DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt And Derivatives Disclosure [Abstract]

A summary of debt is as follows:


	September 30, 2023		December 31, 2022
Senior Secured Credit Facility:
Term loan A facility ("Term Loan Facility") due December 2026; bearing interest at Term SOFR plus 1.385%	$	350,000	$	350,000
Term loan A facility ("2023 Term Loan Facility") due December 2026; bearing interest at Term SOFR plus 1.885%	424,625		—
Revolving credit facility ("Revolving Credit Facility") due December 2026; bearing interest at Term SOFR plus 1.385%	—		6,000
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 ending in 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 ending in 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 ending in 2025; bearing interest at 2.750%	40,000		40,000
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 ("New York Bonds 2020R-2") due September 2050 - fixed rate interest period ending in 2030; bearing interest at 5.125%	35,000		—
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 ("FAME Bonds 2005R-3") due January 2025 - fixed rate interest period ending in 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 ending in 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 ending in 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 ending in 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 ending in 2027; bearing interest at 5.00%	35,000		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 ending in 2029; bearing interest at 2.95%	11,000		11,000
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 3.9%	51,066		49,813
Notes payable maturing through March 2025; bearing interest up to 8.1%	278		664
Principal amount of debt	1,057,969		603,477
Less—unamortized debt issuance costs	11,843		9,494
Debt less unamortized debt issuance costs	1,046,126		593,983
Less—current maturities of debt	33,957		8,968
	$	1,012,169	$	585,015

The Credit Facility shall bear interest, at our election, at Term SOFR, including a secured overnight financing rate adjustment of 10 basis points, or at a base rate, in each case plus or minus any sustainable rate adjustment of up to positive or negative 4.0 basis points per annum, plus an applicable interest rate margin based upon our consolidated net leverage ratio as follows:

Term SOFR Loans

Base Rate Loans

Term Loan Facility

1.125% to 2.125%

0.125% to 1.125%

Revolving Credit Facility

1.125% to 2.125%

0.125% to 1.125%

2023 Term Loan Facility

1.625% to 2.625%

0.625% to 1.625%

Components of Interest Expense

The components of interest expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest expense on long-term debt and finance leases	$	15,128	$	5,692	$	29,565	$	15,513
Amortization of debt issuance costs (1)	715		489		2,221		1,414
Letter of credit fees	103		117		297		347
Less: capitalized interest	(198)		(121)		(375)		(196)
Total interest expense	$	15,748	$	6,177	$	31,708	$	17,078

(1)Includes interest expense related to a short-term secured bridge financing entered into in connection with the GFL Acquisition and interest expense related to a short-term unsecured bridge financing entered into in connection with the Twin Bridges Acquisition of $395 and $101, respectively, during the nine months ended September 30, 2023.

Summary of Cash Flow Hedges

A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows:


		Fair Value
	Balance Sheet Location	September 30, 2023		December 31, 2022
Interest rate swaps	Other current assets	$	7,835	$	4,345
Interest rate swaps	Other non-current assets	8,522		7,461
		$	16,357	$	11,806


Interest rate swaps	Other long-term liabilities	$	1,886	$	—


Interest rate swaps	Accumulated other comprehensive income, net of tax	$	14,471	$	11,806
Interest rate swaps - tax effect	Accumulated other comprehensive income, net of tax	(4,991)		(4,264)
		$	9,480	$	7,542

Summary of Notional Amounts

A summary of the changes to the notional amount of interest rate derivative agreements follows:


	Nine Months Ended September 30, 2023
	Active		Forward Starting		Total
Beginning balance	$	190,000	$	20,000	$	210,000
Additions	290,000		—		290,000
Commencements	20,000		(20,000)		—
Maturities	(85,000)		—		(85,000)
Ending balance (1)	$	415,000	$	—	$	415,000

(1)We receive interest based on Term SOFR, restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 3.41%. These agreements mature between February 2026 and June 2028.