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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-23211
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)

Delaware03-0338873
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

25 Greens Hill Lane,
Rutland,Vermont05701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (802775-0325
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareCWSTThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer

Non-accelerated filerSmaller reporting company

Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
The number of shares outstanding of each of the registrant’s classes of common stock, as of April 15, 2021:
Class A common stock, $0.01 par value per share:50,375,132 
Class B common stock, $0.01 par value per share:988,200 





PART I.
ITEM 1.    FINANCIAL STATEMENTS
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2021
December 31,
2020
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$152,555 $154,342 
Accounts receivable, net of allowance for credit losses of $2,095 and $2,333, respectively
66,326 74,198 
Refundable income taxes336 229 
Prepaid expenses10,906 9,289 
Inventory7,974 7,868 
Other current assets1,409 1,328 
Total current assets239,506 247,254 
Property, plant and equipment, net of accumulated depreciation and amortization of $916,529 and $900,882, respectively
523,316 510,512 
Operating lease right-of-use assets92,537 95,310 
Goodwill196,316 194,901 
Intangible assets, net57,581 58,324 
Restricted assets1,871 1,848 
Cost method investments11,264 11,264 
Deferred income taxes57,731 61,163 
Other non-current assets14,124 13,322 
Total assets$1,194,246 $1,193,898 
The accompanying notes are an integral part of these consolidated financial statements.
1


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
March 31,
2021
December 31,
2020
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$10,918 $9,240 
Current operating lease liabilities7,122 8,547 
Accounts payable50,547 49,198 
Accrued payroll and related expenses8,349 17,282 
Accrued interest2,002 2,126 
Contract liabilities3,082 2,685 
Current accrued capping, closure and post-closure costs11,331 10,268 
Other accrued liabilities29,724 31,862 
Total current liabilities123,075 131,208 
Debt, less current portion531,105 530,411 
Operating lease liabilities, less current portion60,854 60,979 
Accrued capping, closure and post-closure costs, less current portion73,694 72,265 
Deferred income taxes922 912 
Other long-term liabilities31,260 35,981 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock, 0.01 par value per share; 100,000,000 shares authorized; 50,374,000 and 50,101,000 shares issued and outstanding, respectively
504 501 
Class B common stock, 0.01 par value per share; 1,000,000 shares authorized; 988,000 shares issued and outstanding, respectively; 10 votes per share
10 10 
Additional paid-in capital642,297 639,247 
Accumulated deficit(261,788)(266,099)
Accumulated other comprehensive loss, net of tax(7,687)(11,517)
Total stockholders' equity373,336 362,142 
Total liabilities and stockholders' equity$1,194,246 $1,193,898 
The accompanying notes are an integral part of these consolidated financial statements.
2


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
 Three Months Ended
March 31,
 20212020
Revenues$189,532 $182,910 
Operating expenses:
Cost of operations127,139 128,518 
General and administration27,131 24,352 
Depreciation and amortization22,682 21,406 
Expense from acquisition activities414 1,009 
Southbridge Landfill closure charge157 613 
177,523 175,898 
Operating income12,009 7,012 
Other expense (income):
Interest income(64)(51)
Interest expense5,468 5,952 
Other (income) expense(138)43 
Other expense, net5,266 5,944 
Income before income taxes6,743 1,068 
Provision for income taxes2,432 109 
Net income$4,311 $959 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,179 48,005 
Basic earnings per common share$0.08 $0.02 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,387 48,262 
Diluted earnings per common share$0.08 $0.02 
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
 Three Months Ended
March 31,
 20212020
Net income$4,311 $959 
Other comprehensive income (loss), before tax:
Hedging activity:
Interest rate swap settlements(1,160)(411)
Interest rate swap amounts reclassified into interest expense1,145 367 
Unrealized gain (loss) resulting from changes in fair value of derivative instruments4,987 (7,257)
Other comprehensive income (loss), before tax4,972 (7,301)
Income tax provision (benefit) related to items of other comprehensive income (loss)1,142 (112)
Other comprehensive income (loss), net of tax3,830 (7,189)
Comprehensive income (loss)$8,141 $(6,230)
The accompanying notes are an integral part of these consolidated financial statements.
4



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


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


Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2019$122,753 46,803 $468 988 $10 $485,332 $(357,016)$(6,041)
Cumulative effect of new accounting principle(189)— — — — — (189)— 
Issuances of Class A common stock100 517 5 — — 95 — — 
Stock-based compensation1,562 — — — — 1,562 — — 
Comprehensive loss:
Net income959 — — — — — 959 — 
Other comprehensive loss:
Hedging activity(7,189)— — — — — — (7,189)
Balance, March 31, 2020$117,996 47,320 $473 988 $10 $486,989 $(356,246)$(13,230)
The accompanying notes are an integral part of these consolidated financial statements.
5


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 Three Months Ended
March 31,
 20212020
Cash Flows from Operating Activities:
Net income$4,311 $959 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization22,682 21,406 
Depletion of landfill operating lease obligations1,604 1,673 
Interest accretion on landfill and environmental remediation liabilities1,957 1,794 
Amortization of debt issuance costs572 527 
Stock-based compensation2,941 1,562 
Operating lease right-of-use assets expense1,411 2,417 
(Gain) loss on sale of property and equipment(24)137 
Southbridge Landfill non-cash closure charge(7)51 
Non-cash expense from acquisition activities 146 532 
Deferred income taxes2,300 967 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable7,872 6,507 
Landfill operating lease contract expenditures(160)(50)
Accounts payable1,349 (10,588)
Prepaid expenses, inventories and other assets(2,077)(171)
Accrued expenses, contract liabilities and other liabilities(12,730)(12,932)
Net cash provided by operating activities32,147 14,791 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(4,568)(5,144)
Additions to property, plant and equipment(26,832)(19,851)
Proceeds from sale of property and equipment123 51 
Net cash used in investing activities(31,277)(24,944)
Cash Flows from Financing Activities:
Proceeds from debt borrowings 73,500 
Principal payments on debt(2,769)(40,686)
Payments of debt issuance costs (11)
Proceeds from the exercise of share based awards112 100 
Net cash (used in) provided by financing activities(2,657)32,903 
Net (decrease) increase in cash and cash equivalents(1,787)22,750 
Cash and cash equivalents, beginning of period154,342 3,471 
Cash and cash equivalents, end of period$152,555 $26,221 
Supplemental Disclosure of Cash Flow Information:
Cash interest payments$5,020 $5,372 
Cash income tax payments$238 $84 
Non-current assets obtained through long-term financing obligations$4,569 $6,469 
Right-of-use assets obtained in exchange for operating lease liabilities$512 $2,366 
The accompanying notes are an integral part of these consolidated financial statements.
6


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except for per share data)
1.    BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”), and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper, and corrugated cardboard, which have been processed at our recycling facilities or purchased from third-parties. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services. We manage our resource-renewal operations through the Resource Solutions operating segment, which includes our larger-scale recycling and commodity brokerage operations along with our organics services and large scale commercial and industrial services. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("fiscal year 2020"), which was filed with the SEC on February 19, 2021.
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2021 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year 2020.
Recent Events
The global outbreak of the novel coronavirus ("COVID-19") pandemic has caused, and is expected to continue to cause, economic disruption across our geographic footprint and has adversely affected, and is expected to continue to adversely affect, our business. The COVID-19 pandemic negatively impacted our revenues starting at the end of the three months ended March 31, 2020, as many small business and construction collection customers required service level changes and volumes into our landfills declined due to lower economic activity. Although demand for services has improved as local economies begin to reopen as allowed by State Governments, our collection and disposal operations continued to be negatively impacted by lower volumes attributable to the COVID-19 pandemic in the three months ended March 31, 2021.
The COVID-19 pandemic has negatively impacted and is expected to continue to impact our business in other ways, as we have experienced and continue to experience increased costs as a result of the COVID-19 pandemic, including, but not limited to, higher costs associated with providing a safe working environment for our employees (such as increased costs associated with the protection of our employees, including costs for additional safety equipment, hygiene products and enhanced facility cleaning), employee impacts from illness, supporting a remote administrative workforce, community response measures, the inability of customers to continue to pay for services, and temporary facility closures of our customers. We have taken measures to reduce costs in other areas and preserve liquidity during this period of uncertainty. As of the date of this filing, we are unable to determine or predict the full extent of the continuing impact that the COVID-19 pandemic will have on our business, results of operations, liquidity and capital resources. Future developments, such as the possibility of continuing spread of COVID-19 across our geographic footprint, the rate of vaccinations, the severity and containment of certain COVID-19 variants along with the pace and extent to which the States in which we operate facilitate a return to normal economic and operation conditions are uncertain and cannot be predicted at this time.
7


Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2021 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.
2.    ACCOUNTING CHANGES
A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) that we adopted and deemed to have a material impact on our consolidated financial statements, or a possible material impact in the future, based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards adopted effective January 1, 2021
ASU No. 2019-12: Income Taxes (Topic 740)Reduces the complexity over accounting for income taxes by removing certain exceptions and amending guidance to improve consistent application of accounting over income taxes.This guidance did not have a material impact on our consolidated financial statements and related disclosures upon adoption, but may in the future. This guidance was effective January 1, 2021.

A table providing a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848), as amended through January 2021Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria.We currently have interest rate derivative agreements with hedging relationships that reference LIBOR which extend past the fiscal year ended December 31, 2021. We are currently assessing the provisions of this guidance as LIBOR is still in place and do not expect that its adoption will have a material impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022.

3.    REVENUE RECOGNITION
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal, landfill, landfill gas-to-energy, processing, transfer and recycling services in the northeastern United States. Effective January 1, 2021, we reorganized the Resource Solutions operating segment, which includes our larger-scale recycling and commodity brokerage operations along with our organics services and large scale commercial and industrial services, from our historical lines-of-service of recycling, organics and customer solutions into two lines-of-service: processing and non-processing.
Processing services consist of the receipt of recycled, sludge or other organic materials at one of our materials recovery, processing or disposal facilities, where it is then sorted, mixed and/or processed, and then disposed of or sold. Revenues from processing services are derived from municipalities and customers in the form of processing fees, tipping fees, commodity sales, and organic material sales.
Revenues from non-processing services are derived from brokerage services; overall resource management services providing a wide range of environmental services and zero waste solutions to large and complex organizations; and traditional collection, disposal and recycling services provided to large account multi-site customers. In brokerage arrangements, we act as an agent that facilitates the sale of recyclable materials between an inbound customer and an outbound customer. Revenues from the brokerage of recycled materials are recognized on a net basis at the time of shipment. In general, these fees are variable in nature.
8


Classification of revenues by service line reported in the three months ended March 31, 2020 has been reclassified to conform with the presentation for the three months ended March 31, 2021.
A table of revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three months ended March 31, 2021 and 2020 follows:
Three Months Ended March 31, 2021
EasternWesternResource SolutionsTotal Revenues
Collection$36,076 $61,393 $ $97,469 
Landfill5,403 13,619  19,022 
Transfer9,424 7,146  16,570 
Transportation48 2,213  2,261 
Landfill gas-to-energy268 1,035  1,303 
Processing1,126 358 17,272 18,756 
Non-processing  34,151 34,151 
Total revenues$52,345 $85,764 $51,423 $189,532 
Transferred at a point-in-time$44 $501 $10,092 $10,637 
Transferred over time52,301 85,263 41,331 178,895 
Total revenues$52,345 $85,764 $51,423 $189,532 
Three Months Ended March 31, 2020
EasternWesternResource SolutionsTotal Revenues
Collection$35,938 $58,623 $ $94,561 
Landfill3,544 16,310  19,854 
Transfer9,383 6,670  16,053 
Transportation47 2,671  2,718 
Landfill gas-to-energy385 641  1,026 
Processing846 291 13,818 14,955 
Non-processing  33,743 33,743 
Total revenues$50,143 $85,206 $47,561 $182,910 
Transferred at a point-in-time$56 $235 $4,462 $4,753 
Transferred over time50,087 84,971 43,099 178,157 
Total revenues$50,143 $85,206 $47,561 $182,910 
Payments to customers that are not in exchange for a distinct good or service are recorded as a reduction of revenues. Rebates to certain customers associated with payments for recycled or organic materials that are received and subsequently processed and sold to other third-parties amounted to $1,568 in the three months ended March 31, 2021 and $991 in the three months ended March 31, 2020. Rebates are generally recorded as a reduction of revenues upon the sale of such materials, or upon receipt of the recycled materials at our facilities. We did not record any revenues in the three months ended March 31, 2021 or March 31, 2020 from performance obligations satisfied in previous periods.
Contract receivables, which are included in Accounts receivable, net are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. Accounts receivable, net includes gross receivables from contracts of $67,062 and $74,162 as of March 31, 2021 and December 31, 2020, respectively. Certain customers are billed in advance and, accordingly, recognition of the related revenues is deferred as a contract liability until the services are provided and control transferred to the customer. We recognized contract liabilities of $3,082 and $2,685 as of March 31, 2021 and December 31, 2020, respectively. Due to the short term nature of advanced billings, substantially all of the deferred revenue recognized as a contract liability as of December 31, 2020 and December 31, 2019 was recognized as revenue during the three months ended March 31, 2021 and March 31, 2020, respectively, when the services were performed.
9


4.    BUSINESS COMBINATIONS
In the three months ended March 31, 2021, we acquired one tuck-in solid waste collection and recycling business in our Western region. In the three months ended March 31, 2020, we acquired two businesses: one tuck-in solid waste collection business in our Western region and one recycling operation in our Resource Solutions operating segment. The operating results of the acquired businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. Such assets are amortized over a five-year to ten-year period from the date of acquisition. All amounts recorded to goodwill, except goodwill related to certain acquisitions, are expected to be deductible for tax purposes.
A summary of the purchase price paid and the purchase price allocation for these acquisitions follows:
 Three Months Ended
March 31,
 20212020
Purchase Price:
Cash used in acquisitions, net of cash acquired$3,465 $4,771 
Holdbacks385 580 
Total3,850 5,351 
Allocated as follows:
Land 325 
Buildings 678 
Equipment1,254 2,396 
Intangible assets1,285 1,225 
Other liabilities, net(76)(80)
Fair value of assets acquired and liabilities assumed2,463 4,544 
Excess purchase price allocated to goodwill$1,387 $807 
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, these purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2020 is as follows:
 Three Months Ended
March 31,
 20212020
Revenues$189,851 $187,872 
Operating income$12,050 $7,237 
Net income$4,335 $1,032 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,179 48,005 
Basic earnings per common share$0.08 $0.02 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,387 48,262 
Diluted earnings per common share$0.08 $0.02 
The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2020 or of the results of our future operations. Furthermore, the unaudited pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.
10


5.    GOODWILL AND INTANGIBLE ASSETS
A summary of the activity and balances related to goodwill by reporting segment is as follows:
December 31,
2020
AcquisitionsMarch 31,
2021
Eastern region $30,873 $ $30,873 
Western region149,984 1,415 151,399 
Resource solutions 14,044  14,044 
Total$194,901 $1,415 $196,316 

Summaries of intangible assets by intangible asset type follows:
Covenants
Not-to-Compete
Client ListsTotal
Balance, March 31, 2021
Intangible assets$27,302 $79,763 $107,065 
Less accumulated amortization(20,944)(28,540)(49,484)
$6,358 $51,223 $57,581 


 Covenants
Not-to-Compete
Client ListsTotal
Balance, December 31, 2020
Intangible assets$26,971 $78,809 $105,780 
Less accumulated amortization(20,547)(26,909)(47,456)
$6,424 $51,900 $58,324 

Intangible amortization expense was $2,028 during the three months ended March 31, 2021 and $2,093 during the three months ended March 31, 2020.
A summary of intangible amortization expense estimated for the five fiscal years following fiscal year 2020 and thereafter follows:
Estimated Future Amortization Expense as of March 31, 2021 
Fiscal year ending December 31, 2021$6,026 
Fiscal year ending December 31, 2022$7,394 
Fiscal year ending December 31, 2023$7,138 
Fiscal year ending December 31, 2024$8,055 
Fiscal year ending December 31, 2025$8,259 
Thereafter$20,709 

6.    ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE
Accrued final capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for final capping, closure and post-closure of our landfills. We estimate our future final capping, closure and post-closure costs in order to determine the final capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated time frame for paying these costs varies based on the remaining useful life of each landfill as well as the duration of the post-closure monitoring period.
11


A summary of the changes to accrued final capping, closure and post-closure liabilities follows:
 Three Months Ended
March 31,
 20212020
Beginning balance$82,533 $71,927 
Obligations incurred1,038 898 
Accretion expense 1,811 1,622 
Obligations settled (1)
(357)(1,097)
Ending balance$85,025 $73,350 
(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.

7.    DEBT
A summary of debt is as follows:
March 31,
2021
December 31,
2020
Senior Secured Credit Facility:
Revolving line of credit facility ("Revolving Credit Facility") due May 2023; bearing interest at LIBOR plus 1.75%
$ $ 
Term loan A facility ("Term Loan Facility") due May 2023; bearing interest at LIBOR plus 1.75%
349,125 350,000 
Tax-Exempt Bonds:
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 ("New York Bonds 2014R-1") due December 2044 - fixed rate interest period through 2029; bearing interest at 2.875%
25,000 25,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 ("New York Bonds 2014R-2") due December 2044 - fixed rate interest period through 2026; bearing interest at 3.125%
15,000 15,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 ("New York Bonds 2020") due September 2050 - fixed rate interest period through 2025; bearing interest at 2.750%
40,000 40,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 ("FAME Bonds 2005R-3") due January 2025 - fixed rate interest period through 2025; bearing interest at 5.25%
25,000 25,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 ("FAME Bonds 2015R-1") due August 2035 - fixed rate interest period through 2025; bearing interest at 5.125%
15,000 15,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 ("FAME Bonds 2015R-2") due August 2035 - fixed rate interest period through 2025; bearing interest at 4.375%
15,000 15,000 
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 ("Vermont Bonds") due April 2036 - fixed rate interest period through 2028; bearing interest at 4.625%
16,000 16,000 
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 ("New Hampshire Bonds") due April 2029 - fixed rate interest period through 2029; bearing interest at 2.95%
11,000 11,000 
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.0%
34,573 31,486 
Notes payable maturing through June 2027; bearing interest at a weighted average of 3.4%
4,522 4,933 
Principal amount of debt 550,220 548,419 
Less—unamortized debt issuance costs (1)8,197 8,768 
Debt less unamortized debt issuance costs542,023 539,651 
Less—current maturities of debt10,918 9,240 
$531,105 $530,411 
 
12


(1)A summary of unamortized debt issuance costs by debt instrument follows:
March 31,
2021
December 31,
2020
Revolving Credit Facility and Term Loan Facility (collectively, the "Credit Facility")$3,429 $3,839 
New York Bonds 2014R-1984 1,000 
New York Bonds 2014R-2314 329 
New York Bonds 20201,417 1,461 
FAME Bonds 2005R-3325 347 
FAME Bonds 2015R-1465 482 
FAME Bonds 2015R-2324 343 
Vermont Bonds473 487 
New Hampshire Bonds466 480 
$8,197 $8,768 
Credit Facility
As of March 31, 2021, we are party to a credit agreement ("Credit Agreement"), which provides for a $350,000 aggregate principal amount Term Loan Facility and a $200,000 Revolving Credit Facility. We have the right to request, at our discretion, an increase in the amount of loans under the Credit Facility by an aggregate amount of $125,000, subject to the terms and conditions set forth in the Credit Agreement. The Credit Facility has a 5-year term that matures in May 2023 and bears interest at a rate of LIBOR plus 1.75% per annum, which will be reduced to a rate of LIBOR plus as low as 1.25% upon us reaching a consolidated net leverage ratio of less than 2.25x. The Credit Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries and secured by substantially all of our assets. As of March 31, 2021, further advances were available under the Credit Facility in the amount of $173,575. The available amount is net of outstanding irrevocable letters of credit totaling $26,425, at which date no amount had been drawn.
The Credit Agreement requires us to maintain a minimum interest coverage ratio and a maximum consolidated net leverage ratio, to be measured at the end of each fiscal quarter. As of March 31, 2021, we were in compliance with the covenants contained in the Credit Agreement. In addition to these financial covenants, the Credit Agreement also contains a number of important customary affirmative and negative covenants which restrict, among other things, our ability to sell assets, incur additional debt, create liens, make investments, and pay dividends. We do not believe that these restrictions impact our ability to meet future liquidity needs.
Cash Flow Hedges
Our strategy to reduce exposure to interest rate risk involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates related to the variable rate portion of our long-term debt. We have designated these derivative instruments as highly effective cash flow hedges, and therefore the change in fair value is recorded in our stockholders’ equity as a component of accumulated other comprehensive loss and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities.
As of March 31, 2021 and December 31, 2020, our active interest rate derivative agreements had total notional amounts of $195,000 and $190,000, respectively. According to the terms of the agreements, we receive interest based on the 1-month LIBOR index and pay interest at a weighted average rate of approximately 2.51% as of March 31, 2021. The agreements mature between February 2022 and December 2026. As of March 31, 2021 and December 31, 2020, we had forward starting interest rate derivative agreements with total notional amounts of $85,000 and $125,000, respectively. According to the terms of the agreements, we receive interest based on the 1-month LIBOR index, restricted by a 0.0% floor, and will pay interest at a weighted average rate of approximately 1.55%. The agreements mature between February 2027 and May 2028.

13


A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:
Fair Value
Balance Sheet LocationMarch 31,
2021
December 31,
2020
Interest rate swapsOther current assets$ $ 
Interest rate swapsOther non-current assets614  
$614 $ 
Interest rate swapsOther accrued liabilities$4,778 $4,774 
Interest rate swapsOther long-term liabilities4,090 8,463 
$8,868 $13,237 
Interest rate swapsAccumulated other comprehensive loss, net of tax$(8,462)$(13,434)
Interest rate swaps - tax effectAccumulated other comprehensive loss, net of tax775 1,917 
$(7,687)$(11,517)

A summary of the amount of expense on cash flow hedging relationships related to interest rate swaps reclassified from accumulated other comprehensive loss into earnings follows:
 Three Months Ended
March 31,
Statement of Operations Location20212020
Interest expense$1,145 $367 

8.    COMMITMENTS AND CONTINGENCIES
In the ordinary course of our business and as a result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills and transfer stations, or allegations of environmental damage or violations of the permits and licenses pursuant to which we operate. In addition, we may be named defendants in various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the ordinary operation of a waste management business.
In accordance with FASB ASC 450 - Contingencies, we accrue for legal proceedings, inclusive of legal costs, when losses become probable and reasonably estimable. As of the end of each applicable reporting period, we review each of our legal proceedings to determine whether it is probable, reasonably possible or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated under the provisions of FASB ASC 450-20. In instances where we determine that a loss is probable and we can reasonably estimate a range of loss we may incur with respect to such a matter, we record an accrual for the amount within the range that constitutes our best estimate of the possible loss. If we are able to reasonably estimate a range, but no amount within the range appears to be a better estimate than any other, we record an accrual in the amount that is the low end of such range. When a loss is reasonably possible, but not probable, we w