XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.10.0.1

LONG-TERM DEBT | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt And Derivatives Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT A summary of long-term debt and capital leases by debt instrument follows:
| September 30, 2018 |  | December 31, 2017
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility due May 2023; bearing interest at LIBOR plus 2.00% | $ | 44,800 |  |  | $ | — |
Refinanced Revolving Credit Facility due October 2021; bore interest at LIBOR plus 2.75% | — |  |  | 36,000 |
Term Loan Facility due May 2023; bearing interest at LIBOR plus 2.00% | 350,000 |  |  | — |
Term Loan B Facility due October 2023; bore interest at LIBOR plus 2.50% | — |  |  | 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 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 due August 2035 - fixed rate interest period through 2025; bearing interest at 4.375% | 15,000 |  |  | — |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 due April 2036 - fixed rate interest period through 2028; bearing interest at 4.625% | 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 a weighted average of 5.37% | 8,934 |  |  | 5,595 |
Notes payable maturing through June 2027; bearing interest at a weighted average of 2.97% | 2,477 |  |  | 2,585 |
Principal amount of long-term debt and capital leases | 528,211 |  |  | 497,680 |
Less—unamortized discount and debt issuance costs (1) | 11,524 |  |  | 15,178 |
Long-term debt and capital leases less unamortized discount and debt issuance costs | 516,687 |  |  | 482,502 |
Less—current maturities of long-term debt | 1,980 |  |  | 4,926 |
| $ | 514,707 |  |  | $ | 477,576 |
(1) | A summary of unamortized discount and debt issuance costs by debt instrument follows:
| September 30, 2018 |  | December 31, 2017
Refinanced Revolving Credit Facility | $ | — |  |  | $ | 3,938 |
Credit Facility | 7,528 |  |  | — |
Term Loan B Facility (including unamortized discount of $0 and $1,482) | — |  |  | 7,392 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 | 894 |  |  | 1,034 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 | 465 |  |  | 511 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 | 539 |  |  | 603 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 | 639 |  |  | 691 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 | 511 |  |  | — |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 | 608 |  |  | 573 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 | 340 |  |  | 436 |
| $ | 11,524 |  |  | $ | 15,178 |
Financing Activities Credit Facility In the quarter ended June 30, 2018, we entered into a credit agreement ("Credit Agreement"), which provides for a $350,000 aggregate principal amount term loan A facility ("Term Loan Facility") and a $200,000 revolving line of credit facility ("Revolving Credit Facility" and, together with the Term Loan Facility, the "Credit Facility"). The net proceeds from this transaction were used to repay in full the amounts outstanding of the $350,000 aggregate principal amount term loan B facility ("Term Loan B Facility") and the $160,000 revolving line of credit facility ("Refinanced Revolving Credit Facility") plus accrued and unpaid interest thereon and to pay related transaction expenses. We have the right to request, at our discretion, an increase in the amount of loans under the Credit Facility by an aggregate amount of $125,000, subject to the terms and conditions set forth in the Credit Agreement. The Credit Facility has a 5-year term and will initially bear interest at a rate of LIBOR plus 2.00% per annum, which will be reduced to a rate of LIBOR plus 1.25% upon us reaching a consolidated net leverage ratio of less than 2.25 x. The Credit Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries and secured by substantially all of our assets. As of September 30, 2018, further advances were available under the Credit Facility in the amount of $132,679. The available amount is net of outstanding irrevocable letters of credit totaling $22,521, at which date no amount had been drawn. The Credit Agreement requires us to maintain a minimum interest coverage ratio and a maximum consolidated net leverage ratio, to be measured at the end of each fiscal quarter. As of September 30, 2018, we were in compliance with the covenants contained in the Credit Agreement. In addition to these financial covenants, the Credit Agreement also contains a number of important customary affirmative and negative covenants which restrict, among other things, our ability to sell assets, incur additional debt, create liens, make investments, and pay dividends. We do not believe that these restrictions impact our ability to meet future liquidity needs. An event of default under any of our debt agreements could permit some of our lenders, including the lenders under the Credit Facility, to declare all amounts borrowed from them to be immediately due and payable, together with accrued and unpaid interest, or, in the case of the Credit Facility, terminate the commitment to make further credit extensions thereunder, which could, in turn, trigger cross-defaults under other debt obligations. If we were unable to repay debt to our lenders, or were otherwise in default under any provision governing our outstanding debt obligations, our secured lenders could proceed against us and against the collateral securing that debt. Tax-Exempt Financings In the quarter ended June 30, 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 the quarter ended June 30, 2018, we completed the remarketing of $16,000 aggregate principal amount of 4.75% fixed rate Vermont Economic Development Authority 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 quarter 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 losses on debt extinguishment of $0 and $7,352 during the three and nine months ended September 30, 2018, respectively, as compared to $0 and $517 during the three and nine months ended September 30, 2017, respectively, associated with the following:
• | the write-off of debt issuance costs and unamortized discount in connection with the refinancing of our Credit Facility in the quarter ended June 30, 2018;
• | the write-off of debt issuance costs in connection with the remarketing of our Vermont Bonds in the quarter ended June 30, 2018;
• | the write-off of debt issuance costs in connection with the amendment and repricing of our Term Loan B Facility in the quarter ended June 30, 2017; and
• | 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 quarter ended March 31, 2017.
Cash Flow Hedges In the quarter ended June 30, 2018, we early adopted ASU 2017-12: Derivatives and Hedging (Topic 815) using a modified retrospective approach effective April 1, 2018 with an initial application date of January 1, 2018 with no adjustment to Accumulated Deficit. Under the new guidance, for highly effective hedging relationships the entire change in fair value of the hedging instruments, both the effective and ineffective portion, is recorded in equity as a component of accumulated other comprehensive income (loss), net of tax until the hedged item effects earnings. As of April 1, 2018, we had in place three interest rate derivative agreements to hedge interest rate risk associated with the variable rate portion of our long-term debt. According to the interest rate derivative agreements, we receive interest based on the 1-month LIBOR index with a 1.00% LIBOR floor and pay interest based on fixed rates. The refinancing of the Credit Facility resulted in changes to the critical terms of the hedged item in these hedging relationships. As a result, we dedesignated the original hedging relationship between the three interest rate derivative agreements and the variable rate interest payments related to the Term Loan B Facility and then subsequently designated new hedging relationships between the three interest rate derivative agreements and the variable rate interest payments related to the Term Loan Facility based on a quantitative assessment using a regression analysis, which indicated that the hedging relationships were highly effective. Because the interest rate payments associated with the variable rate portion of our long-term debt will still occur, the net gain of $1,383 associated with the interest rate derivative agreements in accumulated other comprehensive income was not reclassified into earnings. Instead, this gain will continue to be reclassified from accumulated other comprehensive income into interest expense as the interest payments affect earnings. Additionally, in the nine months ended September 30, 2018, we entered into six additional interest rate derivative agreements to hedge interest rate risk associated with the variable rate portion of our long-term debt. Given that the critical terms of these interest rate derivative agreements match those of the underlying long-term debt being hedged, we determined qualitatively that the hedging relationships were highly effective. The total notional amount of all of our interest rate derivative agreements is $190,000 and according to the terms of the agreements, we receive interest based on the 1-month LIBOR index and pay interest at a weighted average rate of approximately 2.54%. The agreements mature between February 2021 and May 2023. We have designated these derivative instruments as effective cash flow hedges. A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:
|  |  | Fair Value
| Balance Sheet Location |  | September 30, 2018 |  | December 31, 2017
Interest rate swaps | Other current assets |  | $ | 350 |  |  | $ | — |
Interest rate swaps | Other non-current assets |  | 1,809 |  |  | 401 |
Total |  |  | $ | 2,159 |  |  | $ | 401 |
Interest rate swaps | Other accrued liabilities |  | $ | 326 |  |  | $ | 123 |
Interest rate swaps | Other long-term liabilities |  | — |  |  | — |
Total |  |  | $ | 326 |  |  | $ | 123 |
Interest rate swaps | Accumulated other comprehensive income |  | $ | 1,811 |  |  | $ | 278 |
Interest rate swaps - tax provision | Accumulated other comprehensive income |  | $ | (525 | ) |  | $ | (112 | )
|  |  | $ | 1,286 |  |  | $ | 166 |
A summary of the amount of gain or (loss) on cash flow hedging relationships related to interest rate swaps reclassified from accumulated other comprehensive income into earnings follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Statement of Operations Location |  | (Expense) Income |  | (Expense) Income
Interest expense |  | $ | (156 | ) |  | $ | (112 | ) |  | $ | (247 | ) |  | $ | (320 | )

X
- Definition Debt And Derivatives Disclosure [Abstract] + References No definition available. + Details
Name: | cwst_DebtAndDerivativesDisclosureAbstract
Namespace Prefix: | cwst_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debt And Derivatives Disclosure [Text Block] + References No definition available. + Details
Name: | cwst_DebtAndDerivativesDisclosureTextBlock
Namespace Prefix: | cwst_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration