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Subsidiary Guarantors | 3 Months Ended
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Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Subsidiary Guarantors |
13. | SUBSIDIARY GUARANTORS
Our 2019 Notes are guaranteed jointly and severally, fully and unconditionally, by our significant wholly-owned subsidiaries. The Parent is the issuer and a non-guarantor of the 2019 Notes and the Parent has no independent assets or operations. The information which follows presents the condensed consolidating financial position as of March 31, 2015 and December 31, 2014, the consolidating results of operations and comprehensive income (loss) for the three months ended March 31, 2015 and 2014, and the condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014 of (a) the Parent company only, (b) the combined guarantors (“Guarantors”), each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (“Non-Guarantors”), (d) eliminating entries and (e) the consolidated total. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2015 (in thousands)
ASSETS |  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,441 |  |  | $ | 223 |  |  | $ | 393 |  |  | $ | — |  |  | $ | 3,057 |
Accounts receivable - trade, net |  |  | 392 |  |  |  | 52,047 |  |  |  | 74 |  |  |  | — |  |  |  | 52,513 |
Refundable income taxes |  |  | 526 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 526 |
Prepaid expenses |  |  | 2,139 |  |  |  | 4,955 |  |  |  | 2 |  |  |  | — |  |  |  | 7,096 |
Inventory |  |  | — |  |  |  | 4,418 |  |  |  | — |  |  |  | — |  |  |  | 4,418 |
Deferred income taxes |  |  | 2,012 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,012 |
Other current assets |  |  | 296 |  |  |  | 3,103 |  |  |  | 8 |  |  |  | — |  |  |  | 3,407 |
Total current assets |  |  | 7,806 |  |  |  | 64,746 |  |  |  | 477 |  |  |  | — |  |  |  | 73,029 |
Property, plant and equipment, net |  |  | 5,366 |  |  |  | 399,087 |  |  |  | — |  |  |  | — |  |  |  | 404,453 |
Goodwill |  |  | — |  |  |  | 119,170 |  |  |  | — |  |  |  | — |  |  |  | 119,170 |
Intangible assets, net |  |  | 76 |  |  |  | 10,994 |  |  |  | — |  |  |  | — |  |  |  | 11,070 |
Restricted assets |  |  | 1,733 |  |  |  | 821 |  |  |  | — |  |  |  | — |  |  |  | 2,554 |
Cost method investments |  |  | 14,432 |  |  |  | 1,932 |  |  |  | — |  |  |  | (1,932 | ) |  |  | 14,432 |
Investments in subsidiaries |  |  | (9,519 | ) |  |  | — |  |  |  | — |  |  |  | 9,519 |  |  |  | — |
Other non-current assets |  |  | 19,613 |  |  |  | 10,083 |  |  |  | — |  |  |  | — |  |  |  | 29,696 |
|  |  | 31,701 |  |  |  | 542,087 |  |  |  | — |  |  |  | 7,587 |  |  |  | 581,375 |
Intercompany receivable |  |  | 520,428 |  |  |  | (483,467 | ) |  |  | (38,893 | ) |  |  | 1,932 |  |  |  | — |
|  | $ | 559,935 |  |  | $ | 123,366 |  |  | $ | (38,416 | ) |  | $ | 9,519 |  |  | $ | 654,404 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and capital leases |  | $ | 91 |  |  | $ | 1,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,457 |
Accounts payable |  |  | 5,632 |  |  |  | 33,458 |  |  |  | 320 |  |  |  | — |  |  |  | 39,410 |
Accrued payroll and related expenses |  |  | 681 |  |  |  | 3,453 |  |  |  | 2 |  |  |  | — |  |  |  | 4,136 |
Accrued interest |  |  | 4,931 |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 4,945 |
Current accrued capping, closure and post-closure costs |  |  | — |  |  |  | 1,982 |  |  |  | 3 |  |  |  | — |  |  |  | 1,985 |
Other accrued liabilities |  |  | 9,638 |  |  |  | 6,553 |  |  |  | 9 |  |  |  | — |  |  |  | 16,200 |
Total current liabilities |  |  | 20,973 |  |  |  | 46,826 |  |  |  | 334 |  |  |  | — |  |  |  | 68,133 |
Long-term debt and capital leases, less current maturities |  |  | 544,291 |  |  |  | 1,151 |  |  |  | — |  |  |  | — |  |  |  | 545,442 |
Accrued capping, closure and post-closure costs, less current portion |  |  | — |  |  |  | 38,576 |  |  |  | 33 |  |  |  | — |  |  |  | 38,609 |
Deferred income taxes |  |  | 6,948 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,948 |
Other long-term liabilities |  |  | 8,625 |  |  |  | 7,424 |  |  |  | 79 |  |  |  | — |  |  |  | 16,128 |
STOCKHOLDERS’ (DEFICIT) EQUITY: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casella Waste Systems, Inc. stockholders (deficit)’ equity |  |  | (20,902 | ) |  |  | 29,389 |  |  |  | (38,908 | ) |  |  | 9,519 |  |  |  | (20,902 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 46 |  |  |  | — |  |  |  | 46 |
Total stockholders’ (deficit) equity |  |  | (20,902 | ) |  |  | 29,389 |  |  |  | (38,862 | ) |  |  | 9,519 |  |  |  | (20,856 | )
|  | $ | 559,935 |  |  | $ | 123,366 |  |  | $ | (38,416 | ) |  | $ | 9,519 |  |  | $ | 654,404 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (in thousands)
ASSETS |  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,596 |  |  | $ | 253 |  |  | $ | 356 |  |  | $ | — |  |  | $ | 2,205 |
Restricted cash |  |  | — |  |  |  | 76 |  |  |  | — |  |  |  | — |  |  |  | 76 |
Accounts receivable - trade, net |  |  | 597 |  |  |  | 55,053 |  |  |  | 100 |  |  |  | — |  |  |  | 55,750 |
Refundable income taxes |  |  | 554 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 554 |
Prepaid expenses |  |  | 3,622 |  |  |  | 5,136 |  |  |  | 5 |  |  |  | — |  |  |  | 8,763 |
Inventory |  |  | — |  |  |  | 4,345 |  |  |  | 29 |  |  |  | — |  |  |  | 4,374 |
Deferred income taxes |  |  | 2,095 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,095 |
Other current assets |  |  | 296 |  |  |  | 4,549 |  |  |  | 7 |  |  |  | — |  |  |  | 4,852 |
Total current assets |  |  | 8,760 |  |  |  | 69,412 |  |  |  | 497 |  |  |  | — |  |  |  | 78,669 |
Property, plant and equipment, net |  |  | 5,049 |  |  |  | 408,843 |  |  |  | 650 |  |  |  | — |  |  |  | 414,542 |
Goodwill |  |  | — |  |  |  | 119,170 |  |  |  | — |  |  |  | — |  |  |  | 119,170 |
Intangible assets, net |  |  | 98 |  |  |  | 11,710 |  |  |  | — |  |  |  | — |  |  |  | 11,808 |
Restricted assets |  |  | 5,819 |  |  |  | 813 |  |  |  | — |  |  |  | — |  |  |  | 6,632 |
Cost method investments |  |  | 14,432 |  |  |  | 1,932 |  |  |  | — |  |  |  | (1,932 | ) |  |  | 14,432 |
Investments in subsidiaries |  |  | (9,888 | ) |  |  | — |  |  |  | — |  |  |  | 9,888 |  |  |  | — |
Other non-current assets |  |  | 14,611 |  |  |  | 9,931 |  |  |  | — |  |  |  | — |  |  |  | 24,542 |
|  |  | 30,121 |  |  |  | 552,399 |  |  |  | 650 |  |  |  | 7,956 |  |  |  | 591,126 |
Intercompany receivable |  |  | 537,228 |  |  |  | (500,267 | ) |  |  | (38,893 | ) |  |  | 1,932 |  |  |  | — |
|  | $ | 576,109 |  |  | $ | 121,544 |  |  | $ | (37,746 | ) |  | $ | 9,888 |  |  | $ | 669,795 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and capital leases |  | $ | 89 |  |  | $ | 1,567 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,656 |
Accounts payable |  |  | 17,953 |  |  |  | 30,040 |  |  |  | 525 |  |  |  | — |  |  |  | 48,518 |
Accrued payroll and related expenses |  |  | 1,536 |  |  |  | 4,751 |  |  |  | 2 |  |  |  | — |  |  |  | 6,289 |
Accrued interest |  |  | 11,083 |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 11,094 |
Current accrued capping, closure and post-closure costs |  |  | — |  |  |  | 2,205 |  |  |  | 3 |  |  |  | — |  |  |  | 2,208 |
Other accrued liabilities |  |  | 8,618 |  |  |  | 7,957 |  |  |  | 92 |  |  |  | — |  |  |  | 16,667 |
Total current liabilities |  |  | 39,279 |  |  |  | 46,531 |  |  |  | 622 |  |  |  | — |  |  |  | 86,432 |
Long-term debt and capital leases, less current maturities |  |  | 532,889 |  |  |  | 1,166 |  |  |  | — |  |  |  | — |  |  |  | 534,055 |
Accrued capping, closure and post-closure costs, less current portion |  |  | — |  |  |  | 37,589 |  |  |  | 32 |  |  |  | — |  |  |  | 37,621 |
Deferred income taxes |  |  | 7,080 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,080 |
Other long-term liabilities |  |  | 9,114 |  |  |  | 7,433 |  |  |  | 80 |  |  |  | — |  |  |  | 16,627 |
STOCKHOLDERS’ (DEFICIT) EQUITY: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casella Waste Systems, Inc. stockholders (deficit)’ equity |  |  | (12,253 | ) |  |  | 28,825 |  |  |  | (38,713 | ) |  |  | 9,888 |  |  |  | (12,253 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 233 |  |  |  | — |  |  |  | 233 |
Total stockholders’ (deficit) equity |  |  | (12,253 | ) |  |  | 28,825 |  |  |  | (38,480 | ) |  |  | 9,888 |  |  |  | (12,020 | )
|  | $ | 576,109 |  |  | $ | 121,544 |  |  | $ | (37,746 | ) |  | $ | 9,888 |  |  | $ | 669,795 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2015 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 116,453 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 116,577 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | (83 | ) |  |  | 87,679 |  |  |  | 237 |  |  |  | — |  |  |  | 87,833 |
General and administration |  |  | (117 | ) |  |  | 16,938 |  |  |  | (16 | ) |  |  | — |  |  |  | 16,805 |
Depreciation and amortization |  |  | 223 |  |  |  | 13,525 |  |  |  | — |  |  |  | — |  |  |  | 13,748 |
Divestiture transactions |  |  | — |  |  |  | (2,085 | ) |  |  | (2,850 | ) |  |  | — |  |  |  | (4,935 | )
|  |  | 23 |  |  |  | 116,057 |  |  |  | (2,629 | ) |  |  | — |  |  |  | 113,451 |
Operating income (loss) |  |  | (23 | ) |  |  | 396 |  |  |  | 2,753 |  |  |  | — |  |  |  | 3,126 |
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (47 | ) |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | (141 | )
Interest expense |  |  | 9,988 |  |  |  | 53 |  |  |  | 85 |  |  |  | — |  |  |  | 10,126 |
Loss on debt extinguishment |  |  | 521 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 521 |
(Income) loss on derivative instruments |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 151 |
(Income) loss from consolidated entities |  |  | (1,924 | ) |  |  | — |  |  |  | — |  |  |  | 1,924 |  |  |  | — |
Other income |  |  | (37 | ) |  |  | (127 | ) |  |  | — |  |  |  | — |  |  |  | (164 | )
Other expense (income), net |  |  | 8,652 |  |  |  | (168 | ) |  |  | 85 |  |  |  | 1,924 |  |  |  | 10,493 |
Income (loss) before income taxes |  |  | (8,675 | ) |  |  | 564 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,367 | )
Provision (benefit) for income taxes |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 596 |
Net income (loss) |  |  | (9,271 | ) |  |  | 564 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,963 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Net income (loss) attributable to common stockholders |  | $ | (9,271 | ) |  | $ | 564 |  |  | $ | 1,360 |  |  | $ | (1,924 | ) |  | $ | (9,271 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 112,933 |  |  | $ | 264 |  |  | $ | — |  |  | $ | 113,197 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | (44 | ) |  |  | 86,002 |  |  |  | 446 |  |  |  | — |  |  |  | 86,404 |
General and administration |  |  | 1,007 |  |  |  | 15,375 |  |  |  | 5 |  |  |  | — |  |  |  | 16,387 |
Depreciation and amortization |  |  | 266 |  |  |  | 13,146 |  |  |  | 196 |  |  |  | — |  |  |  | 13,608 |
Development project charge |  |  | — |  |  |  | 1,440 |  |  |  | — |  |  |  | — |  |  |  | 1,440 |
Severance and reorganization costs |  |  | — |  |  |  | 80 |  |  |  | — |  |  |  | — |  |  |  | 80 |
Expense from divestiture, acquisition and financing costs |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 10 |
Gain on settlement of acquisition related contingent consideration |  |  | — |  |  |  | (1,058 | ) |  |  | — |  |  |  | — |  |  |  | (1,058 | )
|  |  | 1,229 |  |  |  | 114,995 |  |  |  | 647 |  |  |  | — |  |  |  | 116,871 |
Operating income (loss) |  |  | (1,229 | ) |  |  | (2,062 | ) |  |  | (383 | ) |  |  | — |  |  |  | (3,674 | )
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (2 | ) |  |  | (108 | ) |  |  | — |  |  |  | — |  |  |  | (110 | )
Interest expense |  |  | 9,580 |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | 9,606 |
(Income) loss on derivative instruments |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
(Income) loss from equity method investments |  |  | — |  |  |  | (27 | ) |  |  | — |  |  |  | — |  |  |  | (27 | )
(Gain) loss on sale of equity method investment |  |  | — |  |  |  | — |  |  |  | 221 |  |  |  | — |  |  |  | 221 |
(Income) loss from consolidated entities |  |  | 2,173 |  |  |  | — |  |  |  | — |  |  |  | (2,173 | ) |  |  | — |
Other income |  |  | (10 | ) |  |  | (197 | ) |  |  | — |  |  |  | — |  |  |  | (207 | )
Other expense (income), net |  |  | 11,891 |  |  |  | (306 | ) |  |  | 221 |  |  |  | (2,173 | ) |  |  | 9,633 |
Income (loss) before income taxes |  |  | (13,120 | ) |  |  | (1,756 | ) |  |  | (604 | ) |  |  | 2,173 |  |  |  | (13,307 | )
Provision (benefit) for income taxes |  |  | 303 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 303 |
Net income (loss) |  |  | (13,423 | ) |  |  | (1,756 | ) |  |  | (604 | ) |  |  | 2,173 |  |  |  | (13,610 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (187 | ) |  |  | — |  |  |  | (187 | )
Net income (loss) attributable to common stockholders |  | $ | (13,423 | ) |  | $ | (1,756 | ) |  | $ | (417 | ) |  | $ | 2,173 |  |  | $ | (13,423 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2015 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (9,271 | ) |  | $ | 564 |  |  | $ | 2,668 |  |  | $ | (1,924 | ) |  | $ | (7,963 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | (34 | )
Other comprehensive income (loss), net of tax |  |  | — |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | (34 | )
Comprehensive income (loss) |  |  | (9,271 | ) |  |  | 530 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,997 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Comprehensive income (loss) attributable to common stockholders |  | $ | (9,271 | ) |  | $ | 530 |  |  | $ | 1,360 |  |  | $ | (1,924 | ) |  | $ | (9,305 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (13,423 | ) |  | $ | (1,756 | ) |  | $ | (604 | ) |  | $ | 2,173 |  |  | $ | (13,610 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (3 | )
Other comprehensive income (loss), net of tax |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (3 | )
Comprehensive income (loss) |  |  | (13,423 | ) |  |  | (1,759 | ) |  |  | (604 | ) |  |  | 2,173 |  |  |  | (13,613 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (187 | ) |  |  | — |  |  |  | (187 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (13,423 | ) |  | $ | (1,759 | ) |  | $ | (417 | ) |  | $ | 2,173 |  |  | $ | (13,426 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2015 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Elimination |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (10,886 | ) |  | $ | 5,604 |  |  | $ | (413 | ) |  | $ | — |  |  | $ | (5,695 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  |  | (516 | ) |  |  | (3,928 | ) |  |  | — |  |  |  | — |  |  |  | (4,444 | )
Payments on landfill operating lease contracts |  |  | — |  |  |  | (478 | ) |  |  | — |  |  |  | — |  |  |  | (478 | )
Payments related to investments |  |  | — |  |  |  | 1,555 |  |  |  | (1,555 | ) |  |  | — |  |  |  | — |
Proceeds from divestiture transactions |  |  | — |  |  |  | 1,050 |  |  |  | 3,500 |  |  |  | — |  |  |  | 4,550 |
Proceeds from sale of property and equipment |  |  | — |  |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | 89 |
Net cash provided by (used in) investing activities |  |  | (516 | ) |  |  | (1,712 | ) |  |  | 1,945 |  |  |  | — |  |  |  | (283 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 197,573 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 197,591 |
Principal payments on long-term debt |  |  | (186,267 | ) |  |  | (233 | ) |  |  | — |  |  |  | — |  |  |  | (186,500 | )
Change in restricted cash |  |  | 4,086 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,086 |
Payments of financing costs |  |  | (6,852 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,852 | )
Distributions to nonctonrolling interest holder |  |  | — |  |  |  | — |  |  |  | (1,495 | ) |  |  | — |  |  |  | (1,495 | )
Intercompany borrowings |  |  | 3,707 |  |  |  | (3,707 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 12,247 |  |  |  | (3,922 | ) |  |  | (1,495 | ) |  |  | — |  |  |  | 6,830 |
Net increase (decrease) in cash and cash equivalents |  |  | 845 |  |  |  | (30 | ) |  |  | 37 |  |  |  | — |  |  |  | 852 |
Cash and cash equivalents, beginning of period |  |  | 1,596 |  |  |  | 253 |  |  |  | 356 |  |  |  | — |  |  |  | 2,205 |
Cash and cash equivalents, end of period |  | $ | 2,441 |  |  | $ | 223 |  |  | $ | 393 |  |  | $ | — |  |  | $ | 3,057 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Elimination |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (5,327 | ) |  | $ | 6,799 |  |  | $ | (111 | ) |  | $ | — |  |  | $ | 1,361 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | — |  |  |  | 214 |  |  |  | — |  |  |  | — |  |  |  | 214 |
Acquisition related additions to property, plant and equipment |  |  | — |  |  |  | (79 | ) |  |  | — |  |  |  | — |  |  |  | (79 | )
Additions to property, plant and equipment |  |  | (256 | ) |  |  | (7,221 | ) |  |  | — |  |  |  | — |  |  |  | (7,477 | )
Payments on landfill operating lease contracts |  |  | — |  |  |  | (563 | ) |  |  | — |  |  |  | — |  |  |  | (563 | )
Payments related to investments |  |  | — |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | (84 | )
Proceeds from sale of property and equipment |  |  | — |  |  |  | 216 |  |  |  | — |  |  |  | — |  |  |  | 216 |
Net cash provided by (used in) investing activities |  |  | (256 | ) |  |  | (7,517 | ) |  |  | — |  |  |  | — |  |  |  | (7,773 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 47,860 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 47,860 |
Principal payments on long-term debt |  |  | (41,120 | ) |  |  | (130 | ) |  |  | — |  |  |  | — |  |  |  | (41,250 | )
Payments of financing costs |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17 | )
Intercompany borrowings |  |  | (718 | ) |  |  | 718 |  |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 6,005 |  |  |  | 588 |  |  |  | — |  |  |  | — |  |  |  | 6,593 |
Net cash provided by (used in) discontinued operations |  |  | — |  |  |  | 86 |  |  |  | — |  |  |  | — |  |  |  | 86 |
Net increase (decrease) in cash and cash equivalents |  |  | 422 |  |  |  | (44 | ) |  |  | (111 | ) |  |  | — |  |  |  | 267 |
Cash and cash equivalents, beginning of period |  |  | 2,312 |  |  |  | 243 |  |  |  | 140 |  |  |  | — |  |  |  | 2,695 |
Cash and cash equivalents, end of period |  | $ | 2,734 |  |  | $ | 199 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 2,962 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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