Subsidiary Guarantors (Tables)

9 Months Ended

Jan. 31, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JANUARY 31, 2014

(in thousands, except for share and per share data)


ASSETS	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	2,427		$	258		$	27		$	—		$	2,712
Restricted cash		—			76			—			—			76
Accounts receivable - trade, net		303			49,803			224			—			50,330
Refundable income taxes		608			—			—			—			608
Prepaid expenses		2,750			5,388			11			—			8,149
Inventory		—			4,344			52			—			4,396
Deferred income taxes		3,149			—			—			—			3,149
Other current assets		909			928			7			—			1,844
Current assets of discontinued operations		—			353			—			—			353

Total current assets		10,146			61,150			321			—			71,617

Property, plant and equipment, net		4,823			407,639			8,307			—			420,769
Goodwill		—			119,064			—			—			119,064
Intangible assets, net		181			13,991			—			—			14,172
Restricted assets		—			675			—			—			675
Investments in unconsolidated entities		16,752			1,932			—			(1,932	)		16,752
Investments in subsidiaries		(38,787	)		—			—			38,787			—
Other non-current assets		14,563			10,267			—			—			24,830
Non-current assets of discontinued operations		—			1,563			—			—			1,563

		(2,468	)		555,131			8,307			36,855			597,825

Intercompany receivable		559,064			(522,104	)		(38,892	)		1,932			—


	$	566,742		$	94,177		$	(30,264	)	$	38,787		$	669,442


LIABILITIES AND STOCKHOLDERS’ EQUITY	Parent		Guarantors			Non- Guarantors			Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	83	$	351		$	—		$	—	$	434
Current maturities of financing lease obligations		—		380			—			—		380
Accounts payable		16,444		24,829			726			—		41,999
Accrued payroll and related expenses		402		3,918			1			—		4,321
Accrued interest		12,931		12			—			—		12,943
Current accrued capping, closure and post-closure costs		—		5,711			3			—		5,714
Other accrued liabilities		7,949		11,582			334			—		19,865

Total current liabilities		37,809		46,783			1,064			—		85,656

Long-term debt and capital leases, less current maturities		508,236		1,523			—			—		509,759
Financing lease obligations, less current maturities		—		1,169			—			—		1,169
Accrued capping, closure and post-closure costs, less current portion		—		41,180			40			—		41,220
Deferred income taxes		7,108		—			—			—		7,108
Other long-term liabilities		10,863		7,169			85			—		18,117

STOCKHOLDERS’ EQUITY:
Casella Waste Systems, Inc. stockholders’ equity		2,726		(3,647	)		(35,140	)		38,787		2,726
Noncontrolling interests		—		—			3,687			—		3,687

Total stockholders’ equity		2,726		(3,647	)		(31,453	)		38,787		6,413


	$	566,742	$	94,177		$	(30,264	)	$	38,787	$	669,442

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF APRIL 30, 2013

(in thousands, except for share and per share data)


ASSETS	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	1,260		$	253		$	242		$	—		$	1,755
Restricted cash		—			76			—						76
Accounts receivable - trade, net		571			47,644			474			—			48,689
Refundable income taxes		128			—			—			—			128
Prepaid expenses		1,471			4,240			—			—			5,711
Inventory		—			3,440			54			—			3,494
Deferred income taxes		3,730			—			—			—			3,730
Other current assets		366			528			7			—			901
Current assets of discontinued operations		—			61			—			—			61

Total current assets		7,526			56,242			777			—			64,545

Property, plant and equipment, net		2,771			411,284			8,447			—			422,502
Goodwill		—			115,928			—			—			115,928
Intangible assets, net		249			11,425			—			—			11,674
Restricted assets		—			545			—			—			545
Notes receivable - related party/employee		147			—			—			—			147
Investments in unconsolidated entities		16,486			2,189			3,509			(1,932	)		20,252
Investments in subsidiaries		(59,759	)		—			—			59,759			—
Other non-current assets		15,774			11,752			—			—			27,526

		(24,332	)		553,123			11,956			57,827			598,574

Intercompany receivable		580,328			(539,752	)		(42,508	)		1,932			—


	$	563,522		$	69,613		$	(29,775	)	$	59,759		$	663,119


LIABILITIES AND STOCKHOLDERS’ EQUITY	Parent		Guarantors			Non- Guarantors			Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	—	$	857		$	—		$	—	$	857
Current maturities of financing lease obligations		—		361			—			—		361
Accounts payable		23,492		27,847			635			—		51,974
Accrued payroll and related expenses		538		3,445			—			—		3,983
Accrued interest		6,071		3			—			—		6,074
Current accrued capping, closure and post-closure costs		—		3,832			3			—		3,835
Other accrued liabilities		10,001		10,896			117			—		21,014

Total current liabilities		40,102		47,241			755			—		88,098

Long-term debt and capital leases, less current maturities		492,965		566			—			—		493,531
Financing lease obligations, less current maturities		—		1,456			—			—		1,456
Accrued capping, closure and post-closure costs, less current portion		—		39,298			37			—		39,335
Deferred income taxes		6,798		—			—			—		6,798
Other long-term liabilities		12,372		6,078			—			—		18,450

STOCKHOLDERS’ EQUITY:
Casella Waste Systems, Inc. stockholders’ equity		11,285		(25,026	)		(34,733	)		59,759		11,285
Noncontrolling interests		—		—			4,166			—		4,166

Total stockholders’ equity		11,285		(25,026	)		(30,567	)		59,759		15,451


	$	563,522	$	69,613		$	(29,775	)	$	59,759	$	663,119

Schedule of Consolidating Statement of Operations

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JANUARY 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated

Revenues	$	—		$	117,441		$	411		$	—		$	117,852

Operating expenses:
Cost of operations		(26	)		86,791			837			—			87,602
General and administration		(15	)		15,394			(18	)		—			15,361
Depreciation and amortization		262			13,953			181			—			14,396
Development project charge		—			1,440			—			—			1,440
Environmental remediation charge		—			250			—			—			250
Expense from divestiture, acquisition and financing costs		—			101			—			—			101


		221			117,929			1,000			—			119,150

Operating income (loss)		(221	)		(488	)		(589	)		—			(1,298	)


Other expense (income), net:
Interest income		(3	)		(106	)		—			—			(109	)
Interest expense		9,576			(8	)		—			—			9,568
(Income) loss from equity method investments		78			(71	)		183			(78	)		112
(Gain) loss on sale of equity method investment		—			—			(593	)		—			(593	)
(Gain) loss on derivative instruments		233			—			—			—			233
Other income		(11	)		(121	)		—			—			(132	)

Other expense, net		9,873			(306	)		(410	)		(78	)		9,079


Income (loss) from continuing operations before income taxes		(10,094	)		(182	)		(179	)		78			(10,377	)
Provision (benefit) for income taxes		656			—			—			—			656

Net income (loss)		(10,750	)		(182	)		(179	)		78			(11,033	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			(283	)		—			(283	)

Net income (loss) attributable to common stockholders	$	(10,750	)	$	(182	)	$	104		$	78		$	(10,750	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JANUARY 31, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated

Revenues	$	—		$	111,464		$	703		$	—		$	112,167

Operating expenses:
Cost of operations		12			80,755			669			—			81,436
General and administration		(63	)		14,364			27			—			14,328
Depreciation and amortization		236			13,548			180			—			13,964
Severance and reorganization costs		849			787			—			—			1,636
Expense from divestiture, acquisition and financing costs		—			372			—			—			372
Loss on divestiture		—			353			—			—			353


		1,034			110,179			876			—			112,089

Operating income (loss)		(1,034	)		1,285			(173	)		—			78


Other expense (income), net:
Interest income		(8,275	)		(49	)		—			8,274			(50	)
Interest expense		9,422			8,061			—			(8,274	)		9,209
(Income) loss from equity method investments		8,480			43			1,393			(8,480	)		1,436
(Gain) loss on derivative instruments		(24	)		—			—			—			(24	)
Loss on debt extinguishment		5,914			—			—			—			5,914
Other income		(181	)		(117	)		—			—			(298	)

Other expense, net		15,336			7,938			1,393			(8,480	)		16,187


Income (loss) from continuing operations before income taxes		(16,370	)		(6,653	)		(1,566	)		8,480			(16,109	)
Provision (benefit) for income taxes		(4,963	)		—			—			—			(4,963	)


Income (loss) from continuing operations		(11,407	)		(6,653	)		(1,566	)		8,480			(11,146	)

Discontinued operations:
Income (loss) from discontinued operations, net		—			(328	)		—			—			(328	)

Net income (loss)		(11,407	)		(6,981	)		(1,566	)		8,480			(11,474	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			(67	)		—			(67	)

Net income (loss) attributable to common stockholders	$	(11,407	)	$	(6,981	)	$	(1,499	)	$	8,480		$	(11,407	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED JANUARY 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated

Revenues	$	—		$	376,864		$	1,842		$	—		$	378,706

Operating expenses:
Cost of operations		(25	)		264,311			2,279			—			266,565
General and administration		733			46,107			24			—			46,864
Depreciation and amortization		700			44,006			555			—			45,261
Development project charge		—			1,440			—			—			1,440
Environmental remediation charge		—			400			—			—			400
Severance and reorganization costs		4			157			—			—			161
Expense from divestiture, acquisition and financing costs		—			126			—			—			126


		1,412			356,547			2,858			—			360,817

Operating income (loss)		(1,412	)		20,317			(1,016	)		—			17,889


Other expense (income), net:
Interest income		(3	)		(219	)		—			—			(222	)
Interest expense		28,539			23			—			—			28,562
(Income) loss from equity method investments		(19,852	)		(107	)		1,105			19,852			998
(Gain) loss on sale of equity method investment		—			—			(593	)		—			(593	)
(Gain) loss on derivative instruments		208			—			—			—			208
Other income		(298	)		(363	)		(1	)		—			(662	)

Other expense, net		8,594			(666	)		511			19,852			28,291


Income (loss) from continuing operations before income taxes		(10,006	)		20,983			(1,527	)		(19,852	)		(10,402	)
Provision (benefit) for income taxes		1,275			—			—			—			1,275


Income (loss) from continuing operations		(11,281	)		20,983			(1,527	)		(19,852	)		(11,677	)

Discontinued operations:
Income (loss) from discontinued operations, net		—			284			—			—			284
Gain (loss) on disposal of discontinued operations, net		—			(378	)		—			—			(378	)

Net income (loss)		(11,281	)		20,889			(1,527	)		(19,852	)		(11,771	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			(490	)		—			(490	)

Net income (loss) attributable to common stockholders	$	(11,281	)	$	20,889		$	(1,037	)	$	(19,852	)	$	(11,281	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED JANUARY 31, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated

Revenues	$	—		$	345,493		$	1,148		$	—		$	346,641

Operating expenses:
Cost of operations		4			243,569			1,294			—			244,867
General and administration		(60	)		43,404			57			—			43,401
Depreciation and amortization		770			42,233			241			—			43,244
Severance and reorganization costs		1,766			1,697			—			—			3,463
Expense from divestiture, acquisition and financing costs		303			700			—			—			1,003
Loss on divestiture		—			353			—			—			353


		2,783			331,956			1,592			—			336,331

Operating income (loss)		(2,783	)		13,537			(444	)		—			10,310


Other expense (income), net:
Interest income		(24,515	)		(64	)		—			24,511			(68	)
Interest expense		33,000			23,926			—			(24,511	)		32,415
(Income) loss from equity method investments		14,324			(14	)		3,325			(14,324	)		3,311
(Gain) loss on derivative instruments		3,871			—			—			—			3,871
Loss on debt extinguishment		15,584			—			—			—			15,584
Other income		(401	)		(336	)		—			—			(737	)

Other expense, net		41,863			23,512			3,325			(14,324	)		54,376


Income (loss) from continuing operations before income taxes		(44,646	)		(9,975	)		(3,769	)		14,324			(44,066	)
Provision (benefit) for income taxes		(3,899	)		—			—			—			(3,899	)


Income (loss) from continuing operations		(40,747	)		(9,975	)		(3,769	)		14,324			(40,167	)

Discontinued operations:
Income (loss) from discontinued operations, net		—			(779	)		—			—			(779	)

Net income (loss)		(40,747	)		(10,754	)		(3,769	)		14,324			(40,946	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			(199	)		—			(199	)

Net income (loss) attributable to common stockholders	$	(40,747	)	$	(10,754	)	$	(3,570	)	$	14,324		$	(40,747	)

Schedule of Consolidating Statement of Comprehensive Income (Loss)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED JANUARY 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated

Net income (loss)	$	(10,750	)	$	(182	)	$	(179	)	$	78	$	(11,033	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		—			—			533			—		533
Realized loss (gain) on derivative instruments reclassified into earnings		—			—			310			—		310
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			(8	)		—			—		(8	)


Other comprehensive income (loss)		—			(8	)		843			—		835


Comprehensive income (loss)		(10,750	)		(190	)		664			78		(10,198	)

Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—			(283	)		—		(283	)


Comprehensive income (loss) attributable to common stockholders	$	(10,750	)	$	(190	)	$	947		$	78	$	(9,915	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED JANUARY 31, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated

Net income (loss)	$	(11,407	)	$	(6,981	)	$	(1,566	)	$	8,480	$	(11,474	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		—			—			(11	)		—		(11	)
Realized loss (gain) on derivative instruments reclassified into earnings		—			—			149			—		149
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			(11	)		—			—		(11	)


Other comprehensive income (loss)		—			(11	)		138			—		127


Comprehensive income (loss)		(11,407	)		(6,992	)		(1,428	)		8,480		(11,347	)

Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—			(67	)		—		(67	)


Comprehensive income (loss) attributable to common stockholders	$	(11,407	)	$	(6,992	)	$	(1,361	)	$	8,480	$	(11,280	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED JANUARY 31, 2014

(in thousands)


	Parent			Guarantors		Non- Guarantors			Elimination			Consolidated

Net income (loss)	$	(11,281	)	$	20,889	$	(1,527	)	$	(19,852	)	$	(11,771	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		—			—		(35	)		—			(35	)
Realized loss (gain) on derivative instruments reclassified into earnings		—			—		655			—			655
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			10		—			—			10


Other comprehensive income (loss)		—			10		620			—			630


Comprehensive income (loss)		(11,281	)		20,899		(907	)		(19,852	)		(11,141	)

Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—		(490	)		—			(490	)


Comprehensive income (loss) attributable to common stockholders	$	(11,281	)	$	20,899	$	(417	)	$	(19,852	)	$	(10,651	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED JANUARY 31, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated

Net income (loss)	$	(40,747	)	$	(10,754	)	$	(3,769	)	$	14,324	$	(40,946	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		(1,257	)		—			(1,553	)		—		(2,810	)
Realized loss (gain) on derivative instruments reclassified into earnings		3,625			—			514			—		4,139
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			4			—			—		4


Other comprehensive income (loss)		2,368			4			(1,039	)		—		1,333


Comprehensive income (loss)		(38,379	)		(10,750	)		(4,808	)		14,324		(39,613	)

Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—			(199	)		—		(199	)


Comprehensive income (loss) attributable to common stockholders	$	(38,379	)	$	(10,750	)	$	(4,609	)	$	14,324	$	(39,414	)

Schedule of Condensed Consolidating Statement of Cash Flows

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JANUARY 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated

Net cash provided by (used in) operating activities	$	(31,037	)	$	68,515		$	200		$	—	$	37,678

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(8,519	)		—			—		(8,519	)
Additions to property, plant and equipment - acquisition		—			(2,440	)		—			—		(2,440	)
- growth		—			(3,894	)		(415	)		—		(4,309	)
- maintenance		(1,380	)		(28,542	)		—			—		(29,922	)
Payments on landfill operating lease contracts		—			(6,052	)		—			—		(6,052	)
Investments in unconsolidated entities		(2,107	)		—			—			—		(2,107	)
Proceeds from sale of equity method investment		2,845			—			—			—		2,845
Proceeds from sale of property and equipment		—			1,248			—			—		1,248

Net cash provided by (used in) investing activities		(642	)		(48,199	)		(415	)		—		(49,256	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		120,890			—			—			—		120,890
Principal payments on long-term debt		(106,854	)		(980	)		—			—		(107,834	)
Payments of financing costs		(404	)		—			—			—		(404	)
Intercompany borrowings		19,214			(19,194	)		—			—		—

Net cash provided by (used in) financing activities		32,846			(20,214	)		—			—		12,652
Net cash provided by (used in) discontinued operations		—			(117	)		—			—		(117	)

Net increase (decrease) in cash and cash equivalents		1,167			5			(215	)		—		957
Cash and cash equivalents, beginning of period		1,260			253			242			—		1,755

Cash and cash equivalents, end of period	$	2,427		$	258		$	27		$	—	$	2,712

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JANUARY 31, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated

Net cash provided by (used in) operating activities	$	(3,983	)	$	34,962		$	192		$	—	$	31,171

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(25,106	)		—			—		(25,106	)
Additions to property, plant and equipment - acquisition		—			(528	)		—			—		(528	)
- growth		—			(5,471	)		(4,885	)		—		(10,356	)
- maintenance		(233	)		(32,199	)		—			—		(32,432	)
Payments on landfill operating lease contracts		—			(5,726	)		—			—		(5,726	)
Payment for capital related to divestiture		—			(618	)		—			—		(618	)
Investments in unconsolidated entities		(1,000	)		(3,196	)		3,196			—		(1,000	)
Proceeds from sale of property and equipment		—			781			—			—		781

Net cash provided by (used in) investing activities		(1,233	)		(72,063	)		(1,689	)		—		(74,985	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		334,497			—			—			—		334,497
Principal payments on long-term debt		(319,365	)		(1,118	)		—			—		(320,483	)
Payment of tender premium and costs on second lien notes		(10,743	)		—			—			—		(10,743	)
Payments on financing costs		(4,572	)		—			—			—		(4,572	)
Net proceeds from the sale of class A common stock		42,184			—			—			—		42,184
Excess tax benefit on the vesting of share based awards		98			—			—			—		98
Contributions from noncontrolling interest holders		—			—			1,195			—		1,195
Intercompany borrowings		(39,862	)		39,862			—			—		—

Net cash provided by (used in) financing activities		2,237			38,744			1,195			—		42,176
Net cash provided by (used in) discontinued operations		—			(1,784	)		—			—		(1,784	)

Net increase (decrease) in cash and cash equivalents		(2,979	)		(141	)		(302	)		—		(3,422	)
Cash and cash equivalents, beginning of period		3,799			368			367			—		4,534

Cash and cash equivalents, end of period	$	820		$	227		$	65		$	—	$	1,112