10-Q 1 cwst-20220331.htm 10-Q cwst-20220331
000091117712-312022Q1FALSE00009111772022-01-012022-03-310000911177us-gaap:CommonClassAMember2022-04-15xbrli:shares0000911177us-gaap:CommonClassBMember2022-04-1500009111772022-03-31iso4217:USD00009111772021-12-310000911177us-gaap:CommonClassAMember2022-03-31iso4217:USDxbrli:shares0000911177us-gaap:CommonClassAMember2021-12-310000911177us-gaap:CommonClassBMember2021-12-310000911177us-gaap:CommonClassBMember2022-03-310000911177us-gaap:CommonClassBMember2022-01-012022-03-31cwst:vote0000911177us-gaap:CommonClassBMember2021-01-012021-12-3100009111772021-01-012021-03-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310000911177us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-12-310000911177us-gaap:AdditionalPaidInCapitalMember2021-12-310000911177us-gaap:RetainedEarningsMember2021-12-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-03-310000911177us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000911177us-gaap:RetainedEarningsMember2022-01-012022-03-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-03-310000911177us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-03-310000911177us-gaap:AdditionalPaidInCapitalMember2022-03-310000911177us-gaap:RetainedEarningsMember2022-03-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100009111772020-12-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310000911177us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-12-310000911177us-gaap:AdditionalPaidInCapitalMember2020-12-310000911177us-gaap:RetainedEarningsMember2020-12-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-012021-03-310000911177us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000911177us-gaap:RetainedEarningsMember2021-01-012021-03-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-3100009111772021-03-310000911177us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-03-310000911177us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-03-310000911177us-gaap:AdditionalPaidInCapitalMember2021-03-310000911177us-gaap:RetainedEarningsMember2021-03-310000911177us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-31cwst:regionalOperatingSegment0000911177cwst:CollectionMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMembercwst:CollectionMember2022-01-012022-03-310000911177cwst:CollectionMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:CollectionMember2022-01-012022-03-310000911177cwst:LandfillRevenueMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMembercwst:LandfillRevenueMember2022-01-012022-03-310000911177cwst:LandfillRevenueMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:LandfillRevenueMember2022-01-012022-03-310000911177cwst:TransferMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMembercwst:TransferMember2022-01-012022-03-310000911177cwst:TransferMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:TransferMember2022-01-012022-03-310000911177cwst:TransportationMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:TransportationMembercwst:WesternRegionMember2022-01-012022-03-310000911177cwst:TransportationMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:TransportationMember2022-01-012022-03-310000911177cwst:LandfillGasToEnergyMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:LandfillGasToEnergyMembercwst:WesternRegionMember2022-01-012022-03-310000911177cwst:LandfillGasToEnergyMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:LandfillGasToEnergyMember2022-01-012022-03-310000911177cwst:ProcessingServicesMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMembercwst:ProcessingServicesMember2022-01-012022-03-310000911177cwst:ProcessingServicesMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:ProcessingServicesMember2022-01-012022-03-310000911177cwst:NonProcessingServicesMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:NonProcessingServicesMembercwst:WesternRegionMember2022-01-012022-03-310000911177cwst:NonProcessingServicesMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177cwst:NonProcessingServicesMember2022-01-012022-03-310000911177cwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMember2022-01-012022-03-310000911177cwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177us-gaap:TransferredAtPointInTimeMembercwst:EasternRegionMember2022-01-012022-03-310000911177cwst:WesternRegionMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-03-310000911177us-gaap:TransferredAtPointInTimeMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177us-gaap:TransferredAtPointInTimeMember2022-01-012022-03-310000911177cwst:EasternRegionMemberus-gaap:TransferredOverTimeMember2022-01-012022-03-310000911177cwst:WesternRegionMemberus-gaap:TransferredOverTimeMember2022-01-012022-03-310000911177cwst:ResourceSolutionsRegionMemberus-gaap:TransferredOverTimeMember2022-01-012022-03-310000911177us-gaap:TransferredOverTimeMember2022-01-012022-03-310000911177cwst:CollectionMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMembercwst:CollectionMember2021-01-012021-03-310000911177cwst:CollectionMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:CollectionMember2021-01-012021-03-310000911177cwst:LandfillRevenueMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMembercwst:LandfillRevenueMember2021-01-012021-03-310000911177cwst:LandfillRevenueMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:LandfillRevenueMember2021-01-012021-03-310000911177cwst:TransferMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMembercwst:TransferMember2021-01-012021-03-310000911177cwst:TransferMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:TransferMember2021-01-012021-03-310000911177cwst:TransportationMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:TransportationMembercwst:WesternRegionMember2021-01-012021-03-310000911177cwst:TransportationMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:TransportationMember2021-01-012021-03-310000911177cwst:LandfillGasToEnergyMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:LandfillGasToEnergyMembercwst:WesternRegionMember2021-01-012021-03-310000911177cwst:LandfillGasToEnergyMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:LandfillGasToEnergyMember2021-01-012021-03-310000911177cwst:ProcessingServicesMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMembercwst:ProcessingServicesMember2021-01-012021-03-310000911177cwst:ProcessingServicesMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:ProcessingServicesMember2021-01-012021-03-310000911177cwst:NonProcessingServicesMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:NonProcessingServicesMembercwst:WesternRegionMember2021-01-012021-03-310000911177cwst:NonProcessingServicesMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177cwst:NonProcessingServicesMember2021-01-012021-03-310000911177cwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMember2021-01-012021-03-310000911177cwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177us-gaap:TransferredAtPointInTimeMembercwst:EasternRegionMember2021-01-012021-03-310000911177cwst:WesternRegionMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-03-310000911177us-gaap:TransferredAtPointInTimeMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177us-gaap:TransferredAtPointInTimeMember2021-01-012021-03-310000911177cwst:EasternRegionMemberus-gaap:TransferredOverTimeMember2021-01-012021-03-310000911177cwst:WesternRegionMemberus-gaap:TransferredOverTimeMember2021-01-012021-03-310000911177cwst:ResourceSolutionsRegionMemberus-gaap:TransferredOverTimeMember2021-01-012021-03-310000911177us-gaap:TransferredOverTimeMember2021-01-012021-03-310000911177cwst:RebateRecycledOrReturnedOrganicMaterialsMember2022-01-012022-03-310000911177cwst:RebateRecycledOrReturnedOrganicMaterialsMember2021-01-012021-03-310000911177cwst:WesternRegionMembercwst:TuckinSolidWasteCollectionBusinessMember2022-01-012022-03-31cwst:business0000911177cwst:WesternRegionMembercwst:TuckinSolidWasteCollectionBusinessMember2021-01-012021-03-310000911177srt:MinimumMember2022-01-012022-03-310000911177srt:MaximumMember2022-01-012022-03-310000911177cwst:TransferStationsAcquisitionMember2022-01-012022-03-310000911177cwst:TransferStationsAcquisitionMember2021-01-012021-03-310000911177cwst:TransferStationsAcquisitionMember2022-03-310000911177cwst:TransferStationsAcquisitionMember2021-03-310000911177us-gaap:NoncompeteAgreementsMembercwst:TransferStationsAcquisitionMember2022-03-310000911177us-gaap:NoncompeteAgreementsMembercwst:TransferStationsAcquisitionMember2021-03-310000911177us-gaap:CustomerRelationshipsMembercwst:TransferStationsAcquisitionMember2022-03-310000911177us-gaap:CustomerRelationshipsMembercwst:TransferStationsAcquisitionMember2021-03-310000911177cwst:EasternRegionMember2021-12-310000911177cwst:EasternRegionMember2022-03-310000911177cwst:WesternRegionMember2021-12-310000911177cwst:WesternRegionMember2022-03-310000911177cwst:ResourceSolutionsRegionMember2021-12-310000911177cwst:ResourceSolutionsRegionMember2022-03-310000911177us-gaap:NoncompeteAgreementsMember2022-03-310000911177us-gaap:CustomerRelationshipsMember2022-03-310000911177us-gaap:TradeNamesMember2022-03-310000911177us-gaap:NoncompeteAgreementsMember2021-12-310000911177us-gaap:CustomerRelationshipsMember2021-12-310000911177us-gaap:TradeNamesMember2021-12-310000911177us-gaap:SecuredDebtMembercwst:AmendedTermAFacilityDueDecember2026TermLoanBFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-31xbrli:pure0000911177us-gaap:SecuredDebtMembercwst:AmendedTermAFacilityDueDecember2026TermLoanBFacilityMember2022-03-310000911177us-gaap:SecuredDebtMembercwst:AmendedTermAFacilityDueDecember2026TermLoanBFacilityMember2021-12-310000911177cwst:AmendedRevolvingCreditFacilityDueDecember2026Memberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310000911177cwst:AmendedRevolvingCreditFacilityDueDecember2026Memberus-gaap:LineOfCreditMember2022-03-310000911177cwst:AmendedRevolvingCreditFacilityDueDecember2026Memberus-gaap:LineOfCreditMember2021-12-310000911177cwst:RevenueBondsSeriesTwoThousandFourteenDueTwoThousandFortyFourMemberus-gaap:UnsecuredDebtMember2022-03-310000911177cwst:RevenueBondsSeriesTwoThousandFourteenDueTwoThousandFortyFourMemberus-gaap:UnsecuredDebtMember2021-12-310000911177cwst:RevenueBondSeriesTwoThousandFourteenRTwoDueTwoThousandFortyFourMemberus-gaap:UnsecuredDebtMember2022-03-310000911177cwst:RevenueBondSeriesTwoThousandFourteenRTwoDueTwoThousandFortyFourMemberus-gaap:UnsecuredDebtMember2021-12-310000911177cwst:RevenueBondsSeries2020DueSeptember2050Memberus-gaap:UnsecuredDebtMember2022-03-310000911177cwst:RevenueBondsSeries2020DueSeptember2050Memberus-gaap:UnsecuredDebtMember2021-12-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityofMaineSolidWasteDisposalRevenueBondsSeries2005R3FAMEBonds2005R3Member2022-03-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityofMaineSolidWasteDisposalRevenueBondsSeries2005R3FAMEBonds2005R3Member2021-12-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityOfMaineSolidWasteDisposalRevenueBondsSeries2015R1Member2022-03-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityOfMaineSolidWasteDisposalRevenueBondsSeries2015R1Member2021-12-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityOfMaineSolidWasteDisposalRevenueBondsSeries2015R2Member2022-03-310000911177us-gaap:UnsecuredDebtMembercwst:FinanceAuthorityOfMaineSolidWasteDisposalRevenueBondsSeries2015R2Member2021-12-310000911177us-gaap:UnsecuredDebtMembercwst:LongTermRevenueBondSeriesTwoThousandThirteenDueTwoThousandThirtySixMember2022-03-310000911177us-gaap:UnsecuredDebtMembercwst:LongTermRevenueBondSeriesTwoThousandThirteenDueTwoThousandThirtySixMember2021-12-310000911177us-gaap:UnsecuredDebtMembercwst:RevenueBondSeriesTwoThousandThirteenDueTwoThousandTwentyNineMember2022-03-310000911177us-gaap:UnsecuredDebtMembercwst:RevenueBondSeriesTwoThousandThirteenDueTwoThousandTwentyNineMember2021-12-310000911177cwst:NotesPayableMember2022-03-310000911177cwst:NotesPayableMember2021-12-310000911177cwst:CreditFacilityMembercwst:AmendedRevolvingCreditFacilityAndTermLoanAFacilityMember2022-03-310000911177cwst:CreditFacilityMembercwst:AmendedRevolvingCreditFacilityAndTermLoanAFacilityMember2021-12-310000911177cwst:AmendedRevolvingCreditFacilityDueDecember2026Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-03-310000911177us-gaap:LetterOfCreditMembercwst:AmendedRevolvingCreditFacilityDueDecember2026Memberus-gaap:RevolvingCreditFacilityMember2022-03-310000911177us-gaap:LineOfCreditMember2022-01-012022-03-310000911177srt:MaximumMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-03-310000911177us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-03-310000911177us-gaap:LineOfCreditMember2022-03-310000911177us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2022-03-310000911177us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2021-12-310000911177cwst:ForwardInterestRateContractMemberus-gaap:CashFlowHedgingMember2022-03-310000911177cwst:ForwardInterestRateContractMemberus-gaap:CashFlowHedgingMember2021-12-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177cwst:OtherAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177cwst:OtherAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310000911177us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000911177us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-03-310000911177srt:MinimumMember2022-03-310000911177srt:MaximumMember2022-03-310000911177us-gaap:CommonClassAMembercwst:A2016IncentivePlanMember2022-03-310000911177cwst:TwoThousandSixStockIncentivePlanMemberus-gaap:CommonClassAMember2022-01-012022-03-310000911177cwst:A2016IncentivePlanMember2022-01-012022-03-310000911177srt:MinimumMembercwst:A2016IncentivePlanMember2022-01-012022-03-310000911177srt:MaximumMembercwst:A2016IncentivePlanMember2022-01-012022-03-310000911177us-gaap:EmployeeStockOptionMember2022-01-012022-03-310000911177us-gaap:EmployeeStockOptionMember2021-01-012021-03-310000911177us-gaap:EmployeeStockOptionMember2022-03-310000911177cwst:RestrictedStockAwardsMembercwst:NonEmployeeDirectorMember2022-01-012022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMember2021-12-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMember2022-01-012022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMemberus-gaap:CommonClassAMember2022-01-012022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMember2022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-03-310000911177cwst:PerformanceStockUnitMember2022-01-012022-03-310000911177us-gaap:CommonClassAMembercwst:PerformanceStockUnitMember2022-01-012022-03-310000911177cwst:RestrictedStockRestrictedStockUnitsAndPerformanceStockUnitsMember2021-01-012021-03-310000911177cwst:RestrictedStockAwardsMember2022-03-310000911177cwst:RestrictedStockAwardsMembersrt:WeightedAverageMember2022-01-012022-03-310000911177us-gaap:RestrictedStockUnitsRSUMember2022-03-310000911177srt:WeightedAverageMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310000911177cwst:PerformanceStockUnitMember2022-03-310000911177srt:WeightedAverageMembercwst:PerformanceStockUnitMember2022-01-012022-03-310000911177cwst:AmendedAndRestatedNineteenNinetySevenEmployeeStockPurchasePlanMember2022-01-012022-03-310000911177cwst:AmendedAndRestatedNineteenNinetySevenEmployeeStockPurchasePlanMember2021-01-012021-03-310000911177us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000911177us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000911177us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000911177us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000911177us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000911177us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000911177us-gaap:CommonClassAMember2021-03-310000911177us-gaap:CommonClassBMember2021-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:LandfillMember2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LandfillMember2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LandfillMemberus-gaap:FairValueInputsLevel3Member2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:LandfillMember2021-12-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LandfillMember2021-12-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LandfillMemberus-gaap:FairValueInputsLevel3Member2021-12-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000911177us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000911177cwst:FixedRateBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000911177cwst:FixedRateBondsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000911177us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000911177us-gaap:OperatingSegmentsMembercwst:EasternRegionMember2022-01-012022-03-310000911177us-gaap:IntersegmentEliminationMembercwst:EasternRegionMember2022-01-012022-03-310000911177us-gaap:OperatingSegmentsMembercwst:EasternRegionMember2022-03-310000911177cwst:WesternRegionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000911177cwst:WesternRegionMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-310000911177cwst:WesternRegionMemberus-gaap:OperatingSegmentsMember2022-03-310000911177us-gaap:OperatingSegmentsMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177us-gaap:IntersegmentEliminationMembercwst:ResourceSolutionsRegionMember2022-01-012022-03-310000911177us-gaap:OperatingSegmentsMembercwst:ResourceSolutionsRegionMember2022-03-310000911177us-gaap:CorporateNonSegmentMember2022-01-012022-03-310000911177us-gaap:CorporateNonSegmentMember2022-03-310000911177us-gaap:IntersegmentEliminationMember2022-01-012022-03-310000911177us-gaap:OperatingSegmentsMembercwst:EasternRegionMember2021-01-012021-03-310000911177us-gaap:IntersegmentEliminationMembercwst:EasternRegionMember2021-01-012021-03-310000911177us-gaap:OperatingSegmentsMembercwst:EasternRegionMember2021-03-310000911177cwst:WesternRegionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000911177cwst:WesternRegionMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310000911177cwst:WesternRegionMemberus-gaap:OperatingSegmentsMember2021-03-310000911177us-gaap:OperatingSegmentsMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177us-gaap:IntersegmentEliminationMembercwst:ResourceSolutionsRegionMember2021-01-012021-03-310000911177us-gaap:OperatingSegmentsMembercwst:ResourceSolutionsRegionMember2021-03-310000911177us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000911177us-gaap:CorporateNonSegmentMember2021-03-310000911177us-gaap:IntersegmentEliminationMember2021-01-012021-03-310000911177cwst:SolidWasteOperationsCollectionMember2022-01-012022-03-310000911177cwst:SolidWasteOperationsCollectionMember2021-01-012021-03-310000911177cwst:SolidWasteOperationsDisposalMember2022-01-012022-03-310000911177cwst:SolidWasteOperationsDisposalMember2021-01-012021-03-310000911177cwst:SolidWasteOperationsPowerGenerationMember2022-01-012022-03-310000911177cwst:SolidWasteOperationsPowerGenerationMember2021-01-012021-03-310000911177cwst:SolidWasteOperationsProcessingMember2022-01-012022-03-310000911177cwst:SolidWasteOperationsProcessingMember2021-01-012021-03-310000911177cwst:SolidWasteOperationsMember2022-01-012022-03-310000911177cwst:SolidWasteOperationsMember2021-01-012021-03-310000911177cwst:ResourceSolutionsOperationsProcessingMember2022-01-012022-03-310000911177cwst:ResourceSolutionsOperationsProcessingMember2021-01-012021-03-310000911177cwst:ResourceSolutionsOperationsNonProcessingMember2022-01-012022-03-310000911177cwst:ResourceSolutionsOperationsNonProcessingMember2021-01-012021-03-310000911177cwst:ResourceSolutionsOperationsMember2022-01-012022-03-310000911177cwst:ResourceSolutionsOperationsMember2021-01-012021-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-23211
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware03-0338873
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
25 Greens Hill Lane,
Rutland,Vermont05701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (802775-0325
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareCWSTThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
The number of shares outstanding of each of the registrant’s classes of common stock, as of April 15, 2022:
Class A common stock, $0.01 par value per share:50,650,518 
Class B common stock, $0.01 par value per share:988,200 



PART I.
ITEM 1.    FINANCIAL STATEMENTS
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2022
December 31,
2021
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$12,594 $33,809 
Accounts receivable, net of allowance for credit losses of $2,812 and $3,276, respectively
93,244 86,979 
Prepaid expenses13,840 12,766 
Inventory11,770 9,729 
Other current assets2,537 3,196 
Total current assets133,985 146,479 
Property, plant and equipment, net of accumulated depreciation and amortization of $997,459 and $973,094, respectively
646,691 644,604 
Operating lease right-of-use assets93,961 93,799 
Goodwill258,414 232,860 
Intangible assets, net100,864 93,723 
Restricted assets1,985 2,122 
Cost method investments11,264 11,264 
Deferred income taxes41,237 43,957 
Other non-current assets18,570 14,772 
Total assets$1,306,971 $1,283,580 
The accompanying notes are an integral part of these consolidated financial statements.
1


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
March 31,
2022
December 31,
2021
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$9,873 $9,901 
Current operating lease liabilities7,125 7,307 
Accounts payable65,244 63,086 
Accrued payroll and related expenses10,139 22,210 
Accrued interest1,949 2,042 
Contract liabilities5,500 3,404 
Current accrued capping, closure and post-closure costs8,250 7,915 
Other accrued liabilities35,467 36,328 
Total current liabilities143,547 152,193 
Debt, less current portion560,594 542,503 
Operating lease liabilities, less current portion58,262 56,375 
Accrued capping, closure and post-closure costs, less current portion80,577 78,999 
Deferred income taxes885 868 
Other long-term liabilities28,056 30,185 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock, $0.01 par value per share; 100,000,000 shares authorized; 50,650,000 and 50,423,000 shares issued and outstanding, respectively
506 504 
Class B common stock, $0.01 par value per share; 1,000,000 shares authorized; 988,000 shares issued and outstanding, respectively; 10 votes per share
10 10 
Additional paid-in capital654,303 652,045 
Accumulated deficit(220,809)(224,999)
Accumulated other comprehensive income (loss), net of tax1,040 (5,103)
Total stockholders' equity435,050 422,457 
Total liabilities and stockholders' equity$1,306,971 $1,283,580 
The accompanying notes are an integral part of these consolidated financial statements.
2


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
 Three Months Ended
March 31,
 20222021
Revenues$234,027 $189,532 
Operating expenses:
Cost of operations162,455 127,139 
General and administration29,793 27,131 
Depreciation and amortization29,428 22,682 
Expense from acquisition activities2,043 414 
Southbridge Landfill closure charge140 157 
223,859 177,523 
Operating income10,168 12,009 
Other expense (income):
Interest income(40)(64)
Interest expense5,204 5,468 
Other income(144)(138)
Other expense, net5,020 5,266 
Income before income taxes5,148 6,743 
Provision for income taxes958 2,432 
Net income$4,190 $4,311 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,490 51,179 
Basic earnings per common share$0.08 $0.08 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,657 51,387 
Diluted earnings per common share$0.08 $0.08 
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in thousands)
 Three Months Ended
March 31,
 20222021
Net income$4,190 $4,311 
Other comprehensive income, before tax:
Hedging activity:
Interest rate swap settlements(1,163)(1,160)
Interest rate swap amounts reclassified into interest expense1,128 1,145 
Unrealized gain resulting from changes in fair value of derivative instruments8,381 4,987 
Other comprehensive income, before tax8,346 4,972 
Income tax provision related to items of other comprehensive income2,203 1,142 
Other comprehensive income, net of tax6,143 3,830 
Comprehensive income$10,333 $8,141 
The accompanying notes are an integral part of these consolidated financial statements.
4



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY
(in thousands)

  Casella Waste Systems, Inc. Stockholders' Equity
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Income (Loss)
TotalSharesAmountSharesAmount
Balance, December 31, 2021$422,457 50,423 $504 988 $10 $652,045 $(224,999)$(5,103)
Issuances of Class A common stock19 227 2 — — 17 — — 
Stock-based compensation2,241 — — — — 2,241 — — 
Comprehensive income:
Net income4,190 — — — — — 4,190 — 
Other comprehensive income:
Hedging activity6,143 — — — — — — 6,143 
Balance, March 31, 2022$435,050 50,650 $506 988 $10 $654,303 $(220,809)$1,040 

Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2020$362,142 50,101 $501 988 $10 $639,247 $(266,099)$(11,517)
Issuances of Class A common stock112 273 3 — — 109 — — 
Stock-based compensation2,941 — — — — 2,941 — — 
Comprehensive income:
Net income4,311 — — — — — 4,311 — 
Other comprehensive income:
Hedging activity3,830 — — — — — — 3,830 
Balance, March 31, 2021$373,336 50,374 $504 988 $10 $642,297 $(261,788)$(7,687)
The accompanying notes are an integral part of these consolidated financial statements.
5


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 Three Months Ended
March 31,
 20222021
Cash Flows from Operating Activities:
Net income$4,190 $4,311 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization29,428 22,682 
Interest accretion on landfill and environmental remediation liabilities1,966 1,957 
Amortization of debt issuance costs457 572 
Stock-based compensation2,241 2,941 
Operating lease right-of-use assets expense3,162 3,015 
Gain on sale of property and equipment(77)(24)
Non-cash expense from acquisition activities 937 146 
Deferred income taxes534 2,300 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable402 7,872 
Landfill operating lease contract expenditures (160)
Accounts payable2,116 1,349 
Prepaid expenses, inventories and other assets(1,060)(2,077)
Accrued expenses, contract liabilities and other liabilities(19,582)(12,737)
Net cash provided by operating activities24,714 32,147 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(49,757)(4,568)
Additions to property, plant and equipment(12,910)(26,832)
Proceeds from sale of property and equipment145 123 
Net cash used in investing activities(62,522)(31,277)
Cash Flows from Financing Activities:
Proceeds from debt borrowings25,600  
Principal payments on debt(9,014)(2,769)
Payments of debt issuance costs(12) 
Proceeds from the exercise of share based awards19 112 
Net cash provided by (used in) financing activities16,593 (2,657)
Net decrease in cash and cash equivalents(21,215)(1,787)
Cash and cash equivalents, beginning of period33,809 154,342 
Cash and cash equivalents, end of period$12,594 $152,555 
Supplemental Disclosure of Cash Flow Information:
Cash interest payments$4,840 $5,020 
Cash income tax payments$221 $238 
Non-current assets obtained through long-term financing obligations$1,032 $4,569 
Right-of-use assets obtained in exchange for operating lease liabilities$2,710 $512 
The accompanying notes are an integral part of these consolidated financial statements.
6


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except for per share data)
1.    BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”), and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in seven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine and Pennsylvania, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services. We manage our resource-renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8, "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("fiscal year 2021"), which was filed with the SEC on February 18, 2022.
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2022 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year 2021.
Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2022 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.
7


2.    ACCOUNTING CHANGES
A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standards Board (“FASB”) that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848), as amended through January 2021Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria.We currently have interest rate derivative agreements with hedging relationships that reference LIBOR. This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. We are currently assessing the provisions of this guidance, and reviewing and updating our existing contracts, as applicable, for transition or fallback language that specifies how a replacement rate for LIBOR will be identified. We are also no longer using LIBOR as a reference rate for any new contracts. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022. See Note 7, Debt for further disclosure over our interest rate derivative agreements and debt instruments that reference LIBOR.
ASU No. 2021-08: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805)Requires entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.We have made in the past, and we may make in the future, acquisitions to densify existing operations, expand service areas, and grow services for our customers, and these acquisitions may include contract assets or contract liabilities. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2023 with early adoption permitted.

3.    REVENUE RECOGNITION
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services. Revenues associated with our resource-renewal services are derived from processing and non-processing services.
The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three months ended March 31, 2022 and 2021:
8


Three Months Ended March 31, 2022
EasternWesternResource SolutionsTotal Revenues
Collection$51,497 $68,034 $ $119,531 
Landfill5,376 14,190  19,566 
Transfer11,613 7,844  19,457 
Transportation1,472 2,658  4,130 
Landfill gas-to-energy274 2,380  2,654 
Processing1,087 733 27,395 29,215 
Non-processing  39,474 39,474 
Total revenues$71,319 $95,839 $66,869 $234,027 
Transferred at a point-in-time$120 $511 $15,086 $15,717 
Transferred over time71,199 95,328 51,783 218,310 
Total revenues$71,319 $95,839 $66,869 $234,027 
Three Months Ended March 31, 2021
EasternWesternResource SolutionsTotal Revenues
Collection$36,076 $61,393 $ $97,469 
Landfill5,403 13,619  19,022 
Transfer9,424 7,146  16,570 
Transportation48 2,213  2,261 
Landfill gas-to-energy268 1,035  1,303 
Processing1,126 358 17,272 18,756 
Non-processing  34,151 34,151 
Total revenues$52,345 $85,764 $51,423 $189,532 
Transferred at a point-in-time$44 $501 $10,092 $10,637 
Transferred over time52,301 85,263 41,331 178,895 
Total revenues$52,345 $85,764 $51,423 $189,532 
Payments to customers that are not in exchange for a distinct good or service are recorded as a reduction of revenues. Rebates to certain customers associated with payments for recycled or organic materials that are received and subsequently processed and sold to other third-parties amounted to $3,794 in the three months ended March 31, 2022 and $1,568 in the three months ended March 31, 2021. Rebates are generally recorded as a reduction of revenues upon the sale of such materials, or upon receipt of the recycled materials at our facilities. We did not record any revenues in the three months ended March 31, 2022 or March 31, 2021 from performance obligations satisfied in previous periods.
Contract receivables, which are included in Accounts receivable, net are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. Accounts receivable, net includes gross receivables from contracts of $94,967 and $89,232 as of March 31, 2022 and December 31, 2021, respectively. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred as a contract liability until the services are provided and control transferred to the customer. We recognized contract liabilities of $5,500 and $3,404 as of March 31, 2022 and December 31, 2021, respectively. Due to the short term nature of advanced billings, substantially all of the deferred revenue recognized as a contract liability as of December 31, 2021 and December 31, 2020 was recognized as revenue during the three months ended March 31, 2022 and March 31, 2021, respectively, when the services were performed.
9


4.    BUSINESS COMBINATIONS
In the three months ended March 31, 2022, we acquired the following businesses: a full service solid-waste collection, recycling and hauling business in our Resource Solutions operating segment; three tuck-in solid waste collection businesses in our Western region; a portable toilets business in our Eastern region; and a scrap metal collection business whose assets are allocated between our Eastern region and Resource Solutions operating segments. In the three months ended March 31, 2021, we acquired one tuck-in solid waste collection business in our Western region.
The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions, including contingent consideration. Acquired intangible assets other than goodwill that are subject to amortization include customer relationships, trade names and covenants not-to-compete. Such assets are amortized over a four-year to ten-year period from the date of acquisition. All amounts recorded to goodwill are expected to be deductible for tax purposes.
10


A summary of the purchase price paid and the purchase price allocation for acquisitions follows:
 Three Months Ended
March 31,
 20222021
Purchase Price:
Cash used in acquisitions, net of cash acquired$49,747 $3,465 
Holdbacks3,707 385 
Total consideration53,454 3,850 
Allocated as follows:
Current assets7,584  
Property, plant and equipment:
Land1,940  
Buildings and improvements5,078  
Equipment6,655 1,254 
Operating lease right-of-use assets405  
Intangible assets:
Covenants not-to-compete1,343 331 
Customer relationships9,637 954 
Current liabilities(3,573)(76)
Operating lease liabilities, less current portion(282) 
Fair value of assets acquired and liabilities assumed28,787 2,463 
Excess purchase price allocated to goodwill$24,667 $1,387 
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, the purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2021 is as follows:
 Three Months Ended
March 31,
 20222021
Revenues$238,836 $218,841 
Operating income$10,834 $12,615 
Net income$4,303 $2,571 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,490 51,179 
Basic earnings per common share$0.08 $0.05 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,657 51,387 
Diluted earnings per common share$0.08 $0.05 
The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2021 or of the results of our future operations. Furthermore, the unaudited pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.
11


5.    GOODWILL AND INTANGIBLE ASSETS
A summary of the activity and balances related to goodwill by reporting segment is as follows:
December 31,
2021
AcquisitionsMarch 31,
2022
Eastern region $52,072 $330 $52,402 
Western region163,728 3,906 167,634 
Resource solutions 17,060 21,318 38,378 
Total$232,860 $25,554 $258,414 

Summaries of intangible assets by type follows:
Covenants
Not-to-Compete
Customer RelationshipsTrade NamesTotal
Balance, March 31, 2022
Intangible assets$30,120 $124,592 $8,350 $163,062 
Less accumulated amortization(22,614)(37,322)(2,262)(62,198)
$7,506 $87,270 $6,088 $100,864 

 Covenants
Not-to-Compete
Customer RelationshipsTrade NamesTotal
Balance, December 31, 2021
Intangible assets$28,777 $115,005 $8,350 $152,132 
Less accumulated amortization(22,148)(34,809)(1,452)(58,409)
$6,629 $80,196 $6,898 $93,723 

Intangible amortization expense was $3,789 during the three months ended March 31, 2022 and $2,028 during the three months ended March 31, 2021.
A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2021 and thereafter follows:
Estimated Future Amortization Expense as of March 31, 2022 
Fiscal year ending December 31, 2022$12,404 
Fiscal year ending December 31, 2023$15,574 
Fiscal year ending December 31, 2024$14,855 
Fiscal year ending December 31, 2025$13,736 
Fiscal year ending December 31, 2026$12,102 
Thereafter$32,193 

6.    ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE
Accrued final capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for final capping, closure and post-closure of our landfills. We estimate our future final capping, closure and post-closure costs in order to determine the final capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated time frame for paying these costs varies based on the remaining useful life of each landfill as well as the duration of the post-closure monitoring period.
12


A summary of the changes to accrued final capping, closure and post-closure liabilities follows:
 Three Months Ended
March 31,
 20222021
Beginning balance$86,914 $82,533 
Obligations incurred966 1,038 
Accretion expense 1,873 1,811 
Obligations settled (1)
(926)(357)
Ending balance$88,827 $85,025 
(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.
7.    DEBT
A summary of debt is as follows:
March 31,
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 due December 2026 ("Revolving Credit Facility"); bearing interest at LIBOR plus 1.375%
19,000  
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 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") 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 ("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 3.5%
44,783 45,724 
Notes payable maturing through June 2027; bearing interest at a weighted average of 3.1%
4,405 4,846 
Principal amount of debt 580,188 562,570 
Less—unamortized debt issuance costs (1)9,721 10,166 
Debt less unamortized debt issuance costs570,467 552,404 
Less—current maturities of debt9,873 9,901 
$560,594 $542,503 
 
13


(1)A summary of unamortized debt issuance costs by debt instrument follows:
March 31,
2022
December 31,
2021
Revolving Credit Facility and Term Loan Facility (collectively, the "Credit Facility")$5,601 $5,884 
New York Bonds 2014R-1916 933 
New York Bonds 2014R-2249 268 
New York Bonds 20201,239 1,283 
FAME Bonds 2005R-3240 262 
FAME Bonds 2015R-1396 413 
FAME Bonds 2015R-2253 268 
Vermont Bonds419 433 
New Hampshire Bonds408 422 
$9,721 $10,166 
Credit Facility
As of March 31, 2022, 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 Facility 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 Facility. 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 March 31, 2022, further advances were available under the Credit Facility in the amount of $252,805. The available amount is net of outstanding irrevocable letters of credit totaling $28,195, and as of March 31, 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 fair value is recorded in our 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 both March 31, 2022 and December 31, 2021, our active interest rate derivative agreements had total notional amounts of $195,000. 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 2.48%. The agreements mature between June 2022 and February 2027.
Additionally, as of March 31, 2022 and December 31, 2021, we have forward starting interest rate derivative agreements with total notional amounts of $60,000 and $85,000, respectively, after considering any forward starting interest rate derivative agreements that have become effective in the current period. According to the terms of the agreements, we will receive interest based on the 1-month LIBOR index, restricted by a 0.0% floor, and will pay in