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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | A summary of debt is as follows:
| December 31,
| 2023 |  | 2022
Senior Secured Credit Facility: |  |  |
Term Loan A Facility ("Term Loan Facility") due December 2026; bearing interest at 7.083% as of December 31, 2023 | $ | 350,000 |  |  | $ | 350,000 |
Term Loan A Facility ("2023 Term Loan Facility") due December 2026; bearing interest at 7.581% as of December 31, 2023 | 419,250 |  |  | — |
Revolving Credit Facility ("Revolving Credit Facility") due December 2026; bearing interest at Term SOFR plus 1.725% | — |  |  | 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 bearing interest at 2.875% through December 2029 | 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 bearing interest at 3.125% through May 2026 | 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 bearing interest at 2.750% through September 2025 | 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 bearing interest at 5.125% through September 2030 | 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 bearing interest at 5.25% through January 2025 | 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 bearing interest at 5.125% through July 2025 | 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 bearing interest at 4.375% through July 2025 | 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 bearing interest at 4.625% through April 2028 | 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 bearing interest at 5.00% through May 2027 | 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 bearing interest at 2.95% through April 2029 | 11,000 |  |  | 11,000 |
Other: |  |  |
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.0% | 53,066 |  |  | 49,813 |
Notes payable maturing through March 2025; bearing interest up to 8.1% | 230 |  |  | 664 |
Principal amount of debt | 1,054,546 |  |  | 603,477 |
Less—unamortized debt issuance costs | 11,103 |  |  | 9,494 |
Debt less unamortized debt issuance costs | 1,043,443 |  |  | 593,983 |
Less—current maturities of debt | 35,781 |  |  | 8,968 |
Debt, less current portion | $ | 1,007,662 |  |  | $ | 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%
Schedule of Components of Interest Expense | The components of interest expense are as follows:
| Fiscal Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest expense on long-term debt and finance leases | $ | 44,836 |  |  | $ | 21,691 |  |  | $ | 19,201 |
Amortization of debt issuance costs (1) | 2,962 |  |  | 1,903 |  |  | 2,288 |
Letter of credit fees | 423 |  |  | 458 |  |  | 458 |
Less: capitalized interest | (643) |  |  | (330) |  |  | (718) |
Total interest expense | $ | 47,578 |  |  | $ | 23,722 |  |  | $ | 21,229 |
(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 fiscal year ended December 31, 2023.
Schedule of Notional Amounts | A summary of the changes to the notional amount of interest rate derivative agreements follows:
| Active |  | Forward Starting |  | Total
Balance, December 31, 2021 | $ | 195,000 |  |  | $ | 85,000 |  |  | $ | 280,000 |
Commencements | 65,000 |  |  | (65,000) |  |  | — |
Maturities | (70,000) |  |  | — |  |  | (70,000) |
Balance, December 31, 2022 (1) | 190,000 |  |  | 20,000 |  |  | 210,000 |
Additions | 390,000 |  |  | — |  |  | 390,000 |
Commencements | 20,000 |  |  | (20,000) |  |  | — |
Maturities | (85,000) |  |  | — |  |  | (85,000) |
Balance, December 31, 2023 (2) | $ | 515,000 |  |  | $ | — |  |  | $ | 515,000 |
(1)These agreements mature between May 2023 and May 2028 and state that we receive interest based on 1-month LIBOR, restricted by a 0.0% floor in some instances, and pay interest at a weighted average rate of approximately 2.11%. (2)These agreements mature between February 2026 and June 2028 and state that we receive interest based on Term SOFR, restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 3.60%.
Schedule of Cash Flow Hedges Related to Derivative Instruments | A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows:
|  |  | Fair Value
| Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022
Interest rate swaps | Other current assets |  | $ | 5,951 |  |  | $ | 4,345 |
Interest rate swaps | Other non-current assets |  | 4,413 |  |  | 7,461 |
Total |  |  | $ | 10,364 |  |  | $ | 11,806 |
Interest rate swaps | Other long-term liabilities |  | $ | 11,762 |  |  | $ | — |
Interest rate swaps | Accumulated other comprehensive (loss) income, net |  | $ | (1,398) |  |  | $ | 11,806 |
Interest rate swaps - tax effect | Accumulated other comprehensive (loss) income, net |  | 318 |  |  | (4,264) |
|  |  | $ | (1,080) |  |  | $ | 7,542 |
Schedule of Future Maturities of Debt | Aggregate principal maturities of debt as of December 31, 2023 for each of the next five fiscal years and thereafter are as follows:
Fiscal year ending December 31, 2024 | $ | 35,781 |
Fiscal year ending December 31, 2025 | 66,455 |
Fiscal year ending December 31, 2026 | 724,288 |
Fiscal year ending December 31, 2027 | 6,965 |
Fiscal year ending December 31, 2028 | 6,566 |
Thereafter | 214,491 |
| $ | 1,054,546 |

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