XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.7.0.1

LONG-TERM DEBT | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT A summary of long-term debt and capital leases by debt instrument follows:
| March 31, 2017 |  | December 31, 2016
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility due October 2021; bearing interest at LIBOR plus 2.75% and 3.00%, respectively | $ | 63,000 |  |  | $ | 62,600 |
Term Loan B Facility due October 2023; bearing interest at LIBOR plus 3.00% | 349,125 |  |  | 350,000 |
Tax-Exempt Bonds: |  |  |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 due December 2044 - fixed rate interest period through 2019; bearing interest at 3.75% | 25,000 |  |  | 25,000 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 due December 2044 - fixed rate interest period through 2026; bearing interest at 3.125% | 15,000 |  |  | 15,000 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 due January 2025 - fixed rate interest period through 2025; bearing interest at 5.25% | 25,000 |  |  | — |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 due August 2035 - fixed rate interest period through 2025; bearing interest at 5.125% | 15,000 |  |  | 15,000 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 due April 2036 - fixed rate interest period through 2018; bearing interest at 4.75% | 16,000 |  |  | 16,000 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 due April 2029 - fixed rate interest period through 2019; bearing interest at 4.00% | 11,000 |  |  | 11,000 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 due January 2025 - fixed rate interest period through 2017; bore interest at 6.25% | — |  |  | 21,400 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1; letter of credit backed due January 2025 - bore interest at SIFMA Index | — |  |  | 3,600 |
Other: |  |  |
Capital leases maturing through April 2023; bearing interest at up to 7.70% | 5,318 |  |  | 5,534 |
Notes payable maturing through January 2021; bearing interest at up to 7.00% | 407 |  |  | 449 |
Principal amount of long-term debt and capital leases | 524,850 |  |  | 525,583 |
Less—unamortized discount and debt issuance costs (1) | 16,438 |  |  | 16,936 |
Long-term debt and capital leases less unamortized discount and debt issuance costs | 508,412 |  |  | 508,647 |
Less—current maturities of long-term debt | 4,669 |  |  | 4,686 |
| $ | 503,743 |  |  | $ | 503,961 |
(1) | A summary of unamortized discount and debt issuance costs by debt instrument follows:
| March 31, 2017 |  | December 31, 2016
Revolving Credit Facility | $ | 4,709 |  |  | $ | 4,965 |
Term Loan B Facility (including unamortized discount of $1,655 and $1,712) | 7,462 |  |  | 7,718 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 | 1,174 |  |  | 1,221 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 | 556 |  |  | 571 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 | 666 |  |  | — |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 | 743 |  |  | 760 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 | 597 |  |  | 605 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 | 531 |  |  | 563 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 | — |  |  | 31 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 | — |  |  | 502 |
| $ | 16,438 |  |  | $ | 16,936 |
Financing Activities Term Loan B Facility In April 2017, we entered into the first amendment (“Repricing Amendment”) to our $350,000 aggregate principal amount term loan B facility ("Term Loan B Facility") and $160,000 revolving line of credit facility (“Revolving Credit Facility” and, together with the Term Loan B Facility, the "Credit Facility"). The Repricing Amendment decreased the applicable interest margin for our Term Loan B Facility by 25 basis points for both LIBOR borrowings and base rate borrowings. The applicable interest rate margin will continue to be determined based on our consolidated net leverage ratio, with the interest currently set at 2.75% for LIBOR borrowings (with a 1.00% LIBOR floor), and 1.75% for base rate borrowings. The applicable interest rate will be reduced to 2.50% for LIBOR borrowings (with a 1.00% LIBOR floor), and 1.50% for base rate borrowings upon us reaching a consolidated net leverage ratio of 3.75 x or less. Maine Bonds In the three months ended March 31, 2017, we completed the remarketing of $3,600 aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 (“FAME Bonds 2005R-1”) and $21,400 aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 (“FAME Bonds 2005R-2”) into one series of $25,000 aggregate principal amount Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”). The FAME Bonds 2005R-3, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 5.25% per annum until they mature on January 1, 2025. Loss on Debt Extinguishment We recorded a loss on debt extinguishment of $472 in the three months ended March 31, 2017, as compared to a gain on debt extinguishment of $(48) during the three months ended March 31, 2016, associated with the following:
• | the write-off of debt issuance costs in connection with the remarketing of the FAME Bonds 2005R-1 and the FAME Bonds 2005R-2 into the FAME Bonds 2005R-3 in the three months ended March 31, 2017; and
• | the below par repurchase price, net of the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount, associated with the early retirement of a portion of our 7.75% senior subordinated notes due February 2019 in the three months ended March 31, 2016.
Cash Flow Hedges In the three months ended March 31, 2017, we entered into three interest rate derivative agreements to hedge interest rate risk associated with the variable rate portion of our long-term debt. The total notional amount of these agreements is $60,000 and requires us to receive interest based on changes in the 1-month LIBOR index with a 1.0% floor and pay interest at a weighted average rate of approximately 1.95%. Two of the agreements, with a total notional amount of $35,000, mature in February 2021, and the final agreement, with a total notional amount of $25,000, matures in February 2022. We have designated these derivative instruments as cash flow hedges. In accordance with the derivatives and hedging guidance in FASB ASC 815 - Derivatives and Hedging, the effective portions of the changes in fair values of interest rate swaps have been recorded in equity as a component of accumulated other comprehensive loss, net of tax. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in accumulated other comprehensive loss, net of tax. Amounts are reclassified from accumulated other comprehensive loss, net of tax into earnings in the same period or periods during which the hedged transaction effects earnings. As of March 31, 2017, we have recorded a derivative asset with a fair value of $388 in other non-current assets and a derivative liability with a fair value of $454 in other accrued liabilities associated with these cash flow hedges.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration