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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT A summary of long-term debt and capital leases by debt instrument follows:
| March 31, 2018 |  | December 31, 2017
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility due October 2021; bearing interest at LIBOR plus 2.75% | $ | 52,600 |  |  | $ | 36,000 |
Term Loan B Facility due October 2023; bearing interest at LIBOR plus 2.50% | 345,625 |  |  | 346,500 |
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 |  |  | 25,000 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 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 |
Other: |  |  |
Capital leases maturing through December 2107; bearing interest at up to 7.70% | 6,713 |  |  | 5,595 |
Notes payable maturing through June 2027; bearing interest at up to 7.00% | 2,522 |  |  | 2,585 |
Principal amount of long-term debt and capital leases | 514,460 |  |  | 497,680 |
Less—unamortized discount and debt issuance costs (1) | 14,489 |  |  | 15,178 |
Long-term debt and capital leases less unamortized discount and debt issuance costs | 499,971 |  |  | 482,502 |
Less—current maturities of long-term debt | 5,037 |  |  | 4,926 |
| $ | 494,934 |  |  | $ | 477,576 |
(1) | A summary of unamortized discount and debt issuance costs by debt instrument follows:
| March 31, 2018 |  | December 31, 2017
Revolving Credit Facility | $ | 3,682 |  |  | $ | 3,938 |
Term Loan B Facility (including unamortized discount of $1,424 and $1,482) | 7,101 |  |  | 7,392 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 | 987 |  |  | 1,034 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 | 496 |  |  | 511 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 | 581 |  |  | 603 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 | 673 |  |  | 691 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 | 565 |  |  | 573 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 | 404 |  |  | 436 |
| $ | 14,489 |  |  | $ | 15,178 |
Financing Activities Tax-Exempt Financings In April 2018, we completed the issuance of $15,000 aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 (“FAME Bonds 2015R-2”). The FAME Bonds 2015R-2, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 4.375% per annum through July 31, 2025, at which time they may be converted from a fixed to a variable rate. Interest is payable semiannually each year on May 1 and November 1 until the FAME Bonds 2015R-2 mature on August 1, 2035. We borrowed the proceeds of the offering of the FAME Bonds 2015R-2 to finance or refinance the costs of certain of our solid waste landfill facilities and solid waste collection, organics and transfer, recycling and hauling facilities, and to pay certain costs of the issuance of the FAME Bonds 2015R-2. In April 2018, we completed the remarketing of $16,000 aggregate principal amount of 4.75% fixed rate Vermont Economic Development Authority ("Vermont Bonds") Solid Waste Disposal Revenue Bonds Series 2013 (“Vermont Bonds”). The Vermont Bonds, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 4.625% per annum through April 2, 2028 after which time there is a mandatory tender. The Vermont Bonds mature on April 1, 2036. 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 during the three months ended March 31, 2017 associated with 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. 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 income, net of tax. Amounts are reclassified from accumulated other comprehensive income, net of tax into earnings in the same period or periods during which the hedged transaction affects earnings. As of March 31, 2018, we have recorded a derivative asset with a fair value of $103 in other current assets and $953 in other non-current assets associated with these cash flow hedges.

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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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