Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2018 |
Feb. 08, 2019 |
Jun. 29, 2018 |
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Advanced Disposal Services, Inc. | ||
Entity Central Index Key | 0001585790 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 88,692,348 | ||
Entity Public Float | $ 1,754.9 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 4.6 | $ 5.4 |
Accumulated depreciation of property, plant, and equipment | 1,540.7 | 1,355.5 |
Accumulated amortization of intangibles | $ 286.9 | $ 247.6 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 88,685,920 | 88,493,468 |
Treasury stock at costs (in shares) | 2,274 | 2,274 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 9.4 | $ 38.3 | $ (30.4) |
Change in fair value of interest rate caps, net of tax | 0.4 | (0.4) | 0.0 |
Comprehensive income (loss) | $ 9.8 | $ 37.9 | $ (30.4) |
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions |
12 Months Ended |
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Dec. 31, 2018
USD ($)
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Statement of Stockholders' Equity [Abstract] | |
Impact of implementing new revenue recognition standard, tax | $ 1.1 |
Business Operations |
12 Months Ended |
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Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations | Business Operations Advanced Disposal Services, Inc. together with its consolidated subsidiaries, as a consolidated entity, is a regional environmental services company providing nonhazardous solid waste collection, transfer, recycling and disposal services to customers in the Southeast, Midwest and Eastern regions of the United States, as well as in the Commonwealth of the Bahamas. The Company currently manages and evaluates its principal operations through three reportable operating segments on a regional basis. Those operating segments are the South, East and Midwest regions which provide collection, transfer, disposal (in both solid waste and non-hazardous waste landfills), recycling services and billing services. Additional information related to the Company's segments can be found in Note 22, Segments and Related Information. In fiscal 2018, the Company completed the acquisitions of twelve companies. Consideration transferred amounted to approximately $30.1 for these acquisitions, of which $3.8 will be paid in years subsequent to fiscal 2018. In fiscal 2017, the Company completed the acquisitions of fourteen companies. Consideration transferred, net of cash acquired, amounted to approximately $115.9 for these acquisitions, of which $0.1 will be paid in years subsequent to fiscal 2018. The results of operations of each acquisition are included in the Company's consolidated statements of operations subsequent to the closing date of each acquisition. During fiscal 2017, the Company divested of its non-integrated collection services operation in Charlotte, North Carolina for consideration received of $8.7. A $1.4 gain on the sale of that business is included in the Company's consolidated statements of operations for fiscal 2017. Goodwill of $0.9 was disposed of related to this divestiture. The Company also has non-integrated collection operations in South Carolina, included in the East segment, which operate in a competitor-owned disposal market that does not align with the Company's long-term market strategy of vertically integrated operations with Company owned disposal sites or marketplace neutral disposal sites. During April of fiscal 2017, changes in facts and circumstances led the Company to evaluate the long-term market for South Carolina collection operations and re-evaluate the expected cash flows provided by this market. The Company compared the carrying value of the South Carolina assets to their fair value and determined it appropriate to impair certain intangible assets that were recorded as part of the purchase accounting when these entities were acquired. Based on the Company's evaluation, an intangible asset impairment of $13.0 was recorded during fiscal 2017. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements include its wholly-owned subsidiaries and their respective subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates In preparing its financial statements that conform with accounting principles generally accepted in the United States of America, the Company uses estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The Company must make these estimates and assumptions because certain information is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing its financial statements, the more subjective areas that deal with the greatest amount of uncertainty relate to accounting for the following: long-lived assets, including recoverability; landfill development costs; final capping, closure and post-closure costs; valuation allowances for accounts receivable and deferred tax assets; liabilities for potential litigation, claims and assessments; liabilities for environmental remediation; stock compensation; goodwill and intangible asset impairments; deferred taxes; uncertain tax positions; self-insurance reserves; and estimates of the fair values of assets acquired and liabilities assumed in acquisitions. Each of these items is discussed in more detail elsewhere in these Notes to the consolidated financial statements. The Company's actual results may differ significantly from our estimates. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, bank demand deposit accounts, and overnight sweep accounts. Cash equivalents include highly liquid investments with original maturities of three months or less when purchased. Revenue Recognition The Company recognizes revenues as the services are provided. Revenue is recognized as waste is collected, as tons are received at the landfill or transfer stations, as recycled commodities are delivered to a customer, or as services are rendered to customers. Certain customers are billed and pay in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. See Note 3, Revenue Recognition, for further details. Trade Receivables The Company records trade receivables when billed or when services are performed, as they represent claims against third parties that will be settled in cash. The carrying value of receivables, net of the allowance for doubtful accounts, represents the estimated net realizable value. The Company estimates losses for uncollectible accounts based on an evaluation of the aged accounts receivable and the likelihood of collection of the receivable based on historical collection data and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances. Insurance Reserves The Company uses a combination of insurance with high deductibles and self-insurance for various risks including workers compensation, vehicle liability, general liability and employee group health claims. The exposure for unpaid claims and associated expenses, including incurred but not reported losses, is estimated by factoring in pending claims and historical trends data and other actuarial assumptions. In estimating its claims liability, the Company analyzes its historical trends, including loss development and applies appropriate loss development factors to the incurred costs associated with the claims. The discounted estimated liability associated with settling unpaid claims is included in accrued expenses and other long-term liabilities in the consolidated balance sheets. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, accounts receivable and derivative instruments. The Company maintains cash and cash equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company has not experienced any losses in such accounts. The maximum loss the Company would incur related to credit risk is the asset balances recorded in the balance sheets. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base and its ability to discontinue service, to the extent allowable, to non-paying customers. Asset Impairments The Company monitors the carrying value of its long-lived assets for potential impairment and test the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. These events or changes in circumstances, including management decisions pertaining to such assets, are referred to as impairment indicators. Typical indicators that an asset may be impaired include (i) a significant adverse change in legal factors in the business climate, (ii) an adverse action or assessment by a regulator, and (iii) a significant adverse change in the extent or manner in which a long-lived asset is being utilized or in its physical condition. If an impairment indicator occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the asset group for which it can identify the projected cash flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. Fair value is generally determined by considering (i) internally developed discounted projected cash flow analysis of the asset or asset group; (ii) third-party valuations; and/or (iii) information available regarding the current market for similar assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the asset. Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation. Expenditures for major additions and improvements are capitalized and maintenance activities are expensed as incurred. When property and equipment are retired, sold, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the results of operations. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Depreciation expense is calculated using the straight-line method over the estimated useful lives or the expected lease term, whichever is shorter. Estimated useful lives are as follows:
Leases The Company leases property and equipment in the ordinary course of its business. The most significant lease obligations are for property and equipment specific to the waste industry, including real property operated as landfills and transfer stations. The Company's leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that are considered in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. The classification of the Company's operating leases can be attributed to either (i) relatively low fixed minimum lease payments as a result of real property lease obligations that vary based on the volume of waste we receive or process or (ii) minimum lease terms that are much shorter than the assets’ economic useful lives. The Company expects that in the normal course of business, its operating leases will be renewed, replaced by other leases, or replaced with fixed asset expenditures. The Company's rent expense during each of the last three years and its future minimum operating lease payments for each of the next five years for which it is contractually obligated as of December 31, 2018 is disclosed in Note 14, Leases. Assets under capital leases are capitalized using interest rates determined at the inception of each lease and are amortized over the lesser of the useful life of the asset or the lease term, as appropriate, on a straight-line basis. The present value of the related lease payments is recorded as a debt obligation. Landfill Accounting Costs Basis of Landfill Assets Landfills are typically developed in a series of cells, each of which is constructed, filled and capped in sequence over the operating life of the landfill. When the final cell is filled and the operating life of the landfill is completed, the cell must be capped and then closed and post-closure care and monitoring activities begin. Capitalized landfill costs include expenditures for land (which includes the land of the landfill footprint and landfill buffer property and setbacks) and related airspace associated with the permitting, development and construction of new landfills, expansions at existing landfills, landfill gas systems and landfill cell development. Landfill permitting, development and construction costs represent direct costs related to these activities, including land acquisition, engineering, legal and construction. These costs are deferred until all permits are obtained and operations have commenced at which point they are capitalized and amortized. If necessary permits are not obtained, costs are charged to operations. The cost basis of our landfill assets also includes asset retirement costs, which represent estimates of future costs associated with landfill final capping, closure and post-closure activities. Final Capping, Closure and Post-Closure Costs The following is a description of the Company's asset retirement activities and related accounting: Final Capping Includes installing flexible membrane and geosynthetic clay liners, drainage and compact soil layers, and topsoil, and is constructed over an area of the landfill where total airspace capacity has been consumed and waste disposal operations have ceased. These final capping activities occur in phases as needed throughout the operating life of a landfill as specific areas are filled to capacity and the final elevation for that specific area is reached in accordance with the provisions of the operating permit. Final capping asset retirement obligations are recorded on a units-of-consumption basis as airspace is consumed related to the specific final capping event with a corresponding increase in the landfill asset. Each final capping event is accounted for as a discrete obligation and recorded as an asset and a liability based on estimates of the discounted cash flows and capacity associated with each final capping event. Closure and post-closure These activities involve methane gas control, leachate management and groundwater monitoring, surface water monitoring and control, and other operational and maintenance activities that occur after the site ceases to accept waste. The post-closure period generally runs for 30 years or longer after final site closure for landfills. Landfill costs related to closure and post-closure are recorded as an asset retirement obligation as airspace is consumed over the life of the landfill with a corresponding increase in the landfill asset. Obligations are recorded over the life of the landfill based on estimates of the discounted cash flows associated with performing the closure and post-closure activities. The Company annually updates its estimates for these obligations considering the respective state regulatory requirements, input from its internal engineers, operations, accounting personnel and external consulting engineers. The closure and post-closure requirements are established under the standards of the U.S. Environmental Protection Agency’s Subtitle D regulations as implemented and applied on a state-by-state basis. These estimates involve projections of costs that will be incurred as portions of the landfill are closed and during the post-closure monitoring period. Capping, closure and post-closure costs are estimated assuming such costs would be incurred by a third party contractor in present day dollars and are inflated by 2.5% (an estimate based on the 25-year average change in the historical Consumer Price Index from 1993 to 2018) to the time periods within which it is estimated the capping, closure and post-closure costs will be expended. The Company discounts these costs to present value using the credit-adjusted, risk-free rate effective at the time an obligation is incurred, consistent with the expected cash flow approach. Any change that results in an upward revision to the estimated cash flows are treated as a new liability and discounted at the current rate while downward revisions are discounted at the historical weighted-average rate of the recorded obligation. As a result, the credit-adjusted, risk-free discount rate used to calculate the present value of an obligation is specific to each individual asset retirement obligation. The range of rates utilized within the calculation of the asset retirement obligations at December 31, 2018 is between 4.9% and 10.5%. The Company records the estimated fair value of the final capping, closure and post-closure liabilities for its landfills based on the capacity consumed in the current period. The fair value of the final capping obligations is developed based on the Company’s estimates of the airspace consumed to date for each final capping event and the expected timing of each final capping event. The fair value of closure and post-closure obligations is developed based on the Company’s estimates of the airspace consumed to date for the entire landfill and the expected timing of each closure and post-closure activity. Because these obligations are measured at estimated fair value using present value techniques, changes in the estimated cost or timing of future final capping, closure and post-closure activities could result in a material change in these liabilities, related assets and results of operations. The Company assesses the appropriateness of the estimates used to develop its recorded balances annually, or more often if significant facts change. Changes in inflation rates or the estimated costs, timing or extent of future final capping, closure and post-closure activities typically result in both (i) a current adjustment to the recorded liability and landfill asset; and (ii) a change in liability and asset amounts to be recorded prospectively over either the remaining capacity of the related discrete final capping event or the remaining permitted and expansion airspace (as defined below) of the landfill. Any changes related to the capitalized and future cost of the landfill assets are then recognized in accordance with the Company's amortization policy, which would generally result in amortization expense being recognized prospectively over the remaining capacity of the final capping event or the remaining permitted and expansion airspace of the landfill, as appropriate. Changes in such estimates associated with airspace that has been fully utilized result in an adjustment to the recorded liability and landfill assets with an immediate corresponding adjustment to landfill airspace amortization expense. Interest accretion on final capping, closure and post-closure liabilities is recorded using the effective interest method and is recorded in operating expenses in the consolidated statements of operations. Amortization of Landfill Assets The amortizable basis of a landfill includes (i) amounts previously expended and capitalized; (ii) capitalized and projected landfill final capping, closure and post-closure costs; (iii) projections of future acquisition and development costs required to develop the landfill site to its remaining permitted and expansion capacity; and (iv) land underlying both the footprint of the landfill and the surrounding required setbacks and buffer land. Amortization is recorded on a units-of-consumption basis, applying expense as a rate per ton. The rate per ton is calculated by dividing each component of the amortizable basis of a landfill by the number of tons needed to fill the corresponding asset’s airspace. For landfills that the Company does not own, but operates through a management operating agreement, the rate per ton is calculated based on expected capacity to be utilized over the lesser of the contractual term of the underlying agreement or the life of the landfill. Landfill site costs are depleted to zero upon final closure of a landfill. The Company develops its estimates of the obligations using input from its operations personnel, engineers and accountants. The obligations are based upon interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. The estimate of fair value is based upon present value techniques using historical experience and, where available, quoted or actual market prices paid for similar work. The determination of airspace usage and remaining airspace is an essential component in the calculation of landfill asset depletion. This estimation is performed by conducting periodic topographic surveys, using aerial survey techniques, of the Company’s landfill facilities to determine remaining airspace in each landfill. The surveys are reviewed by the Company’s external consulting engineers, internal operating staff, and its management, financial and accounting staff. Remaining airspace will include additional “deemed permitted” or unpermitted expansion airspace if the following criteria are met:
Senior management must have reviewed and approved all of the above. Of the Company's 41 active landfills, 15 include deemed permitted airspace at December 31, 2018. Upon successful meeting of the preceding criteria, the costs associated with developing, constructing, closing and monitoring the total additional future capacity are considered in the calculation of the amortization and closure and post-closure rates. Once expansion airspace meets these criteria for inclusion in the Company’s calculation of total available disposal capacity, management continuously monitors each site’s progress in obtaining the expansion permit. If at any point it is determined that an expansion area no longer meets the required criteria, the deemed expansion airspace is removed from the landfill’s total available capacity, and the rates used at the landfill to amortize costs to acquire, construct, close and monitor the site during the post-closure period are adjusted prospectively. In addition, any amounts related to the probable expansion are charged to expense in the period in which it is determined that the criteria are no longer met. Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys and is then adjusted to account for future settlement. The amount of settlement that is forecasted will take into account several site-specific factors including: current and projected mix of waste type, initial and projected waste density, estimated number of years of life remaining, depth of underlying waste, anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. In addition, the initial selection of the AUF is subject to a subsequent multi-level review by the Company's engineering group, and the AUF used is reviewed on a periodic basis and revised as necessary. The Company's historical experience generally indicates that the impact of settlement at a landfill is greater later in the life of the landfill when the waste placed at the landfill approaches its highest point under the permit requirements. After determining the costs and remaining permitted and expansion capacity at each of its landfills, the Company determines the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. The Company calculates per ton amortization rates for each landfill for assets associated with each final capping event, for assets related to closure and post-closure activities and for all other costs capitalized or to be capitalized in the future. These rates per ton are updated annually, or more often, as significant facts change. It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that it previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. The assessment of impairment indicators and the recoverability of the Company's capitalized costs associated with landfills and related expansion projects require significant judgment due to the unique nature of the waste industry, the highly regulated permitting process and the estimates involved. During the review of a landfill expansion application, a regulator may initially deny the expansion application although the permit is ultimately granted. In addition, the Company may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace, or a landfill may be required to cease accepting waste, prior to receipt of the expansion permit. However, such events occur in the ordinary course of business in the waste industry and do not necessarily result in an impairment of the landfill assets because, after consideration of all facts, such events may not affect the belief that the Company will ultimately obtain the expansion permit. As a result, the Company's tests of recoverability, which generally make use of a cash flow estimation approach, may indicate that no impairment loss should be recorded. No landfill impairments were recorded for the years ended December 31, 2018, 2017 and 2016. Landfill Remediation Liabilities The Company is subject to various laws and regulations relating to its landfill operations. The Company's landfill remediation liabilities primarily include costs associated with remediating surface anomalies, groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration. To estimate its ultimate liability at these sites, the Company evaluates several factors, including the required remediation efforts and related costs, required remediation methods and timing of expenditures. The Company accrues for costs associated with landfill remediation obligations when such costs are probable and reasonably estimable in accordance with accounting for loss contingencies. The Company periodically reviews the status of all environmental matters and updates its estimates of the likelihood of and future expenditures for remediation as necessary. Changes in the liabilities resulting from these reviews are recognized currently in earnings in the period in which the adjustment is known. Derivative Financial Instruments The Company uses interest rate caps to manage interest rate risk on its variable rate debt. The Company may use commodity futures contracts as an economic hedge to reduce the exposure of changes in diesel fuel and natural gas prices. The 2017 interest rate caps qualify for hedge accounting treatment and have been designated as cash flow hedges for accounting purposes with changes in fair value, to the extent effective, recognized in accumulated other comprehensive income within the equity section of the consolidated balance sheets. Amounts are reclassified into earnings when the forecasted transaction affects earnings. The commodity futures contracts and the 2016 interest rate caps do not qualify for hedge accounting and as such changes in fair value are recognized in other income, net in the consolidated statements of operations. The fair values of the derivatives are included in other current or long-term assets or other current or long term liabilities as appropriate. The Company obtains current valuations of its commodity futures contracts and interest rate caps based on quotes received from financial institutions that trade these contracts and a current forward fixed price swap curve, respectively. Original Issue Discount and Debt Issuance Costs Original issue discount and debt issuance costs related to the issuance of debt are deferred and recorded as a reduction to the carrying value of debt and amortized to interest expense using the effective interest method. Previously recorded original issue discount and debt issuance costs are expensed when debt is extinguished prior to maturity. Third party costs incurred in relation to a modification of debt are expensed as incurred. For modifications of debt, previously recorded original issue discount and debt issuance costs are amortized over the life of the modified debt instrument using the effective interest method. Acquisitions The Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair values as of the date of acquisition. Any excess of purchase price over the fair value of the net assets acquired is recorded as goodwill. In certain acquisitions, the Company agrees to pay additional amounts to sellers contingent upon achievement by the acquired businesses of certain negotiated goals, such as targeted revenue levels, targeted disposal volumes or the issuance of permits for expanded landfill airspace. The Company has recognized liabilities for these contingent obligations based on their estimated fair value at the date of acquisition with any differences between the acquisition date fair value and the ultimate settlement of the obligations being recognized as an adjustment to income from operations. Assets and liabilities arising from contingencies such as pre-acquisition environmental matters and litigation are recognized at their acquisition date fair value when their respective fair values can be determined. If the fair values of such contingencies cannot be determined, the Company reports provisional amounts for which the accounting is incomplete. Acquisition date fair value estimates are revised as necessary and accounted for as an adjustment to the purchase accounting balances prior to the close of the purchase accounting window. If the purchase accounting window has closed, these estimates are accounted for as adjustments to income from operations if, and when, additional information becomes available to further define and quantify assets acquired and liabilities assumed. All acquisition-related transaction costs have been expensed as incurred. Goodwill Goodwill is the excess of the purchase price over the fair value of the net identifiable assets of acquired businesses. The Company does not amortize goodwill. The Company assesses whether a goodwill impairment exists using both qualitative and quantitative assessments. The Company's reporting units are equivalent to its operating segments and when an individual business within an integrated operating segment is divested, goodwill is allocated to that business based on its fair value relative to the fair value of its operating segment. The Company's qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will not perform a quantitative assessment. Regardless of the results of its qualitative assessments, the Company performs a quantitative assessment at least every three years. When the Company performs a quantitative assessment, the Company determines whether goodwill is impaired at the reporting unit level. The Company compares the fair value with its carrying amount to determine if there is an impairment of goodwill. Fair value is estimated using the combination of a market approach and income approach based on forecasted cash flows. Fair value computed via these methods are arrived at using a number of factors, including projected future operating results, economic projections, anticipated future cash flows and comparable marketplace data. There are inherent uncertainties related to these factors and to the Company's judgment in applying them to this analysis. However, the Company believes that this method provides a reasonable approach to estimating the fair value of its reporting units. During the fourth quarter of 2018, the Company voluntarily changed the date of its annual goodwill impairment testing from December 31, the last day of the fiscal year, to October 1, the first day of the fourth quarter. This change provides the Company with additional time to complete its annual goodwill impairment testing in advance of its year-end reporting and results in better alignment with the Company’s strategic planning and forecasting process. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. This change is not being applied retrospectively, as it would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. The Company performed a quantitative assessment in fiscal 2018. The impairment test as of October 1, 2018 determined that no events or circumstances exist that indicate it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If the Company does not achieve its anticipated disposal volumes, our collection or disposal rates decline, costs or capital expenditures exceed forecasts, costs of capital increase, or the Company does not receive landfill expansions, the estimated fair value could decrease and potentially result in an impairment charge in the future. The Company recorded no goodwill impairment charges for fiscal 2018, 2017 and 2016 in connection with the assessments. Intangible Assets, Net Definite lived intangible assets are stated at cost less accumulated amortization and consist of noncompete agreements, tradenames, customer contracts and customer lists and are amortized over their estimated useful lives. Definite lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the carrying value of a definite lived intangible is not recoverable and exceeds its estimated fair value, an impairment charge would be recognized in the amount of the excess. Fair value is typically estimated using an income approach for the respective asset. Income Taxes The Company is subject to income tax in the United States. Current tax obligations associated with the provision for income taxes are reflected in the accompanying consolidated balance sheets as a component of accrued expenses and the deferred tax obligations are reflected in deferred income tax asset or liability. Deferred income taxes arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred income taxes are classified as noncurrent in accordance with current accounting guidance. Significant judgment is required in assessing the timing and amounts of deductible and taxable items. The Company establishes reserves for uncertain tax positions, when despite its belief that its tax return positions are fully supportable, the Company believes that certain positions may be challenged and potentially disallowed. When facts and circumstances change, the Company adjusts these reserves through its provision for income taxes. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, such amounts have been accrued and are classified as a component of tax expense in the consolidated statements of operations. The Company monitors changes in tax legislation and accounting developments which could impact the timing and amounts of deductible or taxable items. In connection with the implementation of the Tax Cuts and Jobs Act, the Company recognized the estimated impact of this legislation as a component of the benefit for income taxes. Refer to Note 18, Income Taxes. Contingencies The Company is subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. In general, the Company determines whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. The Company assesses its potential liability relating to litigation and regulatory matters based on information available. The Company develops its assessment based on an analysis of possible outcomes under various strategies. The Company accrues for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, the Company discloses the potential range of the loss, if estimable. Equity Method Investments The Company’s investments where it can exert significant influence on the investee, but does not have effective control over the investee, are accounted for using the equity method of accounting. The Company’s equity in the net income from equity method investments is recorded as other income with a corresponding increase in other assets. Distributions received from the equity investee reduces other assets. Distributions from equity investees representing the Company's share of the equity investee's earnings are treated as cash proceeds from operations while distributions in excess of the equity investee's earnings are considered a return of capital and treated as cash proceeds from investing activities in the Company's consolidated statement of cash flows. New Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 (Topic 606) "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605 "Revenue Recognition" (Topic 605), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted Topic 606 and applicable technical updates as of January 1, 2018 using the modified retrospective transition method. See Note 3, Revenue Recognition, for further details. In August 2016, the FASB issued ASU 2016‑15 associated with the classification of certain cash receipts and cash payments in the statement of cash flows. In November 2016, the FASB issued ASU 2016‑18 associated with the presentation of restricted cash and cash equivalents in the statement of cash flows. The objective of both amendments was to reduce existing diversity in practice. The Company's adoption of these ASUs in fiscal 2018 did not have a material impact on the Company's Statement of Cash Flows. |
Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Adoption of ASC Topic 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting under Topic 605. The Company recorded a net reduction to opening accumulated deficit of $2.8 as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to capitalization of sales commissions. The impact to service revenues for fiscal 2018 was a decrease of $33.7 as a result of applying Topic 606 and an associated policy election to treat applicable state landfill tax payments as a reduction of revenue (historically recorded as an operating expense). Recycling rebates paid to customers, franchise fees paid to customers and state landfill tax payments are now recognized as a reduction of revenue. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Further discussion of revenue for each major line of business is provided below. Residential Collection Revenue The Company's residential collection operations consist of curbside collection of residential refuse from small carts or containers into collection vehicles for transport to a disposal/recycling site. These services are typically performed either under long-term contracts with local government entities or on a subscription basis, whereby individual households contract directly with the Company for collection services. The Company's residential collection service fees are typically quoted in its contracts on a weekly or monthly basis and revenue is recognized as the services are provided each month. The Company's residential contracts generally allow for annual rate increases and the number of households serviced under the Company's municipal contracts change throughout the contract period. For these reasons, revenue associated with the Company's residential collection service contracts is accounted for as variable consideration and the amounts recorded represent the value of the performance obligations completed. Commercial Collection Revenue The Company's commercial collection operations consist of collection of commercial refuse from Company supplied waste containers for transport to a disposal/recycling site. Standard service agreements with commercial customers are typically three to five years in length with pricing based on estimated disposal weight and time required to service the account. The Company's commercial collection service fees are typically quoted in its service agreements on a weekly or monthly basis and revenue is recognized as the services are provided each month. The Company's commercial service agreements generally allow for rate increases and it is not uncommon for the collection needs of the customer to change throughout the contract period. For these reasons, revenue associated with the Company's commercial collection service agreements is accounted for as variable consideration and the amounts recorded represent the value of the performance obligations completed. Rolloff Collection Revenue The Company's rolloff collection operations consist of providing construction and demolition sites with rolloff containers and collecting, transporting and disposing of the customers' waste at a disposal site. Rolloff services are typically provided pursuant to arrangements in which the customer provides 24-hour advance notice of its disposal needs and is billed on a "per pull" plus disposal basis. The Company typically has written service agreements with permanent rolloff customers but does not enter into written service agreements with customers that utilize temporary rolloff containers due to the relatively short-term nature of their needs. The Company's permanent rolloff service agreements generally allow for rate increases and number of pulls plus disposal weight vary throughout the contract period. For these reasons, revenue associated with the Company's rolloff collection service agreements is accounted for as variable consideration and the amounts recorded represent the value of the performance obligations completed. Disposal Revenue Transfer stations provide collection operations with a cost-effective means to consolidate waste and reduce transportation costs while providing the Company's landfill sites with an additional “gate” to extend the geographic reach of its landfills. Disposal revenue at transfer stations is primarily generated by charging tipping or disposal fees to third party customers. Landfill disposal services represent the final stage in the Company's vertically integrated waste collection and disposal services solution. The Company generates disposal revenue at its landfills by charging tipping or disposal fees to third party customers. The Company's landfill and transfer station tipping fees are quoted to customers on a per ton basis and disposal weight varies each time the customer disposes of waste at a Company facility. For these reasons, revenue associated with the Company's disposal services is accounted for as variable consideration and the amounts recorded represent the value of the performance obligations completed. Sale of Recyclables The Company has a network of 22 recycling facilities that it manages or operates. These facilities generate revenue through the collection, processing and sale of old corrugated cardboard, old newspaper, mixed paper, aluminum, glass and other materials. These recyclable materials are internally collected by the Company's residential, commercial and industrial collection operations as well as third-party haulers. The Company's sale of recyclables are quoted to customers on a per ton basis and recyclable weight varies each time the Company sells recyclables to its customers. For these reasons, revenue associated with the Company's sale of recyclables is accounted for as variable consideration and the amounts recorded represent the value of the performance obligations completed. Fuel and Environmental Charges The amounts charged for collection, disposal and recycling services may include fuel and environmental charges. These charges are not designed to be specific to the direct costs to service an individual customer’s account, but rather are designed to help recover changes in the Company's overall cost structure and to achieve an acceptable operating margin. Fuel and environmental charges vary each month in relation to the variable consideration of collection, disposal and recycling services. For this reason, fuel and environmental charges are accounted for as variable consideration. Other Revenue Other revenue is comprised of the following:
Other revenue typically varies based on volume of the related service therefore the Company accounts for this revenue as variable consideration. Revenue by Segment See Note 22, Segment and Related Information, for additional information related to revenue by reportable segment and major line of business. Variable Consideration As described above, the Company accounts for revenue for each line of business as variable consideration. The Company believes that there will not be significant changes to its estimates of variable consideration as revenue recognized is recorded in accordance with the terms of the related contracts or verbal agreements. Capitalized Sales Commissions Under Topic 606, the Company capitalizes sales commissions as contract assets related to commercial and permanent rolloff collection customers and amortizes those sales commissions over the estimated customer life. The balance of capitalized sales commissions as of December 31, 2018 and January 1, 2018 were $4.4 and $3.8, respectively. The Company recorded amortization expense of $1.4 related to capitalized sales commissions for fiscal 2018. Deferred Revenues The Company records deferred revenue when cash payments are received or due in advance of the Company's performance. The increase in the deferred revenue balance from December 31, 2017 to December 31, 2018 is primarily driven by cash payments received or due in advance of the Company satisfying its performance obligations, offset by $69.1 of revenues recognized that were included in the deferred revenue balance at December 31, 2017. Topic 606 Practical Expedients As allowed by Topic 606, the Company does not disclose the value of unsatisfied performance obligations related to its contracts and service agreements as the Company accounts for its revenue as variable consideration and has the right to invoice for services performed each period. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions In fiscal 2018, the Company completed the acquisitions of twelve companies. Consideration transferred amounted to approximately $30.1 for these acquisitions, of which $3.8 will be paid in years subsequent to fiscal 2018. The amount to be paid in subsequent years is contingent on net working capital adjustments and other commitments, which are expected to be completed within approximately one year. The goodwill recognized of $7.0 represents synergies from the combined operations of the acquired entities and the Company. The Company is still reviewing information surrounding current assets, property and equipment, intangible assets, current liabilities and other long-term liabilities resulting from the acquisitions, which may result in changes to the Company’s preliminary purchase price allocation during fiscal 2019. Transaction costs related to these acquisitions were not significant for fiscal 2018. Purchase price adjustments related to acquisitions in prior years amounted to approximately $0.1 for fiscal 2018. In fiscal 2017, the Company completed the acquisitions of fourteen companies. Consideration transferred, net of cash acquired, amounted to approximately $115.9 for these acquisitions. The goodwill recognized of $35.2 represents synergies from the combined operations of the acquired entities and the Company. No purchase price adjustments were recorded in fiscal 2017 related acquisitions in prior years. In fiscal 2016, the Company completed the acquisitions of eight collection companies. Consideration transferred amounted to approximately $5.4 for these acquisitions. The goodwill recognized of $0.4 represents synergies from the combined operations of the acquired entities and the Company. Transaction costs related to these acquisitions were not significant for fiscal 2016. Purchase price adjustments related to acquisitions in prior years amounted to approximately $0.1 for fiscal 2016. The results of operations of each acquisition are included in the consolidated statements of operations of the Company subsequent to the closing date of each acquisition. The following table summarizes the estimated fair values of the assets acquired by year of acquisition:
The following table presents the allocation of the purchase price to other intangible assets:
The amount of goodwill recorded related to 2018 acquisitions for the South Segment, East Segment, and Midwest Segment was $5.5, $0.8, and $0.7, respectively. The amount of goodwill deductible for tax purposes related to acquisitions in fiscal 2018 and fiscal 2017 was $7.0 and $4.4, respectively. The total amount of consolidated goodwill deductible for tax purposes was $70.0 and $79.7 at December 31, 2018 and 2017, respectively. The weighted average life of other intangible assets in years is as follows:
Goodwill and intangible assets decreased by $0.1, did not change, and increased by $0.1, for the years ended December 31, 2018, 2017 and 2016, respectively, as a result of purchase price adjustments of acquisitions from the previous year. The increases were primarily related to working capital adjustments as a result of finalizing the purchase accounting for the acquisitions. |
Income (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Per Share | Income (loss) Per Share The following table sets forth the computation of basic income (loss) per share and income (loss) per share, assuming dilution for the following years:
Basic net income (loss) per share is based on the weighted-average number of shares of common stock outstanding for each of the periods presented. Net income (loss) per share, assuming dilution, is based on the weighted-average number of shares of common stock equivalents outstanding adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. The Company's potentially dilutive instruments are made up of equity awards, which include stock options, restricted stock awards, restricted stock units and performance stock units. All potentially dilutive common shares were excluded from the diluted loss per share calculation for fiscal 2016 because the Company was in a net loss position and their effect would have been antidilutive When calculating diluted net income per share, the ASC requires the Company to include the potential shares that would be outstanding if all outstanding stock options were exercised. This number would be different from outstanding stock options because it is offset by shares the Company could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. Approximately 1.4 million, 1.7 million and 4.3 million of outstanding stock awards for fiscal 2018, 2017 and 2016, respectively, were excluded from the diluted income (loss) per share calculation because their effect was antidilutive. |
Allowance for Doubtful Accounts |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Allowance for doubtful accounts consists of the following at December 31:
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Prepaid Expenses and Other Current Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following at December 31:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The following table summarizes the fair value of derivative instruments recorded in our consolidated balance sheets at December 31:
The Company has not offset fair value amounts recognized for its derivative instruments. Interest Rate Caps In November 2017, the Company entered into two interest rate cap agreements as cash flow hedges to hedge the risk of a rise in interest rates and associated cash flows on its variable rate debt. These interest rate caps become in the money when one month LIBOR rates exceed 2.25%. The Company has applied hedge accounting to the interest rate caps; therefore, changes in the fair value of the interest rate caps are recorded in other comprehensive income (loss), net of tax in the consolidated statements of comprehensive income (loss). The interest rate caps commence in 2019 and expire in 2021. The Company will pay the $4.9 premium on the caps in monthly installments beginning in October 2019. The notional value of the contracts aggregated were $600.0 as of December 31, 2018 and will remain constant through maturity in 2021. The Company recorded a gain related to the 2017 interest rate caps of $1.0 for fiscal 2018 of which the effective portion of $0.4 was recorded in change in fair value of interest rate caps, net of tax in the condensed consolidated statements of comprehensive income (loss) and the ineffective portion of $0.6 was recorded in other income, net in the condensed consolidated statement of operations. The Company recorded a loss related to the 2017 interest rate caps of $0.4 in change in fair value of interest rate caps, net of tax in the condensed consolidated statements of comprehensive income (loss) for fiscal 2017. In May 2016, the Company entered into three interest rate cap agreements as economic hedges against the risk of a rise in interest rates and the associated cash flows on its variable rate debt. These interest rate caps become in the money when three month LIBOR rates exceed 1.5%. The Company began paying the $5.5 premium of the caps equally over eleven quarters beginning on March 31, 2017. The Company elected not to apply hedge accounting to these interest rate caps therefore changes in the fair value of the interest rate caps are recorded in other income (expense), net in the consolidated statements of operations. The notional value of the contracts aggregated were $800.0 as of December 31, 2018 and will remain constant through maturity in September 2019. The Company recorded a gain related to the 2016 interest rate caps of $5.7 in other income, net in the condensed consolidated statement of operations for fiscal 2018. The Company recorded a loss related to the 2016 interest rate caps of $0.5 in other income, net in the condensed consolidated statement of operations for fiscal 2017. The Company recorded a gain related to the 2016 interest rate caps of $2.3 in other income, net in the condensed consolidated statement of operations for fiscal 2016. |
Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consist of the following at December 31:
Gross assets under capital lease amount to approximately $143.8 and $108.1 at December 31, 2018 and 2017, respectively. Accumulated amortization for capital leases at December 31, 2018 and 2017 was $42.5 and $26.2, respectively. Amortization expense of assets under capital lease was $17.3, $11.6 and $7.3 for fiscal 2018, 2017 and 2016, respectively. Depreciation, landfill amortization and depletion expense was $231.2, $228.2 and $204.3 for fiscal 2018, 2017 and 2016, respectively. |
Landfill Accounting |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landfill Accounting | Landfill Accounting Liabilities for final closure and post-closure costs consist of the following for the years ended December 31:
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Other Intangible Assets, Net and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets, Net and Goodwill | Other Intangible Assets, Net and Goodwill Intangible assets, net consist of the following at December 31:
Amortization expense recorded on intangible assets for the years ended December 31, 2018, 2017 and 2016 was $39.3, $41.6 and $42.6, respectively. Future amortization expense for intangible assets for the year ending December 31 is estimated to be:
The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows:
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Accrued Expenses |
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Accrued Expenses | Accrued Expenses Accrued expenses consist of the following at December 31:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following at December 31:
Annual aggregate principal maturities at December 31, 2018 are as follows:
Senior Secured Credit Facilities On November 21, 2017, the Company entered into Amendment No. 1 (the “Amendment”) to its Credit Agreement, dated as of October 9, 2012 (as amended and restated as of November 10, 2016, the “Amended and Restated Credit Agreement”) among the Company, the lenders party thereto and Deutsche Bank AG New York Branch, as administrative agent and as collateral agent. The Amendment reduces the Company’s applicable margin on its Term Loan B by 0.50% per annum. On November 10, 2016, the Company entered into the Amended and Restated Credit Agreement by and among the Company, the guarantors party thereto, the lenders party thereto (the “Lenders”) and Deutsche Bank AG New York Branch, as administrative agent and collateral agent (respectively, the “Administrative Agent” and the “Collateral Agent”), to the Credit Agreement, by and among the Company, the lenders party thereto, the Administrative Agent and the Collateral Agent, dated as of October 9, 2012 (as amended, supplemented or modified from time to time prior to the date hereof, the “Existing Credit Agreement” and as amended and restated in accordance with the Amended and Restated Credit Agreement). The Amended and Restated Credit Agreement includes a $1.5 billion Term Loan B facility maturing 2023, and a $300 million Revolving Credit Facility maturing 2021 (together "Senior Secured Credit Facilities"). The Revolving Credit Facility allows for up to $100.0 of letters of credit outstanding. The proceeds were used to repay borrowings under the Existing Credit Agreement and to call the Company's 8.25% Senior Notes due 2020. All outstanding borrowings under the Existing Credit Agreement were either repaid in full or converted to the new Senior Secured Credit Facility. At the Company’s option, borrowings under the Amended and Restated Credit Agreement will bear interest at an alternate base rate or adjusted LIBOR rate in each case plus an applicable margin. The alternate base rate is defined as the greater of the prime rate, the federal funds rate plus 50 basis points, or the adjusted LIBOR rate plus 100 basis points. The LIBOR base rate is subject to a 0.75% floor. In the case of the Term Loan B, the applicable margin, as amended, is 1.25% per annum for ABR Loans and 2.25% per annum for Eurodollar Loans. In the case of the Revolving Credit Facility, the applicable margin is 1.75% per annum for ABR Loans and 2.75% per annum for Eurodollar Loans if the Company's total net leverage ratio is greater than 4.0:1.0. If the Company's total net leverage ratio is less than 4.0:1.0, the applicable margin on the Revolving Credit Facility is 1.25% per annum for ABR Loans and 2.25% per annum for Eurodollar Loans. Obligations under the Amended and Restated Credit Agreement are guaranteed by the Company’s existing and future domestic restricted subsidiaries (subject to certain exceptions) and are secured by a first-priority security interest in substantially all the personal property assets, and certain real property assets, of the Company and the guarantors, including all or a portion of the equity interests of certain of the Company’s domestic subsidiaries (in each cases, subject to certain limited exceptions). Borrowings under the Amended and Restated Credit Agreement may be prepaid at any time without premium. The Amended and Restated Credit Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants, including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as a total net leverage ratio financial covenant (for the benefit of lenders under the revolving credit facility only). The Amended and Restated Credit Agreement also contains usual and customary events of default, including non-payment of principal, interest, fees and other amounts, material breach of a representation or warranty, nonperformance of covenants and obligations, default on other material debt, bankruptcy or insolvency, material judgments, incurrence of certain material ERISA liabilities, impairment of loan documentation or security and change of control. Compliance with these covenants is a condition to any incremental borrowings under our Senior Secured Credit Facilities and failure to meet these covenants would enable the lenders to require repayment of any outstanding loans (which would adversely affect our liquidity). The Term Loan B has payments due quarterly of $3.75 with mandatory prepayments due to the extent net cash proceeds from the sale of assets exceed $25.0 in any fiscal year and are not reinvested in the business within 365 days from the date of sale, upon notification of the Company’s intent to take such action or in accordance with excess cash flow, as defined. Further prepayments are due when there is excess cash flow, as defined. Borrowings under the Company's Senior Secured Credit Facilities can be used for working capital, capital expenditures, acquisitions and other general corporate purposes. As of December 31, 2018 and 2017, the Company had $37.0 and $29.0 in borrowings outstanding under its Revolving Credit Facility. As of December 31, 2018 and 2017, the Company had an aggregate of approximately $32.3 and $39.3 of letters of credit outstanding under its Senior Secured Credit Facilities. As of December 31, 2018 and 2017, the Company had remaining capacity under its Revolving Credit Facility of $230.7 and $231.7, respectively. As of December 31, 2018, the Company was in compliance with the covenants under the Senior Secured Credit Facilities. The Company's ability to maintain compliance with its covenants will be highly dependent on results of operations and, to the extent necessary, its ability to implement remedial measures such as reductions in operating costs. The Revolving Credit Facility has an annual commitment fee equal to 0.50% per annum if the total net leverage ratio is greater than 4.0:1.0, or if otherwise, 0.375% per annum. The amount of fees for 2018, 2017 and 2016 were not significant. The Company is subject to a maximum total net leverage ratio of 6.8:1.0. 5.625% Senior Notes due 2024 On November 10, 2016, the Company closed a 144A offering (the “Notes Offering”) exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), of $425.0 aggregate principal amount of 5.625% senior notes due 2024 (the “Notes”). The Company issued the Notes under an indenture dated November 10, 2016 (the “Indenture”) among the Company, the guarantors party thereto, and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Notes will bear interest at the rate of 5.625% per year. Interest on the Notes is payable on May 15 and November 15 of each year, beginning on May 15, 2017. The Notes will mature on November 15, 2024. Before November 15, 2019, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make-whole premium and accrued and unpaid interest to the date of redemption. At any time on or after November 15, 2019, the Company may redeem the Notes, in whole or in part, at the applicable redemption prices set forth in the Indenture, plus accrued interest. In addition, before November 15, 2019, the Company may, from time to time, redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 105.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The redemption prices set forth in the indenture for the twelve month periods beginning on November 15 of the years indicated below are as follows:
The Indenture contains covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends (subject to certain exceptions) or make certain redemptions, repurchases or distributions or make certain other restricted payments or investments; create liens; enter into transactions with affiliates; merge, consolidate or sell, transfer or otherwise dispose of all or substantially all of the Company’s assets; transfer and sell assets; and create restrictions on dividends or other payments by the Company’s restricted subsidiaries. Certain covenants will cease to apply to the Notes for so long as the Notes have investment grade ratings. The Notes will be unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s current and future U.S. subsidiaries that guarantee the Amended and Restated Credit Agreement. As of December 31, 2018, the Company was in compliance with the covenants under the Indenture. 8.25% Senior Notes due 2020 On October 9, 2012, the Company issued $550.0 aggregate principal amount of 8.25% Senior Notes, which were scheduled to mature in October 2020. The 8.25% Senior Notes were redeemed and repaid in full during the fourth quarter of fiscal 2016 with funds obtained from the new Term Loan B and the issuance of the 5.625% Senior Notes. Original Issue Discount and Debt Issuance Costs During fiscal 2018, the Company prepaid $57.5 of principal on its Term Loan B and as a result, recorded $0.9 of losses on extinguishments of debt. In November 2017, the Company repriced its Term Loan B and as a result, recorded $3.7 of losses on extinguishments and modifications of debt. When the Company refinanced the Term Loan B facility in November 2017, 93% was accounted for as a modification and 7% was accounted for as an extinguishment based on an analysis of the participation of each lender in the syndicate before and after the repricing. As a result of the 7% that was accounted for as an extinguishment, $1.9 of the unamortized original issue discount and deferred debt issuance costs were recorded as a loss on extinguishment of debt. In relation to the modification, the Company incurred $1.8 of third party fees which were recorded as a loss on modification of debt. the Company incurred $0.1 of third party fees related to new lenders in the syndicate which were recorded as a reduction to the carrying value of debt and are being amortized to interest expense using the effective interest method. In fiscal 2016, the Company recorded $64.7 of losses on extinguishments and modifications of debt as follows: In October of fiscal 2016, The Company prepaid $326.0 of its Existing Term Loan B with its initial public offering proceeds and recorded a loss on extinguishment of debt of $8.3 for unamortized original issue discount and debt issuance costs. When the Company refinanced its Term Loan B facility in November 2016, 95% was accounted for as a modification and 5% was accounted for as an extinguishment based on an analysis of the participation of each lender in the syndicate before and after the refinancing. As a result of the 5% that was accounted for as an extinguishment, $1.5 of the unamortized original issue discount and deferred debt issuance costs were recorded as a loss on extinguishment of debt. In relation to the modification, the Company incurred $15.2 of third party fees which were recorded as a loss on modification of debt. The Company incurred $1.3 of third party fees related to new lenders in the syndicate which were recorded as a reduction to the carrying value of debt and are being amortized to interest expense using the effective interest method. Additionally, the Company recorded $3.8 of original issue discount as a reduction to the carrying value of debt and it is being amortized to interest expense using the effective interest method. When the Company amended its Revolver in November 2016, the Company incurred $0.3 in third party financing fees which were recorded as an other long term asset and are being amortized to interest expense on a straight line basis over the term of the Revolver. When the Company redeemed its $550.0 8.25% Senior Notes during the fourth quarter of fiscal 2016, the Company paid a call premium of $24.0. The Company recorded the call premium as a loss on extinguishment of debt during the fourth quarter of fiscal 2016. Additionally, the Company recorded $15.3 of loss on extinguishment of debt related to unamortized original issue discount and deferred debt issuance costs. In November of fiscal 2016 when the Company issued $425.0 of 5.625% Senior Notes due 2024, the Company incurred $6.5 in debt issuance costs which were recorded as a reduction to the carrying value of debt and are being amortized to interest expense using the effective interest method. In December of fiscal 2016, the Company prepaid $20.0 of its new Term Loan B and recorded a loss on extinguishment of debt of $0.4. Fair Value of Debt The fair value of the Company’s debt is estimated based on rates the Company would currently pay for similar types of instruments (Level 2 inputs). Although the Company has determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting the information and in developing the estimated fair values. Therefore, these estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The fair value estimates are based on information available as of December 31, 2018 and 2017 respectively. The estimated fair value of the Company's debt is as follows at December 31:
The carrying value of the debt at December 31, 2018 is approximately $1,849.5 compared to $1,914.0 at December 31, 2017. Unconditional Purchase Commitments The Company has unconditional purchase commitments not recorded on the balance sheet which consist of disposal related agreements that include fixed or minimum royalty payments, disposal related host agreements, capital expenditure commitments and payments for premiums on interest rate caps. The Company has unconditional purchase commitments recorded on the balance sheet which consist of waste relocation obligations. The following table summarizes the Company's unconditional purchase commitments as of December 31, 2018:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain facilities under operating lease agreements. Future minimum lease payments as of December 31, 2018 for noncancelable operating leases that have initial or remaining terms in excess of one year are as follows:
The total rental expense for all operating leases for the years ended December 31, 2018, 2017 and 2016 was $10.1, $10.9 and $9.4, respectively. Direct rental expense, consisting of rental expense at operating locations, is included in operating expenses, and rental expense for corporate offices is included in selling, general and administrative expenses in the consolidated statements of operations. |
Stockholders' Equity and Stock Awards |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Stock Awards | Stockholders' Equity and Stock Awards (Share and per share amounts not in millions) 2012 Plan In October 2012, the former Parent’s Board of Directors adopted the 2012 Stock Incentive Plan (the “ 2012 Plan”) under which an aggregate of 7,154,711 shares of the former Parent’s common stock was reserved for issuance. The 2012 Plan provided for employees of the Company to participate in the plan and provided that the options or stock purchase rights have a term of ten years and vest equally over four years at a rate of 20% with 20% of the options being vested at the date of grant for all options except the Strategic grants which vest 100% after five years. All options of the Strategic Plan issued prior to 2010 vested upon a change of control. During fiscal 2016, the Board of Directors of the former parent amended the 2012 Plan to allow for the grant of performance shares, restricted shares, restricted share units, and other equity awards in addition to stock options and stock purchase rights as originally provided for under the 2012 Plan. Upon completion of the Company's initial public offering during the fourth quarter of fiscal 2016, no further awards will be issued under the 2012 Plan. 2016 Plan The Company's Board of Directors adopted the Advanced Disposal Services, Inc. 2016 Omnibus Equity Plan (the "2016 Plan") on January 29, 2016 under which an aggregate of 5,030,000 shares of common stock was reserved for issuance. The 2016 Plan became effective on October 4, 2016 and will terminate on the tenth anniversary of the 2016 Plan effective date, unless sooner terminated by the Company's board of directors. Awards under the 2016 Plan may consist of stock options, restricted shares, restricted share units, stock appreciation rights, performance stock, performance stock units, cash performance units and other awards. The Compensation Committee shall set the vesting criteria applicable to each award, which will determine the extent to which the award becomes exercisable. The terms and conditions of each award shall be set forth in an award document in a form approved by the Compensation Committee for such Award. Stock Option Grants The fair value of the options granted is estimated using the Black-Scholes option pricing model using the following assumptions:
Since the Company does not have enough historical exercise data that is indicative of expected future exercise performance, it has elected to use the “simplified method” to estimate the options expected term by taking the average of each vesting-tranche and the contractual term. The Company used the average ten day historical volatility for public companies in the solid waste sector to estimate historical volatility used in the Black-Scholes model. The risk-free rate used was based on the US Treasury security rate estimated for the expected term of the option at the date of grant. No dividends are expected to be issued. The company estimates stock option forfeitures based on historical experience. The Company issues new shares when stock options are exercised. Stock Option Grants During fiscal 2018, there were 487,783 annual options granted under the 2016 Plan for employees other than the Named Executive Officers ("NEOs"). Each option had an estimated fair value of $5.60 per option on the date of grant and each option had an exercise price of $22.16. The options will vest 20% on date of grant and 20% in four equal installments over each of the first four anniversaries of the date of the grant. The contractual term of each option is 10 years. During fiscal 2018, there were 185,867 NEO options granted under the 2016 Plan. Each option had an estimated fair value of $5.75 per option on the date of grant and each option had an exercise price of $22.16. The options will vest in full on the third anniversary of the date of the grant. The contractual term of each option is 10 years. Stock Options Outstanding A summary of the stock options outstanding for the year ended December 31, 2018 (in millions, except share and per share amounts) is as follows:
The weighted-average grant-date fair value of options granted per share was $5.64, $5.35 and $6.57 during 2018, 2017, and 2016, respectively. The total fair value of options vested was $5.1, $5.1 and $3.6 during fiscal 2018, 2017, and 2016, respectively. The intrinsic value of the options outstanding at December 31, 2018 was approximately $14.4. The intrinsic value of options exercised during fiscal 2018 was $1.0. The intrinsic value of exercisable options at December 31, 2018 was approximately $7.6. Restricted Stock Grants During fiscal 2018, there were 22,565 restricted stock awards granted under the 2016 Plan to non-employee directors with a weighted average grant date fair value $22.16 per share. The restricted stock awards will vest in full on the third anniversary of the date of the grant. A summary of the status of non-vested restricted stock awards as of December 31, 2018, including changes during fiscal 2018 is presented below:
Restricted Stock Unit Grants During fiscal 2018, there were 93,353 NEO restricted stock units granted under the 2016 Plan with a fair value of $22.16 per share. The restricted stock units will vest in full on the third anniversary of the date of the grant. A summary of the status of non-vested restricted stock units as of December 31, 2018, including changes during fiscal 2018 is presented below:
Performance Stock Unit Grants During fiscal 2018, there were 96,455 NEO performance stock units (PSUs) granted under the 2016 Plan with a fair value of $22.16 per share. The PSUs will vest in full on the third anniversary of the date of the grant. The PSUs shall be measured based on the Company's budget and are weighted as follows: Adjusted EBITDA: 50%; Adjusted EBITDA less capital expenditures: 30%; and Revenue: 20%. The measurement criteria begins with an attainment of 90% of the budget which results in vesting of 25% of the shares underlying the PSUs granted and ends with an attainment of 110% of the budget which results in vesting of 175% of the shares underlying the PSUs granted. Performance will be measured separately for each of the three years in the performance period and the total number of PSUs earned at the conclusion of the three-year performance period will be the sum of the PSUs earned with respect to each individual year. A summary of the status of non-vested performance stock units as of December 31, 2018, including changes during fiscal 2018 is presented below:
Compensation Expense Compensation expense is recognized ratably over the vesting period for those awards that vest. For fiscal 2018, 2017 and 2016, the Company recognized share-based compensation expense as a component of selling, general and administrative expenses of $11.2, $9.7 and $5.5, respectively. As of December 31, 2018, the Company estimates that a total of approximately $10.5 of currently unrecognized compensation expense will be recognized over a weighted average period of approximately 1.84 years for unvested awards issued and outstanding. Payment to Former Director During fiscal 2017, the Company made the final payment to a former director under an equity compensation arrangement in the amount of $6.2. |
Insurance |
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Insurance [Abstract] | |
Insurance | Insurance The Company carries insurance coverage for protection of its assets and operations from certain risks including automobile liability, general liability, real and personal property damage, workers’ compensation claims, directors’ and officers’ liability, pollution liability, employee group health claims and other coverages that are customary in the industry. The Company’s exposure to loss for insurance claims is generally limited to the per incident deductible under the related insurance policy. As of December 31, 2018, the Company’s insurance programs carried self-insurance exposures of up to $0.5, $1.0 and $0.8 per incident for general liability, automobile and workers’ compensation, respectively. Certain self-insurance claims reserves are recorded at present value using a 2.46% and a 1.98% discount rate as of December 31, 2018 and 2017, respectively. The Company has a partially self-insured employee group health insurance program that carries an aggregate stop loss amount. The amount recorded for the health insurance liability at December 31, 2018 and 2017 for unpaid claims, including an estimate for IBNR claims, was $3.1 and $3.5, respectively. Liabilities are recorded gross of expected recoveries. The self-insured portion of workers’ compensation liability for unpaid claims and associated expenses, including IBNR claims, is based on an actuarial valuation and internal estimates. The amount recorded for workers’ compensation liability at December 31, 2018 and 2017 for unpaid claims, including an estimate for IBNR claims, is $21.4 and $21.8, respectively. The self-insured portion of general liability and automobile liability for unpaid claims and associated expenses, including IBNR claims, is based on an actuarial valuation and internal estimates. The amount recorded for general and automobile liability at December 31, 2018 and 2017 for unpaid claims, including an estimate for IBNR claims, was $18.6 and $20.7, respectively. Of the above amounts, $16.4 and $16.7 is included in accrued expenses and the remainder is included in other long-term liabilities at December 31, 2018 and 2017, respectively. |
Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Company has 401(k) Savings Plans (“401(k) Plan”) for the benefit of qualifying full-time employees who have more than 90 days of service and are over 21 years of age. Employees make pre-tax contributions to the 401(k) Plan with a partial matching contribution made by the Company. The Company’s matching contributions to the 401(k) Plan were $3.7, $3.5 and $3.5 for fiscal 2018, 2017 and 2016, respectively. Contributions by the Company are included in operating costs and expenses in the accompanying consolidated statements of operations. The Company is a participating employer in a number of trustee-managed multiemployer, defined benefit pension plans for employees who participate in collective bargaining agreements. Approximately 14% of the Company’s workforce is subject to a collective bargaining agreement and two of the collective bargaining agreements will expire within one year. The risks of participating in the multiemployer plans are different from single-employer plans in that (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be required to be assumed by the remaining participating employers; and (iii) if the Company chooses to stop participating in any of the multiemployer plans, it may be required to pay those plans a withdrawal amount based on the underfunded status of the plan. In connection with its ongoing renegotiation of various collective bargaining agreements, the Company may discuss and negotiate for the complete or partial withdrawal from one or more of these pension plans. During fiscal 2018, the Southwest Pennsylvania & Western Maryland Area Teamsters & Employers Pension Fund agreed to use September 30, 2018 as the termination date for the Company's contribution obligation to this multiemployer pension plan and the Company estimated and recorded a withdrawal liability of $0.8. The total contributions made to all plans for fiscal 2018 was $5.9, of which $5.0 is related to plans considered to be individually significant that are included in the table below, $0.8 relates to the withdrawal liability and $0.1 is related to plans that are not considered to be individually significant. The following table outlines the Company's participation in multiemployer plans considered to be individually significant:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of the expense (benefit) from income taxes are comprised of the following for the years ended December 31:
For fiscal 2018, 2017 and 2016, the federal statutory rate in effect was 21%, 35% and 35%, respectively. A reconciliation between the expense or benefit from income taxes and the expected tax expense or benefit using the federal statutory rate in effect for the years ended December 31 is as follows:
The Company’s deferred tax assets and liabilities relate to the following sources and differences between financial accounting and the tax basis of the Company’s assets and liabilities at December 31:
On December 22, 2017, the Tax Cut and Jobs Act (the "Act") was signed into law. In accordance with SAB-118, the Company recognized the estimated impact of this legislation as a component of the benefit for income taxes during the fourth quarter of 2017. During the fourth quarter of 2018, the company completed its analysis of the impacts of the Act, and no additional impacts were identified. The amounts recorded as deferred tax assets as of December 31, 2018 and 2017 represent the amount of tax benefits of existing deductible temporary differences or net operating loss ("NOL") carryforwards. Realization of deferred tax assets is dependent upon the generation of sufficient taxable income prior to expiration of any loss carryforwards. The Company has established valuation allowances for uncertainties in realizing the benefit of certain tax loss and credit carryforwards. A valuation allowance has been recorded against deferred tax assets as of December 31, 2018 in the amount of $15.4. The valuation allowance for the year ended December 31, 2017 was $60.0. During 2018, the recorded valuation allowance was reduced by $42.8 due to the expiration of the Company's capital loss carryforward and $4.0 due to changes in New Jersey tax law. These reductions resulted in no net impact to the fiscal 2018 recorded provision for income taxes. While the company expects to realize the deferred tax assets, net of the valuation allowances, changes in estimates of future taxable income or in tax laws may alter this expectation. The Company had available federal NOL carryforwards of approximately $349.1 and $344.1 at December 31, 2018 and 2017 respectively. The Company’s federal NOLs have expiration dates beginning in the year 2021 through 2036 if not utilized against taxable income. With the completion of the IPO in the fourth quarter of 2016, the Company experienced an ownership change pursuant to Section 382 of the Internal Revenue Code ("IRC"). This limitation is not expected to have an impact in the Company's ability to fully utilize its NOLs before expiration. Additionally, the Company has grown through a series of acquisitions and mergers and has had historic change of control events that resulted in limitations on the utilization of certain NOLs. Approximately $60.0 of the NOLs are limited under the SRLY rules of the IRC. These NOLs are only available to be utilized against taxable income of the HWStar Waste Holdings Corp. and subsidiaries thereof, a wholly-owned subsidiary of the Company. At this time, the Company expects to utilize these NOLs. A predecessor of the Company had a transaction on November 1, 2005 that was treated as a reorganization. The Company estimates that it is subject to an annual limitation of approximately $4.2 on NOLs of approximately $30.8 originating prior to November 1, 2005. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for fiscal 2018, 2017 and 2016 is as follows:
These liabilities are included as a component of other liabilities and deferred income taxes in the Company's consolidated balance sheet. The Company does not anticipate that settlement of the liabilities will require payment of cash within the next twelve months. As of December 31, 2018, $25.8 of the net unrecognized benefit, if recognized in future periods, would impact the Company's effective rate. The Company recognizes interest expense related to unrecognized tax benefits in tax expense. During the tax years ended December 31, 2018, 2017 and 2016, respectively, the Company recognized approximately $0.4, $0.5, and $0.2, respectively, of such interest expense as a component of the “Provision for Income Taxes”. The Company had approximately $3.2 and $2.8 of accrued interest and $0.6 and $0.5 of accrued penalties in its balance sheet as of December 31, 2018 and 2017, respectively. The Company and its subsidiaries are subject to income tax in the United States at the federal, state and local jurisdictional levels. The company has open tax years dating back to 2003. During 2018, the state of Florida completed an audit of the company's 2014-2016 tax years with no changes identified. Prior to the acquisition, Veolia ES Solid Waste division was part of a consolidated group and is still subject to IRS and state examinations dating back to 2004. Pursuant to the terms of the acquisition of Veolia ES Solid Waste, Inc., the Company is entitled to certain indemnifications for Veolia ES Solid Waste Division's pre-acquisition tax liabilities. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments As a basis for considering assumptions, the fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Assets and liabilities measured at fair value are based on one or more of three valuation techniques noted in the guidance. The three valuation techniques are as follows: Market approach Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Cost approach Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and Income approach Techniques to convert future amounts to a single present amount are based on market expectations (including present value techniques, option-pricing models, and lattice models). The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and certain investments included in cash equivalent money market funds. The Company’s interest rate caps are recorded at their estimated fair values based on a current forward fixed price swap curve. All instruments were valued using the market approach. The Company's interest rate caps are valued using a third-party pricing model that incorporates information about LIBOR yield curves, which is considered observable market data, for each instrument’s respective term. Counterparties to the Company's interest rate caps are highly rated financial institutions. Valuations of those interest rate caps may fluctuate significantly from period to period due to volatility in the valuation of interest rates which are driven by market conditions and the scheduled maturities of the caps. The Company’s assets and liabilities that are measured at fair value on a recurring basis approximate the following:
Refer to Note 13, Long-Term Debt for disclosures regarding the fair value of long-term debt. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Financial Instruments Municipal solid waste service and other service contracts, permits and licenses to operate transfer stations, landfills and recycling facilities may require performance or surety bonds, letters of credit or other means of financial assurance to secure contractual performance. To secure its obligations, the Company has provided customers, various regulatory authorities and the Company’s insurer with such bonds totaling to approximately $774.0 and $749.2 as of December 31, 2018 and 2017, respectively. The majority of these obligations expire each year and are automatically renewed. Additionally, letters of credit have been issued to fulfill such obligations and are included in the total letters of credit outstanding disclosed in Note 13, Long-Term Debt, in the notes to the consolidated financial statements herein. The Company has an obligation as part of the purchase of one of its C&D landfills for payments of 6% of net revenue generated from the landfill that began at the commencement of landfill operations and continues through the life of the landfill. Landfill Remediation In May 2018, the Company observed surface anomalies in specific areas of a landfill. Based on estimates at that point, the required engineering enhancements related to the leachate and gas infrastructure and reconstruction of specific storm and surface water control systems was accrued in the consolidated balance sheet. In September 2018, the Company received a proposed consent order, from a state environmental regulatory agency, outlining further conditions required to be met. The Company reviewed the conditions required per the proposed consent order and based on the Company’s best estimates, has accrued, in the consolidated balance sheet, cost for an enhanced de-watering system and the removal, treatment, and disposal of leachate at the site. Further, for the year ended December 31, 2018, the Company recorded operating expenses to redirect waste to third-party sites that the Company was contractually obligated to accept at its site, resulting in additional disposal and transportation costs incurred. The waste redirection ceased on December 31, 2018, due to the expiration of these contractual obligations. See the table below for an outline of the expenses incurred for the year ended December 31, 2018:
As of December 31, 2018, $4.8 of expenditures related to the remediation accrual estimates have been incurred and $11.4 remains on the consolidated balance sheet. This amount could increase or decrease as a result of actual costs incurred to completion. The Company expects the remaining expenditures to be incurred through fiscal 2022. Litigation and Other Matters In February 2009, the Company and certain of its subsidiaries were named as defendants in a purported class action suit in the Circuit Court of Macon County, Alabama. Similar class action complaints were brought against the Company and certain of its subsidiaries in 2011 in Duval County, Florida and in 2013 in Quitman County, Georgia and Barbour County, Alabama, and in 2014 in Chester County, Pennsylvania. The 2013 Georgia complaint was dismissed in March 2014. In late 2015 in Gwinnett County, Georgia, another purported class action suit was filed. The plaintiffs in those cases primarily allege that the defendants charged improper charges (fuel, administrative and environmental charges) that were in breach of the plaintiffs' service agreements with the Company and seek damages in an unspecified amount. The Company believes that it has meritorious defenses against these purported class actions, which it will vigorously pursue. Given the inherent uncertainties of litigation, including the early stage of these cases, the unknown size of any potential class, and legal and factual issues in dispute, the outcome of these cases cannot be predicted and a range of loss, if any, cannot currently be estimated. In February 2017, a waste slide occurred in one cell at the Company’s Greentree Landfill in Kersey, Pennsylvania. During fiscal 2018 and 2017, the Company recorded a charge in operating expenses of $0.1 and $11.1, respectively. These charges were recorded to adjust the reserve related to this matter to the remaining probable costs to relocate displaced material and restore infrastructure, net of insurance recoveries; this amount could increase or decrease as a result of actual costs incurred to completion. The Company has incurred expenditures of $8.3, net of insurance recoveries, as of December 31, 2018 related to this matter. The Company is subject to various other proceedings, lawsuits, disputes and claims and regulatory investigations arising in the ordinary course of its business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions filed against the Company include commercial, customer, and employment-related claims. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions are in various procedural stages, and some are covered in part by insurance. Although the Company cannot predict the ultimate outcome and the range of loss cannot be currently estimated, the Company does not believe that the eventual outcome of any such action could have a material adverse effect on its business, financial condition, results of operations or cash flows. |
Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring For fiscal 2017, the Company incurred $3.4 of restructuring costs related to elimination of positions at the corporate office. Of the $3.4 of restructuring charges, $2.1 related to the acceleration of stock-based compensation and $1.3 related to severance expense. For fiscal 2016, the Company incurred $0.8 of restructuring costs related to the consolidation of districts in the Midwest region and the resignation of one corporate executive. The costs associated with the actions described above are included in accrued expenses in the accompanying consolidated financial statements and include the amounts as follows:
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Segment and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information | Segment and Related Information The Company's operations are managed through three operating segments: South, East and Midwest regions. These three operating segments and corporate entities are presented below as its reportable segments. The historical results, discussion and presentation of the Company's reportable segments are the result of its integrated waste management services consisting of collection, transfer, recycling and disposal of non-hazardous solid waste. Summarized financial information concerning the Company's reportable segments for fiscal 2018, 2017 and 2016 is shown in the following table:
The following table presents the Company's revenues disaggregated by major line of business. Recycling rebates paid to customers, franchise fees paid to customers and state landfill taxes are excluded from revenues.
(1) Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting under Topic 605. (2) Refer to Note 3, Revenue Recognition, for definition of other revenue. |
Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information for the years ended December 31 is as follows:
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, which is included as a component of stockholders' equity, are as follows:
The significant amounts either added to or reclassified out of each component of accumulated other comprehensive income (loss) are included in the tables below:
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Equity Method Investment |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment | Equity Method Investment On November 20, 2012, in connection with a larger acquisition, ADS acquired a 50% equity stake in Sanitation Services Company Limited (“SS”) for approximately $9.5 million. SS is a Bahamas-based oil pumping, landscaping, garbage collection, janitorial, excavation and container rental services company. The Company uses the equity method to account for its 50% financial interest in SS. Equity in earnings was $1.2 million and $1.6 million for the years ended December 31, 2018 and 2017, respectively, and is recorded in Other Income, net on the Consolidated Statements of Operations. The investment balance was $10.0 and $9.5 as of December 31, 2018 and 2017, respectively and is recorded in Other Assets on the Consolidated Balance Sheets. Summarized balance sheet information for SS consists of the following at December 31:
Summarized statement of operations information for SS consists of the following for the year ended:
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following table summarizes the unaudited quarterly results of operations for the respective quarters:
(a) Due to the enactment of the Tax Cuts and Jobs Act (the "Act") in the fourth quarter of fiscal 2017, the Company's fourth quarter financial results included a $40.5 non-cash tax benefit, primarily resulting from revaluing its net deferred tax assets, liabilities, and certain associated valuation allowances to reflect the recently enacted 21% federal corporate tax rate. |
New Accounting Standards Pending Adoption |
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Accounting Policies [Abstract] | |
New Accounting Standards Pending Adoption | New Accounting Standards Pending Adoption In August 2017, the FASB issued ASU 2017-12 which intends to address concerns through changes to hedge accounting guidance which will accomplish the following: a) expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company's risk management activities; b) decrease the complexity of preparing and understanding hedge results through eliminating the separate measurement and reporting of hedge ineffectiveness; c) enhance transparency, comparability and understandability of hedge results through enhanced disclosures and changing the presentation of hedge results to align the effects of the hedging instrument and the hedged item; and d) reduce the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period following the issuance date. We are currently assessing the effect this guidance may have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, in July 2018 the FASB issued ASU 2018-11, Leases: Targeted Improvements and in December 2018 the FASB issued ASU 2018-20, Leases: Narrow Scope Improvements for Lessors. Lessees will be required to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability, and lessors will be required to recognize a net lease investment. Additional qualitative and quantitative disclosures will also be required to increase transparency and comparability among organizations. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the standard is permitted; however, the Company will not early adopt the standard. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented or as of the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to adopt the standard by recognizing and measuring leases as of the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is assessing the provisions of this amended guidance and (i) formed an implementation team made up of internal personnel and third party consultants (ii) implemented a software solution to manage and account for leases under the new standard (iii) obtained feedback on the population of leases from business unit personnel (iv) analyzed payment activity and general ledger accounts to identify additional leases under the new standard and (v) assessed the impact of the new standard on its consolidated financial statements. The Company is still evaluating the impact of this amended guidance on its consolidated financial statements but does not anticipate any material changes to operating results or liquidity. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements include its wholly-owned subsidiaries and their respective subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
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Use of Estimates | Use of Estimates In preparing its financial statements that conform with accounting principles generally accepted in the United States of America, the Company uses estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The Company must make these estimates and assumptions because certain information is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing its financial statements, the more subjective areas that deal with the greatest amount of uncertainty relate to accounting for the following: long-lived assets, including recoverability; landfill development costs; final capping, closure and post-closure costs; valuation allowances for accounts receivable and deferred tax assets; liabilities for potential litigation, claims and assessments; liabilities for environmental remediation; stock compensation; goodwill and intangible asset impairments; deferred taxes; uncertain tax positions; self-insurance reserves; and estimates of the fair values of assets acquired and liabilities assumed in acquisitions. Each of these items is discussed in more detail elsewhere in these Notes to the consolidated financial statements. The Company's actual results may differ significantly from our estimates. |
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Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, bank demand deposit accounts, and overnight sweep accounts. Cash equivalents include highly liquid investments with original maturities of three months or less when purchased. |
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Revenue Recognition | Revenue Recognition The Company recognizes revenues as the services are provided. Revenue is recognized as waste is collected, as tons are received at the landfill or transfer stations, as recycled commodities are delivered to a customer, or as services are rendered to customers. Certain customers are billed and pay in advance and, accordingly, recognition of the related revenues is deferred until the services are provided. |
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Trade Receivables | Trade Receivables The Company records trade receivables when billed or when services are performed, as they represent claims against third parties that will be settled in cash. The carrying value of receivables, net of the allowance for doubtful accounts, represents the estimated net realizable value. The Company estimates losses for uncollectible accounts based on an evaluation of the aged accounts receivable and the likelihood of collection of the receivable based on historical collection data and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances. |
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Insurance Reserves | Insurance Reserves The Company uses a combination of insurance with high deductibles and self-insurance for various risks including workers compensation, vehicle liability, general liability and employee group health claims. The exposure for unpaid claims and associated expenses, including incurred but not reported losses, is estimated by factoring in pending claims and historical trends data and other actuarial assumptions. In estimating its claims liability, the Company analyzes its historical trends, including loss development and applies appropriate loss development factors to the incurred costs associated with the claims. The discounted estimated liability associated with settling unpaid claims is included in accrued expenses and other long-term liabilities in the consolidated balance sheets. |
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Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, accounts receivable and derivative instruments. The Company maintains cash and cash equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company has not experienced any losses in such accounts. The maximum loss the Company would incur related to credit risk is the asset balances recorded in the balance sheets. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base and its ability to discontinue service, to the extent allowable, to non-paying customers. |
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Asset Impairments | Asset Impairments The Company monitors the carrying value of its long-lived assets for potential impairment and test the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. These events or changes in circumstances, including management decisions pertaining to such assets, are referred to as impairment indicators. Typical indicators that an asset may be impaired include (i) a significant adverse change in legal factors in the business climate, (ii) an adverse action or assessment by a regulator, and (iii) a significant adverse change in the extent or manner in which a long-lived asset is being utilized or in its physical condition. If an impairment indicator occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the asset group for which it can identify the projected cash flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. Fair value is generally determined by considering (i) internally developed discounted projected cash flow analysis of the asset or asset group; (ii) third-party valuations; and/or (iii) information available regarding the current market for similar assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the asset. |
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Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation. Expenditures for major additions and improvements are capitalized and maintenance activities are expensed as incurred. When property and equipment are retired, sold, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the results of operations. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Depreciation expense is calculated using the straight-line method over the estimated useful lives or the expected lease term, whichever is shorter. Estimated useful lives are as follows:
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Leases | Leases The Company leases property and equipment in the ordinary course of its business. The most significant lease obligations are for property and equipment specific to the waste industry, including real property operated as landfills and transfer stations. The Company's leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that are considered in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. The classification of the Company's operating leases can be attributed to either (i) relatively low fixed minimum lease payments as a result of real property lease obligations that vary based on the volume of waste we receive or process or (ii) minimum lease terms that are much shorter than the assets’ economic useful lives. The Company expects that in the normal course of business, its operating leases will be renewed, replaced by other leases, or replaced with fixed asset expenditures. The Company's rent expense during each of the last three years and its future minimum operating lease payments for each of the next five years for which it is contractually obligated as of December 31, 2018 is disclosed in Note 14, Leases. Assets under capital leases are capitalized using interest rates determined at the inception of each lease and are amortized over the lesser of the useful life of the asset or the lease term, as appropriate, on a straight-line basis. The present value of the related lease payments is recorded as a debt obligation. |
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Landfill Accounting | Landfill Accounting Costs Basis of Landfill Assets Landfills are typically developed in a series of cells, each of which is constructed, filled and capped in sequence over the operating life of the landfill. When the final cell is filled and the operating life of the landfill is completed, the cell must be capped and then closed and post-closure care and monitoring activities begin. Capitalized landfill costs include expenditures for land (which includes the land of the landfill footprint and landfill buffer property and setbacks) and related airspace associated with the permitting, development and construction of new landfills, expansions at existing landfills, landfill gas systems and landfill cell development. Landfill permitting, development and construction costs represent direct costs related to these activities, including land acquisition, engineering, legal and construction. These costs are deferred until all permits are obtained and operations have commenced at which point they are capitalized and amortized. If necessary permits are not obtained, costs are charged to operations. The cost basis of our landfill assets also includes asset retirement costs, which represent estimates of future costs associated with landfill final capping, closure and post-closure activities. Final Capping, Closure and Post-Closure Costs The following is a description of the Company's asset retirement activities and related accounting: Final Capping Includes installing flexible membrane and geosynthetic clay liners, drainage and compact soil layers, and topsoil, and is constructed over an area of the landfill where total airspace capacity has been consumed and waste disposal operations have ceased. These final capping activities occur in phases as needed throughout the operating life of a landfill as specific areas are filled to capacity and the final elevation for that specific area is reached in accordance with the provisions of the operating permit. Final capping asset retirement obligations are recorded on a units-of-consumption basis as airspace is consumed related to the specific final capping event with a corresponding increase in the landfill asset. Each final capping event is accounted for as a discrete obligation and recorded as an asset and a liability based on estimates of the discounted cash flows and capacity associated with each final capping event. Closure and post-closure These activities involve methane gas control, leachate management and groundwater monitoring, surface water monitoring and control, and other operational and maintenance activities that occur after the site ceases to accept waste. The post-closure period generally runs for 30 years or longer after final site closure for landfills. Landfill costs related to closure and post-closure are recorded as an asset retirement obligation as airspace is consumed over the life of the landfill with a corresponding increase in the landfill asset. Obligations are recorded over the life of the landfill based on estimates of the discounted cash flows associated with performing the closure and post-closure activities. The Company annually updates its estimates for these obligations considering the respective state regulatory requirements, input from its internal engineers, operations, accounting personnel and external consulting engineers. The closure and post-closure requirements are established under the standards of the U.S. Environmental Protection Agency’s Subtitle D regulations as implemented and applied on a state-by-state basis. These estimates involve projections of costs that will be incurred as portions of the landfill are closed and during the post-closure monitoring period. Capping, closure and post-closure costs are estimated assuming such costs would be incurred by a third party contractor in present day dollars and are inflated by 2.5% (an estimate based on the 25-year average change in the historical Consumer Price Index from 1993 to 2018) to the time periods within which it is estimated the capping, closure and post-closure costs will be expended. The Company discounts these costs to present value using the credit-adjusted, risk-free rate effective at the time an obligation is incurred, consistent with the expected cash flow approach. Any change that results in an upward revision to the estimated cash flows are treated as a new liability and discounted at the current rate while downward revisions are discounted at the historical weighted-average rate of the recorded obligation. As a result, the credit-adjusted, risk-free discount rate used to calculate the present value of an obligation is specific to each individual asset retirement obligation. The range of rates utilized within the calculation of the asset retirement obligations at December 31, 2018 is between 4.9% and 10.5%. The Company records the estimated fair value of the final capping, closure and post-closure liabilities for its landfills based on the capacity consumed in the current period. The fair value of the final capping obligations is developed based on the Company’s estimates of the airspace consumed to date for each final capping event and the expected timing of each final capping event. The fair value of closure and post-closure obligations is developed based on the Company’s estimates of the airspace consumed to date for the entire landfill and the expected timing of each closure and post-closure activity. Because these obligations are measured at estimated fair value using present value techniques, changes in the estimated cost or timing of future final capping, closure and post-closure activities could result in a material change in these liabilities, related assets and results of operations. The Company assesses the appropriateness of the estimates used to develop its recorded balances annually, or more often if significant facts change. Changes in inflation rates or the estimated costs, timing or extent of future final capping, closure and post-closure activities typically result in both (i) a current adjustment to the recorded liability and landfill asset; and (ii) a change in liability and asset amounts to be recorded prospectively over either the remaining capacity of the related discrete final capping event or the remaining permitted and expansion airspace (as defined below) of the landfill. Any changes related to the capitalized and future cost of the landfill assets are then recognized in accordance with the Company's amortization policy, which would generally result in amortization expense being recognized prospectively over the remaining capacity of the final capping event or the remaining permitted and expansion airspace of the landfill, as appropriate. Changes in such estimates associated with airspace that has been fully utilized result in an adjustment to the recorded liability and landfill assets with an immediate corresponding adjustment to landfill airspace amortization expense. Interest accretion on final capping, closure and post-closure liabilities is recorded using the effective interest method and is recorded in operating expenses in the consolidated statements of operations. Amortization of Landfill Assets The amortizable basis of a landfill includes (i) amounts previously expended and capitalized; (ii) capitalized and projected landfill final capping, closure and post-closure costs; (iii) projections of future acquisition and development costs required to develop the landfill site to its remaining permitted and expansion capacity; and (iv) land underlying both the footprint of the landfill and the surrounding required setbacks and buffer land. Amortization is recorded on a units-of-consumption basis, applying expense as a rate per ton. The rate per ton is calculated by dividing each component of the amortizable basis of a landfill by the number of tons needed to fill the corresponding asset’s airspace. For landfills that the Company does not own, but operates through a management operating agreement, the rate per ton is calculated based on expected capacity to be utilized over the lesser of the contractual term of the underlying agreement or the life of the landfill. Landfill site costs are depleted to zero upon final closure of a landfill. The Company develops its estimates of the obligations using input from its operations personnel, engineers and accountants. The obligations are based upon interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. The estimate of fair value is based upon present value techniques using historical experience and, where available, quoted or actual market prices paid for similar work. The determination of airspace usage and remaining airspace is an essential component in the calculation of landfill asset depletion. This estimation is performed by conducting periodic topographic surveys, using aerial survey techniques, of the Company’s landfill facilities to determine remaining airspace in each landfill. The surveys are reviewed by the Company’s external consulting engineers, internal operating staff, and its management, financial and accounting staff. Remaining airspace will include additional “deemed permitted” or unpermitted expansion airspace if the following criteria are met:
Senior management must have reviewed and approved all of the above. Of the Company's 41 active landfills, 15 include deemed permitted airspace at December 31, 2018. Upon successful meeting of the preceding criteria, the costs associated with developing, constructing, closing and monitoring the total additional future capacity are considered in the calculation of the amortization and closure and post-closure rates. Once expansion airspace meets these criteria for inclusion in the Company’s calculation of total available disposal capacity, management continuously monitors each site’s progress in obtaining the expansion permit. If at any point it is determined that an expansion area no longer meets the required criteria, the deemed expansion airspace is removed from the landfill’s total available capacity, and the rates used at the landfill to amortize costs to acquire, construct, close and monitor the site during the post-closure period are adjusted prospectively. In addition, any amounts related to the probable expansion are charged to expense in the period in which it is determined that the criteria are no longer met. Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys and is then adjusted to account for future settlement. The amount of settlement that is forecasted will take into account several site-specific factors including: current and projected mix of waste type, initial and projected waste density, estimated number of years of life remaining, depth of underlying waste, anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. In addition, the initial selection of the AUF is subject to a subsequent multi-level review by the Company's engineering group, and the AUF used is reviewed on a periodic basis and revised as necessary. The Company's historical experience generally indicates that the impact of settlement at a landfill is greater later in the life of the landfill when the waste placed at the landfill approaches its highest point under the permit requirements. After determining the costs and remaining permitted and expansion capacity at each of its landfills, the Company determines the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. The Company calculates per ton amortization rates for each landfill for assets associated with each final capping event, for assets related to closure and post-closure activities and for all other costs capitalized or to be capitalized in the future. These rates per ton are updated annually, or more often, as significant facts change. It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that it previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace. The assessment of impairment indicators and the recoverability of the Company's capitalized costs associated with landfills and related expansion projects require significant judgment due to the unique nature of the waste industry, the highly regulated permitting process and the estimates involved. During the review of a landfill expansion application, a regulator may initially deny the expansion application although the permit is ultimately granted. In addition, the Company may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace, or a landfill may be required to cease accepting waste, prior to receipt of the expansion permit. However, such events occur in the ordinary course of business in the waste industry and do not necessarily result in an impairment of the landfill assets because, after consideration of all facts, such events may not affect the belief that the Company will ultimately obtain the expansion permit. As a result, the Company's tests of recoverability, which generally make use of a cash flow estimation approach, may indicate that no impairment loss should be recorded. No landfill impairments were recorded for the years ended December 31, 2018, 2017 and 2016. Landfill Remediation Liabilities The Company is subject to various laws and regulations relating to its landfill operations. The Company's landfill remediation liabilities primarily include costs associated with remediating surface anomalies, groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration. To estimate its ultimate liability at these sites, the Company evaluates several factors, including the required remediation efforts and related costs, required remediation methods and timing of expenditures. The Company accrues for costs associated with landfill remediation obligations when such costs are probable and reasonably estimable in accordance with accounting for loss contingencies. The Company periodically reviews the status of all environmental matters and updates its estimates of the likelihood of and future expenditures for remediation as necessary. Changes in the liabilities resulting from these reviews are recognized currently in earnings in the period in which the adjustment is known. |
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Derivative Financial Instruments | Derivative Financial Instruments The Company uses interest rate caps to manage interest rate risk on its variable rate debt. The Company may use commodity futures contracts as an economic hedge to reduce the exposure of changes in diesel fuel and natural gas prices. The 2017 interest rate caps qualify for hedge accounting treatment and have been designated as cash flow hedges for accounting purposes with changes in fair value, to the extent effective, recognized in accumulated other comprehensive income within the equity section of the consolidated balance sheets. Amounts are reclassified into earnings when the forecasted transaction affects earnings. The commodity futures contracts and the 2016 interest rate caps do not qualify for hedge accounting and as such changes in fair value are recognized in other income, net in the consolidated statements of operations. The fair values of the derivatives are included in other current or long-term assets or other current or long term liabilities as appropriate. The Company obtains current valuations of its commodity futures contracts and interest rate caps based on quotes received from financial institutions that trade these contracts and a current forward fixed price swap curve, respectively. |
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Original Issue Discount and Debt Issuance Costs | Original Issue Discount and Debt Issuance Costs Original issue discount and debt issuance costs related to the issuance of debt are deferred and recorded as a reduction to the carrying value of debt and amortized to interest expense using the effective interest method. Previously recorded original issue discount and debt issuance costs are expensed when debt is extinguished prior to maturity. Third party costs incurred in relation to a modification of debt are expensed as incurred. For modifications of debt, previously recorded original issue discount and debt issuance costs are amortized over the life of the modified debt instrument using the effective interest method. |
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Acquisitions | Acquisitions The Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair values as of the date of acquisition. Any excess of purchase price over the fair value of the net assets acquired is recorded as goodwill. In certain acquisitions, the Company agrees to pay additional amounts to sellers contingent upon achievement by the acquired businesses of certain negotiated goals, such as targeted revenue levels, targeted disposal volumes or the issuance of permits for expanded landfill airspace. The Company has recognized liabilities for these contingent obligations based on their estimated fair value at the date of acquisition with any differences between the acquisition date fair value and the ultimate settlement of the obligations being recognized as an adjustment to income from operations. Assets and liabilities arising from contingencies such as pre-acquisition environmental matters and litigation are recognized at their acquisition date fair value when their respective fair values can be determined. If the fair values of such contingencies cannot be determined, the Company reports provisional amounts for which the accounting is incomplete. Acquisition date fair value estimates are revised as necessary and accounted for as an adjustment to the purchase accounting balances prior to the close of the purchase accounting window. If the purchase accounting window has closed, these estimates are accounted for as adjustments to income from operations if, and when, additional information becomes available to further define and quantify assets acquired and liabilities assumed. All acquisition-related transaction costs have been expensed as incurred. |
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Goodwill | Goodwill Goodwill is the excess of the purchase price over the fair value of the net identifiable assets of acquired businesses. The Company does not amortize goodwill. The Company assesses whether a goodwill impairment exists using both qualitative and quantitative assessments. The Company's reporting units are equivalent to its operating segments and when an individual business within an integrated operating segment is divested, goodwill is allocated to that business based on its fair value relative to the fair value of its operating segment. The Company's qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will not perform a quantitative assessment. Regardless of the results of its qualitative assessments, the Company performs a quantitative assessment at least every three years. When the Company performs a quantitative assessment, the Company determines whether goodwill is impaired at the reporting unit level. The Company compares the fair value with its carrying amount to determine if there is an impairment of goodwill. Fair value is estimated using the combination of a market approach and income approach based on forecasted cash flows. Fair value computed via these methods are arrived at using a number of factors, including projected future operating results, economic projections, anticipated future cash flows and comparable marketplace data. There are inherent uncertainties related to these factors and to the Company's judgment in applying them to this analysis. However, the Company believes that this method provides a reasonable approach to estimating the fair value of its reporting units. During the fourth quarter of 2018, the Company voluntarily changed the date of its annual goodwill impairment testing from December 31, the last day of the fiscal year, to October 1, the first day of the fourth quarter. This change provides the Company with additional time to complete its annual goodwill impairment testing in advance of its year-end reporting and results in better alignment with the Company’s strategic planning and forecasting process. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. This change is not being applied retrospectively, as it would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. The Company performed a quantitative assessment in fiscal 2018. The impairment test as of October 1, 2018 determined that no events or circumstances exist that indicate it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If the Company does not achieve its anticipated disposal volumes, our collection or disposal rates decline, costs or capital expenditures exceed forecasts, costs of capital increase, or the Company does not receive landfill expansions, the estimated fair value could decrease and potentially result in an impairment charge in the future. |
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Intangible Assets, Net | Intangible Assets, Net Definite lived intangible assets are stated at cost less accumulated amortization and consist of noncompete agreements, tradenames, customer contracts and customer lists and are amortized over their estimated useful lives. Definite lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the carrying value of a definite lived intangible is not recoverable and exceeds its estimated fair value, an impairment charge would be recognized in the amount of the excess. Fair value is typically estimated using an income approach for the respective asset. |
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Income Taxes | Income Taxes The Company is subject to income tax in the United States. Current tax obligations associated with the provision for income taxes are reflected in the accompanying consolidated balance sheets as a component of accrued expenses and the deferred tax obligations are reflected in deferred income tax asset or liability. Deferred income taxes arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred income taxes are classified as noncurrent in accordance with current accounting guidance. Significant judgment is required in assessing the timing and amounts of deductible and taxable items. The Company establishes reserves for uncertain tax positions, when despite its belief that its tax return positions are fully supportable, the Company believes that certain positions may be challenged and potentially disallowed. When facts and circumstances change, the Company adjusts these reserves through its provision for income taxes. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, such amounts have been accrued and are classified as a component of tax expense in the consolidated statements of operations. The Company monitors changes in tax legislation and accounting developments which could impact the timing and amounts of deductible or taxable items. In connection with the implementation of the Tax Cuts and Jobs Act, the Company recognized the estimated impact of this legislation as a component of the benefit for income taxes. Refer to Note 18, Income Taxes. |
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Contingencies | Contingencies The Company is subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. In general, the Company determines whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. The Company assesses its potential liability relating to litigation and regulatory matters based on information available. The Company develops its assessment based on an analysis of possible outcomes under various strategies. The Company accrues for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, the Company discloses the potential range of the loss, if estimable. |
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Equity Method Investments | Equity Method Investments The Company’s investments where it can exert significant influence on the investee, but does not have effective control over the investee, are accounted for using the equity method of accounting. The Company’s equity in the net income from equity method investments is recorded as other income with a corresponding increase in other assets. Distributions received from the equity investee reduces other assets. Distributions from equity investees representing the Company's share of the equity investee's earnings are treated as cash proceeds from operations while distributions in excess of the equity investee's earnings are considered a return of capital and treated as cash proceeds from investing activities in the Company's consolidated statement of cash flows. |
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New Accounting Standards Adopted | New Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 (Topic 606) "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605 "Revenue Recognition" (Topic 605), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted Topic 606 and applicable technical updates as of January 1, 2018 using the modified retrospective transition method. See Note 3, Revenue Recognition, for further details. In August 2016, the FASB issued ASU 2016‑15 associated with the classification of certain cash receipts and cash payments in the statement of cash flows. In November 2016, the FASB issued ASU 2016‑18 associated with the presentation of restricted cash and cash equivalents in the statement of cash flows. The objective of both amendments was to reduce existing diversity in practice. The Company's adoption of these ASUs in fiscal 2018 did not have a material impact on the Company's Statement of Cash Flows. New Accounting Standards Pending Adoption In August 2017, the FASB issued ASU 2017-12 which intends to address concerns through changes to hedge accounting guidance which will accomplish the following: a) expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company's risk management activities; b) decrease the complexity of preparing and understanding hedge results through eliminating the separate measurement and reporting of hedge ineffectiveness; c) enhance transparency, comparability and understandability of hedge results through enhanced disclosures and changing the presentation of hedge results to align the effects of the hedging instrument and the hedged item; and d) reduce the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period following the issuance date. We are currently assessing the effect this guidance may have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, in July 2018 the FASB issued ASU 2018-11, Leases: Targeted Improvements and in December 2018 the FASB issued ASU 2018-20, Leases: Narrow Scope Improvements for Lessors. Lessees will be required to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability, and lessors will be required to recognize a net lease investment. Additional qualitative and quantitative disclosures will also be required to increase transparency and comparability among organizations. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the standard is permitted; however, the Company will not early adopt the standard. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented or as of the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to adopt the standard by recognizing and measuring leases as of the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is assessing the provisions of this amended guidance and (i) formed an implementation team made up of internal personnel and third party consultants (ii) implemented a software solution to manage and account for leases under the new standard (iii) obtained feedback on the population of leases from business unit personnel (iv) analyzed payment activity and general ledger accounts to identify additional leases under the new standard and (v) assessed the impact of the new standard on its consolidated financial statements. The Company is still evaluating the impact of this amended guidance on its consolidated financial statements but does not anticipate any material changes to operating results or liquidity. |
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Fair Value Measurement | As a basis for considering assumptions, the fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Assets and liabilities measured at fair value are based on one or more of three valuation techniques noted in the guidance. The three valuation techniques are as follows: Market approach Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Cost approach Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and Income approach Techniques to convert future amounts to a single present amount are based on market expectations (including present value techniques, option-pricing models, and lattice models). The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and certain investments included in cash equivalent money market funds. The Company’s interest rate caps are recorded at their estimated fair values based on a current forward fixed price swap curve. All instruments were valued using the market approach. The Company's interest rate caps are valued using a third-party pricing model that incorporates information about LIBOR yield curves, which is considered observable market data, for each instrument’s respective term. Counterparties to the Company's interest rate caps are highly rated financial institutions. Valuations of those interest rate caps may fluctuate significantly from period to period due to volatility in the valuation of interest rates which are driven by market conditions and the scheduled maturities of the caps. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||
Estimated Useful Lives of Property and Equipment, Net | Estimated useful lives are as follows:
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Acquisitions (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired by year of acquisition:
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Schedule of Purchase Price Allocation to Other Intangible Assets | The following table presents the allocation of the purchase price to other intangible assets:
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Schedule of Weighted Average Remaining Life of Other Intangible Assets | The weighted average life of other intangible assets in years is as follows:
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Income (Loss) Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic Income (Loss) Per Share and Loss Per Share, Assuming Dilution | The following table sets forth the computation of basic income (loss) per share and income (loss) per share, assuming dilution for the following years:
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Allowance for Doubtful Accounts (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allowance for Doubtful Accounts | Allowance for doubtful accounts consists of the following at December 31:
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Prepaid Expenses and Other Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following at December 31:
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Derivative Instruments and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value of Derivative Instruments Recorded in Combined Consolidated Balance Sheets | The following table summarizes the fair value of derivative instruments recorded in our consolidated balance sheets at December 31:
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Property and Equipment, Net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following at December 31:
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Landfill Accounting (Tables) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Liabilities for Final Closure and Post-Closure Costs | Liabilities for final closure and post-closure costs consist of the following for the years ended December 31:
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Other Intangible Assets, Net and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Net | Intangible assets, net consist of the following at December 31:
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Schedule of Future Amortization Expense for Intangible Assets | Future amortization expense for intangible assets for the year ending December 31 is estimated to be:
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Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows:
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Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accrued Expenses | Accrued expenses consist of the following at December 31:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | Long-term debt consists of the following at December 31:
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Schedule of Annual Aggregate Principal Maturities | Annual aggregate principal maturities at December 31, 2018 are as follows:
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Schedule of Debt Redemption Prices | The redemption prices set forth in the indenture for the twelve month periods beginning on November 15 of the years indicated below are as follows:
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Schedule of Estimated Fair Value of Debt | The estimated fair value of the Company's debt is as follows at December 31:
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Schedule of Unconditional Purchase Commitments | The following table summarizes the Company's unconditional purchase commitments as of December 31, 2018:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2018 for noncancelable operating leases that have initial or remaining terms in excess of one year are as follows:
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Stockholders' Equity and Stock Awards (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation Assumptions | The fair value of the options granted is estimated using the Black-Scholes option pricing model using the following assumptions:
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Summary of Stock Options Outstanding | A summary of the stock options outstanding for the year ended December 31, 2018 (in millions, except share and per share amounts) is as follows:
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Schedule of Restricted Stock, Restricted Stock Units, and Performance Stock Units | A summary of the status of non-vested performance stock units as of December 31, 2018, including changes during fiscal 2018 is presented below:
A summary of the status of non-vested restricted stock awards as of December 31, 2018, including changes during fiscal 2018 is presented below:
A summary of the status of non-vested restricted stock units as of December 31, 2018, including changes during fiscal 2018 is presented below:
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Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Participation in Multiemployer Plans | The following table outlines the Company's participation in multiemployer plans considered to be individually significant:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Benefit for Income Taxes | The components of the expense (benefit) from income taxes are comprised of the following for the years ended December 31:
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Reconciliation between Benefit for Income Taxes and Expected Tax Provision | A reconciliation between the expense or benefit from income taxes and the expected tax expense or benefit using the federal statutory rate in effect for the years ended December 31 is as follows:
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Summary of Company's Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities relate to the following sources and differences between financial accounting and the tax basis of the Company’s assets and liabilities at December 31:
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Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for fiscal 2018, 2017 and 2016 is as follows:
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Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities that are measured at fair value on a recurring basis approximate the following:
Refer to Note 13, Long-Term Debt for disclosures regarding the fair value of long-term debt. |
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Expenses Incurred by Period | See the table below for an outline of the expenses incurred for the year ended December 31, 2018:
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Costs Included in Accrued Expenses in Accompanying Consolidated Financial Statements | The costs associated with the actions described above are included in accrued expenses in the accompanying consolidated financial statements and include the amounts as follows:
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Segment and Related Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information Concerning Reportable Segments | Summarized financial information concerning the Company's reportable segments for fiscal 2018, 2017 and 2016 is shown in the following table:
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Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by major line of business. Recycling rebates paid to customers, franchise fees paid to customers and state landfill taxes are excluded from revenues.
(1) Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting under Topic 605. |
Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31 is as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Balances of Each Component of Accumulated Other Comprehensive Income, Net of Tax | The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, which is included as a component of stockholders' equity, are as follows:
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Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income | The significant amounts either added to or reclassified out of each component of accumulated other comprehensive income (loss) are included in the tables below:
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Equity Method Investment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Statement Information of Equity Method Investment | Summarized balance sheet information for SS consists of the following at December 31:
Summarized statement of operations information for SS consists of the following for the year ended:
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Quarterly Financial Data (Unaudited) (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Quarterly Results of Operations | The following table summarizes the unaudited quarterly results of operations for the respective quarters:
(a) Due to the enactment of the Tax Cuts and Jobs Act (the "Act") in the fourth quarter of fiscal 2017, the Company's fourth quarter financial results included a $40.5 non-cash tax benefit, primarily resulting from revaluing its net deferred tax assets, liabilities, and certain associated valuation allowances to reflect the recently enacted 21% federal corporate tax rate. |
Summary of Significant Accounting Policies - Additional Information (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
Landfill
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Variable Interest Entity [Line Items] | |||
Post-closure period | 30 years | ||
Historical rate of consumer price index | 2.50% | ||
Average period changes in historical consumer price index | 25 years | ||
Weighted-average rate applicable to asset retirement obligations, minimum | 4.90% | ||
Weighted-average rate applicable to asset retirement obligations, maximum | 10.50% | ||
Active landfills | Landfill | 41 | ||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Landfill site costs | |||
Variable Interest Entity [Line Items] | |||
Landfill site costs | 0 | ||
Landfill impairments | $ 0 | $ 0 | $ 0 |
Deemed Permitted Airspace | |||
Variable Interest Entity [Line Items] | |||
Active landfills | Landfill | 15 |
Acquisitions - Additional Information (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
company
|
Dec. 31, 2017
USD ($)
acquisition
|
Dec. 31, 2016
USD ($)
acquisition
|
|
Business Acquisition [Line Items] | |||
Amount of notes payable incurred as part of consideration transferred | $ 3.8 | $ 0.1 | |
Goodwill | 1,215.1 | 1,208.2 | $ 1,173.9 |
Purchase price adjustments related to acquisitions | 0.1 | 0.1 | |
Consideration transferred | 5.4 | ||
Goodwill, acquisition | $ 7.0 | $ 35.2 | $ 0.4 |
Business Acquisition | |||
Business Acquisition [Line Items] | |||
Number of companies acquired | 12 | 14 | 8 |
Consideration transferred | $ 30.1 | $ 115.9 | |
Goodwill | $ 7.0 | $ 35.2 |
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 1,215.1 | $ 1,208.2 | $ 1,173.9 |
Business Acquisition | |||
Business Acquisition [Line Items] | |||
Current assets | 2.3 | 5.9 | |
Property and equipment | 24.1 | 89.8 | |
Goodwill | 7.0 | 35.2 | |
Other intangible assets | 7.7 | 18.8 | |
Total assets acquired | 41.1 | 149.7 | |
Current liabilities | 2.0 | 6.9 | |
Other long-term liabilities | 9.0 | 4.3 | |
Total liabilities assumed | 11.0 | 33.8 | |
Net assets acquired | $ 30.1 | $ 115.9 |
Acquisitions - Purchase Price Allocation to Other Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Business Acquisition [Line Items] | |||
Goodwill, acquisition | $ 7.0 | $ 35.2 | $ 0.4 |
Amount of goodwill deductible for tax purposes | 70.0 | 79.7 | |
South Segment | |||
Business Acquisition [Line Items] | |||
Goodwill, acquisition | 5.5 | ||
East Segment | |||
Business Acquisition [Line Items] | |||
Goodwill, acquisition | 0.8 | ||
Midwest Segment | |||
Business Acquisition [Line Items] | |||
Goodwill, acquisition | 0.7 | ||
Business Acquisition | |||
Business Acquisition [Line Items] | |||
Other intangible assets | 7.7 | 18.8 | |
Amount of goodwill deductible for tax purposes | 7.0 | 4.4 | |
Business Acquisition | Customer lists and contracts | |||
Business Acquisition [Line Items] | |||
Other intangible assets | 7.2 | 17.0 | |
Business Acquisition | Noncompete | |||
Business Acquisition [Line Items] | |||
Other intangible assets | 0.5 | 1.2 | |
Business Acquisition | Other Intangible Assets | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 0.0 | $ 0.6 |
Acquisitions - Weighted Average Remaining Life of Other Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Increase (decrease) in goodwill and intangible assets | $ (100,000) | $ 0 | $ 100,000 |
Business Acquisition | Customer lists and contracts | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life of other intangible assets | 15 years | ||
Business Acquisition | Noncompete | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life of other intangible assets | 6 years |
Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Numerator: | |||||||||||
Net income (loss) | $ 9.4 | $ 38.3 | $ (30.4) | ||||||||
Denominator: | |||||||||||
Average common shares outstanding (in shares) | 88,590,491 | 88,323,213 | 69,462,798 | ||||||||
Other potentially dilutive common shares (in shares) | 856,426 | 564,599 | 0 | ||||||||
Average common shares outstanding, assuming dilution (in shares) | 89,446,917 | 88,887,812 | 69,462,798 | ||||||||
Net income (loss) per share, basic (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.11 | $ 0.02 | $ 0.47 | $ 0.04 | $ 0.00 | $ (0.08) | $ 0.11 | $ 0.43 | $ (0.44) |
Net income (loss) per share, assuming dilution (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.11 | $ 0.02 | $ 0.47 | $ 0.04 | $ 0.00 | $ (0.08) | $ 0.11 | $ 0.43 | $ (0.44) |
Stock Option | |||||||||||
Denominator: | |||||||||||
Other potentially dilutive common shares (in shares) | 1,400,000 | 1,700,000 | 4,300,000 |
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning | $ 5.4 | $ 4.0 | $ 4.4 |
Provision for doubtful accounts | 5.1 | 5.4 | 3.7 |
Recovery of bad debts | 1.9 | 0.0 | 0.0 |
Write-offs of bad debt | (8.1) | (4.6) | (4.1) |
Other | 0.3 | 0.6 | 0.0 |
Balance at ending | $ 4.6 | $ 5.4 | $ 4.0 |
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 7.8 | $ 5.9 |
Prepaid expenses | 21.3 | 16.4 |
Other receivables and current assets | 6.4 | 6.8 |
Parts and supplies inventory | 9.3 | 8.8 |
Prepaid expenses and other current assets | $ 44.8 | $ 37.9 |
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | |||
Gross assets under capital lease | $ 143.8 | $ 108.1 | |
Accumulated amortization for capital leases | 42.5 | 26.2 | |
Amortization expense of assets under capital leases | 17.3 | 11.6 | $ 7.3 |
Depreciation, landfill amortization and depletion expense | $ 231.2 | $ 228.2 | $ 204.3 |
Landfill Accounting - Summary of Liabilities for Final Closure and Post-Closure Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning | $ 225.9 | $ 191.1 | |
Increase in retirement obligation | 9.7 | 9.7 | |
Accretion of closure and post-closure costs | 17.0 | 15.4 | $ 13.0 |
Acquisition | 4.9 | 28.3 | |
Asset retirement obligation adjustments | 10.7 | 2.1 | |
Costs incurred | (20.2) | (20.7) | |
Ending balance | 248.0 | 225.9 | $ 191.1 |
Less: Current portion | (18.6) | (20.2) | |
Noncurrent portion of retirement obligation | $ 229.4 | $ 205.7 |
Other Intangible Assets, Net and Goodwill - Future Amortization Expense for Intangible Assets (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 33.3 |
2020 | 30.7 |
2021 | 30.3 |
2022 | 28.0 |
2023 | 11.6 |
Thereafter | 123.2 |
Total amortization | $ 257.1 |
Other Intangible Assets, Net and Goodwill - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill, Gross [Roll Forward] | |||||
Beginning balance | $ 1,301.9 | $ 1,267.6 | |||
Acquisition | 7.0 | 35.2 | $ 0.4 | ||
Disposition of business | (0.1) | (0.9) | |||
Ending balance | 1,308.8 | 1,301.9 | 1,267.6 | ||
Accumulated Impairment | (93.7) | $ (93.7) | $ (93.7) | ||
Goodwill, Net [Roll Forward] | |||||
Beginning balance | 1,208.2 | 1,173.9 | |||
Acquisition | 7.0 | 35.2 | 0.4 | ||
Disposition of business | (0.1) | (0.9) | |||
Ending balance | $ 1,208.2 | $ 1,173.9 | $ 1,173.9 | $ 1,215.1 | $ 1,208.2 |
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 36.3 | $ 30.9 |
Accrued waste disposal costs | 41.9 | 42.1 |
Accrued insurance and self-insurance reserves | 13.2 | 13.2 |
Accrued severance | 0.4 | 1.5 |
Other accrued expenses | 25.9 | 25.3 |
Accrued expenses net | $ 117.7 | $ 113.0 |
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Capital lease obligations, maturing through 2024 | $ 69.2 | $ 63.9 |
Other debt | 9.5 | 11.8 |
Total debt | 1,928.2 | 1,989.7 |
Less: Original issue discount | (25.2) | (31.4) |
Less: Current portion | (85.9) | (74.1) |
Long-term debt, less original issue discount and current maturities | 1,817.1 | 1,884.2 |
Revolver | ||
Debt Instrument [Line Items] | ||
Long-term debt | 37.0 | 29.0 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,387.5 | 1,460.0 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 425.0 | $ 425.0 |
Long-Term Debt - Summary of Long-Term Debt - Interest Rates (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revolver | ||
Debt Instrument [Line Items] | ||
Revolving line of credit interest rate | 6.69% | 6.25% |
Term Loan B | LIBOR | ||
Debt Instrument [Line Items] | ||
LIBOR floor | 0.75% | 0.75% |
Senior notes | ||
Debt Instrument [Line Items] | ||
Debt interest rate percentage | 5.625% | 5.625% |
Minimum | ||
Debt Instrument [Line Items] | ||
Capital lease obligation interest rates | 3.70% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Capital lease obligation interest rates | 7.73% |
Long-Term Debt - Annual Aggregate Principal Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
2019 | $ 48.9 | |
2020 | 39.8 | |
2021 | 63.5 | |
2022 | 18.4 | |
2023 | 1,329.9 | |
Thereafter | 427.7 | |
Total debt | $ 1,928.2 | $ 1,989.7 |
Long-Term Debt Long Term Debt - Redemption Prices (Details) - Senior Notes - 5.625% Senior Notes due 2024 |
Nov. 15, 2016 |
Nov. 10, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt redemption price percentage of principal amount | 105.625% | |
2019 | ||
Debt Instrument [Line Items] | ||
Debt redemption price percentage of principal amount | 104.219% | |
2020 | ||
Debt Instrument [Line Items] | ||
Debt redemption price percentage of principal amount | 102.813% | |
2021 | ||
Debt Instrument [Line Items] | ||
Debt redemption price percentage of principal amount | 101.406% | |
2022 and thereafter | ||
Debt Instrument [Line Items] | ||
Debt redemption price percentage of principal amount | 100.00% |
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument, Redemption [Line Items] | ||
Estimated fair value debt | $ 1,787.6 | $ 1,931.4 |
Revolver | ||
Debt Instrument, Redemption [Line Items] | ||
Estimated fair value debt | 37.0 | 29.0 |
Senior Notes | ||
Debt Instrument, Redemption [Line Items] | ||
Estimated fair value debt | 418.6 | 435.1 |
Term Loan B Facility | ||
Debt Instrument, Redemption [Line Items] | ||
Estimated fair value debt | $ 1,332.0 | $ 1,467.3 |
Long-Term Debt Long-Term Debt - Unconditional Purchase Commitments (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 | $ 32.8 |
2020 | 10.5 |
2021 | 9.5 |
2022 | 6.4 |
2023 | 4.3 |
Thereafter | 56.1 |
Total Unconditional Purchase Commitments | $ 119.6 |
Leases - Future Minimum Lease Payments (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 5.2 |
2020 | 4.4 |
2021 | 2.9 |
2022 | 2.4 |
2023 | 1.7 |
Thereafter | 21.2 |
Total | $ 37.8 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Leases [Abstract] | |||
Rental expense for operating leases | $ 10.1 | $ 10.9 | $ 9.4 |
Stockholders' Equity and Stock Awards - Fair Value of Option Granted and Assumptions Used (Details) - Stock Options |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average expected term (years) | 6 years 3 months 12 days | 6 years 2 months 12 days | 6 years 3 months 18 days |
Expected volatility | 18.00% | 30.00% | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.69% | 1.93% | 1.22% |
Expected volatility | 18.00% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.71% | 2.16% | 1.47% |
Expected volatility | 19.00% |
Insurance - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Concentration Risk [Line Items] | ||
Discount rate for self-insurance claims reserves | 2.46% | 1.98% |
Health insurance liability | $ 3.1 | $ 3.5 |
Workers' compensation liability | 21.4 | 21.8 |
General and automobile liability | 18.6 | 20.7 |
Accrued Expense | ||
Concentration Risk [Line Items] | ||
General and automobile liability | 16.4 | $ 16.7 |
General Liability | ||
Concentration Risk [Line Items] | ||
Self insurance exposures | 0.5 | |
Automobile | ||
Concentration Risk [Line Items] | ||
Self insurance exposures | 1.0 | |
Workers' Compensation | ||
Concentration Risk [Line Items] | ||
Self insurance exposures | $ 0.8 |
Benefit Plans - Additional Information (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
age
agreement
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Multiemployer Plans [Line Items] | |||
401(k) Plan service requirement, more than one year | 90 days | ||
401(k) Plan minimum age requirement | age | 21 | ||
Matching contributions to 401(k) Plan | $ 3.7 | $ 3.5 | $ 3.5 |
Percent of workforce subject to a collective bargaining agreement | 14.00% | ||
Number of collective bargaining agreements expiring within one year | agreement | 2 | ||
Withdrawal liability | $ 0.8 | ||
Total annual contributions made | 5.9 | ||
Individually Significant Plans | |||
Multiemployer Plans [Line Items] | |||
Total annual contributions made | 5.0 | ||
Individually Insignificant Plans | |||
Multiemployer Plans [Line Items] | |||
Total annual contributions made | $ 0.1 |
Income Taxes - Components of Benefit for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current | |||
Federal | $ (3.2) | $ (1.1) | $ (0.1) |
State | 3.2 | 1.2 | 0.5 |
Current income tax expense | 0.0 | 0.1 | 0.4 |
Deferred | |||
Federal | 6.2 | (44.8) | (23.4) |
State | (1.6) | 3.5 | (2.7) |
Deferred income tax expense (benefit) | 4.6 | (41.3) | (26.1) |
Expense (benefit) from income taxes | $ 4.6 | $ (41.2) | $ (25.7) |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax [Line Items] | |||
Federal statutory rate | 21.00% | 35.00% | 35.00% |
Valuation allowance | $ 15.4 | $ 60.0 | |
Net unrecognized tax benefits that would impact the effective tax rate | 25.8 | ||
Interest expense related to unrecognized tax benefits in tax expense | 0.4 | 0.5 | $ 0.2 |
Accrued interest | 3.2 | 2.8 | |
Accrued penalties | 0.6 | 0.5 | |
Tax Period Prior to June 28, 2002 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 30.8 | ||
Estimated annual limitation of NOLs | 4.2 | ||
HWStar Waste Holdings, Corp. and subsidiaries | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 60.0 | ||
Capital Loss Carryforward | |||
Income Tax [Line Items] | |||
Decrease in valuation allowance | 42.8 | ||
Federal | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 349.1 | $ 344.1 | |
New Jersey Division of Taxation | |||
Income Tax [Line Items] | |||
Decrease in valuation allowance | $ 4.0 |
Income Taxes - Reconciliation between Benefit for Income Taxes and Expected Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Amount computed using statutory rates | $ 3.0 | $ (1.0) | $ (19.6) |
State income taxes, net of Federal benefit | (1.8) | (3.3) | (6.0) |
Benefit from stock option exercises | 0.0 | 0.0 | (4.3) |
Tax rate adjustment | 0.0 | (0.3) | (0.7) |
Uncertain tax positions and interest | 0.5 | 0.5 | 0.4 |
Nondeductible expenses | 0.5 | 1.5 | 1.2 |
Net effect of change in U.S. Tax Law | 0.0 | (40.4) | 0.0 |
Other | 0.2 | 0.6 | (0.2) |
Valuation allowance | 2.2 | 1.2 | 3.5 |
Expense (benefit) from income taxes | $ 4.6 | $ (41.2) | $ (25.7) |
Income Taxes - Summary of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred tax assets | ||
Allowance for doubtful accounts | $ 1.2 | $ 1.4 |
Insurance reserve | 12.5 | 11.8 |
Net operating loss | 100.7 | 103.4 |
Capital loss carryforward | 0.0 | 42.8 |
Accrued bonus and vacation | 4.1 | 4.5 |
Stock compensation | 6.0 | 3.7 |
Tax credits | 1.7 | 3.1 |
Other | 12.0 | 11.9 |
Total deferred tax assets | 138.2 | 182.6 |
Valuation allowance | (15.4) | (60.0) |
Deferred tax assets less valuation allowance | 122.8 | 122.6 |
Deferred tax liabilities | ||
Fixed asset basis | (82.9) | (66.4) |
Intangible basis | (70.9) | (73.9) |
Landfill and environmental remediation liabilities | (52.3) | (62.0) |
Other | (7.8) | (8.9) |
Deferred tax liabilities | (213.9) | (211.2) |
Net deferred tax liability | $ (91.1) | $ (88.6) |
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of beginning and ending amount of gross unrecognized tax benefits | |||
Balance at January 1, | $ 27.5 | $ 7.5 | $ 7.3 |
Additions based on tax positions of prior years | 0.0 | 20.4 | 0.1 |
Change to prior tax positions due to tax rate changes | 0.0 | (0.4) | 0.0 |
Additions based on tax positions of current year | 0.1 | 0.0 | 0.1 |
Balance at December 31, | $ 27.6 | $ 27.5 | $ 7.5 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Site Contingency [Line Items] | ||
Surety bonds and letters of credit facility outstanding | $ 774.0 | $ 749.2 |
Purchase price obligation, payment of net revenue percentage | 6.00% | |
Expenditures related to remediation accrual estimates | $ 4.8 | |
Remediation accrual estimates remaining on consolidated balance sheet | 11.4 | |
Third Party Waste Redirection | 7.2 | |
Waste Slide | ||
Site Contingency [Line Items] | ||
Environmental remediation expense | 0.1 | $ 11.1 |
Third Party Waste Redirection | $ 8.3 |
Commitments and Contingencies - Expenses Incurred by Period (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Remediation Accrual Estimates | $ 16.2 |
Third Party Waste Redirection | 7.2 |
Remediation accrual estimates and third party waste redirection | $ 23.4 |
Restructuring - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.1 | $ 3.4 | $ 0.8 |
Severance costs | 1.3 | ||
Midwest | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.8 | ||
Non-cash acceleration of options | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2.1 |
Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 1.5 | $ 1.0 | $ 2.2 |
Expense | 0.1 | 3.4 | 0.8 |
Ending balance | 0.5 | 1.5 | 1.0 |
Severance and relocation | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | (1.1) | (0.7) | (1.4) |
Other | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | 0.0 | (0.1) | (0.6) |
Non-cash acceleration of options | |||
Restructuring Reserve [Roll Forward] | |||
Expense | 2.1 | ||
Non-cash acceleration of options | $ 0.0 | $ (2.1) | $ 0.0 |
Segment and Related Information - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2018
Segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Number of reportable operating segments | 3 |
Segment and Related Information - Summary of Financial Information Concerning Reportable Segments (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | $ 394.8 | $ 400.6 | $ 398.1 | $ 364.7 | $ 384.4 | $ 392.7 | $ 383.1 | $ 347.4 | $ 1,558.2 | $ 1,507.6 | $ 1,404.6 |
Operating Income (Loss) | 29.2 | $ 17.5 | $ 35.0 | $ 20.0 | 25.0 | $ 29.7 | $ 24.1 | $ 11.3 | 101.7 | 90.1 | 131.9 |
Depreciation and Amortization | 270.5 | 269.8 | 246.9 | ||||||||
Capital Expenditures | 188.6 | 186.6 | 171.0 | ||||||||
Total Assets | 3,528.3 | 3,493.3 | 3,528.3 | 3,493.3 | 3,369.9 | ||||||
Operating Segments | South | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 609.2 | 570.5 | 522.3 | ||||||||
Operating Income (Loss) | 77.9 | 89.8 | 91.7 | ||||||||
Depreciation and Amortization | 85.1 | 85.0 | 75.2 | ||||||||
Capital Expenditures | 70.1 | 65.0 | 64.5 | ||||||||
Total Assets | 1,261.4 | 1,219.7 | 1,261.4 | 1,219.7 | 1,172.8 | ||||||
Operating Segments | East | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 400.5 | 380.2 | 347.7 | ||||||||
Operating Income (Loss) | 22.5 | (1.5) | 25.8 | ||||||||
Depreciation and Amortization | 79.8 | 76.8 | 71.7 | ||||||||
Capital Expenditures | 59.4 | 57.0 | 46.8 | ||||||||
Total Assets | 837.4 | 837.6 | 837.4 | 837.6 | 751.4 | ||||||
Operating Segments | Midwest | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 548.5 | 556.9 | 534.6 | ||||||||
Operating Income (Loss) | 72.7 | 71.7 | 78.3 | ||||||||
Depreciation and Amortization | 101.1 | 98.9 | 91.5 | ||||||||
Capital Expenditures | 54.1 | 62.7 | 55.8 | ||||||||
Total Assets | 1,379.9 | 1,400.2 | 1,379.9 | 1,400.2 | 1,415.0 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 0.0 | 0.0 | 0.0 | ||||||||
Operating Income (Loss) | (71.4) | (69.9) | (63.9) | ||||||||
Depreciation and Amortization | 4.5 | 9.1 | 8.5 | ||||||||
Capital Expenditures | 5.0 | 1.9 | 3.9 | ||||||||
Total Assets | $ 49.6 | $ 35.8 | $ 49.6 | $ 35.8 | $ 30.7 |
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 89.2 | $ 86.2 | $ 119.4 |
Cash paid for taxes | 2.7 | 1.4 | 1.5 |
Assets acquired under capital lease | $ 36.7 | $ 45.2 | $ 26.6 |
Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Balances of Each Component of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 884.6 | $ 829.5 | $ 489.8 |
Ending Balance | 911.5 | 884.6 | 829.5 |
Gains and (Losses) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (0.4) | 0.0 | 0.0 |
Other comprehensive income before reclassifications, net of tax | 0.4 | (0.4) | 0.0 |
Other comprehensive loss | 0.4 | (0.4) | 0.0 |
Ending Balance | $ 0.0 | $ (0.4) | $ 0.0 |
Accumulated Other Comprehensive Income (Loss) - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before tax | $ 0.4 | $ (0.4) | $ 0.0 |
Tax (expense) benefit | 0.0 | 0.0 | 0.0 |
Net of tax | 0.4 | (0.4) | 0.0 |
Interest Rate Caps | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before tax | $ 0.4 | $ (0.4) | $ 0.0 |
Equity Method Investment - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Nov. 20, 2012 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Earnings in equity investee | $ 1.2 | $ 1.6 | $ 1.8 | |
Sanitation Services Company Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Financial interest in equity method investment | 50.00% | 50.00% | ||
Payment to acquire equity method investment | $ 9.5 | |||
Earnings in equity investee | $ 1.2 | 1.6 | ||
Equity method investment | $ 10.0 | $ 9.5 |
Equity Method Investment - Summary of Balance Sheet Information (Details) - Sanitation Services Company Limited - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 2.6 | $ 3.2 |
Noncurrent assets | 6.1 | 5.1 |
Current liabilities | 0.8 | 0.8 |
Noncurrent liabilities | $ 4.7 | $ 4.4 |
Equity Method Investment - Summary of Income Statement Information (Details) - Sanitation Services Company Limited - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||
Service revenue | $ 12.4 | $ 12.3 |
Operating income | 2.3 | 3.4 |
Income before income taxes | 2.3 | 3.3 |
Net income | $ 2.3 | $ 3.3 |
Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 394.8 | $ 400.6 | $ 398.1 | $ 364.7 | $ 384.4 | $ 392.7 | $ 383.1 | $ 347.4 | $ 1,558.2 | $ 1,507.6 | $ 1,404.6 |
Income from operations | 29.2 | 17.5 | 35.0 | 20.0 | 25.0 | 29.7 | 24.1 | 11.3 | $ 101.7 | $ 90.1 | $ 131.9 |
Consolidated net (loss) income | $ 2.5 | $ (4.9) | $ 9.7 | $ 2.1 | $ 42.0 | $ 3.5 | $ (0.2) | $ (7.0) | |||
Basic income (loss) per share (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.11 | $ 0.02 | $ 0.47 | $ 0.04 | $ 0.00 | $ (0.08) | $ 0.11 | $ 0.43 | $ (0.44) |
Diluted income (loss) per share (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.11 | $ 0.02 | $ 0.47 | $ 0.04 | $ 0.00 | $ (0.08) | $ 0.11 | $ 0.43 | $ (0.44) |
Tax benefit from change in tax rate | $ 40.5 |
Label | Element | Value |
---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,800,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,800,000 |