| Leases
|
|
|
|
|
|
|
|
|
Years | |
Vehicles | 5–10 |
Machinery and equipment | 3–10 |
Containers | 5–15 |
Furniture and fixtures | 5–7 |
Building and improvements | 5–39 |
(1) | The Company must either own the property for the expansion or have a legal right to use or obtain property to be included in the expansion plan; |
(2) | Conceptual design of the expansion must have been completed; |
(3) | Personnel are actively working to obtain land use and local and state approvals for an expansion of an existing landfill and the application for expansion must reasonably be expected to be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located; |
(4) | There are no known significant technical, community, business, or political restrictions or similar issues that would likely impair the success of the expansion; and |
(5) | Financial analysis has been completed and the results demonstrate that the expansion has a positive financial and operational impact. |
|
2017 | 2016 | ||||||
Current assets | $ | 5.9 | $ | 0.3 | |||
Property and equipment | 89.8 | 2.3 | |||||
Goodwill | 35.2 | 0.4 | |||||
Other intangible assets | 18.8 | 2.6 | |||||
Total assets acquired | 149.7 | 5.6 | |||||
Current liabilities | 6.9 | 0.2 | |||||
Total liabilities assumed | 33.8 | 0.2 | |||||
Net assets acquired | $ | 115.9 | $ | 5.4 |
2017 | 2016 | ||||||
Customer lists and contracts | $ | 17.0 | $ | 2.3 | |||
Noncompete | 1.2 | 0.1 | |||||
Other | 0.6 | 0.2 | |||||
$ | 18.8 | $ | 2.6 |
Customer lists and contracts | 17 |
Noncompete | 7 |
|
2017 | 2016 | 2015 | |||||||||
Beginning balance | $ | 4.0 | $ | 4.4 | $ | 5.0 | |||||
Provision for doubtful accounts | 5.4 | 3.7 | 4.0 | ||||||||
Write-offs of bad debt | (4.6 | ) | (4.1 | ) | (4.8 | ) | |||||
Other | 0.6 | — | 0.2 | ||||||||
Balance at December 31, | $ | 5.4 | $ | 4.0 | $ | 4.4 |
|
2017 | 2016 | |||||||
Prepaid insurance | $ | 5.9 | $ | 6.6 | ||||
Prepaid expenses | 16.4 | 14.2 | ||||||
Other receivables and current assets | 6.8 | 1.7 | ||||||
Parts and supplies inventory | 8.8 | 7.8 | ||||||
$ | 37.9 | $ | 30.3 |
|
Balance Sheet Location | 2017 | 2016 | |||||||
Derivatives Designated as Hedging Instruments | |||||||||
2017 interest rate caps | Other long-term liabilities | $ | (0.4 | ) | $ | — | |||
Derivatives Not Designated as Hedging Instruments | |||||||||
2016 interest rate caps | Prepaid expenses and other current assets | 0.9 | — | ||||||
2016 interest rate caps | Other assets | $ | 2.8 | $ | 2.3 | ||||
Total derivatives | $ | 3.3 | $ | 2.3 |
|
2017 | 2016 | ||||||
Land | $ | 209.1 | $ | 193.3 | |||
Landfill site costs | 1,465.7 | 1,358.1 | |||||
Vehicles | 680.3 | 595.7 | |||||
Containers | 294.4 | 271.5 | |||||
Machinery and equipment | 185.4 | 156.2 | |||||
Furniture and fixtures | 30.1 | 25.9 | |||||
Building and improvements | 188.7 | 170.1 | |||||
Construction in process | 30.6 | 25.6 | |||||
3,084.3 | 2,796.4 | ||||||
Less: Accumulated depreciation on property and equipment | (679.3 | ) | (579.3 | ) | |||
Less: Accumulated landfill airspace amortization | (676.2 | ) | (583.7 | ) | |||
$ | 1,728.8 | $ | 1,633.4 |
|
2017 | 2016 | ||||||
Balance at January 1 | $ | 191.1 | $ | 193.7 | |||
Increase in retirement obligation | 9.7 | 9.3 | |||||
Accretion of closure and post-closure costs | 15.4 | 13.0 | |||||
Acquisition | 28.3 | — | |||||
Change in estimate | 2.1 | (7.4 | ) | ||||
Costs incurred | (20.7 | ) | (17.5 | ) | |||
225.9 | 191.1 | ||||||
Less: Current portion | (20.2 | ) | (29.3 | ) | |||
Balance at December 31 | $ | 205.7 | $ | 161.8 |
|
2017 | ||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Impairment | Net Carrying Value | Weighted Average Remaining Life (Years) | ||||||||||||||
Noncompete agreements | $ | 5.4 | $ | (2.6 | ) | $ | — | $ | 2.8 | 2.3 | ||||||||
Tradenames | 15.5 | (6.9 | ) | — | 8.6 | 12.9 | ||||||||||||
Customer lists and contracts | 525.5 | (238.0 | ) | (13.0 | ) | 274.5 | 12.8 | |||||||||||
Operating permits | 2.5 | — | — | 2.5 | N/A | |||||||||||||
Above/below market leases | 0.4 | (0.1 | ) | — | 0.3 | 8.6 | ||||||||||||
$ | 549.3 | $ | (247.6 | ) | $ | (13.0 | ) | $ | 288.7 |
2016 | ||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Impairment | Net Carrying Value | Weighted Average Remaining Life (Years) | ||||||||||||||
Noncompete agreements | $ | 4.3 | $ | (1.7 | ) | $ | — | $ | 2.6 | 3.6 | ||||||||
Tradenames | 14.9 | (6.2 | ) | — | 8.7 | 14.7 | ||||||||||||
Customer lists and contracts | 513.4 | (202.7 | ) | — | 310.7 | 13.8 | ||||||||||||
Operating permits | 2.3 | — | — | 2.3 | N/A | |||||||||||||
Above/below market leases | 0.4 | (0.1 | ) | — | 0.3 | 9.6 | ||||||||||||
$ | 535.3 | $ | (210.7 | ) | $ | — | $ | 324.6 |
2018 | $ | 47.1 | |
2019 | 32.1 | ||
2020 | 31.3 | ||
2021 | 30.1 | ||
2022 | 26.8 | ||
Thereafter | 121.3 | ||
$ | 288.7 |
Goodwill | Accumulated Impairment | Goodwill, Net | |||||||||
December 31, 2015 | $ | 1,267.2 | $ | (93.7 | ) | $ | 1,173.5 | ||||
Acquisition | 0.4 | — | 0.4 | ||||||||
December 31, 2016 | 1,267.6 | (93.7 | ) | 1,173.9 | |||||||
Acquisition | 35.2 | — | 35.2 | ||||||||
Disposition of businesses | (0.9 | ) | — | (0.9 | ) | ||||||
December 31, 2017 | $ | 1,301.9 | $ | (93.7 | ) | $ | 1,208.2 |
|
2017 | 2016 | ||||||
Accrued compensation and benefits | $ | 30.9 | $ | 32.5 | |||
Accrued waste disposal costs | 42.1 | 40.1 | |||||
Accrued insurance and self-insurance reserves | 13.2 | 14.5 | |||||
Accrued severance | 1.5 | 0.5 | |||||
Other accrued expenses | 25.3 | 22.2 | |||||
$ | 113.0 | $ | 109.8 |
|
2017 | 2016 | |||||
Revolving line of credit with lenders, interest at base rate plus margin, as defined (6.25% and 4.49% at December 31, 2017 and 2016, respectively) due quarterly; balance due at maturity in 2021 | $ | 29.0 | $ | — | ||
Term loans; quarterly principal payments commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,460.0 | 1,480.0 | ||||
Senior notes payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024. | 425.0 | 425.0 | ||||
Capital lease obligations, interest rates between 3.70% and 7.73%, maturing through 2024 | 63.9 | 42.5 | ||||
Other debt | 11.8 | 15.1 | ||||
1,989.7 | 1,962.6 | |||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (31.4 | ) | (39.1 | ) | ||
Less: Current portion | (74.1 | ) | (36.5 | ) | ||
$ | 1,884.2 | $ | 1,887.0 |
2018 | $ | 45.1 | |
2019 | 37.3 | ||
2020 | 27.4 | ||
2021 | 17.5 | ||
2022 | 18.3 | ||
Thereafter | 1,844.1 | ||
$ | 1,989.7 |
Year | Percentage | |
2019 | 104.219 | % |
2020 | 102.813 | % |
2021 | 101.406 | % |
2022 and thereafter | 100.000 | % |
2017 | 2016 | |||||||
Revolving Credit Facility | $ | 29.0 | $ | — | ||||
Senior Notes | 435.1 | 425.5 | ||||||
Term Loan B Facility | 1,467.3 | 1,495.7 | ||||||
$ | 1,931.4 | $ | 1,921.2 |
2018 | $ | 26.9 | |
2019 | 7.4 | ||
2020 | 6.7 | ||
2021 | 6.1 | ||
2022 | 4.3 | ||
Thereafter | 59.8 | ||
$ | 111.2 |
|
2018 | $ | 6.3 | |
2019 | 5.2 | ||
2020 | 4.4 | ||
2021 | 3.0 | ||
2022 | 2.4 | ||
Thereafter | 21.8 | ||
$ | 43.1 |
|
2017 | 2016 | 2015 | |||
Average expected term (years) | 6.2 | 6.3 | 6.9 | ||
Risk-free interest rate | 1.93% - 2.16% | 1.22% - 1.47% | 1.76% - 1.93% | ||
Expected volatility | 18.0% - 19.0% | 30.0% | 30.0% |
Number of Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | ||||||
Outstanding at January 1, 2017 | 3,276,239 | $ | 18.58 | |||||
Granted | 1,156,224 | 22.16 | ||||||
Exercised | (533,450 | ) | 14.96 | |||||
Expired or forfeited | (160,104 | ) | 21.65 | |||||
Outstanding at December 31, 2017 | 3,738,909 | 20.10 | 7.71 | |||||
Exercisable at December 31, 2017 | 1,562,839 | $ | 19.00 | 6.27 |
Number of Shares | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 35,940 | $ | 23.31 | |||
Granted | 17,193 | 23.26 | ||||
Vested | — | — | ||||
Forfeited | — | — | ||||
Nonvested at December 31, 2017 | 53,133 | $ | 23.30 |
Number of Units | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 300,001 | $ | 18.00 | |||
Granted | 50,464 | 22.00 | ||||
Vested | — | — | ||||
Forfeited | — | — | ||||
Nonvested at December 31, 2017 | 350,465 | $ | 18.58 |
Number of Units | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 54,830 | $ | 24.28 | |||
Granted | 100,930 | 22.00 | ||||
Vested | — | — | ||||
Forfeited | (33,710 | ) | 22.75 | |||
Nonvested at December 31, 2017 | 122,050 | $ | 22.82 |
|
|
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented (B) | Contributions | Expiration Date of Collective- Bargaining Agreement | ||||||||||||||||
2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||
Suburban Teamsters of Northern IL Pension Fund | 36-6155778-001 | Endangered as of 1/1/2016 | Endangered as of 1/1/2015 | Implemented | $ | 0.6 | $ | 0.7 | $ | 0.6 | 1/31/2019 | ||||||||||
Pension Fund of Automobile Mechanics Local No. 701 | 36-6042061-001 | Endangered as of 1/1/2016 | Endangered as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 12/31/2018 | ||||||||||
Local 731 Private Scavengers and Garage Attendants Pension Fund (A) | 36-6513567-001 | Not Endangered or Critical as of 10/1/2016 | Not Endangered or Critical as of 10/1/2015 | Implemented | $ | 1.8 | $ | 1.8 | $ | 1.8 | 9/30/2018 | ||||||||||
Midwest Operating Engineers Pension Fund | 36-6140097-001 | Endangered as of 4/1/2016 | Endangered as of 4/1/2015 | Implemented | $ | 0.7 | $ | 0.7 | $ | 0.6 | 9/30/2019 | ||||||||||
Teamsters Local Union No. 301 Union Pension Fund (A) | 36-6492992-001 | Not Endangered or Critical as of 1/1/2016 | Not Endangered or Critical as of 1/1/2015 | No | $ | 1.0 | $ | 1.0 | $ | 0.9 | 9/30/2018 | ||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6064560-001 | Critical and Declining Status as of 1/1/2016 | Critical and Declining Status as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 1/31/2019 | ||||||||||
Local 705 Int’l Brotherhood of Teamsters Pension TR. FD. | 36-6492502-001 | Critical as of 1/1/2016 | Critical as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 9/30/2018 |
(A) | The employers' contributions to the plan represent greater than 5% of the total contributions to the plan for the most recent plan year available. |
(B) | A multi-employer defined benefit pension plan that has been certified as endangered, seriously endangered, or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable funding improvement plan or rehabilitation plan. |
|
2017 | 2016 | 2015 | |||||||||
Current | |||||||||||
Federal | $ | (1.1 | ) | $ | (0.1 | ) | $ | 0.4 | |||
State | 1.2 | 0.5 | 1.8 | ||||||||
0.1 | 0.4 | 2.2 | |||||||||
Deferred | |||||||||||
Federal | (44.8 | ) | (23.4 | ) | (17.4 | ) | |||||
State | 3.5 | (2.7 | ) | (4.2 | ) | ||||||
(41.3 | ) | (26.1 | ) | (21.6 | ) | ||||||
Benefit from income taxes | $ | (41.2 | ) | $ | (25.7 | ) | $ | (19.4 | ) |
2017 | 2016 | 2015 | |||||||||
Amount computed using statutory rates | $ | (1.0 | ) | $ | (19.6 | ) | $ | (18.6 | ) | ||
State income taxes, net of federal benefit | (3.3 | ) | (6.0 | ) | (5.1 | ) | |||||
Benefit from stock option exercises | — | (4.3 | ) | — | |||||||
Net effect of changes in tax rates | (0.3 | ) | (0.7 | ) | 1.7 | ||||||
Uncertain tax positions and interest | 0.5 | 0.4 | 1.0 | ||||||||
Nondeductible expenses | 1.5 | 1.2 | 1.8 | ||||||||
Net effect of change in U.S. Tax Law | (40.4 | ) | — | — | |||||||
Other | 0.6 | (0.2 | ) | 0.7 | |||||||
Valuation allowance | 1.2 | 3.5 | (0.9 | ) | |||||||
Benefit from income taxes | $ | (41.2 | ) | $ | (25.7 | ) | $ | (19.4 | ) |
2017 | 2016 | ||||||
Deferred tax assets | |||||||
Allowance for doubtful accounts | $ | 1.4 | $ | 1.6 | |||
Insurance reserve | 11.8 | 16.2 | |||||
Net operating loss | 103.4 | 203.3 | |||||
Capital loss carryforward | 42.8 | 68.9 | |||||
Accrued bonus and vacation | 4.5 | 7.3 | |||||
Stock compensation | 3.7 | 2.0 | |||||
Tax credits | 3.1 | 7.2 | |||||
Other | 11.9 | 12.5 | |||||
Total deferred tax assets | 182.6 | 319.0 | |||||
Valuation allowance | (60.0 | ) | (98.7 | ) | |||
Deferred tax assets less valuation allowance | 122.6 | 220.3 | |||||
Deferred tax liabilities | |||||||
Fixed asset basis | (66.4 | ) | (106.8 | ) | |||
Intangible basis | (73.9 | ) | (117.2 | ) | |||
Landfill and environmental remediation liabilities | (62.0 | ) | (100.5 | ) | |||
Other | (8.9 | ) | (8.6 | ) | |||
Deferred tax liabilities | (211.2 | ) | (333.1 | ) | |||
Net deferred tax liability | $ | (88.6 | ) | $ | (112.8 | ) |
2017 | 2016 | 2015 | |||||||||
Balance at January 1, | $ | 7.5 | $ | 7.3 | $ | 6.2 | |||||
Additions based on tax positions of prior years | 20.4 | 0.1 | 0.5 | ||||||||
Change to prior tax positions due to tax rate changes | (0.4 | ) | — | — | |||||||
Additions based on tax positions of current year | — | 0.1 | 0.6 | ||||||||
Balance at December 31, | $ | 27.5 | $ | 7.5 | $ | 7.3 |
|
Level 1 | Observable inputs such as quoted prices in active markets; | |
Level 2 | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |
Level 3 | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Fair Value Measurement at December 31, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6.8 | $ | 6.8 | $ | — | $ | — | $ | — | $ | 6.8 | |||||||||||
Derivative instruments - Asset position | 3.7 | — | 3.7 | — | — | 3.7 | |||||||||||||||||
Derivative instruments - Liability position | (0.4 | ) | $ | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||
Total recurring fair value measurements | $ | 10.1 | $ | 6.8 | $ | 3.3 | $ | — | $ | — | $ | 10.1 | |||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Derivative instruments - Asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
|
|
2017 | 2016 | 2015 | |||||||||
Beginning balance | $ | 1.0 | $ | 2.2 | $ | 5.4 | |||||
Expense | 3.4 | 0.8 | — | ||||||||
Cash expenditures | |||||||||||
Severance and relocation | (0.7 | ) | (1.4 | ) | (2.7 | ) | |||||
Other | (0.1 | ) | (0.6 | ) | (0.5 | ) | |||||
Non-cash acceleration of options | (2.1 | ) | $ | — | — | ||||||
Ending balance | $ | 1.5 | $ | 1.0 | $ | 2.2 |
|
Services Revenues | Operating Income (Loss) | Depreciation and Amortization | Capital Expenditures | Total Assets | |||||||||||||||
2017 | |||||||||||||||||||
South | $ | 570.5 | $ | 89.8 | $ | 85.0 | $ | 65.0 | $ | 1,219.7 | |||||||||
East | 380.2 | (1.5 | ) | 76.8 | 57.0 | 837.6 | |||||||||||||
Midwest | 556.9 | 71.7 | 98.9 | 62.7 | 1,400.2 | ||||||||||||||
Corporate | — | (69.9 | ) | 9.1 | 1.9 | 35.8 | |||||||||||||
$ | 1,507.6 | $ | 90.1 | $ | 269.8 | $ | 186.6 | $ | 3,493.3 | ||||||||||
2016 | |||||||||||||||||||
South | $ | 522.3 | $ | 91.7 | $ | 75.2 | $ | 64.5 | $ | 1,172.8 | |||||||||
East | 347.7 | 25.8 | 71.7 | 46.8 | 751.4 | ||||||||||||||
Midwest | 534.6 | 78.3 | 91.5 | 55.8 | 1,415.0 | ||||||||||||||
Corporate | — | (63.9 | ) | 8.5 | 3.9 | 30.7 | |||||||||||||
$ | 1,404.6 | $ | 131.9 | $ | 246.9 | $ | 171.0 | $ | 3,369.9 | ||||||||||
2015 | |||||||||||||||||||
South | $ | 510.2 | $ | 69.4 | $ | 75.9 | $ | 52.8 | $ | 1,170.1 | |||||||||
East | 344.7 | 22.5 | 71.3 | 45.7 | 773.3 | ||||||||||||||
Midwest | 541.6 | 61.1 | 103.8 | 76.2 | 1,447.3 | ||||||||||||||
Corporate | (0.1 | ) | (57.9 | ) | 8.1 | 5.0 | 31.6 | ||||||||||||
$ | 1,396.4 | $ | 95.1 | $ | 259.1 | $ | 179.7 | $ | 3,422.3 |
|
2017 | 2016 | 2015 | |||||||||
Cash paid for interest | $ | 86.2 | $ | 119.4 | $ | 116.4 | |||||
Cash paid for taxes | $ | 1.4 | $ | 1.5 | $ | 2.4 | |||||
Assets acquired under capital lease | $ | 45.2 | $ | 26.6 | $ | 10.2 |
|
Gains and (Losses) on Derivative Instruments | |||
Balance, December 31, 2014 | $ | 1.5 | |
Other comprehensive loss before reclassifications, net of tax | (1.5 | ) | |
Net current period other comprehensive loss | (1.5 | ) | |
Balance, December 31, 2015 | — | ||
Other comprehensive income before reclassifications, net of tax | — | ||
Net current period other comprehensive income | — | ||
Balance, December 31, 2016 | — | ||
Other comprehensive loss before reclassifications, net of tax | (0.4 | ) | |
Net current period other comprehensive loss | (0.4 | ) | |
Balance, December 31, 2017 | $ | (0.4 | ) |
Amount of Derivative Loss Recognized in OCI – Effective for the Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||
Interest rate caps | $ | (0.4 | ) | $ | — | $ | (2.0 | ) | |||
Total before tax | (0.4 | ) | — | (2.0 | ) | ||||||
Tax benefit | — | — | 0.5 | ||||||||
Net of tax | $ | (0.4 | ) | $ | — | $ | (1.5 | ) |
|
(in millions) | 2017 | 2016 | |||||
Current assets | $ | 3.2 | $ | 3.9 | |||
Noncurrent assets | 5.1 | 4.8 | |||||
Current liabilities | 0.8 | 0.8 | |||||
Noncurrent liabilities | $ | 4.4 | $ | 4.2 |
(in millions) | 2017 | 2016 | |||||
Service revenue | $ | 12.3 | $ | 13.9 | |||
Operating income | 3.4 | 3.6 | |||||
Income before income taxes | 3.3 | 3.4 | |||||
Net income | $ | 3.3 | $ | 3.4 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2017 | |||||||||||||||
Operating revenues | $ | 347.4 | $ | 383.1 | $ | 392.7 | $ | 384.4 | |||||||
Income from operations | $ | 11.3 | $ | 24.1 | $ | 29.7 | $ | 25.0 | |||||||
Consolidated net (loss) income (a) (b) | $ | (7.0 | ) | $ | (0.2 | ) | $ | 3.5 | $ | 42.0 | |||||
Basic (loss) income per share | $ | (0.08 | ) | $ | — | $ | 0.04 | $ | 0.47 | ||||||
Diluted (loss) income per share | $ | (0.08 | ) | $ | — | $ | 0.04 | $ | 0.47 | ||||||
2016 | |||||||||||||||
Operating revenues | $ | 333.8 | $ | 358.2 | $ | 360.6 | $ | 352.0 | |||||||
Income (loss) from operations | $ | 13.0 | $ | 36.1 | $ | 39.6 | $ | 43.2 | |||||||
Consolidated net (loss) income (a) | $ | (14.3 | ) | $ | 0.2 | $ | 3.8 | $ | (20.1 | ) | |||||
Basic loss (income) per share | $ | (0.22 | ) | $ | — | $ | 0.06 | $ | (0.24 | ) | |||||
Diluted (loss) income per share | $ | (0.22 | ) | $ | — | $ | 0.06 | $ | (0.24 | ) |
|
|
Years | |
Vehicles | 5–10 |
Machinery and equipment | 3–10 |
Containers | 5–15 |
Furniture and fixtures | 5–7 |
Building and improvements | 5–39 |
(1) | The Company must either own the property for the expansion or have a legal right to use or obtain property to be included in the expansion plan; |
(2) | Conceptual design of the expansion must have been completed; |
(3) | Personnel are actively working to obtain land use and local and state approvals for an expansion of an existing landfill and the application for expansion must reasonably be expected to be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located; |
(4) | There are no known significant technical, community, business, or political restrictions or similar issues that would likely impair the success of the expansion; and |
(5) | Financial analysis has been completed and the results demonstrate that the expansion has a positive financial and operational impact. |
Level 1 | Observable inputs such as quoted prices in active markets; | |
Level 2 | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |
Level 3 | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
|
Years | |
Vehicles | 5–10 |
Machinery and equipment | 3–10 |
Containers | 5–15 |
Furniture and fixtures | 5–7 |
Building and improvements | 5–39 |
|
2017 | 2016 | ||||||
Current assets | $ | 5.9 | $ | 0.3 | |||
Property and equipment | 89.8 | 2.3 | |||||
Goodwill | 35.2 | 0.4 | |||||
Other intangible assets | 18.8 | 2.6 | |||||
Total assets acquired | 149.7 | 5.6 | |||||
Current liabilities | 6.9 | 0.2 | |||||
Total liabilities assumed | 33.8 | 0.2 | |||||
Net assets acquired | $ | 115.9 | $ | 5.4 |
2017 | 2016 | ||||||
Customer lists and contracts | $ | 17.0 | $ | 2.3 | |||
Noncompete | 1.2 | 0.1 | |||||
Other | 0.6 | 0.2 | |||||
$ | 18.8 | $ | 2.6 |
Customer lists and contracts | 17 |
Noncompete | 7 |
|
2017 | 2016 | 2015 | |||||||||
Beginning balance | $ | 4.0 | $ | 4.4 | $ | 5.0 | |||||
Provision for doubtful accounts | 5.4 | 3.7 | 4.0 | ||||||||
Write-offs of bad debt | (4.6 | ) | (4.1 | ) | (4.8 | ) | |||||
Other | 0.6 | — | 0.2 | ||||||||
Balance at December 31, | $ | 5.4 | $ | 4.0 | $ | 4.4 |
|
2017 | 2016 | |||||||
Prepaid insurance | $ | 5.9 | $ | 6.6 | ||||
Prepaid expenses | 16.4 | 14.2 | ||||||
Other receivables and current assets | 6.8 | 1.7 | ||||||
Parts and supplies inventory | 8.8 | 7.8 | ||||||
$ | 37.9 | $ | 30.3 |
|
Balance Sheet Location | 2017 | 2016 | |||||||
Derivatives Designated as Hedging Instruments | |||||||||
2017 interest rate caps | Other long-term liabilities | $ | (0.4 | ) | $ | — | |||
Derivatives Not Designated as Hedging Instruments | |||||||||
2016 interest rate caps | Prepaid expenses and other current assets | 0.9 | — | ||||||
2016 interest rate caps | Other assets | $ | 2.8 | $ | 2.3 | ||||
Total derivatives | $ | 3.3 | $ | 2.3 |
|
2017 | 2016 | ||||||
Land | $ | 209.1 | $ | 193.3 | |||
Landfill site costs | 1,465.7 | 1,358.1 | |||||
Vehicles | 680.3 | 595.7 | |||||
Containers | 294.4 | 271.5 | |||||
Machinery and equipment | 185.4 | 156.2 | |||||
Furniture and fixtures | 30.1 | 25.9 | |||||
Building and improvements | 188.7 | 170.1 | |||||
Construction in process | 30.6 | 25.6 | |||||
3,084.3 | 2,796.4 | ||||||
Less: Accumulated depreciation on property and equipment | (679.3 | ) | (579.3 | ) | |||
Less: Accumulated landfill airspace amortization | (676.2 | ) | (583.7 | ) | |||
$ | 1,728.8 | $ | 1,633.4 |
|
2017 | 2016 | ||||||
Balance at January 1 | $ | 191.1 | $ | 193.7 | |||
Increase in retirement obligation | 9.7 | 9.3 | |||||
Accretion of closure and post-closure costs | 15.4 | 13.0 | |||||
Acquisition | 28.3 | — | |||||
Change in estimate | 2.1 | (7.4 | ) | ||||
Costs incurred | (20.7 | ) | (17.5 | ) | |||
225.9 | 191.1 | ||||||
Less: Current portion | (20.2 | ) | (29.3 | ) | |||
Balance at December 31 | $ | 205.7 | $ | 161.8 |
|
2017 | ||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Impairment | Net Carrying Value | Weighted Average Remaining Life (Years) | ||||||||||||||
Noncompete agreements | $ | 5.4 | $ | (2.6 | ) | $ | — | $ | 2.8 | 2.3 | ||||||||
Tradenames | 15.5 | (6.9 | ) | — | 8.6 | 12.9 | ||||||||||||
Customer lists and contracts | 525.5 | (238.0 | ) | (13.0 | ) | 274.5 | 12.8 | |||||||||||
Operating permits | 2.5 | — | — | 2.5 | N/A | |||||||||||||
Above/below market leases | 0.4 | (0.1 | ) | — | 0.3 | 8.6 | ||||||||||||
$ | 549.3 | $ | (247.6 | ) | $ | (13.0 | ) | $ | 288.7 |
2016 | ||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Impairment | Net Carrying Value | Weighted Average Remaining Life (Years) | ||||||||||||||
Noncompete agreements | $ | 4.3 | $ | (1.7 | ) | $ | — | $ | 2.6 | 3.6 | ||||||||
Tradenames | 14.9 | (6.2 | ) | — | 8.7 | 14.7 | ||||||||||||
Customer lists and contracts | 513.4 | (202.7 | ) | — | 310.7 | 13.8 | ||||||||||||
Operating permits | 2.3 | — | — | 2.3 | N/A | |||||||||||||
Above/below market leases | 0.4 | (0.1 | ) | — | 0.3 | 9.6 | ||||||||||||
$ | 535.3 | $ | (210.7 | ) | $ | — | $ | 324.6 |
2018 | $ | 47.1 | |
2019 | 32.1 | ||
2020 | 31.3 | ||
2021 | 30.1 | ||
2022 | 26.8 | ||
Thereafter | 121.3 | ||
$ | 288.7 |
Goodwill | Accumulated Impairment | Goodwill, Net | |||||||||
December 31, 2015 | $ | 1,267.2 | $ | (93.7 | ) | $ | 1,173.5 | ||||
Acquisition | 0.4 | — | 0.4 | ||||||||
December 31, 2016 | 1,267.6 | (93.7 | ) | 1,173.9 | |||||||
Acquisition | 35.2 | — | 35.2 | ||||||||
Disposition of businesses | (0.9 | ) | — | (0.9 | ) | ||||||
December 31, 2017 | $ | 1,301.9 | $ | (93.7 | ) | $ | 1,208.2 |
|
2017 | 2016 | ||||||
Accrued compensation and benefits | $ | 30.9 | $ | 32.5 | |||
Accrued waste disposal costs | 42.1 | 40.1 | |||||
Accrued insurance and self-insurance reserves | 13.2 | 14.5 | |||||
Accrued severance | 1.5 | 0.5 | |||||
Other accrued expenses | 25.3 | 22.2 | |||||
$ | 113.0 | $ | 109.8 |
|
2017 | 2016 | |||||
Revolving line of credit with lenders, interest at base rate plus margin, as defined (6.25% and 4.49% at December 31, 2017 and 2016, respectively) due quarterly; balance due at maturity in 2021 | $ | 29.0 | $ | — | ||
Term loans; quarterly principal payments commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,460.0 | 1,480.0 | ||||
Senior notes payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024. | 425.0 | 425.0 | ||||
Capital lease obligations, interest rates between 3.70% and 7.73%, maturing through 2024 | 63.9 | 42.5 | ||||
Other debt | 11.8 | 15.1 | ||||
1,989.7 | 1,962.6 | |||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (31.4 | ) | (39.1 | ) | ||
Less: Current portion | (74.1 | ) | (36.5 | ) | ||
$ | 1,884.2 | $ | 1,887.0 |
2018 | $ | 45.1 | |
2019 | 37.3 | ||
2020 | 27.4 | ||
2021 | 17.5 | ||
2022 | 18.3 | ||
Thereafter | 1,844.1 | ||
$ | 1,989.7 |
Year | Percentage | |
2019 | 104.219 | % |
2020 | 102.813 | % |
2021 | 101.406 | % |
2022 and thereafter | 100.000 | % |
2017 | 2016 | |||||||
Revolving Credit Facility | $ | 29.0 | $ | — | ||||
Senior Notes | 435.1 | 425.5 | ||||||
Term Loan B Facility | 1,467.3 | 1,495.7 | ||||||
$ | 1,931.4 | $ | 1,921.2 |
2018 | $ | 26.9 | |
2019 | 7.4 | ||
2020 | 6.7 | ||
2021 | 6.1 | ||
2022 | 4.3 | ||
Thereafter | 59.8 | ||
$ | 111.2 |
|
2018 | $ | 6.3 | |
2019 | 5.2 | ||
2020 | 4.4 | ||
2021 | 3.0 | ||
2022 | 2.4 | ||
Thereafter | 21.8 | ||
$ | 43.1 |
|
2017 | 2016 | 2015 | |||
Average expected term (years) | 6.2 | 6.3 | 6.9 | ||
Risk-free interest rate | 1.93% - 2.16% | 1.22% - 1.47% | 1.76% - 1.93% | ||
Expected volatility | 18.0% - 19.0% | 30.0% | 30.0% |
Number of Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | ||||||
Outstanding at January 1, 2017 | 3,276,239 | $ | 18.58 | |||||
Granted | 1,156,224 | 22.16 | ||||||
Exercised | (533,450 | ) | 14.96 | |||||
Expired or forfeited | (160,104 | ) | 21.65 | |||||
Outstanding at December 31, 2017 | 3,738,909 | 20.10 | 7.71 | |||||
Exercisable at December 31, 2017 | 1,562,839 | $ | 19.00 | 6.27 |
Number of Shares | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 35,940 | $ | 23.31 | |||
Granted | 17,193 | 23.26 | ||||
Vested | — | — | ||||
Forfeited | — | — | ||||
Nonvested at December 31, 2017 | 53,133 | $ | 23.30 |
Number of Units | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 54,830 | $ | 24.28 | |||
Granted | 100,930 | 22.00 | ||||
Vested | — | — | ||||
Forfeited | (33,710 | ) | 22.75 | |||
Nonvested at December 31, 2017 | 122,050 | $ | 22.82 |
Number of Units | Weighted - Average Grant Price | |||||
Nonvested at January 1, 2017 | 300,001 | $ | 18.00 | |||
Granted | 50,464 | 22.00 | ||||
Vested | — | — | ||||
Forfeited | — | — | ||||
Nonvested at December 31, 2017 | 350,465 | $ | 18.58 |
|
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented (B) | Contributions | Expiration Date of Collective- Bargaining Agreement | ||||||||||||||||
2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||
Suburban Teamsters of Northern IL Pension Fund | 36-6155778-001 | Endangered as of 1/1/2016 | Endangered as of 1/1/2015 | Implemented | $ | 0.6 | $ | 0.7 | $ | 0.6 | 1/31/2019 | ||||||||||
Pension Fund of Automobile Mechanics Local No. 701 | 36-6042061-001 | Endangered as of 1/1/2016 | Endangered as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 12/31/2018 | ||||||||||
Local 731 Private Scavengers and Garage Attendants Pension Fund (A) | 36-6513567-001 | Not Endangered or Critical as of 10/1/2016 | Not Endangered or Critical as of 10/1/2015 | Implemented | $ | 1.8 | $ | 1.8 | $ | 1.8 | 9/30/2018 | ||||||||||
Midwest Operating Engineers Pension Fund | 36-6140097-001 | Endangered as of 4/1/2016 | Endangered as of 4/1/2015 | Implemented | $ | 0.7 | $ | 0.7 | $ | 0.6 | 9/30/2019 | ||||||||||
Teamsters Local Union No. 301 Union Pension Fund (A) | 36-6492992-001 | Not Endangered or Critical as of 1/1/2016 | Not Endangered or Critical as of 1/1/2015 | No | $ | 1.0 | $ | 1.0 | $ | 0.9 | 9/30/2018 | ||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6064560-001 | Critical and Declining Status as of 1/1/2016 | Critical and Declining Status as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 1/31/2019 | ||||||||||
Local 705 Int’l Brotherhood of Teamsters Pension TR. FD. | 36-6492502-001 | Critical as of 1/1/2016 | Critical as of 1/1/2015 | Implemented | $ | 0.2 | $ | 0.2 | $ | 0.2 | 9/30/2018 |
(A) | The employers' contributions to the plan represent greater than 5% of the total contributions to the plan for the most recent plan year available. |
(B) | A multi-employer defined benefit pension plan that has been certified as endangered, seriously endangered, or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable funding improvement plan or rehabilitation plan. |
|
2017 | 2016 | 2015 | |||||||||
Current | |||||||||||
Federal | $ | (1.1 | ) | $ | (0.1 | ) | $ | 0.4 | |||
State | 1.2 | 0.5 | 1.8 | ||||||||
0.1 | 0.4 | 2.2 | |||||||||
Deferred | |||||||||||
Federal | (44.8 | ) | (23.4 | ) | (17.4 | ) | |||||
State | 3.5 | (2.7 | ) | (4.2 | ) | ||||||
(41.3 | ) | (26.1 | ) | (21.6 | ) | ||||||
Benefit from income taxes | $ | (41.2 | ) | $ | (25.7 | ) | $ | (19.4 | ) |
2017 | 2016 | 2015 | |||||||||
Amount computed using statutory rates | $ | (1.0 | ) | $ | (19.6 | ) | $ | (18.6 | ) | ||
State income taxes, net of federal benefit | (3.3 | ) | (6.0 | ) | (5.1 | ) | |||||
Benefit from stock option exercises | — | (4.3 | ) | — | |||||||
Net effect of changes in tax rates | (0.3 | ) | (0.7 | ) | 1.7 | ||||||
Uncertain tax positions and interest | 0.5 | 0.4 | 1.0 | ||||||||
Nondeductible expenses | 1.5 | 1.2 | 1.8 | ||||||||
Net effect of change in U.S. Tax Law | (40.4 | ) | — | — | |||||||
Other | 0.6 | (0.2 | ) | 0.7 | |||||||
Valuation allowance | 1.2 | 3.5 | (0.9 | ) | |||||||
Benefit from income taxes | $ | (41.2 | ) | $ | (25.7 | ) | $ | (19.4 | ) |
2017 | 2016 | ||||||
Deferred tax assets | |||||||
Allowance for doubtful accounts | $ | 1.4 | $ | 1.6 | |||
Insurance reserve | 11.8 | 16.2 | |||||
Net operating loss | 103.4 | 203.3 | |||||
Capital loss carryforward | 42.8 | 68.9 | |||||
Accrued bonus and vacation | 4.5 | 7.3 | |||||
Stock compensation | 3.7 | 2.0 | |||||
Tax credits | 3.1 | 7.2 | |||||
Other | 11.9 | 12.5 | |||||
Total deferred tax assets | 182.6 | 319.0 | |||||
Valuation allowance | (60.0 | ) | (98.7 | ) | |||
Deferred tax assets less valuation allowance | 122.6 | 220.3 | |||||
Deferred tax liabilities | |||||||
Fixed asset basis | (66.4 | ) | (106.8 | ) | |||
Intangible basis | (73.9 | ) | (117.2 | ) | |||
Landfill and environmental remediation liabilities | (62.0 | ) | (100.5 | ) | |||
Other | (8.9 | ) | (8.6 | ) | |||
Deferred tax liabilities | (211.2 | ) | (333.1 | ) | |||
Net deferred tax liability | $ | (88.6 | ) | $ | (112.8 | ) |
2017 | 2016 | 2015 | |||||||||
Balance at January 1, | $ | 7.5 | $ | 7.3 | $ | 6.2 | |||||
Additions based on tax positions of prior years | 20.4 | 0.1 | 0.5 | ||||||||
Change to prior tax positions due to tax rate changes | (0.4 | ) | — | — | |||||||
Additions based on tax positions of current year | — | 0.1 | 0.6 | ||||||||
Balance at December 31, | $ | 27.5 | $ | 7.5 | $ | 7.3 |
|
Fair Value Measurement at December 31, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6.8 | $ | 6.8 | $ | — | $ | — | $ | — | $ | 6.8 | |||||||||||
Derivative instruments - Asset position | 3.7 | — | 3.7 | — | — | 3.7 | |||||||||||||||||
Derivative instruments - Liability position | (0.4 | ) | $ | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||
Total recurring fair value measurements | $ | 10.1 | $ | 6.8 | $ | 3.3 | $ | — | $ | — | $ | 10.1 | |||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Derivative instruments - Asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
|
2017 | 2016 | 2015 | |||||||||
Beginning balance | $ | 1.0 | $ | 2.2 | $ | 5.4 | |||||
Expense | 3.4 | 0.8 | — | ||||||||
Cash expenditures | |||||||||||
Severance and relocation | (0.7 | ) | (1.4 | ) | (2.7 | ) | |||||
Other | (0.1 | ) | (0.6 | ) | (0.5 | ) | |||||
Non-cash acceleration of options | (2.1 | ) | $ | — | — | ||||||
Ending balance | $ | 1.5 | $ | 1.0 | $ | 2.2 |
|
Services Revenues | Operating Income (Loss) | Depreciation and Amortization | Capital Expenditures | Total Assets | |||||||||||||||
2017 | |||||||||||||||||||
South | $ | 570.5 | $ | 89.8 | $ | 85.0 | $ | 65.0 | $ | 1,219.7 | |||||||||
East | 380.2 | (1.5 | ) | 76.8 | 57.0 | 837.6 | |||||||||||||
Midwest | 556.9 | 71.7 | 98.9 | 62.7 | 1,400.2 | ||||||||||||||
Corporate | — | (69.9 | ) | 9.1 | 1.9 | 35.8 | |||||||||||||
$ | 1,507.6 | $ | 90.1 | $ | 269.8 | $ | 186.6 | $ | 3,493.3 | ||||||||||
2016 | |||||||||||||||||||
South | $ | 522.3 | $ | 91.7 | $ | 75.2 | $ | 64.5 | $ | 1,172.8 | |||||||||
East | 347.7 | 25.8 | 71.7 | 46.8 | 751.4 | ||||||||||||||
Midwest | 534.6 | 78.3 | 91.5 | 55.8 | 1,415.0 | ||||||||||||||
Corporate | — | (63.9 | ) | 8.5 | 3.9 | 30.7 | |||||||||||||
$ | 1,404.6 | $ | 131.9 | $ | 246.9 | $ | 171.0 | $ | 3,369.9 | ||||||||||
2015 | |||||||||||||||||||
South | $ | 510.2 | $ | 69.4 | $ | 75.9 | $ | 52.8 | $ | 1,170.1 | |||||||||
East | 344.7 | 22.5 | 71.3 | 45.7 | 773.3 | ||||||||||||||
Midwest | 541.6 | 61.1 | 103.8 | 76.2 | 1,447.3 | ||||||||||||||
Corporate | (0.1 | ) | (57.9 | ) | 8.1 | 5.0 | 31.6 | ||||||||||||
$ | 1,396.4 | $ | 95.1 | $ | 259.1 | $ | 179.7 | $ | 3,422.3 |
|
2017 | 2016 | 2015 | |||||||||
Cash paid for interest | $ | 86.2 | $ | 119.4 | $ | 116.4 | |||||
Cash paid for taxes | $ | 1.4 | $ | 1.5 | $ | 2.4 | |||||
Assets acquired under capital lease | $ | 45.2 | $ | 26.6 | $ | 10.2 |
|
Gains and (Losses) on Derivative Instruments | |||
Balance, December 31, 2014 | $ | 1.5 | |
Other comprehensive loss before reclassifications, net of tax | (1.5 | ) | |
Net current period other comprehensive loss | (1.5 | ) | |
Balance, December 31, 2015 | — | ||
Other comprehensive income before reclassifications, net of tax | — | ||
Net current period other comprehensive income | — | ||
Balance, December 31, 2016 | — | ||
Other comprehensive loss before reclassifications, net of tax | (0.4 | ) | |
Net current period other comprehensive loss | (0.4 | ) | |
Balance, December 31, 2017 | $ | (0.4 | ) |
Amount of Derivative Loss Recognized in OCI – Effective for the Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||
Interest rate caps | $ | (0.4 | ) | $ | — | $ | (2.0 | ) | |||
Total before tax | (0.4 | ) | — | (2.0 | ) | ||||||
Tax benefit | — | — | 0.5 | ||||||||
Net of tax | $ | (0.4 | ) | $ | — | $ | (1.5 | ) |
|
(in millions) | 2017 | 2016 | |||||
Current assets | $ | 3.2 | $ | 3.9 | |||
Noncurrent assets | 5.1 | 4.8 | |||||
Current liabilities | 0.8 | 0.8 | |||||
Noncurrent liabilities | $ | 4.4 | $ | 4.2 |
(in millions) | 2017 | 2016 | |||||
Service revenue | $ | 12.3 | $ | 13.9 | |||
Operating income | 3.4 | 3.6 | |||||
Income before income taxes | 3.3 | 3.4 | |||||
Net income | $ | 3.3 | $ | 3.4 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2017 | |||||||||||||||
Operating revenues | $ | 347.4 | $ | 383.1 | $ | 392.7 | $ | 384.4 | |||||||
Income from operations | $ | 11.3 | $ | 24.1 | $ | 29.7 | $ | 25.0 | |||||||
Consolidated net (loss) income (a) (b) | $ | (7.0 | ) | $ | (0.2 | ) | $ | 3.5 | $ | 42.0 | |||||
Basic (loss) income per share | $ | (0.08 | ) | $ | — | $ | 0.04 | $ | 0.47 | ||||||
Diluted (loss) income per share | $ | (0.08 | ) | $ | — | $ | 0.04 | $ | 0.47 | ||||||
2016 | |||||||||||||||
Operating revenues | $ | 333.8 | $ | 358.2 | $ | 360.6 | $ | 352.0 | |||||||
Income (loss) from operations | $ | 13.0 | $ | 36.1 | $ | 39.6 | $ | 43.2 | |||||||
Consolidated net (loss) income (a) | $ | (14.3 | ) | $ | 0.2 | $ | 3.8 | $ | (20.1 | ) | |||||
Basic loss (income) per share | $ | (0.22 | ) | $ | — | $ | 0.06 | $ | (0.24 | ) | |||||
Diluted (loss) income per share | $ | (0.22 | ) | $ | — | $ | 0.06 | $ | (0.24 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|