QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(Nasdaq Global Select Market) |
☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company |
Emerging growth company |
Class A common stock, $0.01 par value per share: | ||||||||
Class B common stock, $0.01 par value per share: |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Prepaid expenses | |||||||||||
Inventory | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Restricted assets | |||||||||||
Cost method investments | |||||||||||
Deferred income taxes | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Current maturities of debt | $ | $ | |||||||||
Current operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Accrued payroll and related expenses | |||||||||||
Accrued interest | |||||||||||
Contract liabilities | |||||||||||
Current accrued capping, closure and post-closure costs | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Debt, less current portion | |||||||||||
Operating lease liabilities, less current portion | |||||||||||
Accrued capping, closure and post-closure costs, less current portion | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income (loss), net of tax | ( | ||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues | $ | $ | |||||||||
Operating expenses: | |||||||||||
Cost of operations | |||||||||||
General and administration | |||||||||||
Depreciation and amortization | |||||||||||
Expense from acquisition activities | |||||||||||
Southbridge Landfill closure charge | |||||||||||
Operating income | |||||||||||
Other expense (income): | |||||||||||
Interest income | ( | ( | |||||||||
Interest expense | |||||||||||
Other income | ( | ( | |||||||||
Other expense, net | |||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | $ | |||||||||
Basic earnings per share attributable to common stockholders: | |||||||||||
Weighted average common shares outstanding | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per share attributable to common stockholders: | |||||||||||
Weighted average common shares outstanding | |||||||||||
Diluted earnings per common share | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, before tax: | |||||||||||
Hedging activity: | |||||||||||
Interest rate swap settlements | ( | ( | |||||||||
Interest rate swap amounts reclassified into interest expense | |||||||||||
Unrealized gain resulting from changes in fair value of derivative instruments | |||||||||||
Other comprehensive income, before tax | |||||||||||
Income tax provision related to items of other comprehensive income | |||||||||||
Other comprehensive income, net of tax | |||||||||||
Comprehensive income | $ | $ | |||||||||
Casella Waste Systems, Inc. Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||
Total | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuances of Class A common stock | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Hedging activity | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | $ | ( | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||
Total | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuances of Class A common stock | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Hedging activity | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Interest accretion on landfill and environmental remediation liabilities | |||||||||||
Amortization of debt issuance costs | |||||||||||
Stock-based compensation | |||||||||||
Operating lease right-of-use assets expense | |||||||||||
Gain on sale of property and equipment | ( | ( | |||||||||
Non-cash expense from acquisition activities | |||||||||||
Deferred income taxes | |||||||||||
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Accounts receivable | |||||||||||
Landfill operating lease contract expenditures | ( | ||||||||||
Accounts payable | |||||||||||
Prepaid expenses, inventories and other assets | ( | ( | |||||||||
Accrued expenses, contract liabilities and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Additions to property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt borrowings | |||||||||||
Principal payments on debt | ( | ( | |||||||||
Payments of debt issuance costs | ( | ||||||||||
Proceeds from the exercise of share based awards | |||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash interest payments | $ | $ | |||||||||
Cash income tax payments | $ | $ | |||||||||
Non-current assets obtained through long-term financing obligations | $ | $ | |||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ |
Standard | Description | Effect on the Financial Statements or Other Significant Matters | ||||||||||||
Accounting standards issued pending adoption | ||||||||||||||
ASU No. 2020-04: Reference Rate Reform (Topic 848), as amended through January 2021 | Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria. | We currently have interest rate derivative agreements with hedging relationships that reference LIBOR. This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. We are currently assessing the provisions of this guidance, and reviewing and updating our existing contracts, as applicable, for transition or fallback language that specifies how a replacement rate for LIBOR will be identified. We are also no longer using LIBOR as a reference rate for any new contracts. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022. See Note 7, Debt for further disclosure over our interest rate derivative agreements and debt instruments that reference LIBOR. | ||||||||||||
ASU No. 2021-08: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) | Requires entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. | We have made in the past, and we may make in the future, acquisitions to densify existing operations, expand service areas, and grow services for our customers, and these acquisitions may include contract assets or contract liabilities. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2023 with early adoption permitted. | ||||||||||||
Eastern | Western | Resource Solutions | Total Revenues | ||||||||||||||||||||
Collection | $ | $ | $ | $ | |||||||||||||||||||
Landfill | |||||||||||||||||||||||
Transfer | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
Landfill gas-to-energy | |||||||||||||||||||||||
Processing | |||||||||||||||||||||||
Non-processing | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Transferred at a point-in-time | $ | $ | $ | $ | |||||||||||||||||||
Transferred over time | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Eastern | Western | Resource Solutions | Total Revenues | ||||||||||||||||||||
Collection | $ | $ | $ | $ | |||||||||||||||||||
Landfill | |||||||||||||||||||||||
Transfer | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
Landfill gas-to-energy | |||||||||||||||||||||||
Processing | |||||||||||||||||||||||
Non-processing | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Transferred at a point-in-time | $ | $ | $ | $ | |||||||||||||||||||
Transferred over time | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Purchase Price: | |||||||||||
Cash used in acquisitions, net of cash acquired | $ | $ | |||||||||
Holdbacks | |||||||||||
Total consideration | |||||||||||
Allocated as follows: | |||||||||||
Current assets | |||||||||||
Property, plant and equipment: | |||||||||||
Land | |||||||||||
Buildings and improvements | |||||||||||
Equipment | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets: | |||||||||||
Covenants not-to-compete | |||||||||||
Customer relationships | |||||||||||
Current liabilities | ( | ( | |||||||||
Operating lease liabilities, less current portion | ( | ||||||||||
Fair value of assets acquired and liabilities assumed | |||||||||||
Excess purchase price allocated to goodwill | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues | $ | $ | |||||||||
Operating income | $ | $ | |||||||||
Net income | $ | $ | |||||||||
Basic earnings per share attributable to common stockholders: | |||||||||||
Weighted average common shares outstanding | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per share attributable to common stockholders: | |||||||||||
Weighted average common shares outstanding | |||||||||||
Diluted earnings per common share | $ | $ |
December 31, 2021 | Acquisitions | March 31, 2022 | |||||||||||||||
Eastern region | $ | $ | $ | ||||||||||||||
Western region | |||||||||||||||||
Resource solutions | |||||||||||||||||
Total | $ | $ | $ |
Covenants Not-to-Compete | Customer Relationships | Trade Names | Total | ||||||||||||||||||||
Balance, March 31, 2022 | |||||||||||||||||||||||
Intangible assets | $ | $ | $ | $ | |||||||||||||||||||
Less accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Covenants Not-to-Compete | Customer Relationships | Trade Names | Total | ||||||||||||||||||||
Balance, December 31, 2021 | |||||||||||||||||||||||
Intangible assets | $ | $ | $ | $ | |||||||||||||||||||
Less accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Estimated Future Amortization Expense as of March 31, 2022 | |||||
Fiscal year ending December 31, 2022 | $ | ||||
Fiscal year ending December 31, 2023 | $ | ||||
Fiscal year ending December 31, 2024 | $ | ||||
Fiscal year ending December 31, 2025 | $ | ||||
Fiscal year ending December 31, 2026 | $ | ||||
Thereafter | $ | ||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | $ | |||||||||
Obligations incurred | |||||||||||
Accretion expense | |||||||||||
Obligations settled (1) | ( | ( | |||||||||
Ending balance | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Senior Secured Credit Facility: | |||||||||||
Term loan A facility ("Term Loan Facility") due December 2026; bearing interest at LIBOR plus | |||||||||||
Revolving Credit Facility due December 2026 ("Revolving Credit Facility"); bearing interest at LIBOR plus | |||||||||||
Tax-Exempt Bonds: | |||||||||||
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 ("New York Bonds 2014R-1") due December 2044 - fixed rate interest period through 2029; bearing interest at | |||||||||||
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 ("New York Bonds 2014R-2") due December 2044 - fixed rate interest period through 2026; bearing interest at | |||||||||||
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 ("New York Bonds 2020") due September 2050 - fixed rate interest period through 2025; bearing interest at | |||||||||||
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 ("FAME Bonds 2005R-3") due January 2025 - fixed rate interest period through 2025; bearing interest at | |||||||||||
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 ("FAME Bonds 2015R-1") due August 2035 - fixed rate interest period through 2025; bearing interest at | |||||||||||
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 ("FAME Bonds 2015R-2") due August 2035 - fixed rate interest period through 2025; bearing interest at | |||||||||||
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 ("Vermont Bonds") due April 2036 - fixed rate interest period through 2028; bearing interest at | |||||||||||
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 ("New Hampshire Bonds") due April 2029 - fixed rate interest period through 2029; bearing interest at | |||||||||||
Other: | |||||||||||
Finance leases maturing through December 2107; bearing interest at a weighted average of | |||||||||||
Notes payable maturing through June 2027; bearing interest at a weighted average of | |||||||||||
Principal amount of debt | |||||||||||
Less—unamortized debt issuance costs (1) | |||||||||||
Debt less unamortized debt issuance costs | |||||||||||
Less—current maturities of debt | |||||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Revolving Credit Facility and Term Loan Facility (collectively, the "Credit Facility") | $ | $ | |||||||||
New York Bonds 2014R-1 | |||||||||||
New York Bonds 2014R-2 | |||||||||||
New York Bonds 2020 | |||||||||||
FAME Bonds 2005R-3 | |||||||||||
FAME Bonds 2015R-1 | |||||||||||
FAME Bonds 2015R-2 | |||||||||||
Vermont Bonds | |||||||||||
New Hampshire Bonds | |||||||||||
$ | $ |
Fair Value | |||||||||||||||||
Balance Sheet Location | March 31, 2022 | December 31, 2021 | |||||||||||||||
Interest rate swaps | Other current assets | $ | $ | ||||||||||||||
Interest rate swaps | Other non-current assets | ||||||||||||||||
$ | $ | ||||||||||||||||
Interest rate swaps | Other accrued liabilities | $ | $ | ||||||||||||||
Interest rate swaps | Other long-term liabilities | ||||||||||||||||
$ | $ | ||||||||||||||||
Interest rate swaps | Accumulated other comprehensive income (loss), net of tax | $ | $ | ( | |||||||||||||
Interest rate swaps - tax effect | Accumulated other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||
$ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
Statement of Operations Location | 2022 | 2021 | ||||||||||||
Interest expense | $ | $ | ||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | $ | |||||||||
Accretion expense | |||||||||||
Obligations settled (1) | ( | ||||||||||
Ending balance | |||||||||||
Less: current portion | |||||||||||
Long-term portion | $ | $ |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding, December 31, 2021 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Forfeited | $ | ||||||||||||||||||||||
Outstanding, March 31, 2022 | $ | $ | |||||||||||||||||||||
Exercisable, March 31, 2022 | $ | $ | |||||||||||||||||||||
Restricted Stock, Restricted Stock Units, and Performance Stock Units (1) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding, December 31, 2021 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Class A Common Stock Vested | ( | $ | |||||||||||||||||||||
Forfeited | ( | $ | |||||||||||||||||||||
Outstanding, March 31, 2022 | $ | $ | |||||||||||||||||||||
Unvested, March 31, 2022 | $ | $ |
Interest Rate Swaps | |||||
Balance, December 31, 2021 | $ | ( | |||
Other comprehensive income before reclassifications | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||
Income tax provision related to items of other comprehensive income | ( | ||||
Net current-period other comprehensive income | |||||
Balance, March 31, 2022 | $ |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Details About Accumulated Other Comprehensive Income (Loss), Net of Tax Components | Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
Interest rate swaps | $ | $ | Interest expense | |||||||||||||||||
( | ( | Income before income taxes | ||||||||||||||||||
( | ( | Provision for income taxes | ||||||||||||||||||
$ | ( | $ | ( | Net income | ||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerator: | |||||||||||
Net income | $ | $ | |||||||||
Denominators: | |||||||||||
Number of shares outstanding, end of period: | |||||||||||
Class A common stock | |||||||||||
Class B common stock | |||||||||||
Unvested restricted stock | ( | ( | |||||||||
Effect of weighted average shares outstanding | ( | ( | |||||||||
Basic weighted average common shares outstanding | |||||||||||
Impact of potentially dilutive securities: | |||||||||||
Dilutive effect of stock options and other stock awards | |||||||||||
Diluted weighted average common shares outstanding | |||||||||||
Anti-dilutive potentially issuable shares |
Fair Value Measurement at March 31, 2022 Using: | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Restricted investment securities - landfill closure | $ | $ | $ | ||||||||||||||
Interest rate swaps | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | $ | $ |
Fair Value Measurement at December 31, 2021 Using: | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Restricted investment securities - landfill closure | $ | $ | $ | ||||||||||||||
Interest rate swaps | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | $ | $ |
Segment | Outside revenues | Inter-company revenues | Depreciation and amortization | Operating income (loss) | Total assets | |||||||||||||||||||||||||||
Eastern | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Western | ||||||||||||||||||||||||||||||||
Resource solutions | ||||||||||||||||||||||||||||||||
Corporate entities | — | ( | ||||||||||||||||||||||||||||||
Eliminations | — | ( | — | — | — | |||||||||||||||||||||||||||
$ | $ | — | $ | $ | $ |
Segment | Outside revenues | Inter-company revenues | Depreciation and amortization | Operating income (loss) | Total assets | |||||||||||||||||||||||||||
Eastern | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Western | ||||||||||||||||||||||||||||||||
Resource solutions | ||||||||||||||||||||||||||||||||
Corporate entities | — | ( | ||||||||||||||||||||||||||||||
Eliminations | — | ( | — | — | — | |||||||||||||||||||||||||||
$ | $ | — | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Collection | $ | $ | |||||||||
Disposal | |||||||||||
Power generation | |||||||||||
Processing | |||||||||||
Solid waste operations | |||||||||||
Processing | |||||||||||
Non-processing | |||||||||||
Resource solutions operations | |||||||||||
Total revenues | $ | $ |
Three Months Ended March 31, | $ Change | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Collection | $ | 119.5 | 51.1 | % | $ | 97.5 | 51.4 | % | $ | 22.0 | |||||||||||||||||||
Disposal | 43.2 | 18.4 | % | 37.9 | 20.0 | % | 5.3 | ||||||||||||||||||||||
Power | 2.7 | 1.1 | % | 1.3 | 0.7 | % | 1.4 | ||||||||||||||||||||||
Processing | 1.8 | 0.8 | % | 1.4 | 0.8 | % | 0.4 | ||||||||||||||||||||||
Solid waste | 167.2 | 71.4 | % | 138.1 | 72.9 | % | 29.1 | ||||||||||||||||||||||
Processing | 27.3 | 11.7 | % | 17.2 | 9.1 | % | 10.1 | ||||||||||||||||||||||
Non-processing | 39.5 | 16.9 | % | 34.2 | 18.0 | % | 5.3 | ||||||||||||||||||||||
Resource solutions | 66.8 | 28.6 | % | 51.4 | 27.1 | % | 15.4 | ||||||||||||||||||||||
Total revenues | $ | 234.0 | 100.0 | % | $ | 189.5 | 100.0 | % | $ | 44.5 | |||||||||||||||||||
Period-to-Period Change for the Three Months Ended March 31, 2022 vs. 2021 | |||||||||||
Amount | % Growth | ||||||||||
Price | $ | 7.8 | 5.6 | % | |||||||
Volume | 0.7 | 0.5 | % | ||||||||
Surcharges and other fees | 1.8 | 1.3 | % | ||||||||
Commodity price and volume | 1.6 | 1.1 | % | ||||||||
Acquisitions | 17.2 | 12.5 | % | ||||||||
Solid waste revenues | $ | 29.1 | 21.0 | % |
Three Months Ended March 31, | $ Change | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Cost of operations | $ | 162.5 | 69.4 | % | $ | 127.1 | 67.1 | % | $ | 35.4 | |||||||||||||||||||
General and administration | $ | 29.8 | 12.7 | % | $ | 27.1 | 14.3 | % | $ | 2.7 | |||||||||||||||||||
Depreciation and amortization | $ | 29.4 | 12.6 | % | $ | 22.7 | 12.0 | % | $ | 6.7 |
Three Months Ended March 31, | $ Change | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Depreciation | $ | 19.6 | 8.4 | % | $ | 14.3 | 7.5 | % | $ | 5.3 | |||||||||||||||||||
Landfill amortization | 6.1 | 2.6 | % | 6.4 | 3.4 | % | (0.3) | ||||||||||||||||||||||
Other amortization | 3.7 | 1.6 | % | 2.0 | 1.1 | % | 1.7 | ||||||||||||||||||||||
$ | 29.4 | 12.6 | % | $ | 22.7 | 12.0 | % | $ | 6.7 |
Three Months Ended March 31, | $ Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Eastern | $ | 71.3 | $ | 52.3 | $ | 19.0 | |||||||||||
Western | 95.8 | 85.8 | 10.0 | ||||||||||||||
Resource solutions | 66.9 | 51.4 | 15.5 | ||||||||||||||
Total revenues | $ | 234.0 | $ | 189.5 | $ | 44.5 |
Period-to-Period Change for the Three Months Ended March 31, 2022 vs. 2021 | |||||||||||
Amount | % Growth | ||||||||||
Price | $ | 3.5 | 6.7 | % | |||||||
Volume | 0.6 | 1.1 | % | ||||||||
Surcharges and other fees | 0.7 | 1.2 | % | ||||||||
Acquisitions | 14.2 | 27.2 | % | ||||||||
Solid waste revenues | $ | 19.0 | 36.2 | % |
Period-to-Period Change for the Three Months Ended March 31, 2022 vs. 2021 | |||||||||||
Amount | % Growth | ||||||||||
Price | $ | 4.3 | 5.0 | % | |||||||
Volume | — | 0.1 | % | ||||||||
Surcharges and other fees | 1.1 | 1.3 | % | ||||||||
Commodity price and volume | 1.6 | 1.8 | % | ||||||||
Acquisitions | 3.0 | 3.5 | % | ||||||||
Solid waste revenues | $ | 10.0 | 11.7 | % |
Three Months Ended March 31, | $ Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Eastern | $ | (2.2) | $ | 2.2 | $ | (4.4) | |||||||||||
Western | 9.3 | 7.8 | 1.5 | ||||||||||||||
Resource solutions | 3.7 | 2.5 | 1.2 | ||||||||||||||
Corporate entities | (0.6) | (0.5) | (0.1) | ||||||||||||||
Operating income | $ | 10.2 | $ | 12.0 | $ | (1.8) |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 12.6 | $ | 33.8 | |||||||
Restricted assets: | |||||||||||
Restricted investment securities - landfill closure | $ | 2.0 | $ | 2.1 | |||||||
Debt: | |||||||||||
Current portion | $ | 9.9 | $ | 9.9 | |||||||
Non-current portion | 570.3 | 552.7 | |||||||||
Total debt | $ | 580.2 | $ | 562.6 |
Three Months Ended March 31, | $ Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Net cash provided by operating activities | $ | 24.7 | $ | 32.1 | $ | (7.4) | |||||||||||
Net cash used in investing activities | $ | (62.5) | $ | (31.3) | $ | (31.2) | |||||||||||
Net cash provided by (used in) financing activities | $ | 16.6 | $ | (2.7) | $ | 19.3 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 4.2 | $ | 4.3 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 29.4 | 22.7 | |||||||||
Interest accretion on landfill and environmental remediation liabilities | 2.0 | 2.0 | |||||||||
Amortization of debt issuance costs | 0.5 | 0.6 | |||||||||
Stock-based compensation | 2.2 | 2.9 | |||||||||
Operating lease right-of-use assets expense | 3.2 | 3.0 | |||||||||
Gain on sale of property and equipment | (0.1) | — | |||||||||
Non-cash expense from acquisition activities | 0.9 | 0.1 | |||||||||
Deferred income taxes | 0.5 | 2.3 | |||||||||
42.8 | 37.9 | ||||||||||
Changes in assets and liabilities, net | (18.1) | (5.8) | |||||||||
Net cash provided by operating activities | $ | 24.7 | $ | 32.1 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Acquisitions, net of cash acquired | $ | (49.8) | $ | (4.6) | |||||||
Additions to property, plant and equipment | (12.9) | (26.8) | |||||||||
Proceeds from sale of property and equipment | 0.2 | 0.1 | |||||||||
Net cash used in investing activities | $ | (62.5) | $ | (31.3) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Proceeds from long-term borrowings | $ | 25.6 | $ | — | |||||||
Principal payments on debt | (9.0) | (2.8) | |||||||||
Proceeds from the exercise of share based awards | — | 0.1 | |||||||||
Net cash provided by (used in) financing activities | $ | 16.6 | $ | (2.7) |
Exhibit No. | Description | |||||||
10.1 | ||||||||
31.1 + | ||||||||
31.2 + | ||||||||
32.1 ++ | ||||||||
32.2 ++ | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document.** | |||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document.** | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document.** | |||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document.** | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.** | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |
** | Submitted Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, (ii) Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021, (iv) Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021, and (vi) Notes to Consolidated Financial Statements. | |||||||
+ | Filed Herewith | |||||||
++ | Furnished Herewith |
Casella Waste Systems, Inc. | ||||||||
Date: April 29, 2022 | By: /s/ Kevin Drohan | |||||||
Kevin Drohan | ||||||||
Vice President and Chief Accounting Officer | ||||||||
(Principal Accounting Officer) | ||||||||
Date: April 29, 2022 | By: /s/ Edmond R. Coletta | |||||||
Edmond R. Coletta | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: April 29, 2022 | By: /s/ John W. Casella | |||||||
John W. Casella | ||||||||
Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: April 29, 2022 | By: /s/ Edmond R. Coletta | |||||||
Edmond R. Coletta | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: April 29, 2022 | By: /s/ John W. Casella | |||||||
Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: April 29, 2022 | By: /s/ Edmond R. Coletta | |||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2021
USD ($)
vote
$ / shares
shares
|
|
Accounts receivable - trade, allowance for credit losses | $ | $ 2,812 | $ 3,276 |
Accumulated depreciation and amortization | $ | $ 997,459 | $ 973,094 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,650,000 | 50,423,000 |
Common stock, shares outstanding (in shares) | 50,650,000 | 50,423,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 988,000 | 988,000 |
Common stock, shares outstanding (in shares) | 988,000 | 988,000 |
Votes per share held (in votes) | vote | 10 | 10 |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,190 | $ 4,311 |
Hedging activity: | ||
Interest rate swap settlements | (1,163) | (1,160) |
Interest rate swap amounts reclassified into interest expense | 1,128 | 1,145 |
Unrealized gain resulting from changes in fair value of derivative instruments | 8,381 | 4,987 |
Other comprehensive income, before tax | 8,346 | 4,972 |
Income tax provision related to items of other comprehensive income | 2,203 | 1,142 |
Other comprehensive income, net of tax | 6,143 | 3,830 |
Comprehensive income | $ 10,333 | $ 8,141 |
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated other comprehensive income (loss), net of tax |
Class A Common Stock |
Class A Common Stock
Common Stock
|
Class B Common Stock |
Class B Common Stock
Common Stock
|
---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 362,142 | $ 639,247 | $ (266,099) | $ (11,517) | $ 501 | $ 10 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 50,101,000 | 988,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances of Class A common stock | 112 | 109 | $ 3 | |||||
Issuance of Class A common stock (in shares) | 273,000 | |||||||
Stock-based compensation | 2,941 | 2,941 | ||||||
Net income (loss) | 4,311 | 4,311 | ||||||
Hedging activity | 3,830 | 3,830 | ||||||
Ending balance at Mar. 31, 2021 | 373,336 | 642,297 | (261,788) | (7,687) | $ 504 | $ 10 | ||
Ending balance (in shares) at Mar. 31, 2021 | 50,374,000 | 50,374,000 | 988,000 | 988,000 | ||||
Beginning balance at Dec. 31, 2021 | 422,457 | 652,045 | (224,999) | (5,103) | $ 504 | $ 10 | ||
Beginning balance (in shares) at Dec. 31, 2021 | 50,423,000 | 50,423,000 | 988,000 | 988,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances of Class A common stock | 19 | 17 | $ 2 | |||||
Issuance of Class A common stock (in shares) | 227,000 | |||||||
Stock-based compensation | 2,241 | 2,241 | ||||||
Net income (loss) | 4,190 | 4,190 | ||||||
Hedging activity | 6,143 | 6,143 | ||||||
Ending balance at Mar. 31, 2022 | $ 435,050 | $ 654,303 | $ (220,809) | $ 1,040 | $ 506 | $ 10 | ||
Ending balance (in shares) at Mar. 31, 2022 | 50,650,000 | 50,650,000 | 988,000 | 988,000 |
BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Casella Waste Systems, Inc. (“Parent”), and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in seven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine and Pennsylvania, with our headquarters located in Rutland, Vermont. 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. We manage our resource-renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, 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, "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("fiscal year 2021"), which was filed with the SEC on February 18, 2022. Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2022 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 fiscal year 2021. Subsequent Events We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2022 through the date of 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.
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ACCOUNTING CHANGES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTING CHANGES | ACCOUNTING CHANGESA table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standards Board (“FASB”) that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
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REVENUE RECOGNITION |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | REVENUE RECOGNITION Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services. Revenues associated with our resource-renewal services are derived from processing and non-processing services. The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022
Three Months Ended March 31, 2021
Payments to customers that are not in exchange for a distinct good or service are recorded as a reduction of revenues. Rebates to certain customers associated with payments for recycled or organic materials that are received and subsequently processed and sold to other third-parties amounted to $3,794 in the three months ended March 31, 2022 and $1,568 in the three months ended March 31, 2021. Rebates are generally recorded as a reduction of revenues upon the sale of such materials, or upon receipt of the recycled materials at our facilities. We did not record any revenues in the three months ended March 31, 2022 or March 31, 2021 from performance obligations satisfied in previous periods. Contract receivables, which are included in Accounts receivable, net are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. Accounts receivable, net includes gross receivables from contracts of $94,967 and $89,232 as of March 31, 2022 and December 31, 2021, respectively. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred as a contract liability until the services are provided and control transferred to the customer. We recognized contract liabilities of $5,500 and $3,404 as of March 31, 2022 and December 31, 2021, respectively. Due to the short term nature of advanced billings, substantially all of the deferred revenue recognized as a contract liability as of December 31, 2021 and December 31, 2020 was recognized as revenue during the three months ended March 31, 2022 and March 31, 2021, respectively, when the services were performed.
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BUSINESS COMBINATIONS |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS In the three months ended March 31, 2022, we acquired the following businesses: a full service solid-waste collection, recycling and hauling business in our Resource Solutions operating segment; three tuck-in solid waste collection businesses in our Western region; a portable toilets business in our Eastern region; and a scrap metal collection business whose assets are allocated between our Eastern region and Resource Solutions operating segments. In the three months ended March 31, 2021, we acquired one tuck-in solid waste collection business in our Western region. The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions, including contingent consideration. Acquired intangible assets other than goodwill that are subject to amortization include customer relationships, trade names and covenants not-to-compete. Such assets are amortized over a four-year to ten-year period from the date of acquisition. All amounts recorded to goodwill are expected to be deductible for tax purposes. A summary of the purchase price paid and the purchase price allocation for acquisitions follows:
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, the purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2021 is as follows:
The unaudited 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, 2021 or of the results of our future operations. Furthermore, the unaudited 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.
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS A summary of the activity and balances related to goodwill by reporting segment is as follows:
Summaries of intangible assets by type follows:
Intangible amortization expense was $3,789 during the three months ended March 31, 2022 and $2,028 during the three months ended March 31, 2021. A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2021 and thereafter follows:
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ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE | ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSUREAccrued 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 time frame 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:
(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.
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DEBT |
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Debt And Derivatives Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT A summary of debt is as follows:
(1)A summary of unamortized debt issuance costs by debt instrument follows:
Credit Facility As of March 31, 2022, we are party to an amended and restated credit agreement ("Credit Agreement"), which provides for a $350,000 aggregate principal amount Term Loan Facility and a $300,000 Revolving Credit Facility, with a $75,000 sublimit for letters of credit. We have the right to request, at our discretion, an increase in the amount of loans under the Credit Facility by an aggregate amount of $125,000, subject to the terms and conditions set forth in the Credit Agreement. The Credit Facility has a 5-year term that matures in December 2026 and bears interest at a rate of LIBOR plus 1.375% per annum, which will be reduced to a rate of LIBOR plus as low as 1.125% upon us reaching a consolidated net leverage ratio of less than 2.25x. The Credit Facility contains customary benchmark replacement provisions pursuant to which, upon certain triggering events, the LIBOR benchmark used to calculate the LIBOR rate will be replaced with a secured overnight financing rate, as adjusted, on the terms and conditions in the Credit Facility. The Credit Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries and secured by substantially all of our assets. As of March 31, 2022, further advances were available under the Credit Facility in the amount of $252,805. The available amount is net of outstanding irrevocable letters of credit totaling $28,195, and as of March 31, 2022 no amount had been drawn. Cash Flow Hedges Our strategy to reduce exposure to interest rate risk involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates related to the variable rate portion of our long-term debt. We have designated these derivative instruments as highly effective cash flow hedges, and therefore the change in fair value is recorded in our stockholders’ equity as a component of accumulated other comprehensive income (loss), net of tax and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities. As of both March 31, 2022 and December 31, 2021, our active interest rate derivative agreements had total notional amounts of $195,000. According to the terms of the agreements, we receive interest based on the 1-month LIBOR index, in some instances restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 2.48%. The agreements mature between June 2022 and February 2027. Additionally, as of March 31, 2022 and December 31, 2021, we have forward starting interest rate derivative agreements with total notional amounts of $60,000 and $85,000, respectively, after considering any forward starting interest rate derivative agreements that have become effective in the current period. According to the terms of the agreements, we will receive interest based on the 1-month LIBOR index, restricted by a 0.0% floor, and will pay interest at a weighted average rate of approximately 1.44%. The agreements mature between June 2027 and May 2028. A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:
A summary of the amount of expense on cash flow hedging relationships related to interest rate swaps reclassified from accumulated other comprehensive income (loss), net of tax into earnings follows:
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | 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. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions fall within various procedural stages at any point in time, and some are covered in part by insurance. In accordance with FASB ASC 450 - Contingencies, we accrue for legal proceedings, inclusive of legal costs, when losses become probable and reasonably estimable. We have recorded an aggregate accrual of $1,241 relating to our outstanding legal proceedings as of March 31, 2022. 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. We disclose outstanding matters that we believe could have a material adverse effect on our financial condition, results of operations or cash flows. North Country Environmental Services Expansion Permit On October 9, 2020, our subsidiary, North Country Environmental Services, Inc. ("NCES"), received a Type I-A Permit Modification (the "Permit") for Expansion in the Stage VI area of the NCES landfill located in Bethlehem, New Hampshire. On November 9, 2020, the Conservation Law Foundation ("CLF") filed an appeal of the Permit to the New Hampshire Waste Management Council (the “Council”) on the grounds it failed to meet the public benefit criteria. On January 19, 2021, CLF filed a Complaint for Injunctive Relief with the Grafton Superior Court to enjoin NCES from accepting waste pursuant to the new Permit until such a time as CLF has exhausted its appeal rights. A hearing on the Complaint for Injunctive Relief was held on March 10, 2021; the Grafton Superior Court denied the motion on May 14, 2021. CLF did not appeal this decision. The Council denied NCES’s Motion to Dismiss CLF’s appeal for lack of standing by Order dated March 17, 2021. NCES filed a Motion to Reconsider on March 26, 2021, which was denied by the Council on May 11, 2021. A prehearing conference was held and a schedule for the case was established on June 8, 2021. NCES filed a Motion to Dismiss on the merits of the appeal on June 30, 2021. On July 16, 2021, CLF filed its objection to the Motion to Dismiss, and NCES filed its reply on July 26, 2021. The Council issued an Order on September 3, 2021 granting NCES’s Motion to Dismiss, in part. CLF filed a Motion for Reconsideration on September 23, 2021, and NCES filed its objection on September 28, 2021 and CLF filed a reply on September 30, 2021. CLF’s Motion for Reconsideration was granted on November 19, 2021, and its dismissed claims reinstated. On January 14, 2022, NCES filed a Motion in Limine seeking to exclude from evidence four potential evidentiary items on the basis that those items were either not directly related, or were not included in CLF’s Notice of Appeal. On January 21, 2022, CLF filed an objection to NCES’s motion, and NCES filed a reply on January 26, 2022. On January 31, 2022, the Court issued an Order granting NCES’s Motion in Limine with respect to three of the four items it sought to exclude from evidence, and denying its motion with respect to the remaining item. The hearing on the appeal was held on February 18 and February 22, 2022. Council deliberations concluded on February 22, 2022, ruling in favor of NCES on all motions concerning questions of fact. The hearing officer’s decision with regard to questions of law remains pending. NCES will continue to vigorously defend against this litigation.Environmental Remediation Liabilities 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. We accrue for costs associated with environmental remediation obligations when such costs become both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. In the early stages of the remediation process, particular components of the overall liability may not be reasonably estimable; in this instance we use the components of the liability that can be reasonably estimated as a surrogate for the liability. It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions. Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows. We disclose outstanding environmental remediation matters that remain unsettled or are settled in the reporting period that we believe could have a material adverse effect on our financial condition, results of operations or cash flows. 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. The weighted average risk-free interest rate associated with our environmental remediation liabilities as of March 31, 2022 ranges between 1.5% and 2.6%. A summary of the changes to the aggregate environmental remediation liabilities for the three months ended March 31, 2022 and 2021 follows:
(1)May include amounts paid and amounts that are being processed through accounts payable as a part of our disbursement cycle.
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Stock Based Compensation Shares Available For Issuance In the fiscal year ended December 31, 2016, we adopted the 2016 Incentive Plan (“2016 Plan”). Under the 2016 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,250 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 (up to 2,723 shares) as is equal to the sum of the number of shares of Class A common stock that remained available for grant under the 2006 Stock Incentive Plan (“2006 Plan”) immediately prior to the expiration of the 2006 Plan and the number of shares of Class A common stock subject to awards granted under the 2006 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us. As of March 31, 2022, there were 811 Class A common stock equivalents available for future grant under the 2016 Plan. Stock Options Stock options are granted at a price equal to the prevailing fair 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-year to four-year period from the date of grant. The fair value of each stock option granted is estimated using a Black-Scholes option-pricing model, which requires extensive use of accounting judgment and financial estimation, including estimates of the expected term stock option holders will retain their vested stock options before exercising them and the estimated volatility of our Class A common stock price over the expected term. A summary of stock option activity follows:
Stock-based compensation expense related to stock options was $16 during the three months ended March 31, 2022. We did not record any stock-based compensation expense for stock options during the three months ended March 31, 2021. As of March 31, 2022, we had $155 of unrecognized stock-based compensation expense related to outstanding stock options to be recognized over a weighted average period of 2.3 years. During the three months ended March 31, 2022, the aggregate intrinsic value of stock options exercised was $311. Other Stock Awards Restricted stock awards, restricted stock units and performance stock units, with the exception of market-based performance stock units, are granted at a price equal to the fair value of our Class A common stock at the date of grant. The fair value of each market-based performance stock unit is estimated using a Monte Carlo pricing model, which requires extensive use of accounting judgment and financial estimation, including the estimated share price appreciation plus, if applicable, the value of dividends of our Class A common stock as compared to the Russell 2000 Index over the requisite service period. Generally, 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 granted to non-employee directors vest in full on the first anniversary of the grant date. Restricted stock units granted to employees vest incrementally over an identified service period beginning on the grant date based on continued employment. Performance stock units granted to employees, including market-based performance stock units, vest at a future date following the grant date and are based on the attainment of performance targets and market achievements, as applicable. A summary of restricted stock, restricted stock unit and performance stock unit activity follows:
(1)Market-based performance stock unit grants are included at the 100% attainment level. Attainment of the maximum performance targets and market achievements would result in the issuance of an additional 221 shares of Class A common stock currently included in unvested. Stock-based compensation expense related to restricted stock, restricted stock units and performance stock units was $2,151 during the three months ended March 31, 2022, as compared to $2,884 during the three months ended March 31, 2021. During the three months ended March 31, 2022, the total fair value of other stock awards vested was $4,545. As of March 31, 2022, total unrecognized stock-based compensation expense related to outstanding restricted stock was $71, which will be recognized over a weighted average period of 1.7 years. As of March 31, 2022, total unrecognized stock-based compensation expense related to outstanding restricted stock units was $6,015, which will be recognized over a weighted average period of 2.2 years. As of March 31, 2022, total expected unrecognized stock-based compensation expense related to outstanding performance stock units was $9,779 to be recognized over a weighted average period of 2.0 years. We also recorded $73 of stock-based compensation expense related to our Amended and Restated 1997 Employee Stock Purchase Plan during the three months ended March 31, 2022, as compared to $57 during the three months ended March 31, 2021. Accumulated Other Comprehensive Income (Loss), Net of Tax A summary of the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax follows:
A summary of reclassifications out of accumulated other comprehensive income (loss), net of tax follows:
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHAREBasic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the combined weighted average number of common shares and potentially dilutive shares, which include the assumed exercise of employee stock options, unvested restricted stock awards, unvested restricted stock units and unvested performance stock units, including market-based performance units based on the expected achievement of performance targets. In computing diluted earnings per share, we utilize the treasury stock method.A summary of the numerator and denominators used in the computation of earnings per share follows:
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OTHER ITEMS AND CHARGES |
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Unusual or Infrequent Items, or Both [Abstract] | |
OTHER ITEMS AND CHARGES | OTHER ITEMS AND CHARGES Expense from Acquisition Activities In the three months ended March 31, 2022 and 2021, we recorded charges of $2,043 and $414, respectively, comprised primarily of legal, consulting and other similar costs associated with the acquisition and integration of acquired businesses or select development projects.
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | 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 that we believe market participants would use in pricing an asset or a liability. Assets and Liabilities Accounted for at Fair Value Our financial instruments include cash and cash equivalents, accounts receivable, restricted investment securities held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, interest rate derivatives, contingent consideration related to acquisitions, trade payables and debt. The carrying values of cash and cash equivalents, accounts receivable and trade payables approximate their respective fair values due to their short-term nature. The fair value of restricted investment securities held in trust, 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 derivatives included in the Level 2 tier below is calculated using discounted cash flow valuation methodologies based upon the one-month LIBOR yield curves that are observable at commonly quoted intervals for the full term of the swaps. We recognize all derivatives accounted for on the balance sheet at fair value. Recurring Fair Value Measurements Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow:
Fair Value of Debt As of March 31, 2022, the fair value of our fixed rate debt, including our FAME Bonds 2005R-3, FAME Bonds 2015R-1, FAME Bonds 2015R-2, Vermont Bonds, New York Bonds 2014R-1, New York Bonds 2014R-2, New York Bonds 2020 and New Hampshire Bonds was approximately $165,864 and the carrying value was $162,000. The fair value of the FAME Bonds 2005R-3, the FAME Bonds 2015R-1, the FAME Bonds 2015R-2, the Vermont Bonds, the New York Bonds 2014R-1, the New York Bonds 2014R-2, New York Bonds 2020 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. As of March 31, 2022, the carrying value of our Term Loan Facility was $350,000 and the carrying value of our Revolving Credit Facility was $19,000. Their fair values are based on current borrowing rates for similar types of borrowing arrangements, or Level 2 inputs, and approximate their carrying values. Although we have determined the estimated fair value amounts of FAME Bonds 2005R-3, FAME Bonds 2015R-1, FAME Bonds 2015R-2, Vermont Bonds, New York Bonds 2014R-1, New York Bonds 2014R-2, New York Bonds 2020 and 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.
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SEGMENT REPORTING |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING We report selected information about our reportable 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, our Western and Eastern regions. Revenues associated with our solid waste operations are derived mainly from solid waste collection, transfer, transportation and disposal, landfill gas-to-energy, processing, and recycling services in the northeastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are derived from two lines-of-service: processing and non-processing. Revenues from processing services are derived from municipalities and customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. Revenues from non-processing services are derived from brokerage services and overall resource management services providing a wide range of environmental services and zero waste solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. Corporate Entities results reflect those costs not allocated to our reportable operating segments. Three Months Ended March 31, 2022
Three Months Ended March 31, 2021
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Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | Casella Waste Systems, Inc. (“Parent”), and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in seven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine and Pennsylvania, with our headquarters located in Rutland, Vermont. 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. We manage our resource-renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, 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, "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("fiscal year 2021"), which was filed with the SEC on February 18, 2022.
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Use of Estimates | Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2022 may not be indicative of the results for any other interim period or the entire fiscal year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events | We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2022 through the date of 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 Standards Adopted and Pending Adoption | A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standards Board (“FASB”) that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
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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 time frame 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 that we believe market participants would use in pricing an asset or a liability. Assets and Liabilities Accounted for at Fair Value Our financial instruments include cash and cash equivalents, accounts receivable, restricted investment securities held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, interest rate derivatives, contingent consideration related to acquisitions, trade payables and debt. The carrying values of cash and cash equivalents, accounts receivable and trade payables approximate their respective fair values due to their short-term nature. The fair value of restricted investment securities held in trust, 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 derivatives included in the Level 2 tier below is calculated using discounted cash flow valuation methodologies based upon the one-month LIBOR yield curves that are observable at commonly quoted intervals for the full term of the swaps. We recognize all derivatives accounted for on the balance sheet at fair value.
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Segment Reporting | We report selected information about our reportable 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, our Western and Eastern regions. Revenues associated with our solid waste operations are derived mainly from solid waste collection, transfer, transportation and disposal, landfill gas-to-energy, processing, and recycling services in the northeastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are derived from two lines-of-service: processing and non-processing. Revenues from processing services are derived from municipalities and customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. Revenues from non-processing services are derived from brokerage services and overall resource management services providing a wide range of environmental services and zero waste solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. Corporate Entities results reflect those costs not allocated to our reportable operating segments. |
ACCOUNTING CHANGES (Tables) |
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Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standards Board (“FASB”) that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
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REVENUE RECOGNITION (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022
Three Months Ended March 31, 2021
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BUSINESS COMBINATIONS (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Purchase Price Paid for Acquisitions | A summary of the purchase price paid and the purchase price allocation for acquisitions follows:
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Schedule of Unaudited Pro forma Combined Information | Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2021 is as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Goodwill Activity | A summary of the activity and balances related to goodwill by reporting segment is as follows:
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Summary of Intangible Assets by Type | Summaries of intangible assets by type follows:
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Summary of Intangible Amortization Expense Estimated | A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2021 and thereafter follows:
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ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE (Tables) |
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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:
(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.
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DEBT (Tables) |
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Debt And Derivatives Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | A summary of debt is as follows:
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Summary of Cash Flow Hedges | A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:
A summary of the amount of expense on cash flow hedging relationships related to interest rate swaps reclassified from accumulated other comprehensive income (loss), net of tax into earnings follows:
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COMMITMENTS AND CONTINGENCIES (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Environmental Liability | A summary of the changes to the aggregate environmental remediation liabilities for the three months ended March 31, 2022 and 2021 follows:
(1)May include amounts paid and amounts that are being processed through accounts payable as a part of our disbursement cycle.
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STOCKHOLDERS' EQUITY (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity follows:
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Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity | A summary of restricted stock, restricted stock unit and performance stock unit activity follows:
(1)Market-based performance stock unit grants are included at the 100% attainment level. Attainment of the maximum performance targets and market achievements would result in the issuance of an additional 221 shares of Class A common stock currently included in unvested.
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Summary of Changes in Balances of Each Component of Accumulated Other Comprehensive Loss | A summary of the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax follows:
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Summary of Reclassifications Out of Accumulated Other Comprehensive Loss | A summary of reclassifications out of accumulated other comprehensive income (loss), net of tax follows:
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Earnings per Share Computation | A summary of the numerator and denominators used in the computation of earnings per share follows:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value | Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow:
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SEGMENT REPORTING (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Reporting Information by Segment | Three Months Ended March 31, 2022
Three Months Ended March 31, 2021
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Summary of Revenue Attributable to Services | A summary of our revenues attributable to services provided follows:
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BASIS OF PRESENTATION (Details) |
3 Months Ended |
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Mar. 31, 2022
regionalOperatingSegment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of regional operating segments | 2 |
REVENUE RECOGNITION - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Rebates | $ (234,027,000) | $ (189,532,000) | |
Revenue recognized fro performance obligation satisfied in previous period | 0 | 0 | |
Gross receivables from contracts | 94,967,000 | $ 89,232,000 | |
Contract liabilities | 5,500,000 | $ 3,404,000 | |
Rebate for Recycled or Returned Organic Materials | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Rebates | $ 3,794,000 | $ 1,568,000 |
BUSINESS COMBINATIONS - Narrative (Details) - business |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Minimum | ||
Business Acquisition [Line Items] | ||
Useful life of finite lived intangible assets | 4 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Useful life of finite lived intangible assets | 10 years | |
Western | Tuck-in Solid Waste Collection Business | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 3 | 1 |
BUSINESS COMBINATIONS - Schedule of Unaudited Pro forma Combined Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Business Combination and Asset Acquisition [Abstract] | ||
Revenues | $ 238,836 | $ 218,841 |
Operating income | 10,834 | 12,615 |
Net income | $ 4,303 | $ 2,571 |
Weighted average common shares outstanding, basic (in shares) | 51,490 | 51,179 |
Basic earnings per common share (in dollars per share) | $ 0.08 | $ 0.05 |
Weighted average common shares outstanding, diluted (in shares) | 51,657 | 51,387 |
Diluted earnings per common share (in dollars per share) | $ 0.08 | $ 0.05 |
GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill Activity (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 232,860 |
Acquisitions | 25,554 |
Goodwill, ending balance | 258,414 |
Eastern | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 52,072 |
Acquisitions | 330 |
Goodwill, ending balance | 52,402 |
Western | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 163,728 |
Acquisitions | 3,906 |
Goodwill, ending balance | 167,634 |
Resource solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 17,060 |
Acquisitions | 21,318 |
Goodwill, ending balance | $ 38,378 |
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets by Type (Detail) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 163,062 | $ 152,132 |
Less accumulated amortization | (62,198) | (58,409) |
Intangible assets, net | 100,864 | 93,723 |
Covenants not-to-compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 30,120 | 28,777 |
Less accumulated amortization | (22,614) | (22,148) |
Intangible assets, net | 7,506 | 6,629 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 124,592 | 115,005 |
Less accumulated amortization | (37,322) | (34,809) |
Intangible assets, net | 87,270 | 80,196 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 8,350 | 8,350 |
Less accumulated amortization | (2,262) | (1,452) |
Intangible assets, net | $ 6,088 | $ 6,898 |
GOODWILL AND INTANGIBLE ASSETS - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 3,789 | $ 2,028 |
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Amortization Expense Estimated (Detail) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fiscal year ending December 31, 2022 | $ 12,404 |
Fiscal year ending December 31, 2023 | 15,574 |
Fiscal year ending December 31, 2024 | 14,855 |
Fiscal year ending December 31, 2025 | 13,736 |
Fiscal year ending December 31, 2026 | 12,102 |
Thereafter | $ 32,193 |
ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE - Summary of Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 86,914 | $ 82,533 |
Obligations incurred | 966 | 1,038 |
Accretion expense | 1,873 | 1,811 |
Obligations settled | (926) | (357) |
Ending balance | $ 88,827 | $ 85,025 |
DEBT - Cash Flow Hedges Narrative (Details) - Cash Flow Hedging - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest Rate Derivative | ||
Debt Instrument [Line Items] | ||
Notional amount | $ 195,000,000 | $ 195,000,000 |
Floor interest rate | 0.00% | |
Weighted average percentage rate paid | 2.48% | |
Forward Starting Interest Rate Derivative | ||
Debt Instrument [Line Items] | ||
Notional amount | $ 60,000,000 | $ 85,000,000 |
Floor interest rate | 0.00% | |
Weighted average percentage rate paid | 1.44% |
DEBT - Schedule of Loss On Cash Flow Hedges (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other comprehensive loss, reclassification adjustment from AOCI | $ 1,128 | $ 1,145 |
Interest rate swaps | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other comprehensive loss, reclassification adjustment from AOCI | $ 1,128 | $ 1,145 |
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 1,241 |
Maximum | |
Loss Contingencies [Line Items] | |
Risk free interest | 2.60% |
Minimum | |
Loss Contingencies [Line Items] | |
Risk free interest | 1.50% |
COMMITMENTS AND CONTINGENCIES - Environmental Remediation Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning balance | $ 5,887 | $ 5,200 |
Accretion expense | 26 | 28 |
Obligations settled | (49) | 0 |
Ending balance | 5,864 | 5,228 |
Accrual for environmental loss contingencies | 5,864 | 5,228 |
Less: current portion | 304 | 376 |
Long-term portion | $ 5,560 | $ 4,852 |
STOCKHOLDERS' EQUITY - Summary of Changes in Balances of Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 422,457 | $ 362,142 |
Other comprehensive income, net of tax | 6,143 | 3,830 |
Ending balance | 435,050 | $ 373,336 |
Accumulated Gain (Loss), Cash Flow Hedge | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (5,103) | |
Other comprehensive income | 7,218 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,128 | |
Income tax provision related to items of other comprehensive income | (2,203) | |
Other comprehensive income, net of tax | 6,143 | |
Ending balance | $ 1,040 |
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ 5,204 | $ 5,468 |
Income before income taxes | 5,148 | 6,743 |
Provision for income taxes | 958 | 2,432 |
Net income | 4,190 | 4,311 |
Accumulated Gain (Loss), Cash Flow Hedge | Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (1,128) | (1,145) |
Provision for income taxes | (190) | (127) |
Net income | (938) | (1,018) |
Interest rate swaps | Accumulated Gain (Loss), Cash Flow Hedge | Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ 1,128 | $ 1,145 |
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Numerator: | |||
Net income | $ 4,190 | $ 4,311 | |
Denominators: | |||
Unvested restricted stock (in shares) | (2,000) | (2,000) | |
Effect of weighted average shares outstanding (in shares) | (146,000) | (181,000) | |
Weighted average common shares outstanding, basic (in shares) | 51,490,000 | 51,179,000 | |
Impact of potentially dilutive securities: | |||
Dilutive effect of stock options and other stock awards (in shares) | 167,000 | 208,000 | |
Weighted average common shares outstanding, diluted | 51,657,000 | 51,387,000 | |
Anti-dilutive potentially issuable shares (in shares) | 78,000 | 88,000 | |
Class A Common Stock | |||
Denominators: | |||
Common stock, shares outstanding (in shares) | 50,650,000 | 50,374,000 | 50,423,000 |
Class B Common Stock | |||
Denominators: | |||
Common stock, shares outstanding (in shares) | 988,000 | 988,000 | 988,000 |
OTHER ITEMS AND CHARGES (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Unusual or Infrequent Items, or Both [Abstract] | ||
Expense from acquisition activities | $ 2,043 | $ 414 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Detail) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Term loan A facility ("Term Loan Facility") due December 2026; bearing interest at LIBOR plus 1.375% | Secured Debt | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 350,000 | $ 350,000 |
Fair Value | Fixed Rate Bonds | ||
Debt Instrument [Line Items] | ||
Fixed rate debt | 165,864 | |
Carrying Value | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | 19,000 | |
Carrying Value | Fixed Rate Bonds | ||
Debt Instrument [Line Items] | ||
Fixed rate debt | $ 162,000 |
SEGMENT REPORTING - Summary of Revenues Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Revenue from External Customer [Line Items] | ||
Revenues | $ 234,027 | $ 189,532 |
Solid waste operations | ||
Revenue from External Customer [Line Items] | ||
Revenues | 167,158 | 138,109 |
Collection | ||
Revenue from External Customer [Line Items] | ||
Revenues | 119,531 | 97,469 |
Disposal | ||
Revenue from External Customer [Line Items] | ||
Revenues | 43,153 | 37,853 |
Power generation | ||
Revenue from External Customer [Line Items] | ||
Revenues | 2,654 | 1,303 |
Processing | ||
Revenue from External Customer [Line Items] | ||
Revenues | 1,820 | 1,484 |
Resource solutions operations | ||
Revenue from External Customer [Line Items] | ||
Revenues | 66,869 | 51,423 |
Processing | ||
Revenue from External Customer [Line Items] | ||
Revenues | 27,395 | 17,272 |
Non-processing | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 39,474 | $ 34,151 |
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