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Balance at December 31, 2015 | $ | 193.7 | |
Increase in retirement obligation | 9.3 | ||
Accretion of closure and post-closure costs | 13.0 | ||
Change in estimate | (7.4 | ) | |
Costs incurred | (17.5 | ) | |
Balance at December 31, 2016 | 191.1 | ||
Increase in retirement obligation | 4.6 | ||
Accretion of closure and post-closure costs | 7.4 | ||
Costs incurred | (2.5 | ) | |
Assumption of long term care and closure reserves | 27.9 | ||
Balance at June 30, 2017 | 228.5 | ||
Less: Current portion | (30.2 | ) | |
$ | 198.3 |
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June 30, 2017 | December 31, 2016 | ||||||
Revolving line of credit with lenders (Revolver), interest at applicable rate plus margin, as defined (6.0% and 4.49% at June 30, 2017 and December 31, 2016, respectively) due quarterly; balance due at maturity in November 2021 | $ | 5.0 | $ | — | |||
Term loans (Term Loan B); quarterly payments of $3.75 commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,467.5 | 1,480.0 | |||||
Senior notes (Senior Notes) payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024 | 425.0 | 425.0 | |||||
Capital lease obligations, maturing through 2024 | 51.7 | 42.5 | |||||
Other debt | 12.9 | 15.1 | |||||
1,962.1 | 1,962.6 | ||||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (36.2 | ) | (39.1 | ) | |||
Less: Current portion | (40.7 | ) | (36.5 | ) | |||
$ | 1,885.2 | $ | 1,887.0 |
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Balance Sheet Location | June 30, 2017 | December 31, 2016 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
2016 Interest rate caps | Other long term assets | $ | — | $ | 2.3 | |||||
2017 Interest rate caps | Other long term liabilities | (0.1 | ) | — | ||||||
Total derivatives | $ | (0.1 | ) | $ | 2.3 |
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Service Revenues | Operating Income (Loss) | Depreciation and Amortization | |||||||||
Three Months Ended June 30, 2017 | |||||||||||
South | $ | 139.6 | $ | 24.0 | $ | 19.7 | |||||
East | 100.2 | (5.3 | ) | 20.1 | |||||||
Midwest | 143.3 | 20.6 | 25.2 | ||||||||
Corporate | — | (15.2 | ) | 2.5 | |||||||
$ | 383.1 | $ | 24.1 | $ | 67.5 | ||||||
Three Months Ended June 30, 2016 | |||||||||||
South | $ | 129.8 | $ | 23.0 | $ | 19.0 | |||||
East | 90.5 | 8.2 | 18.9 | ||||||||
Midwest | 137.9 | 20.5 | 24.6 | ||||||||
Corporate | — | (15.6 | ) | 2.1 | |||||||
$ | 358.2 | $ | 36.1 | $ | 64.6 | ||||||
Six Months Ended June 30, 2017 | |||||||||||
South | $ | 275.1 | $ | 46.2 | $ | 38.8 | |||||
East | 186.2 | (7.9 | ) | 37.7 | |||||||
Midwest | 269.2 | 31.9 | 47.8 | ||||||||
Corporate | — | (34.8 | ) | 4.6 | |||||||
$ | 730.5 | $ | 35.4 | $ | 128.9 | ||||||
Six Months Ended June 30, 2016 | |||||||||||
South | $ | 258.4 | $ | 43.7 | $ | 38.1 | |||||
East | 173.4 | 11.0 | 35.8 | ||||||||
Midwest | 260.2 | 32.0 | 47.5 | ||||||||
Corporate | — | (37.6 | ) | 4.0 | |||||||
$ | 692.0 | $ | 49.1 | $ | 125.4 |
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Fair Value Measurement at June 30, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2.9 | $ | 2.9 | $ | — | $ | — | $ | — | $ | 2.9 | |||||||||||
Interest rate caps - Liability position | (0.1 | ) | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||
Total recurring fair value measurements | $ | 2.8 | $ | 2.9 | $ | (0.1 | ) | $ | — | $ | — | $ | 2.8 | ||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Interest rate caps - asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
June 30, 2017 | December 31, 2016 | ||||||
Revolver | $ | 5.0 | $ | — | |||
Senior Notes | 439.9 | 425.5 | |||||
Term Loan B | 1,474.8 | 1,495.7 | |||||
$ | 1,919.7 | $ | 1,921.2 |
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June 30, 2017 | |||
Current assets | $ | 4.6 | |
Property and equipment | 75.3 | ||
Goodwill | 25.4 | ||
Other intangible assets | 7.0 | ||
Total assets acquired | 112.3 | ||
Current liabilities | 5.4 | ||
Accrued landfill retirement obligations | 3.9 | ||
Deferred tax liability | 18.7 | ||
Total liabilities assumed | 28.0 | ||
Net assets acquired | $ | 84.3 |
June 30, 2017 | |||
Customer lists and contracts | $ | 6.5 | |
Noncompete | 0.4 | ||
Other | 0.1 | ||
$ | 7.0 |
Customer lists and contracts | 16 |
Noncompete | 5 |
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Balance at December 31, 2015 | $ | 193.7 | |
Increase in retirement obligation | 9.3 | ||
Accretion of closure and post-closure costs | 13.0 | ||
Change in estimate | (7.4 | ) | |
Costs incurred | (17.5 | ) | |
Balance at December 31, 2016 | 191.1 | ||
Increase in retirement obligation | 4.6 | ||
Accretion of closure and post-closure costs | 7.4 | ||
Costs incurred | (2.5 | ) | |
Assumption of long term care and closure reserves | 27.9 | ||
Balance at June 30, 2017 | 228.5 | ||
Less: Current portion | (30.2 | ) | |
$ | 198.3 |
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June 30, 2017 | December 31, 2016 | ||||||
Revolving line of credit with lenders (Revolver), interest at applicable rate plus margin, as defined (6.0% and 4.49% at June 30, 2017 and December 31, 2016, respectively) due quarterly; balance due at maturity in November 2021 | $ | 5.0 | $ | — | |||
Term loans (Term Loan B); quarterly payments of $3.75 commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,467.5 | 1,480.0 | |||||
Senior notes (Senior Notes) payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024 | 425.0 | 425.0 | |||||
Capital lease obligations, maturing through 2024 | 51.7 | 42.5 | |||||
Other debt | 12.9 | 15.1 | |||||
1,962.1 | 1,962.6 | ||||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (36.2 | ) | (39.1 | ) | |||
Less: Current portion | (40.7 | ) | (36.5 | ) | |||
$ | 1,885.2 | $ | 1,887.0 |
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Balance Sheet Location | June 30, 2017 | December 31, 2016 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
2016 Interest rate caps | Other long term assets | $ | — | $ | 2.3 | |||||
2017 Interest rate caps | Other long term liabilities | (0.1 | ) | — | ||||||
Total derivatives | $ | (0.1 | ) | $ | 2.3 |
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Service Revenues | Operating Income (Loss) | Depreciation and Amortization | |||||||||
Three Months Ended June 30, 2017 | |||||||||||
South | $ | 139.6 | $ | 24.0 | $ | 19.7 | |||||
East | 100.2 | (5.3 | ) | 20.1 | |||||||
Midwest | 143.3 | 20.6 | 25.2 | ||||||||
Corporate | — | (15.2 | ) | 2.5 | |||||||
$ | 383.1 | $ | 24.1 | $ | 67.5 | ||||||
Three Months Ended June 30, 2016 | |||||||||||
South | $ | 129.8 | $ | 23.0 | $ | 19.0 | |||||
East | 90.5 | 8.2 | 18.9 | ||||||||
Midwest | 137.9 | 20.5 | 24.6 | ||||||||
Corporate | — | (15.6 | ) | 2.1 | |||||||
$ | 358.2 | $ | 36.1 | $ | 64.6 | ||||||
Six Months Ended June 30, 2017 | |||||||||||
South | $ | 275.1 | $ | 46.2 | $ | 38.8 | |||||
East | 186.2 | (7.9 | ) | 37.7 | |||||||
Midwest | 269.2 | 31.9 | 47.8 | ||||||||
Corporate | — | (34.8 | ) | 4.6 | |||||||
$ | 730.5 | $ | 35.4 | $ | 128.9 | ||||||
Six Months Ended June 30, 2016 | |||||||||||
South | $ | 258.4 | $ | 43.7 | $ | 38.1 | |||||
East | 173.4 | 11.0 | 35.8 | ||||||||
Midwest | 260.2 | 32.0 | 47.5 | ||||||||
Corporate | — | (37.6 | ) | 4.0 | |||||||
$ | 692.0 | $ | 49.1 | $ | 125.4 |
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Fair Value Measurement at June 30, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2.9 | $ | 2.9 | $ | — | $ | — | $ | — | $ | 2.9 | |||||||||||
Interest rate caps - Liability position | (0.1 | ) | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||
Total recurring fair value measurements | $ | 2.8 | $ | 2.9 | $ | (0.1 | ) | $ | — | $ | — | $ | 2.8 | ||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Interest rate caps - asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
June 30, 2017 | December 31, 2016 | ||||||
Revolver | $ | 5.0 | $ | — | |||
Senior Notes | 439.9 | 425.5 | |||||
Term Loan B | 1,474.8 | 1,495.7 | |||||
$ | 1,919.7 | $ | 1,921.2 |
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June 30, 2017 | |||
Current assets | $ | 4.6 | |
Property and equipment | 75.3 | ||
Goodwill | 25.4 | ||
Other intangible assets | 7.0 | ||
Total assets acquired | 112.3 | ||
Current liabilities | 5.4 | ||
Accrued landfill retirement obligations | 3.9 | ||
Deferred tax liability | 18.7 | ||
Total liabilities assumed | 28.0 | ||
Net assets acquired | $ | 84.3 |
June 30, 2017 | |||
Customer lists and contracts | $ | 6.5 | |
Noncompete | 0.4 | ||
Other | 0.1 | ||
$ | 7.0 |
Customer lists and contracts | 16 |
Noncompete | 5 |
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