<SEC-DOCUMENT>0000911177-23-000157.txt : 20240222
<SEC-HEADER>0000911177-23-000157.hdr.sgml : 20240222
<ACCEPTANCE-DATETIME>20231226164343
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000911177-23-000157
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASELLA WASTE SYSTEMS INC
		CENTRAL INDEX KEY:			0000911177
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				030338873
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701
		BUSINESS PHONE:		8027750325

	MAIL ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="ia3eb4881c5b445fc963b1ca8ead9d11a_1"></div><div style="min-height:72pt;width:100%"><div><img alt="picture2a.jpg" src="picture2a.jpg" style="height:53px;margin-bottom:5pt;vertical-align:text-bottom;width:189px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;     </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#00497f;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25 Greens Hill Lane</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8194;</font><font style="color:#76bc21;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8226;  </font><font style="color:#00497f;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Rutland, VT 05701</font><font style="color:#76bc21;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"> p. </font><font style="color:#00497f;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">802-775-0325 </font><font style="color:#76bc21;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8226; f. </font><font style="color:#00497f;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">802-775-3290</font><font style="color:#76bc21;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">  </font></div></td></tr></table></div></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">December 26, 2023</font></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Via EDGAR Submission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Office of Energy &#38; Transportation</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Washington, DC 20549</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Attention&#58;  Sondra Snyder</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                  Lily Dang</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Re&#58;      Casella Waste Systems, Inc.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-K for the Fiscal Year Ended December 31, 2022</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Filed February 17, 2023</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-Q for the Fiscal Quarter Ended September 30, 2023</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Filed November 2, 2023</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">File No. 000-23211</font></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Dear Ms. Snyder and Ms. Dang&#58; </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This letter is submitted in response to comments contained in a letter dated December 13, 2023 (the &#8220;Comment Letter&#8221;) from the staff of the Office of Energy &#38; Transportation of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission to Edmond Coletta, President of Casella Waste Systems, Inc. (the &#8220;Company&#8221;) concerning the above referenced Form 10-K for the Fiscal Year Ended December 31, 2022 (&#8220;2022 Form 10-K&#8221;) and Form 10-Q for the Fiscal Quarter Ended September 30, 2023 (&#8220;Q3 2023 Form 10-Q&#8221;). The Company&#8217;s responses are set forth below and are keyed to the numbering of the comments and headings used in the Comment Letter.  </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-Q for the Fiscal Quarter Ended September 30, 2023</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Financial Statements</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Note 4 &#8211; Business Combinations, page 11</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">1. We understand from your disclosures on page 8 and in the press release attached to the Form 8-K that you filed on July 3, 2023, that you acquired four subsidiaries of GFL Environmental Inc. on June 30, 2023 in exchange for $525 million. </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Tell us how you evaluated Rule 3-05 and Article 11 of Regulation S-X in determining you would not file historical and pro forma financial statements relative to the businesses acquired, and provide us with the significance testing performed in formulating your view.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:87.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">CASELLA </font><font style="color:#76bc21;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">RESOURCE SOLUTIONS</font><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%"> ZERO-SORT&#174; RECYCLING</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#76bc21;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">COLLECTION </font><font style="color:#76bc21;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">ORGANICS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#76bc21;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">ENERGY</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#76bc21;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">&#8194;</font><font style="color:#00497f;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:112%">LANDFILLS</font></div></td><td colspan="3" style="border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#60c265;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">casella.com</font></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Response&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges the Staff&#8217;s comment and advises the Staff that, in conjunction with its acquisition of four subsidiaries of GFL Environmental Inc. (&#8220;GFL&#8221;), it considered Rule 3-05 of Regulation S-X, which refers to the definition of a significant subsidiary in Rule 1-02(w), and performed the three significance tests under Rule 1-02(w) in determining that it would not be required to file historical and pro forma financial statements relative to the acquisition of GFL. Under Rule 1-02(w), an acquiree is determined to be not individually significant if, when performing the significance tests, the consummated business acquisition does not exceed 20 percent of the relevant thresholds under any of the tests. Specifically, the Company performed the Investment Test, the Asset Test, and the Income Test as follows in formulating its review&#58;</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Investment Test&#58;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for acquisitions this test is met when the registrant&#8217;s and its other subsidiaries&#8217; investments in and advances to the tested subsidiary exceed 20 percent of the aggregate worldwide market value of the registrant&#8217;s voting and non-voting common equity.</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Consideration transferred &#8211; GFL (in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                           </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$526,653</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Aggregate worldwide market value of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">             </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$4,100,306</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">*</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Significance&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                                                                                   </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13% </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Result&#58; Acquisition not deemed individually significant based on the Investment Test.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">          </font></div><div style="margin-bottom:12pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">* Calculated as the average of the aggregate worldwide market value for the five trading days from March 27, 2023 through March 31, 2023 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">($78.99 - $82.66 per share times the total Class A shares outstanding of 50,897,536). </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">   </font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Asset Test&#58;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for acquisitions this test is met when the registrant&#8217;s and its other subsidiaries&#8217; proportionate share of the acquiree&#8217;s consolidated total assets (after intercompany eliminations) exceed 20 percent of such assets of the registrant and its subsidiaries consolidated as of the end of the most recently completed fiscal year. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                    </font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Total assets &#8211; GFL (in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                                                 </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$82,820</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">**</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Total assets of the Company 12&#47;31&#47;2022 (in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                               </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$1,449,215</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Significance&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                                                                                  </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6%</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Result&#58; Acquisition not deemed individually significant based on the Asset Test.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">       </font></div><div style="margin-bottom:12pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">**</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> When performing the Asset Test, the registrant should compare its share of the acquiree&#8217;s total assets, before any adjustments to step up the acquiree&#8217;s basis for the acquisition, with its preacquisition consolidated total assets.</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Income Test&#58;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for acquisitions this test includes the following two components&#58; the revenue component and the income component.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Income Test is met only if both the revenue and income component exceed 20% of the related registrant&#8217;s revenues and pretax income or loss from operations, respectively, for the most recently completed fiscal year.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The revenue component is calculated by comparing the registrant&#8217;s proportionate share of the acquiree&#8217;s revenue with the registrant&#8217;s revenue. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Revenues &#8211; GFL (in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                                                    </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$164,875</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Revenues of the Company fiscal year 2022 (in thousands)&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                          </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">$1,085,089</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Significance&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">                                                                                                   </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15%</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Result&#58; Acquisition not deemed individually significant based on the Income Test.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Note that the income component of the Income Test did not need to be completed based on the results of the revenue component of the two-prong test indicating that the acquisition is not individually significant. </font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In summary, based on the results of the three significance tests under Rule 1-02(w), the Company determined that the GFL acquisition was not individually significant and that the filing of historical and pro forma financial statements relative to the GFL acquisition was not required under </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Rule 3-05 and Article 11 of Regulation S-X.</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">2. We note that you present aggregated information regarding business acquisitions made during the periods covered by your interim reports for the second and third fiscal quarters, ending June 30, 2023 and September 30, 2023, respectively. </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">However, given the apparent significance of your acquisition of the four entities from GFL Environmental Inc. on June 30, 2023, it appears that you would need to provide the information prescribed by the FASB ASC 805-10-50-2, 20-50-1 and 30-50-1 separately for this transaction, as aggregation pursuant to FASB ASC 805-10-50-3, 20-50-2, and 30-50-2 generally applies to transactions that are individually immaterial.</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Please expand your disclosures in the filings referenced above as necessary to address the aforementioned guidance, relative to the transaction on June 30, 2023, or explain to us why you believe this would not apply in your circumstances if this is your view.</font></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Response&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges the Staff&#8217;s comment and advises the Staff that when assessing separate disclosure requirements versus aggregated disclosure requirements under </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Financial Accounting Standards Board (&#8220;FASB&#8221;)</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ccounting Standards Codification (&#8220;ASC&#8221;)</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> 805, the Company considered whether there is a substantial likelihood that the judgment of a reasonable shareholder relying on the information prescribed by ASC 805 would have been changed or influenced by the omission of separate disclosure related to the acquisition of GFL or that separate disclosure of the acquisition of GFL would have significantly altered the total mix of information available to the financial statement user. FASB ASC 805 does not provide guidance on differentiating between individually material and immaterial business combinations or on evaluating when individually immaterial business combinations are material, collectively. When assessing materiality in terms of disclosure requirements under FASB ASC 805, in line with FASBs Concepts Statement No. 2 &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Qualitative Characteristics of Accounting Information</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;, the Company considers both quantitative and qualitative characteristics in determining the usefulness and relevance of the information disclosed, noting that magnitude by itself, without regard to the nature of the item and the circumstances around which the judgment has to be made, will generally not be a sufficient basis for a materiality judgment. In this specific instance, the uniformity of the businesses acquired, both operationally and tangibly through the acquisition </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">of fixed assets, such as transportation equipment, rolling stock and containers, and intangibly, through the acquisition of customer lists, covenants not-to-compete and trade names, makes aggregated disclosure information much more relevant and useful to financial statement users rather than individualized disclosure of the separate acquisitions. Based on this, it is the Company&#8217;s judgment that its disclosures regarding the Company&#8217;s acquisitions in the aggregate as permitted by </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">FASB ASC 805-10-50-3, FASB ASC 805-20-50-2, and FASB 805-30-50-2</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, including the purchase price allocation and disclosure of unaudited pro forma revenues, operating income and net income in Note 4, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> and acquisition-related expense items in Note 7, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Debt</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> and Note 13, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Other Expenses and Charges,</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> in each of the Form 10-Q for the Fiscal Quarter Ended June 30, 2023 and September 30, 2023,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">is appropriate and that providing separate disclosure regarding the GFL acquisition, as it pertains to FASB ASC 805-10-50-2, FASB ASC 805-20-50-1 and FASB ASC 805-30-50-1 in each of the Form 10-Q for the Fiscal Quarter Ended June 30, 2023 and September 30, 2023, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">would not have changed or influenced the judgment of a reasonable shareholder or</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> altered the total mix of information available to the financial statement users.</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Furthermore, it is the Company&#8217;s view that the relevant aspect of the GFL acquisition lies not in its magnitude, but that it will provide </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">new growth opportunities from the expansion of the Company&#8217;s existing integrated solid waste services into the Mid-Atlantic market. </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Accordingly, the Company provided disclosures in each of the Form 10-Q for the Fiscal Quarter Ended June 30, 2023 and September 30, 2023 around the creation of the Mid-Atlantic operating segment, including disclosures regarding recognized goodwill, total assets and operating performance, as applicable, which when considered with the aggregated business combination disclosures under FASB ASC 805, provide financial statement users with the total mix of relevant and useful information pertaining to acquisition activity as a whole, and the impact of the GFL acquisition as it pertains to the creation of the Mid-Atlantic operating segment. For your convenience, we have provided disclosure from the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Q3 2023 Form 10-Q below</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In Note 1, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, the Company identified the name and description of the acquiree, the acquisition date, the equity interests acquired and the primary rationale for the business combination, namely expanding the Company&#8217;s services into a new region, while cross referencing to the other notes in the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Q3 2023 Form 10-Q that disclose funding around the transaction.</font></div><div style="margin-bottom:3pt;margin-top:6pt;padding-left:36pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8220;On June 30, 2023, we acquired the equity interests of four wholly owned subsidiaries of GFL Environmental Inc. (&#34;GFL Subsidiaries&#34;), which are the basis of our newly formed regional operating segment, the Mid-Atlantic region, that expanded our integrated solid waste services into the states of Delaware and Maryland (&#34;GFL Acquisition&#34;). See Note 4, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Business</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Combinations</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for further disclosure. Operations under the Mid-Atlantic region commenced on July 1, 2023. The GFL Acquisition was funded from financing transactions (see Note 7, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Debt</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for further disclosure), the net proceeds from an equity offering completed June 16, 2023 (see Note 9, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Stockholders&#8217;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Equity</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> for further disclosure), and cash on hand.&#8221;</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In Note 5, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Goodwill and Intangible Assets</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, the Company disclosed the $331,975 (in thousands) of goodwill recognized in the Mid-Atlantic operating segment as a result of the acquisition of GFL, and in Note 13, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, the Company disclosed the $557,510 (in thousands) of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">total assets in the Mid-Atlantic operating segment to provide further color over the balance sheet impact associated with the acquisition of GFL.</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">3. Given that you recognized a significant amount of goodwill in accounting for business acquisitions during the cumulative interim periods ended June 30, 2023 and September 30, 2023, please expand your disclosures to include a qualitative description of the factors you believe make up the goodwill to comply with FASB ASC 805-30-50-1a.</font></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Response&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges the Staff&#8217;s comment and proposes to enhance disclosure around goodwill recognized for business acquisitions in its Form 10-K for the Fiscal Year Ended December 31, 2023 by providing a qualitative description of the factors that drive the goodwill recognized along the lines of the following&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8220;The goodwill acquired is primarily associated with the value of projected discounted cash flows, based on the current and anticipated operating performance of the business, in excess of the specific values allocated to other assets, new growth opportunities from the expansion of our geographic operating footprint into the Mid-Atlantic market, and expected synergies from combining the acquired businesses with our existing operations and implementing our operating strategies.&#8221;</font></div><div style="margin-bottom:3pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">4. As a portion of the purchase price for the acquisitions made during the cumulative interim periods ended June 30, 2023 and September 30, 2023 includes &#34;holdbacks and additional consideration,&#34; please also address the requirements in FASB ASC 805-30-50-1c.</font></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Response&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges the Staff&#8217;s comment and advises the Staff that the &#8220;holdbacks and additional consideration&#8221; identified in Note 4, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> in each of the Form 10-Q for the Fiscal Quarter Ended June 30, 2023 and September 30, 2023 was comprised of holdback payments identified in the purchase and sale agreement, as well as an additional fixed amount of consideration that was to be paid subsequently in cash, and did not include contingent consideration discussed in FASB ASC 805-30-50-1c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="margin-bottom:3pt;margin-top:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If you have any further questions or comments, or if you require any additional</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> information, please contact the undersigned by telephone at (802) 772-2268.</font></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Sincerely,</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; Brad Helgeson                                    </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Brad Helgeson</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Executive Vice President and Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Casella Waste Systems, Inc.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div></div></div></body></html>
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