.75 | |||||||
New York Bonds 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of bonds | 15,000 | 15,000 | 15,000 | |||||
Restricted cash reserved for repayment of capital projects | $ 848 | $ 848 | $ 848 | |||||
Debt instrument interest rate | 3.125% | 3.125% | 3.125% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2011USD ($) | May 31, 2009USD ($) | Jun. 30, 2016USD ($)a | Dec. 31, 2015USD ($) | Feb. 29, 2016Resident | Jan. 29, 2016 | |
Expera Old Town LLC [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Reserve related with settlement | $ 1,355,000 | $ 2,616,000 | ||||
Contract settlement charge | 1,940,000 | |||||
Reserve related with settlement | $ 676,000 | |||||
Reserve for legal costs | 34,000 | |||||
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] | ||||||
Annual fuel replacement fee | $ 2,000,000 | |||||
Contract maturity year | 2,036 | |||||
Minimum [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Investigative expenditure incurred, expect recovery amount | $ 1,548 | |||||
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 Contingencies43
Commitments and Contingencies - Summary of Environmental Liability Associated with Potsdam (Detail) - Potsdam Environmental Remediation Liability [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Site Contingency [Line Items] | ||
Beginning balance | $ 5,221 | $ 5,142 |
Ending balance | 5,221 | 5,182 |
Accretion Expense [Member] | ||
Site Contingency [Line Items] | ||
Accretion expense | $ 0 | $ 40 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 30, 2007 | |
Limited Partners' Capital Account [Line Items] | |||||
Total fair value of other stock awards vested | $ 1,647,000 | $ 2,654,000 | |||
Restricted Stock Awards [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | 729,000 | $ 594,000 | 1,278,000 | $ 1,080,000 | |
Stock Options [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | 146,000 | 160,000 | 292,000 | 317,000 | |
Unrecognized stock-based compensation expense | 929,000 | $ 929,000 | |||
Unrecognized stock-based compensation expense, weighted average period | 1 year 9 months 18 days | ||||
Restricted Stock and Restricted Stock Unit [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Unrecognized stock-based compensation expense, weighted average period | 1 year 10 months 24 days | ||||
Unrecognized stock-based compensation expense | 3,316,000 | $ 3,316,000 | |||
Performance-Based Stock Units [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Unrecognized stock-based compensation expense, weighted average period | 2 years 6 months | ||||
Amended and Restated 1997 Employee Stock Purchase Plan [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Stock-based compensation expense | 26,000 | $ 21,000 | $ 52,000 | $ 38,000 | |
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 | $ 442,000 | $ 442,000 | |||
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 | 562 | 562 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 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 | (45) |
Stock Options,Outstanding, June 30, 2016 | shares | 1,252 |
Stock Options,Exercisable, June 30, 2016 | shares | 917 |
Stock Options,Expected to vest, June 30, 2016 | shares | 1,251 |
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 | 12.69 |
Weighted Average Exercise Price,Outstanding, June 30, 2016 | $ / shares | 6.82 |
Weighted Average Exercise Price,Exercisable, June 30, 2016 | $ / shares | 7.15 |
Weighted Average Exercise Price,Expected to vest, June 30, 2016 | $ / shares | $ 6.82 |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 2 months 12 days |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 10 months 24 days |
Weighted Average Remaining Contractual Term, Expected to vest | 5 years 2 months 12 days |
Aggregate Intrinsic Value,Outstanding, June 30 , 2016 | $ | $ 2,715 |
Aggregate Intrinsic Value,Exercisable, June 30, 2016 | $ | 2,071 |
Aggregate Intrinsic Value,Expected to vest, June 30, 2016 | $ | $ 2,712 |
Stockholders' Equity - Summar46
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 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 | 5.07 |
Weighted Average Grant Price, Outstanding, June 30, 2016 | $ / shares | 5.29 |
Weighted Average Grant Price, Expected to vest, June 30, 2016 | $ / shares | $ 5.25 |
Weighted Average Remaining Contractual Term, Outstanding | 2 years |
Weighted Average Remaining Contractual Term, Expected to vest | 2 years |
Aggregate Intrinsic Value, Outstanding, June 30, 2016 | $ | $ 2,452 |
Aggregate Intrinsic Value,Expected to vest, June 30, 2016 | $ | $ 2,082 |
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 | (5) |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Outstanding, December 31, 2015 | shares | 959 |
Restricted Stock, Restricted Stock Units, and Performance-Based Stock Units Expected to vest, December 31, 2015 | shares | 799 |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Price Common Stock, Vested | $ / shares | $ 4.38 |
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 | (398) |
Stockholders' Equity - Summar47
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Stock Unit Activity (Parenthetical) (Detail) - Performance-Based Stock Units [Member] | 6 Months Ended |
Jun. 30, 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 - Summar48
Stockholders' Equity - Summary of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 7 | |||
Other comprehensive (loss) income | $ 44 | $ 3 | (39) | $ (31) |
Ending balance | (32) | (32) | ||
Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 7 | |||
Other comprehensive (loss) income before reclassifications | (39) | |||
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | |||
Other comprehensive (loss) income | (39) | |||
Ending balance | $ (32) | $ (32) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Numerator and Denominators Used in Computation of Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Numerator: | |||||
Net income (loss) attributable to common stockholders | $ 5,195 | $ 1,025 | $ (2,413) | $ (8,247) | |
Number of shares outstanding, end of period: | |||||
Unvested restricted stock | (115,000) | (156,000) | (115,000) | (156,000) | |
Effect of weighted average shares outstanding | (241,000) | (312,000) | (309,000) | (327,000) | |
Basic weighted average common shares outstanding | 41,132,000 | 40,447,000 | 41,064,000 | 40,432,000 | |
Impact of potentially dilutive securities: | |||||
Dilutive effect of options and restricted / performance stock units | 466,000 | 399,000 | |||
Diluted weighted average common shares outstanding | 41,598,000 | 40,846,000 | 41,064,000 | 40,432,000 | |
Antidilutive potentially issuable shares | 473,000 | 793,000 | 2,211,000 | 2,271,000 | |
Class A Common Stock [Member] | |||||
Number of shares outstanding, end of period: | |||||
Common stock shares outstanding | 40,500,000 | 39,927,000 | 40,500,000 | 39,927,000 | 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 | 988,000 | 988,000 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Restricted assets | $ 1,762 | $ 2,251 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted assets | 1,762 | 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 | 848 | 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 | $ 914 | 903 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Interest rate derivative | $ 178 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Significant Other Observable Inputs (Level 2) [Member] | |
Debt Instrument [Line Items] | |
Carrying value of revolver debt | $ 55,800 |
Fixed Rate Bonds [Member] | |
Debt Instrument [Line Items] | |
Fair value of fixed rate debt | 466,317 |
Carrying value of fixed rate debt | $ 453,970 |
Divestiture Transactions - Addi
Divestiture Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Apr. 30, 2013 | Jun. 30, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Divestiture transactions | $ 677,000 | $ 5,611,000 | ||||
Remaining divestiture costs | $ 17,121,000 | $ 17,765,000 | ||||
Proceeds from sale of assets | $ 5,335,000 | |||||
Western Region [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration received from sale of assets | 872,000 | |||||
Divestiture transactions | $ 677,000 | |||||
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 | |||||
Membership interest | 51.00% | |||||
Proceeds from sale of assets | 3,500 | |||||
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] | ||||||
Divestiture transactions | $ 1,157 | |||||
Undiscounted purchase consideration | $ 6,650,000 | |||||
Undiscounted purchase consideration paid in installments | 21 years | |||||
Remaining divestiture costs | $ 0 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 144,670 | $ 143,714 | $ 270,103 | $ 260,292 | |
Depreciation and amortization | 15,802 | 16,241 | 30,255 | 29,990 | |
Operating income (loss) | 15,596 | 11,342 | 17,570 | 14,468 | |
Total assets | 631,621 | 640,177 | 631,621 | 640,177 | $ 633,669 |
Eastern Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 7,138 | 6,752 | 13,327 | 11,990 | |
Operating income (loss) | 3,079 | 3,186 | 2,291 | 2,700 | |
Total assets | 208,316 | 207,507 | 208,316 | 207,507 | |
Western Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 6,908 | 7,674 | 13,398 | 14,412 | |
Operating income (loss) | 10,175 | 7,684 | 13,169 | 12,679 | |
Total assets | 319,480 | 323,746 | 319,480 | 323,746 | |
Recycling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 1,040 | 1,110 | 2,132 | 2,226 | |
Operating income (loss) | 468 | (401) | (606) | (2,411) | |
Total assets | 48,782 | 50,457 | 48,782 | 50,457 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 716 | 705 | 1,398 | 1,362 | |
Operating income (loss) | 1,874 | 873 | 2,716 | 1,500 | |
Total assets | 55,043 | 58,467 | 55,043 | 58,467 | |
Outside Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 144,670 | 143,714 | 270,103 | 260,292 | |
Outside Revenues [Member] | Eastern Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 45,405 | 43,822 | 84,392 | 77,090 | |
Outside Revenues [Member] | Western Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 59,460 | 61,686 | 111,922 | 111,043 | |
Outside Revenues [Member] | Recycling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 12,816 | 11,462 | 23,454 | 21,756 | |
Outside Revenues [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 26,989 | 26,744 | 50,335 | 50,403 | |
Inter-Company Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (30,287) | (30,428) | (55,586) | (53,066) | |
Inter-Company Revenue [Member] | Eastern Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 11,692 | 11,401 | 21,229 | 19,417 | |
Inter-Company Revenue [Member] | Western Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,889 | 18,504 | 32,740 | 32,901 | |
Inter-Company Revenue [Member] | Recycling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 302 | 253 | 933 | 257 | |
Inter-Company Revenue [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 404 | $ 270 | $ 684 | $ 491 |
Segment Reporting - Summary o54
Segment Reporting - Summary of Revenues Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 144,670 | $ 143,714 | $ 270,103 | $ 260,292 |
Solid Waste Operations Collection [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 63,685 | 60,636 | 121,536 | 113,962 |
Solid Waste Operations Disposal [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 39,384 | 44,064 | 71,637 | 71,831 |
Solid Waste Operations Power Generation [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 1,460 | 1,564 | 3,167 | 3,612 |
Solid Waste Operations Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 1,747 | 1,665 | 2,720 | 2,785 |
Solid Waste Operations [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 106,276 | 107,929 | 199,060 | 192,190 |
Organics [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 12,171 | 10,847 | 21,106 | 19,867 |
Customer Solutions [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 13,407 | 13,476 | 26,483 | 26,479 |
Recycling [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 12,816 | $ 11,462 | $ 23,454 | $ 21,756 |