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DEBT
 9 Months Ended
Sep. 30, 2022
Debt And Derivatives Disclosure [Abstract]  
DEBT DEBT
A summary of debt is as follows:
September 30,
2022		December 31,
2021
Senior Secured Credit Facility:
Term loan A facility ("Term Loan Facility") due December 2026; bearing interest at LIBOR plus 1.375%
$350,000 $350,000 
Revolving credit facility ("Revolving Credit Facility") due December 2026; bearing interest at LIBOR plus 1.375%
— — 
Tax-Exempt Bonds:
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 ("New York Bonds 2014R-1") due December 2044 - fixed rate interest period through 2029; bearing interest at 2.875%
25,000 25,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 ("New York Bonds 2014R-2") due December 2044 - fixed rate interest period through 2026; bearing interest at 3.125%
15,000 15,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 ("New York Bonds 2020") due September 2050 - fixed rate interest period through 2025; bearing interest at 2.750%
40,000 40,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 ("FAME Bonds 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 ("FAME Bonds 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 ("FAME Bonds 2015R-2") due August 2035 - fixed rate interest period through 2025; bearing interest at 4.375%
15,000 15,000 
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 ("Vermont Bonds 2013") due April 2036 - fixed rate interest period through 2028; bearing interest at 4.625%
16,000 16,000 
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 ("Vermont Bonds 2022A-1") due June 2052 - fixed rate interest period through 2027; bearing interest at 5.00%
35,000 — 
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 ("New Hampshire Bonds") due April 2029 - fixed rate interest period through 2029; bearing interest at 2.95%
11,000 11,000 
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 3.6%
49,070 45,724 
Notes payable maturing through August 2024; bearing interest at a weighted average of 1.6%
712 4,846 
Principal amount of debt 596,782 562,570 
Less—unamortized debt issuance costs (1)
9,983 10,166 
Debt less unamortized debt issuance costs586,799 552,404 
Less—current maturities of debt8,337 9,901 
$578,462 $542,503 
 
(1)A summary of unamortized debt issuance costs by debt instrument follows:
September 30,
2022		December 31,
2021
Revolving Credit Facility and Term Loan Facility (collectively, the "Credit Facility")$5,011 $5,884 
New York Bonds 2014R-1882 933 
New York Bonds 2014R-2223 268 
New York Bonds 20201,150 1,283 
FAME Bonds 2005R-3198 262 
FAME Bonds 2015R-1361 413 
FAME Bonds 2015R-2212 268 
Vermont Bonds 2013392 433 
Vermont Bonds 2022A-11,176 — 
New Hampshire Bonds378 422 
$9,983 $10,166 
Financing Activities
In the nine months ended September 30, 2022, we completed the issuance of $35,000 aggregate principal amount of Vermont Bonds 2022A-1. The Vermont Bonds 2022A-1, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 5.00% per annum from June 1, 2022 through May 31, 2027, at which time they may be converted to a variable interest rate period or to a new term interest rate period. The Vermont Bonds 2022A-1 mature on June 1, 2052. We borrowed and used the proceeds from the Vermont Bonds 2022A-1 to finance or reimburse certain noncurrent asset costs associated with capital projects in the State of Vermont.
Credit Facility
We are party to an amended and restated credit agreement ("Credit Agreement"), which provides for a $350,000 aggregate principal amount Term Loan Facility and a $300,000 Revolving Credit Facility, with a $75,000 sublimit for letters of credit. 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 that matures in December 2026 and bears interest at a rate of LIBOR plus 1.375% per annum, which will be reduced to a rate of LIBOR plus as low as 1.125% upon us reaching a consolidated net leverage ratio of less than 2.25x. The Credit Agreement contains customary benchmark replacement provisions pursuant to which, upon certain triggering events, the LIBOR benchmark used to calculate the LIBOR rate will be replaced with a secured overnight financing rate, as adjusted, on the terms and conditions in the Credit Agreement. 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, 2022, further advances were available under the Revolving Credit Facility in the amount of $271,805. The available amount is net of outstanding irrevocable letters of credit totaling $28,195, and as of September 30, 2022 no amount had been drawn.
Cash Flow Hedges
Our strategy to reduce exposure to interest rate risk involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates related to the variable rate portion of our long-term debt. We have designated these derivative instruments as highly effective cash flow hedges, and therefore the change in their fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss), net of tax and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities.
As of September 30, 2022 and December 31, 2021, our active interest rate derivative agreements had total notional amounts of $190,000 and $195,000, respectively. According to the terms of the agreements, we receive interest based on the 1-month LIBOR index, in some instances restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 2.20%. The agreements mature between May 2023 and June 2027.
As of December 31, 2021, we had forward starting interest rate derivative agreements with a total notional amount of $85,000 outstanding. As of September 30, 2022, we have a forward starting interest rate derivative agreement with a total notional amount of $20,000 after considering any forward starting interest rate derivative agreements that became effective in the current period. According to the terms of this agreement, we will receive interest based on the 1-month LIBOR index, restricted by a 0.0% floor, and will pay interest at a rate of 1.29%. The agreement matures in May 2028.
A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:
Fair Value
Balance Sheet LocationSeptember 30,
2022		December 31,
2021
Interest rate swapsOther current assets$3,526 $— 
Interest rate swapsOther non-current assets8,814 424 
$12,340 $424 
Interest rate swapsOther accrued liabilities$— $3,796 
Interest rate swapsOther long-term liabilities— 1,380 
$— $5,176 
Interest rate swapsAccumulated other comprehensive income (loss), net of tax$12,340 $(4,935)
Interest rate swaps - tax effectAccumulated other comprehensive income (loss), net of tax(4,410)(168)
$7,930 $(5,103)