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Subsidiary Guarantors | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Subsidiary Guarantors |
12. | 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, 2016 and December 31, 2015, the consolidating results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, and the condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 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, 2016 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,434 |  |  | $ | 201 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 1,648 |
Accounts receivable - trade, net |  |  | 388 |  |  |  | 52,646 |  |  |  | — |  |  |  | — |  |  |  | 53,034 |
Refundable income taxes |  |  | 660 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 660 |
Prepaid expenses |  |  | 3,960 |  |  |  | 5,461 |  |  |  | — |  |  |  | — |  |  |  | 9,421 |
Inventory |  |  | — |  |  |  | 4,474 |  |  |  | — |  |  |  | — |  |  |  | 4,474 |
Other current assets |  |  | 402 |  |  |  | 1,093 |  |  |  | — |  |  |  | — |  |  |  | 1,495 |
Total current assets |  |  | 6,844 |  |  |  | 63,875 |  |  |  | 13 |  |  |  | — |  |  |  | 70,732 |
Property, plant and equipment, net |  |  | 6,323 |  |  |  | 390,784 |  |  |  | — |  |  |  | — |  |  |  | 397,107 |
Goodwill |  |  | — |  |  |  | 118,976 |  |  |  | — |  |  |  | — |  |  |  | 118,976 |
Intangible assets, net |  |  | — |  |  |  | 8,728 |  |  |  | — |  |  |  | — |  |  |  | 8,728 |
Restricted assets |  |  | — |  |  |  | 871 |  |  |  | — |  |  |  | — |  |  |  | 871 |
Cost method investments |  |  | 12,333 |  |  |  | 1,932 |  |  |  | — |  |  |  | (1,932 | ) |  |  | 12,333 |
Investments in subsidiaries |  |  | 9,989 |  |  |  | — |  |  |  | — |  |  |  | (9,989 | ) |  |  | — |
Other non-current assets |  |  | 1,587 |  |  |  | 10,072 |  |  |  | — |  |  |  | — |  |  |  | 11,659 |
|  |  | 30,232 |  |  |  | 531,363 |  |  |  | — |  |  |  | (11,921 | ) |  |  | 549,674 |
Intercompany receivable |  |  | 490,611 |  |  |  | (453,566 | ) |  |  | (38,977 | ) |  |  | 1,932 |  |  |  | — |
|  | $ | 527,687 |  |  | $ | 141,672 |  |  | $ | (38,964 | ) |  | $ | (9,989 | ) |  | $ | 620,406 |
|  | Parent |  |  | Guarantors |  |  | Non - Guarantors |  |  | Elimination |  |  | Consolidated |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and capital leases |  | $ | 98 |  |  | $ | 1,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,458 |
Accounts payable |  |  | 15,468 |  |  |  | 23,342 |  |  |  | (1 | ) |  |  | — |  |  |  | 38,809 |
Accrued payroll and related expenses |  |  | 1,629 |  |  |  | 3,950 |  |  |  | — |  |  |  | — |  |  |  | 5,579 |
Accrued interest |  |  | 5,148 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 5,173 |
Current accrued capping, closure and post-closure costs |  |  | — |  |  |  | 703 |  |  |  | 3 |  |  |  | — |  |  |  | 706 |
Other accrued liabilities |  |  | 8,667 |  |  |  | 9,993 |  |  |  | — |  |  |  | — |  |  |  | 18,660 |
Total current liabilities |  |  | 31,010 |  |  |  | 39,373 |  |  |  | 2 |  |  |  | — |  |  |  | 70,385 |
Long-term debt and capital leases, less current portion |  |  | 510,302 |  |  |  | 2,918 |  |  |  | — |  |  |  | — |  |  |  | 513,220 |
Accrued capping, closure and post-closure costs, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
less current portion |  |  | — |  |  |  | 41,518 |  |  |  | 31 |  |  |  | — |  |  |  | 41,549 |
Deferred income taxes |  |  | 5,695 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,695 |
Other long-term liabilities |  |  | 9,175 |  |  |  | 8,898 |  |  |  | — |  |  |  | — |  |  |  | 18,073 |
STOCKHOLDERS’ DEFICIT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casella Waste Systems, Inc. stockholders’ deficit |  |  | (28,495 | ) |  |  | 48,965 |  |  |  | (38,976 | ) |  |  | (9,989 | ) |  |  | (28,495 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (21 | ) |  |  | — |  |  |  | (21 | )
Total stockholders’ deficit |  |  | (28,495 | ) |  |  | 48,965 |  |  |  | (38,997 | ) |  |  | (9,989 | ) |  |  | (28,516 | )
|  | $ | 527,687 |  |  | $ | 141,672 |  |  | $ | (38,964 | ) |  | $ | (9,989 | ) |  | $ | 620,406 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,939 |  |  | $ | 252 |  |  | $ | 121 |  |  | $ | — |  |  | $ | 2,312 |
Accounts receivable - trade, net |  |  | 438 |  |  |  | 59,729 |  |  |  | — |  |  |  | — |  |  |  | 60,167 |
Refundable income taxes |  |  | 651 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 651 |
Prepaid expenses |  |  | 2,612 |  |  |  | 5,058 |  |  |  | — |  |  |  | — |  |  |  | 7,670 |
Inventory |  |  | — |  |  |  | 4,282 |  |  |  | — |  |  |  | — |  |  |  | 4,282 |
Other current assets |  |  | 520 |  |  |  | 1,066 |  |  |  | — |  |  |  | — |  |  |  | 1,586 |
Total current assets |  |  | 6,160 |  |  |  | 70,387 |  |  |  | 121 |  |  |  | — |  |  |  | 76,668 |
Property, plant and equipment, net |  |  | 6,220 |  |  |  | 396,032 |  |  |  | — |  |  |  | — |  |  |  | 402,252 |
Goodwill |  |  | — |  |  |  | 118,976 |  |  |  | — |  |  |  | — |  |  |  | 118,976 |
Intangible assets, net |  |  | 8 |  |  |  | 9,244 |  |  |  | — |  |  |  | — |  |  |  | 9,252 |
Restricted assets |  |  | 1,348 |  |  |  | 903 |  |  |  | — |  |  |  | — |  |  |  | 2,251 |
Cost method investments |  |  | 12,333 |  |  |  | 1,932 |  |  |  | — |  |  |  | (1,932 | ) |  |  | 12,333 |
Investments in subsidiaries |  |  | 7,744 |  |  |  | — |  |  |  | — |  |  |  | (7,744 | ) |  |  | — |
Other non-current assets |  |  | 1,587 |  |  |  | 10,350 |  |  |  | — |  |  |  | — |  |  |  | 11,937 |
|  |  | 29,240 |  |  |  | 537,437 |  |  |  | — |  |  |  | (9,676 | ) |  |  | 557,001 |
Intercompany receivable |  |  | 499,977 |  |  |  | (462,932 | ) |  |  | (38,977 | ) |  |  | 1,932 |  |  |  | — |
|  | $ | 535,377 |  |  | $ | 144,892 |  |  | $ | (38,856 | ) |  | $ | (7,744 | ) |  | $ | 633,669 |
|  | Parent |  |  | Guarantors |  |  | Non - Guarantors |  |  | Elimination |  |  | Consolidated |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and capital leases |  | $ | 96 |  |  | $ | 1,352 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,448 |
Accounts payable |  |  | 16,203 |  |  |  | 28,504 |  |  |  | 214 |  |  |  | — |  |  |  | 44,921 |
Accrued payroll and related expenses |  |  | 2,994 |  |  |  | 5,181 |  |  |  | — |  |  |  | — |  |  |  | 8,175 |
Accrued interest |  |  | 12,292 |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 12,305 |
Current accrued capping, closure and post-closure costs |  |  | — |  |  |  | 729 |  |  |  | 3 |  |  |  | — |  |  |  | 732 |
Other accrued liabilities |  |  | 7,693 |  |  |  | 10,072 |  |  |  | — |  |  |  | — |  |  |  | 17,765 |
Total current liabilities |  |  | 39,278 |  |  |  | 45,851 |  |  |  | 217 |  |  |  | — |  |  |  | 85,346 |
Long-term debt and capital leases, less current portion |  |  | 502,949 |  |  |  | 3,036 |  |  |  | — |  |  |  | — |  |  |  | 505,985 |
Accrued capping, closure and post-closure costs, less current portion |  |  | — |  |  |  | 40,279 |  |  |  | 30 |  |  |  | — |  |  |  | 40,309 |
Deferred income taxes |  |  | 5,595 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,595 |
Other long-term liabilities |  |  | 9,078 |  |  |  | 8,953 |  |  |  | — |  |  |  | — |  |  |  | 18,031 |
STOCKHOLDERS’ DEFICIT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casella Waste Systems, Inc. stockholders’ deficit |  |  | (21,523 | ) |  |  | 46,773 |  |  |  | (39,029 | ) |  |  | (7,744 | ) |  |  | (21,523 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (74 | ) |  |  | — |  |  |  | (74 | )
Total stockholders’ deficit |  |  | (21,523 | ) |  |  | 46,773 |  |  |  | (39,103 | ) |  |  | (7,744 | ) |  |  | (21,597 | )
|  | $ | 535,377 |  |  | $ | 144,892 |  |  | $ | (38,856 | ) |  | $ | (7,744 | ) |  | $ | 633,669 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2016 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non - Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 125,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 125,432 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | 9 |  |  |  | 90,398 |  |  |  | 11 |  |  |  | — |  |  |  | 90,418 |
General and administration |  |  | (169 | ) |  |  | 18,755 |  |  |  | 1 |  |  |  | — |  |  |  | 18,587 |
Depreciation and amortization |  |  | 276 |  |  |  | 14,177 |  |  |  | — |  |  |  | — |  |  |  | 14,453 |
|  |  | 116 |  |  |  | 123,330 |  |  |  | 12 |  |  |  | — |  |  |  | 123,458 |
Operating income (loss) |  |  | (116 | ) |  |  | 2,102 |  |  |  | (12 | ) |  |  | — |  |  |  | 1,974 |
Other expense (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | — |  |  |  | (104 | ) |  |  | — |  |  |  | — |  |  |  | (104 | )
Interest expense |  |  | 9,962 |  |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 10,030 |
(Gain) loss on debt extinguishment |  |  | (48 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (48 | )
Earnings from consolidated entities |  |  | (2,258 | ) |  |  | — |  |  |  | — |  |  |  | 2,258 |  |  |  | — |
Other income |  |  | (15 | ) |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | (141 | )
Other expense, net |  |  | 7,641 |  |  |  | (162 | ) |  |  | — |  |  |  | 2,258 |  |  |  | 9,737 |
Loss before income taxes |  |  | (7,757 | ) |  |  | 2,264 |  |  |  | (12 | ) |  |  | (2,258 | ) |  |  | (7,763 | )
(Benefit) provision for income taxes |  |  | (149 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (149 | )
Net loss |  |  | (7,608 | ) |  |  | 2,264 |  |  |  | (12 | ) |  |  | (2,258 | ) |  |  | (7,614 | )
Less: Net (loss) income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Net loss attributable to common stockholders |  | $ | (7,608 | ) |  | $ | 2,264 |  |  | $ | (6 | ) |  | $ | (2,258 | ) |  | $ | (7,608 | )
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): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (47 | ) |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | (141 | )
Interest expense |  |  | 9,988 |  |  |  | 53 |  |  |  | 85 |  |  |  | — |  |  |  | 10,126 |
(Gain) loss on debt extinguishment |  |  | 521 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 521 |
Loss on derivative instruments |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 151 |
Earnings from consolidated entities |  |  | (1,924 | ) |  |  | — |  |  |  | — |  |  |  | 1,924 |  |  |  | — |
Other income |  |  | (37 | ) |  |  | (127 | ) |  |  | — |  |  |  | — |  |  |  | (164 | )
Other expense, net |  |  | 8,652 |  |  |  | (168 | ) |  |  | 85 |  |  |  | 1,924 |  |  |  | 10,493 |
Loss before income taxes |  |  | (8,675 | ) |  |  | 564 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,367 | )
(Benefit) provision for income taxes |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 596 |
Net loss |  |  | (9,271 | ) |  |  | 564 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,963 | )
Less: Net (loss) income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Net loss attributable to common stockholders |  | $ | (9,271 | ) |  | $ | 564 |  |  | $ | 1,360 |  |  | $ | (1,924 | ) |  | $ | (9,271 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2016 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non - Guarantors |  |  | Elimination |  |  | Consolidated |
Net loss |  | $ | (7,608 | ) |  | $ | 2,264 |  |  | $ | (12 | ) |  | $ | (2,258 | ) |  | $ | (7,614 | )
Other comprehensive loss, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | (83 | )
Other comprehensive loss, net of tax |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | (83 | )
Comprehensive loss |  |  | (7,608 | ) |  |  | 2,181 |  |  |  | (12 | ) |  |  | (2,258 | ) |  |  | (7,697 | )
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Comprehensive (loss) income attributable to common stockholders |  | $ | (7,608 | ) |  | $ | 2,181 |  |  | $ | (6 | ) |  | $ | (2,258 | ) |  | $ | (7,691 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2015 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non - Guarantors |  |  | Elimination |  |  | Consolidated |
Net loss |  | $ | (9,271 | ) |  | $ | 564 |  |  | $ | 2,668 |  |  | $ | (1,924 | ) |  | $ | (7,963 | )
Other comprehensive loss, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | (34 | )
Other comprehensive loss, net of tax |  |  | — |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | (34 | )
Comprehensive loss |  |  | (9,271 | ) |  |  | 530 |  |  |  | 2,668 |  |  |  | (1,924 | ) |  |  | (7,997 | )
Less: Comprehensive (loss) income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Comprehensive loss attributable to common stockholders |  | $ | (9,271 | ) |  | $ | 530 |  |  | $ | 1,360 |  |  | $ | (1,924 | ) |  | $ | (9,305 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Elimination |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (6,711 | ) |  | $ | 8,543 |  |  | $ | (108 | ) |  | $ | — |  |  | $ | 1,724 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  |  | (371 | ) |  |  | (9,477 | ) |  |  | — |  |  |  | — |  |  |  | (9,848 | )
Payments on landfill operating lease contracts |  |  | — |  |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | (500 | )
Proceeds from sale of property and equipment |  |  | — |  |  |  | 359 |  |  |  | — |  |  |  | — |  |  |  | 359 |
Net cash used in investing activities |  |  | (371 | ) |  |  | (9,618 | ) |  |  | — |  |  |  | — |  |  |  | (9,989 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 64,300 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 64,300 |
Principal payments on long-term debt |  |  | (57,838 | ) |  |  | (110 | ) |  |  | — |  |  |  | — |  |  |  | (57,948 | )
Payments of debt issuance costs |  |  | (99 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (99 | )
Change in restricted cash |  |  | 1,348 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,348 |
Intercompany borrowings |  |  | (1,134 | ) |  |  | 1,134 |  |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  |  | 6,577 |  |  |  | 1,024 |  |  |  | — |  |  |  | — |  |  |  | 7,601 |
Net (decrease) increase in cash and cash equivalents |  |  | (505 | ) |  |  | (51 | ) |  |  | (108 | ) |  |  | — |  |  |  | (664 | )
Cash and cash equivalents, beginning of period |  |  | 1,939 |  |  |  | 252 |  |  |  | 121 |  |  |  | — |  |  |  | 2,312 |
Cash and cash equivalents, end of period |  | $ | 1,434 |  |  | $ | 201 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 1,648 |
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 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 | )
Payments of debt issuance costs |  |  | (6,852 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,852 | )
Change in restricted cash |  |  | 4,086 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,086 |
Distributions to noncontrolling interest holder |  |  | — |  |  |  | — |  |  |  | (1,495 | ) |  |  | — |  |  |  | (1,495 | )
Intercompany borrowings |  |  | 3,707 |  |  |  | (3,707 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  |  | 12,247 |  |  |  | (3,922 | ) |  |  | (1,495 | ) |  |  | — |  |  |  | 6,830 |
Net (decrease) increase 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 |

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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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