|
Financial Instruments (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Financial Instruments [Abstract] |
|
| Summary of outstanding fuel hedges |
The following fuel hedges were outstanding during 2011 and 2010:
| |
|
|
|
|
|
|
|
|
|
|
|
Inception Date
|
|
Commencement Date
|
|
Termination Date
|
|
Notional Amount
(in Gallons per
Month) |
|
Contract Price
per Gallon |
|
|
November 5, 2007
|
|
January 5, 2009 |
|
December 30, 2013 |
|
60,000 |
|
$ |
3.28 |
|
|
March 17, 2008
|
|
January 5, 2009 |
|
December 31, 2012 |
|
50,000 |
|
|
3.72 |
|
|
March 17, 2008
|
|
January 5, 2009 |
|
December 31, 2012 |
|
50,000 |
|
|
3.74 |
|
|
September 22, 2008
|
|
January 1, 2009 |
|
December 31, 2011 |
|
150,000 |
|
|
4.16 -4.17 |
|
|
July 10, 2009
|
|
January 1, 2011 |
|
December 31, 2011 |
|
100,000 |
|
|
3.05 |
|
|
July 10, 2009
|
|
January 1, 2012 |
|
December 31, 2012 |
|
100,000 |
|
|
3.20 |
|
|
August 8, 2011
|
|
July 1, 2012 |
|
December 31, 2012 |
|
500,000 |
|
|
3.84 |
|
|
August 8, 2011
|
|
January 1, 2013 |
|
December 31, 2013 |
|
500,000 |
|
|
3.83 |
|
|
August 8, 2011
|
|
January 1, 2014 |
|
December 31, 2014 |
|
500,000 |
|
|
3.82 |
|
|
August 8, 2011
|
|
July 2, 2012 |
|
December 31, 2012 |
|
500,000 |
|
|
3.84 |
|
|
August 8, 2011
|
|
January 7, 2013 |
|
December 30, 2013 |
|
500,000 |
|
|
3.82 |
|
|
August 9, 2011
|
|
July 1, 2012 |
|
December 31, 2012 |
|
250,000 |
|
|
3.80 |
|
|
August 9, 2011
|
|
January 1, 2013 |
|
December 31, 2013 |
|
250,000 |
|
|
3.83 |
|
|
August 9, 2011
|
|
January 1, 2014 |
|
December 31, 2014 |
|
250,000 |
|
|
3.82 |
|
|
August 9, 2011
|
|
January 6, 2014 |
|
December 29, 2014 |
|
500,000 |
|
|
3.83 |
|
|
September 30, 2011
|
|
January 6, 2014 |
|
December 29, 2014 |
|
250,000 |
|
|
3.69 |
|
|
September 30, 2011
|
|
January 7, 2013 |
|
December 30, 2013 |
|
250,000 |
|
|
3.70 |
|
|
October 3, 2011
|
|
January 5, 2015 |
|
December 28, 2015 |
|
250,000 |
|
|
3.68 |
|
|
| Impact of fuel hedges on results of operations and comprehensive income |
The following table summarizes the impact of our fuel
hedges on our results of operations and comprehensive income for the years ended December 31, 2011, 2010 and 2009:
| |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
Derivatives
in Cash Flow
Hedging
Relationships
|
|
Amount of
Gain or (Loss)
Recognized in OCI
on Derivatives
(Effective Portion) |
|
|
Statement of
Income
Classification
|
|
Amount of Realized
Gain or
(Loss) |
|
|
Location of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion and
Amount
Excluded from
Effectiveness
Testing)
|
|
Amount of Gain or
(Loss) Recognized
in Income on
Derivative
(Ineffective Portion
and Amount
Excluded from
Effectiveness
Testing) |
|
| |
2011 |
|
|
2010 |
|
|
2009 |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Fuel hedges
|
|
$ |
(1.7 |
) |
|
$ |
0.8 |
|
|
$ |
6.1 |
|
|
Cost of operations |
|
$ |
0.9 |
|
|
$ |
(2.0 |
) |
|
$ |
(7.3 |
) |
|
Other income, net |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.2 |
|
|
| Summary of outstanding commodity swaps |
The following commodity swaps were outstanding during 2011 and 2010:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception Date
|
|
Commencement Date
|
|
Termination Date |
|
Transaction
Hedged
|
|
Notional
Amount
(in Short Tons
per Month) |
|
|
Contract Price
Per Short
Ton |
|
|
December 8, 2009
|
|
January 1, 2010 |
|
December 31, 2011 |
|
ONP |
|
|
2,000 |
|
|
$ |
76.00 |
|
|
December 10, 2009
|
|
January 1, 2010 |
|
December 31, 2011 |
|
OCC |
|
|
2,000 |
|
|
|
82.00 |
|
|
December 11, 2009
|
|
January 1, 2010 |
|
December 31, 2011 |
|
OCC |
|
|
2,000 |
|
|
|
82.00 |
|
|
January 5, 2010
|
|
January 1, 2010 |
|
December 31, 2011 |
|
ONP |
|
|
2,000 |
|
|
|
84.00 |
|
|
January 6, 2010
|
|
January 1, 2010 |
|
December 31, 2011 |
|
OCC |
|
|
1,000 |
|
|
|
90.00 |
|
|
January 27, 2010
|
|
February 1, 2010 |
|
January 31, 2012 |
|
OCC |
|
|
1,000 |
|
|
|
90.00 |
|
|
September 23, 2010
|
|
January 1, 2011 |
|
December 31, 2011 |
|
ONP |
|
|
1,000 |
|
|
|
95.00 |
|
|
September 28, 2010
|
|
January 1, 2011 |
|
December 31, 2011 |
|
ONP |
|
|
1,000 |
|
|
|
95.00 |
|
|
October 11, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
1,500 |
|
|
|
115.00 |
|
|
| Costless collar hedges outstanding |
The following costless collar hedges were outstanding at December 31, 2011 and 2010:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception Date
|
|
Commencement Date
|
|
Termination Date |
|
Transaction
Hedged
|
|
Notional
Amount
(in Short Tons
per
Month) |
|
|
Floor
Strike Price
Per Short
Ton |
|
|
Cap
Strike Price
Per Short
Ton |
|
|
December 8, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
$ |
80.00 |
|
|
$ |
180.00 |
|
|
December 8, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
86.00 |
|
|
|
210.00 |
|
|
December 8, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
81.00 |
|
|
|
190.00 |
|
|
December 8, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
85.00 |
|
|
|
195.00 |
|
|
December 8, 2010
|
|
January 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
87.00 |
|
|
|
195.00 |
|
|
January 19, 2011
|
|
February 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,500 |
|
|
|
90.00 |
|
|
|
155.00 |
|
|
January 19, 2011
|
|
February 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,500 |
|
|
|
90.00 |
|
|
|
155.00 |
|
|
April 15, 2011
|
|
July 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
90.00 |
|
|
|
155.00 |
|
|
April 15, 2011
|
|
July 1, 2011 |
|
December 31, 2012 |
|
OCC |
|
|
2,000 |
|
|
|
90.00 |
|
|
|
155.00 |
|
|
April 26, 2011
|
|
July 1, 2011 |
|
December 31, 2012 |
|
ONP |
|
|
1,000 |
|
|
|
90.00 |
|
|
|
165.00 |
|
|
April 26, 2011
|
|
July 1, 2011 |
|
December 31, 2012 |
|
ONP |
|
|
1,000 |
|
|
|
90.00 |
|
|
|
165.00 |
|
|
August 1, 2011
|
|
January 1, 2012 |
|
December 31, 2012 |
|
ONP |
|
|
2,000 |
|
|
|
85.00 |
|
|
|
135.00 |
|
|
August 1, 2011
|
|
January 1, 2012 |
|
December 31, 2012 |
|
ONP |
|
|
2,000 |
|
|
|
85.00 |
|
|
|
135.00 |
|
|
| Impact of commodity hedges on results of operations and comprehensive income |
The following table summarizes the impact of our
recycling commodity hedges on our results of operations and comprehensive income for the years ended December 31, 2011, 2010 and 2009:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
in Cash Flow
Hedging
Relationships
|
|
Amount of
Gain or (Loss)
Recognized
in
OCI
on Derivatives
(Effective
Portion) |
|
|
Statement
of
Income
Classification
|
|
Amount of
Realized
Gain or (Loss) |
|
|
Location of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion
and
Amount
Excluded from
Effectiveness
Testing)
|
|
Amount of Gain or
(Loss) Recognized
in Income on
Derivative
(Ineffective Portion
and
Amount
Excluded from
Effectiveness
Testing) |
|
| |
2011 |
|
|
2010 |
|
|
2009 |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Recycling commodity
hedges
|
|
$ |
3.0 |
|
|
$ |
(3.2 |
) |
|
$ |
(4.7 |
) |
|
Revenue |
|
$ |
(7.8 |
) |
|
$ |
(3.2 |
) |
|
$ |
5.1 |
|
|
Other income, net |
|
$ |
- |
|
|
$ |
(0.1 |
) |
|
$ |
(0.1 |
) |
|
| Assets and liabilities measured at fair value on a recurring basis |
As of December 31, 2011 and 2010, our assets
and liabilities that are measured at fair value on a recurring basis include the following:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair Value Measurements Using |
|
| |
|
Total as of
December 31,
2011 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market mutual funds
|
|
$ |
100.8 |
|
|
$ |
100.8 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Bonds
|
|
|
34.6 |
|
|
|
- |
|
|
|
34.6 |
|
|
|
- |
|
|
Fuel hedges - other current assets
|
|
|
1.6 |
|
|
|
- |
|
|
|
1.6 |
|
|
|
- |
|
|
Commodity hedges - other accrued assets
|
|
|
1.4 |
|
|
|
- |
|
|
|
1.4 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
138.4 |
|
|
$ |
100.8 |
|
|
$ |
37.6 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel hedges - other accrued liabilities
|
|
$ |
4.7 |
|
|
$ |
- |
|
|
$ |
4.7 |
|
|
$ |
- |
|
|
Commodity hedges - other accrued liabilities
|
|
|
0.7 |
|
|
|
- |
|
|
|
0.7 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$ |
5.4 |
|
|
$ |
- |
|
|
$ |
5.4 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair Value Measurements Using |
|
| |
|
Total as of
December 31,
2010 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market mutual funds
|
|
$ |
135.7 |
|
|
$ |
135.7 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Bonds
|
|
|
27.2 |
|
|
|
- |
|
|
|
27.2 |
|
|
|
- |
|
|
Fuel hedges - other current assets
|
|
|
1.6 |
|
|
|
- |
|
|
|
1.6 |
|
|
|
- |
|
|
Commodity hedges - other accrued assets
|
|
|
1.9 |
|
|
|
- |
|
|
|
1.9 |
|
|
|
- |
|
|
Interest rate swaps - other non-trade receivables
|
|
|
5.2 |
|
|
|
- |
|
|
|
5.2 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
171.6 |
|
|
$ |
135.7 |
|
|
$ |
35.9 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel hedges - other accrued liabilities
|
|
$ |
1.9 |
|
|
$ |
- |
|
|
$ |
1.9 |
|
|
$ |
- |
|
|
Commodity hedges - other accrued liabilities
|
|
|
6.5 |
|
|
|
- |
|
|
|
6.5 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$ |
8.4 |
|
|
$ |
- |
|
|
$ |
8.4 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|