0000911177-24-000079 | 10-Q | XBRL Viewer | Casella Waste Systems INC

ACCOUNTING CHANGES

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

The following table provides a brief description of Accounting Standards Updates (“ASU”) to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity:

Standard

Description

Effect on the Financial Statements or Other
Significant Matters

Accounting standards issued pending adoption

ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280)

Requires entities to provide additional disclosure related to the chief operating decision maker (“CODM”) and reportable operating segments, including providing more detailed information about reportable operating segment's significant expenses and how that information is used by the CODM.

We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements, however, the adoption of this guidance will have an impact on reportable operating segment disclosures within the accompanying notes to our consolidated financial statements. This guidance does not change how we identify our operating segments, aggregate them or apply quantitative thresholds to determine our reportable segments. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740)

Requires entities to provide additional disclosure related to the transparency and decision usefulness of income tax disclosures, including additional disclosure around the rate reconciliation and income taxes paid.

We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements, however, the adoption of this guidance will have an impact on income tax disclosures within the accompanying notes to our consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

OTHER ITEMS AND CHARGES	6 Months Ended
OTHER ITEMS AND CHARGES	Jun. 30, 2024
Unusual or Infrequent Items, or Both [Abstract]
OTHER ITEMS AND CHARGES	OTHER ITEMS AND CHARGES Expense from Acquisition Activities In the three and six months ended June 30, 2024, we recorded charges of $7,836 and $12,847, respectively, and in the three and six months ended June 30, 2023, we recorded charges of $3,677 and $6,540, respectively, comprised primarily of legal, consulting, rebranding and other costs associated with the due diligence, acquisition and integration of acquired businesses. The three and six months ended June 30, 2024 included a charge for an increase in the reserve against accounts receivable of the businesses acquired in the GFL Acquisition as a result of our inability to pursue collections during the transition services period with the seller, resulting in accounts receivable aged beyond what is typical in our business. Legal settlement In the three and six months ended June 30, 2023, we recorded a charge of $6,150 due to reaching an agreement at a mediation held on June 20, 2023 with the collective class members of a class action lawsuit relating to certain claims under the Fair Labor Standards Act of 1938 as well as state wage and hours laws. The settlement agreement was executed July 24, 2023 and has received court approval.

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Numerator:
Net income	$ 7,006	$ 5,490	$ 2,889	$ 9,038
Denominators:
Unvested restricted stock (in shares)	0	(1,000)	0	(1,000)
Effect of weighted average shares outstanding (in shares)	(24,000)	(5,076,000)	(63,000)	(5,630,000)
Basic weighted average common shares outstanding (in shares)	58,109,000	52,885,000	58,070,000	52,331,000
Impact of potentially dilutive securities:
Dilutive effect of stock options and other stock awards (in shares)	90,000	95,000	91,000	96,000
Diluted weighted average common shares outstanding (in shares)	58,199,000	52,980,000	58,161,000	52,427,000
Anti-dilutive potentially issuable shares (in shares)	24,000	75,000	141,000	84,000
Class A Common Stock
Denominators:
Common stock, shares outstanding (in shares)	57,145,000	56,974,000	57,145,000	56,974,000	57,007,000
Impact of potentially dilutive securities:
Number of shares issued		6,053,000		6,053,000
Period shares outstanding		14 days		14 days
Class B Common Stock
Denominators:
Common stock, shares outstanding (in shares)	988,000	988,000	988,000	988,000	988,000

BUSINESS COMBINATIONS - Schedule of Unaudited Pro forma Combined Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 377,199	$ 365,644	$ 718,315	$ 706,384
Operating income	23,028	26,792	29,894	41,353
Net income	$ 7,012	$ 7,133	$ 2,913	$ 12,391
Weighted average common shares outstanding, basic (in shares)	58,109	52,885	58,070	52,331
Basic earnings per common share (in dollars per share)	$ 0.12	$ 0.13	$ 0.05	$ 0.24
Weighted average common shares outstanding, diluted (in shares)	58,199	52,980	58,161	52,427
Diluted earnings per common share (in dollars per share)	$ 0.12	$ 0.13	$ 0.05	$ 0.24

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 208,502	$ 220,912
Accounts receivable, net of allowance for credit losses of $6,333 and $4,066, respectively	161,247	157,324
Refundable income taxes	6,397	3,089
Prepaid expenses	21,282	17,223
Inventory	18,913	17,859
Other current assets	9,463	9,918
Total current assets	425,804	426,325
Property and equipment, net of accumulated depreciation and amortization of $1,226,518 and $1,167,541, respectively	987,390	980,553
Operating lease right-of-use assets	98,148	100,844
Goodwill	737,253	735,670
Intangible assets, net	216,961	241,429
Restricted cash and assets	3,251	2,203
Cost method investments	10,967	10,967
Deferred income taxes	8,413	11,224
Other non-current assets	23,678	26,255
Total assets	2,511,865	2,535,470
CURRENT LIABILITIES:
Current maturities of debt	65,335	35,781
Current operating lease liabilities	8,854	9,039
Accounts payable	94,205	116,794
Accrued payroll and related expenses	16,585	22,657
Accrued interest	3,219	3,886
Contract liabilities	30,662	31,472
Current accrued final capping, closure and post-closure costs	9,280	10,773
Other accrued liabilities	41,548	48,456
Total current liabilities	269,688	278,858
Debt, less current portion	976,620	1,007,662
Operating lease liabilities, less current portion	65,710	66,074
Accrued final capping, closure and post-closure costs, less current portion	131,488	123,131
Deferred income taxes	1,189	627
Other long-term liabilities	29,656	37,327
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Additional paid-in capital	1,174,744	1,168,812
Accumulated deficit	(143,632)	(146,521)
Accumulated other comprehensive income (loss), net of tax	5,821	(1,080)
Total stockholders' equity	1,037,514	1,021,791
Total liabilities and stockholders' equity	2,511,865	2,535,470
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	571	570
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 10	$ 10

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Assets:
Derivative Asset, Statement Of Financial Position Extensible Enumeration, Not Disclosed Flag	Interest rate swaps	Interest rate swaps
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate swaps	$ 0	$ 0
Total assets	2,306	2,203
Liabilities:
Interest rate swaps	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Landfill
Assets:
Restricted investment securities - landfill closure	2,306	2,203
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Interest rate swaps	12,136	10,364
Total assets	12,136	10,364
Liabilities:
Interest rate swaps	4,020	11,762
Recurring \| Significant Other Observable Inputs (Level 2) \| Landfill
Assets:
Restricted investment securities - landfill closure	0	0
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps	0	0
Total assets	0	0
Liabilities:
Interest rate swaps	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Landfill
Assets:
Restricted investment securities - landfill closure	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data.

We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions that we believe market participants would use in pricing an asset or a liability.

Assets and Liabilities Accounted for at Fair Value

Our financial instruments include cash, cash equivalents and restricted cash, accounts receivable, restricted investment securities held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, interest rate derivatives, trade payables and debt. The carrying values of cash, cash equivalents and restricted cash, accounts receivable and trade payables approximate their respective fair values due to their short-term nature. The fair value of restricted investment securities held in trust, which are valued using quoted market prices, are included as restricted assets in the Level 1 tier below. The fair value of the interest rate derivatives included in the Level 2 tier below is calculated using discounted cash flow valuation methodologies based upon Term SOFR yield curves that are observable at commonly quoted intervals for the full term of the swaps. We recognize all derivatives accounted for on the balance sheet at fair value.

Recurring Fair Value Measurements

Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow:


	Fair Value Measurement at June 30, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment securities - landfill closure	$	2,306	$	—	$	—
Interest rate swaps	—		12,136		—

	$	2,306	$	12,136	$	—

Liabilities:

Interest rate swaps	$	—	$	4,020	$	—


	Fair Value Measurement at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:


Restricted investment securities - landfill closure	$	2,203	$	—	$	—
Interest rate swaps	—		10,364		—
	$	2,203	$	10,364	$	—
Liabilities:

Interest rate swaps	$	—	$	11,762	$	—

Fair Value of Debt

As of June 30, 2024, the fair value of our fixed rate debt, including our FAME Bonds 2005R-3, FAME Bonds 2015R-1, FAME Bonds 2015R-2, Vermont Bonds 2013, Vermont Bonds 2022A-1, New York Bonds 2014R-1, New York Bonds 2014R-2, New York Bonds 2020, New York Bonds 2020R-2 and New Hampshire Bonds (collectively, the “Industrial Revenue Bonds”) was approximately $230,168 and the carrying value was $232,000. The fair value of the Industrial Revenue Bonds is considered to be Level 2 within the fair value hierarchy as the fair value is determined using market approach pricing provided by a third-party that utilizes pricing models and pricing systems, mathematical tools and judgment to determine the evaluated price for the security based on the market information of each of the bonds or securities with similar characteristics.

As of June 30, 2024, the carrying values of our Term Loan Facility and 2023 Term Loan Facility were $348,250 and $408,500, respectively, and the carrying value of our Revolving Credit Facility was zero dollars. Their fair values are based on current borrowing rates for similar types of borrowing arrangements, or Level 2 inputs, and approximate their carrying values.

Although we have determined the estimated fair value amounts of the Industrial Revenue Bonds using available market information and commonly accepted valuation methodologies, a change in available market information, and/or the use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. These amounts have not been revalued, and current estimates of fair value could differ significantly from the amounts presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services and processing services. Revenues associated with our resource renewal operations are derived from processing services and non-processing services, which we refer to as our National Accounts business.

The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024


	Eastern		Western		Mid-Atlantic		Resource Solutions		Total Revenues
Collection	$	76,071	$	105,936	$	41,952	$	—	$	223,959
Landfill	7,583		17,199		—		—		24,782
Transfer station	18,634		16,250		460		—		35,344
Transportation	1,433		3,564		—		—		4,997
Landfill gas-to-energy	539		1,444		—		—		1,983
Processing	2,231		649		—		33,275		36,155
National Accounts	—		—		—		49,943		49,943
Total revenues	$	106,491	$	145,042	$	42,412	$	83,218	$	377,163

Transferred at a point-in-time	$	117	$	677	$	—	$	15,163	$	15,957
Transferred over time	106,374		144,365		42,412		68,055		361,206
Total revenues	$	106,491	$	145,042	$	42,412	$	83,218	$	377,163

Three Months Ended June 30, 2023


	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	64,749	$	85,099	$	—	$	—	$	149,848
Landfill	7,220		18,921		—		—		26,141
Transfer station	17,698		14,728		—		—		32,426
Transportation	1,208		3,854		—		—		5,062
Landfill gas-to-energy	173		1,148		—		—		1,321
Processing	2,275		479		—		25,383		28,137
National Accounts	—		—		—		46,710		46,710
Total revenues	$	93,323	$	124,229	$	—	$	72,093	$	289,645

Transferred at a point-in-time	$	99	$	690	$	—	$	8,135	$	8,924
Transferred over time	93,224		123,539		—		63,958		280,721
Total revenues	$	93,323	$	124,229	$	—	$	72,093	$	289,645

Six Months Ended June 30, 2024



	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	146,332	$	205,805	$	83,181	$	—	$	435,318
Landfill	14,195		30,137		—		—		44,332
Transfer station	32,762		28,221		834		—		61,817
Transportation	2,709		6,404		—		—		9,113
Landfill gas-to-energy	997		3,496		—		—		4,493
Processing	3,500		1,308		—		63,038		67,846
National Accounts	—		—		—		95,251		95,251
Total revenues	$	200,495	$	275,371	$	84,015	$	158,289	$	718,170

Transferred at a point-in-time	$	239	$	1,294	$	—	$	27,717	$	29,250
Transferred over time	200,256		274,077		84,015		130,572		688,920
Total revenues	$	200,495	$	275,371	$	84,015	$	158,289	$	718,170

Six Months Ended June 30, 2023



	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	125,858	$	163,967	$	—	$	—	$	289,825
Landfill	13,521		35,380		—		—		48,901
Transfer station	31,680		24,691		—		—		56,371
Transportation	2,390		7,434		—		—		9,824
Landfill gas-to-energy	386		2,859		—		—		3,245
Processing	3,398		931		—		48,189		52,518
National Accounts	—		—		—		91,557		91,557
Total revenues	$	177,233	$	235,262	$	—	$	139,746	$	552,241

Transferred at a point-in-time	$	218	$	1,421	$	—	$	14,572	$	16,211
Transferred over time	177,015		233,841		—		125,174		536,030
Total revenues	$	177,233	$	235,262	$	—	$	139,746	$	552,241

(1)Operations under the Mid-Atlantic region commenced July 1, 2023.

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 $8,416 and $15,531 in the three and six months ended June 30, 2024, respectively, and $6,329 and $12,958 in the three and six months ended June 30, 2023, respectively. 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 revenues in the three and six months ended June 30, 2024 or June 30, 2023 from performance obligations satisfied in previous periods.

Contract receivables, which are included in accounts receivable, net in our consolidated balance sheets 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 receivables from contracts of $165,706 and $158,931 as of June 30, 2024 and December 31, 2023, respectively. Certain customers are billed in advance and, accordingly, recognition of the related revenues for which payment has been received is deferred as a contract liability until the services are provided and control transferred to the customer. We recognized contract liabilities of $30,662 and $31,472 as of June 30, 2024 and December 31, 2023, 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, 2023 and December 31, 2022 was recognized as revenue during the six months ended June 30, 2024 and June 30, 2023, respectively, when the services were performed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 7,006	$ (4,117)	$ 5,490	$ 3,548	$ 2,889	$ 9,038

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 2,889	$ 9,038
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109,375	68,359
Interest accretion on landfill and environmental remediation liabilities	5,862	5,001
Amortization of debt issuance costs	1,482	1,505
Stock-based compensation	4,809	4,341
Operating lease right-of-use assets expense	8,489	6,872
Disposition of assets, other items and charges, net	3,209	(300)
Loss from termination of bridge financing	0	8,198
Deferred income taxes	156	1,952
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable	(7,009)	(3,958)
Landfill operating lease contract expenditures	(1,308)	(1,318)
Accounts payable	(22,289)	8,898
Prepaid expenses, inventories and other assets	(6,580)	(5,845)
Accrued expenses, contract liabilities and other liabilities	(19,304)	(19,547)
Net cash provided by operating activities	79,781	83,196
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired	1,296	(547,587)
Additions to intangible assets	(199)	0
Additions to property and equipment	(74,900)	(50,415)
Proceeds from sale of property and equipment	827	776
Net cash used in investing activities	(72,976)	(597,226)
Cash Flows from Financing Activities:
Proceeds from debt borrowings	1,750	430,000
Principal payments on debt	(20,020)	(10,625)
Payments of debt issuance costs	0	(7,185)
Proceeds from the public offering of Class A common stock	0	496,403
Net cash (used in) provided by financing activities	(18,270)	908,593
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,465)	394,563
Cash, cash equivalents and restricted cash, beginning of period	220,912	71,152
Cash, cash equivalents and restricted cash, end of period	209,447	465,715
Cash paid during the period for:
Cash interest payments	30,389	14,196
Cash income tax payments	5,098	7,913
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Non-current assets obtained through long-term financing obligations	15,300	4,715
Right-of-use assets obtained in exchange for operating lease obligations	$ 3,154	$ 17,756

STOCKHOLDERS' EQUITY - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Stock Options
Beginning balance, outstanding (in shares) \| shares	129
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance, outstanding (in shares) \| shares	129
Exercisable at end of period (in shares) \| shares	49
Weighted Average Exercise Price
Beginning balance, outstanding (in dollars per share) \| $ / shares	$ 66.03
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance, outstanding (in dollars per share) \| $ / shares	66.03
Exercisable at end of period (in dollars per share) \| $ / shares	$ 40.60
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Outstanding contractual term	7 years
Exercisable contractual term	4 years 8 months 12 days
Outstanding aggregate intrinsic value \| $	$ 4,277
Exercisable aggregate intrinsic value \| $	$ 2,845

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

A summary of the activity and balances related to goodwill by operating segment is as follows:



	December 31, 2023		Acquisitions		Measurement Period Adjustments		June 30, 2024
Eastern	$	73,893	$	355	$	—	$	74,248
Western	285,056		—		668		285,724
Mid-Atlantic	332,247		—		372		332,619
Resource Solutions	44,474		—		188		44,662

	$	735,670	$	355	$	1,228	$	737,253

Summaries of intangible assets by type follow:


	Covenants Not-to-Compete		Customer Relationships		Trade Names		Total
Balance, June 30, 2024
Intangible assets	$	60,645	$	272,807	$	13,325	$	346,777
Less accumulated amortization	(30,294)		(90,284)		(9,238)		(129,816)
	$	30,351	$	182,523	$	4,087	$	216,961


	Covenants Not-to-Compete		Customer Relationships		Trade Names		Total
Balance, December 31, 2023
Intangible assets	$	61,573	$	272,571	$	13,325	$	347,469
Less accumulated amortization	(26,645)		(72,227)		(7,168)		(106,040)
	$	34,928	$	200,344	$	6,157	$	241,429

Intangible amortization expense was $12,238 and $24,803 during the three and six months ended June 30, 2024, respectively, and $4,226 and $8,296 during the three and six months ended June 30, 2023, respectively.

A summary of intangible amortization expense estimated for each of the next five fiscal years following fiscal year 2023 and thereafter is estimated as follows:



Estimated Future Amortization Expense as of June 30, 2024
For the remainder of the fiscal year ending December 31, 2024	$	23,219
Fiscal year ending December 31, 2025	$	43,653
Fiscal year ending December 31, 2026	$	38,775
Fiscal year ending December 31, 2027	$	34,179
Fiscal year ending December 31, 2028	$	29,123
Thereafter	$	48,012

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	6 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Related Party
Related Party Transaction [Line Items]
Leases monthly payments	$ 34

DEBT - Summary of Cash Flow Hedges (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss), net of tax	$ 5,821	$ (1,080)
Designated as Hedging Instrument \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Cash flow hedge derivatives, gross asset	12,136	10,364
Designated as Hedging Instrument \| Interest rate swaps \| Accumulated gain (loss), cash flow hedge
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss), before tax	8,116	(1,398)
Accumulated other comprehensive income (loss), tax	(2,295)	318
Accumulated other comprehensive income (loss), net of tax	5,821	(1,080)
Other current assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Cash flow hedge derivatives, gross asset	7,216	5,951
Other non-current assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Cash flow hedge derivatives, gross asset	4,920	4,413
Other long-term liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Cash flow hedge derivatives, gross liability	$ 4,020	$ 11,762

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 6.779% as of June 30, 2024 \| Secured Debt
Debt Instrument [Line Items]
Principal amount of debt	$ 348,250,000	$ 350,000,000
Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.279% as of June 30, 2024 \| Secured Debt
Debt Instrument [Line Items]
Principal amount of debt	408,500,000	$ 419,250,000
Fair Value \| Fixed Rate Bonds
Debt Instrument [Line Items]
Fixed rate debt	230,168,000
Carrying Value
Debt Instrument [Line Items]
Revolving credit facility	0
Carrying Value \| Fixed Rate Bonds
Debt Instrument [Line Items]
Fixed rate debt	$ 232,000,000

DEBT

6 Months Ended

Jun. 30, 2024

Debt And Derivatives Disclosure [Abstract]

DEBT

A summary of debt is as follows:


	June 30, 2024		December 31, 2023
Senior Secured Credit Facility:
Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 6.779% as of June 30, 2024	$	348,250	$	350,000
Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.279% as of June 30, 2024	408,500		419,250
Revolving credit facility (“Revolving Credit Facility”) due December 2026; bearing interest at term secured overnight financing rate (“Term SOFR”) plus 1.435%	—		—
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 bearing interest at 2.875% through December 2029	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 bearing interest at 3.125% through May 2026	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 bearing interest at 2.750% through September 2025	40,000		40,000
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (“New York Bonds 2020R-2”) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030	35,000		35,000
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”) due January 2025 - fixed rate interest period bearing interest at 5.25% through January 2025	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 bearing interest at 5.125% through July 2025	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 bearing interest at 4.375% through July 2025	15,000		15,000
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds 2013”) due April 2036 - fixed rate interest period bearing interest at 4.625% through April 2028	16,000		16,000
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 (“Vermont Bonds 2022A-1”) due June 2052 - fixed rate interest period bearing interest at 5.00% through May 2027	35,000		35,000
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 bearing interest at 2.95% through April 2029	11,000		11,000
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.4%	62,726		53,066
Notes payable maturing through March 2025; bearing interest up to 8.1%	100		230
Principal amount of debt	1,051,576		1,054,546
Less—unamortized debt issuance costs	9,621		11,103
Debt less unamortized debt issuance costs	1,041,955		1,043,443
Less—current maturities of debt	65,335		35,781
	$	976,620	$	1,007,662

Loss from Termination of Bridge Financing

In the three and six months ended June 30, 2023, we wrote-off the unamortized debt issuance costs and recognized a loss from termination of bridge financing upon the extinguishment of both a secured bridge financing agreement in connection with the GFL Acquisition of $3,718 and $3,718, respectively, and an unsecured bridge financing agreement in connection with entering into an asset purchase agreement with Consolidated Waste Services, LLC and its affiliates (dba as Twin Bridges) of $4,480 and $4,480, respectively.

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 their fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss), net of tax and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities.

As of both June 30, 2024 and December 31, 2023, we had $515,000 notional amount of active interest rate derivative agreements outstanding. These agreements mature between February 2026 and June 2028 and provide that we receive interest based on Term SOFR, restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 3.6%.

A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows:


		Fair Value
	Balance Sheet Location	June 30, 2024		December 31, 2023
Interest rate swaps	Other current assets	$	7,216	$	5,951
Interest rate swaps	Other non-current assets	4,920		4,413
		$	12,136	$	10,364


Interest rate swaps	Other long-term liabilities	$	4,020	$	11,762


Interest rate swaps	Accumulated other comprehensive income (loss), net of tax	$	8,116	$	(1,398)
Interest rate swaps - tax effect	Accumulated other comprehensive income (loss), net of tax	(2,295)		318
		$	5,821	$	(1,080)

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2024	Jul. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-23211
Entity Registrant Name	CASELLA WASTE SYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	03-0338873
Entity Address, Address Line One	25 Greens Hill Lane,
Entity Address, City or Town	Rutland,
Entity Address, State or Province	VT
Entity Address, Postal Zip Code	05701
City Area Code	802
Local Phone Number	775-0325
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	CWST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000911177
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		57,145,697
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		988,200

ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE - Summary of Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 133,904	$ 113,678
Obligations incurred	3,354	2,615
Accretion expense	5,733	4,809
Obligations settled	(2,223)	(2,386)
Ending balance	$ 140,768	$ 118,716

COMMITMENTS AND CONTINGENCIES - Environmental Remediation Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 5,889	$ 6,335
Accretion expense	49	51
Obligations settled	(332)	(320)
Ending balance	5,606	6,066
Less: current portion	1,610	1,430
Long-term portion	$ 3,996	$ 4,636

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7,006	$ 5,490	$ 2,889	$ 9,038
Hedging activity:
Interest rate swap settlements	2,303	1,290	4,618	2,345
Interest rate swap income reclassified into interest expense	(2,280)	(1,270)	(4,611)	(2,376)
Unrealized gain resulting from changes in fair value of derivative instruments	1,068	2,508	9,507	117
Other comprehensive income, before tax	1,091	2,528	9,514	86
Income tax provision related to items of other comprehensive income	305	693	2,613	20
Other comprehensive income, net of tax	786	1,835	6,901	66
Comprehensive income	$ 7,792	$ 7,325	$ 9,790	$ 9,104

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024


	Eastern		Western		Mid-Atlantic		Resource Solutions		Total Revenues
Collection	$	76,071	$	105,936	$	41,952	$	—	$	223,959
Landfill	7,583		17,199		—		—		24,782
Transfer station	18,634		16,250		460		—		35,344
Transportation	1,433		3,564		—		—		4,997
Landfill gas-to-energy	539		1,444		—		—		1,983
Processing	2,231		649		—		33,275		36,155
National Accounts	—		—		—		49,943		49,943
Total revenues	$	106,491	$	145,042	$	42,412	$	83,218	$	377,163

Transferred at a point-in-time	$	117	$	677	$	—	$	15,163	$	15,957
Transferred over time	106,374		144,365		42,412		68,055		361,206
Total revenues	$	106,491	$	145,042	$	42,412	$	83,218	$	377,163

Three Months Ended June 30, 2023


	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	64,749	$	85,099	$	—	$	—	$	149,848
Landfill	7,220		18,921		—		—		26,141
Transfer station	17,698		14,728		—		—		32,426
Transportation	1,208		3,854		—		—		5,062
Landfill gas-to-energy	173		1,148		—		—		1,321
Processing	2,275		479		—		25,383		28,137
National Accounts	—		—		—		46,710		46,710
Total revenues	$	93,323	$	124,229	$	—	$	72,093	$	289,645

Transferred at a point-in-time	$	99	$	690	$	—	$	8,135	$	8,924
Transferred over time	93,224		123,539		—		63,958		280,721
Total revenues	$	93,323	$	124,229	$	—	$	72,093	$	289,645

Six Months Ended June 30, 2024



	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	146,332	$	205,805	$	83,181	$	—	$	435,318
Landfill	14,195		30,137		—		—		44,332
Transfer station	32,762		28,221		834		—		61,817
Transportation	2,709		6,404		—		—		9,113
Landfill gas-to-energy	997		3,496		—		—		4,493
Processing	3,500		1,308		—		63,038		67,846
National Accounts	—		—		—		95,251		95,251
Total revenues	$	200,495	$	275,371	$	84,015	$	158,289	$	718,170

Transferred at a point-in-time	$	239	$	1,294	$	—	$	27,717	$	29,250
Transferred over time	200,256		274,077		84,015		130,572		688,920
Total revenues	$	200,495	$	275,371	$	84,015	$	158,289	$	718,170

Six Months Ended June 30, 2023



	Eastern		Western		Mid-Atlantic (1)		Resource Solutions		Total Revenues
Collection	$	125,858	$	163,967	$	—	$	—	$	289,825
Landfill	13,521		35,380		—		—		48,901
Transfer station	31,680		24,691		—		—		56,371
Transportation	2,390		7,434		—		—		9,824
Landfill gas-to-energy	386		2,859		—		—		3,245
Processing	3,398		931		—		48,189		52,518
National Accounts	—		—		—		91,557		91,557
Total revenues	$	177,233	$	235,262	$	—	$	139,746	$	552,241

Transferred at a point-in-time	$	218	$	1,421	$	—	$	14,572	$	16,211
Transferred over time	177,015		233,841		—		125,174		536,030
Total revenues	$	177,233	$	235,262	$	—	$	139,746	$	552,241

(1)Operations under the Mid-Atlantic region commenced July 1, 2023.

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Leases In the six months ended June 30, 2024, we extended the lease related to our corporate headquarters in Rutland, Vermont through February 2039 and the lease associated with our Montpelier, Vermont facility through May 2039. Both facilities are leased from a partnership of which John Casella, our Chairman and Chief Executive Officer, and Douglas Casella, a member of our Board of Directors, are the general partners. The terms of the lease agreements require a monthly payment of approximately $34, subject to a fixed annual escalation.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt And Derivatives Disclosure [Abstract]

Schedule of Debt

A summary of debt is as follows:


	June 30, 2024		December 31, 2023
Senior Secured Credit Facility:
Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 6.779% as of June 30, 2024	$	348,250	$	350,000
Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.279% as of June 30, 2024	408,500		419,250
Revolving credit facility (“Revolving Credit Facility”) due December 2026; bearing interest at term secured overnight financing rate (“Term SOFR”) plus 1.435%	—		—
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 bearing interest at 2.875% through December 2029	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 bearing interest at 3.125% through May 2026	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 bearing interest at 2.750% through September 2025	40,000		40,000
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (“New York Bonds 2020R-2”) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030	35,000		35,000
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”) due January 2025 - fixed rate interest period bearing interest at 5.25% through January 2025	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 bearing interest at 5.125% through July 2025	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 bearing interest at 4.375% through July 2025	15,000		15,000
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds 2013”) due April 2036 - fixed rate interest period bearing interest at 4.625% through April 2028	16,000		16,000
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 (“Vermont Bonds 2022A-1”) due June 2052 - fixed rate interest period bearing interest at 5.00% through May 2027	35,000		35,000
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 bearing interest at 2.95% through April 2029	11,000		11,000
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.4%	62,726		53,066
Notes payable maturing through March 2025; bearing interest up to 8.1%	100		230
Principal amount of debt	1,051,576		1,054,546
Less—unamortized debt issuance costs	9,621		11,103
Debt less unamortized debt issuance costs	1,041,955		1,043,443
Less—current maturities of debt	65,335		35,781
	$	976,620	$	1,007,662

Schedule of Cash Flow Hedges

A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows:


		Fair Value
	Balance Sheet Location	June 30, 2024		December 31, 2023
Interest rate swaps	Other current assets	$	7,216	$	5,951
Interest rate swaps	Other non-current assets	4,920		4,413
		$	12,136	$	10,364


Interest rate swaps	Other long-term liabilities	$	4,020	$	11,762


Interest rate swaps	Accumulated other comprehensive income (loss), net of tax	$	8,116	$	(1,398)
Interest rate swaps - tax effect	Accumulated other comprehensive income (loss), net of tax	(2,295)		318
		$	5,821	$	(1,080)

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Paid for Acquisitions

A summary of the purchase price and the purchase price allocation for acquisitions follows:


	Six Months Ended June 30,
	2024		2023
Purchase Price:
Cash used in acquisitions, net of cash acquired	$	748	$	544,359



Holdbacks	—		1,900
Total consideration	$	748	$	546,259
Allocated as follows:
Current assets	$	—	$	15,364




Property, plant and equipment:
Land	—		2,213

Buildings and improvements	—		8,666
Machinery and equipment	282		90,276
Operating lease right-of-use assets	—		11,260
Intangible assets:

Covenants not-to-compete	75		10,550
Customer relationships	38		93,000

Deferred tax liability	—		(5,160)
Current liabilities	(2)		(15,195)







Operating lease liabilities, less current portion	—		(9,887)
Fair value of assets acquired and liabilities assumed	393		201,087
Excess purchase price allocated to goodwill	$	355	$	345,172

Schedule of Unaudited Pro forma Combined Information

Unaudited pro forma combined operational results prepared as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2023 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	377,199	$	365,644	$	718,315	$	706,384
Operating income	$	23,028	$	26,792	$	29,894	$	41,353
Net income	$	7,012	$	7,133	$	2,913	$	12,391

Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,109		52,885		58,070		52,331
Basic earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,199		52,980		58,161		52,427
Diluted earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 377,163	$ 289,645	$ 718,170	$ 552,241
Transferred at a point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	15,957	8,924	29,250	16,211
Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	361,206	280,721	688,920	536,030
Collection
Disaggregation of Revenue [Line Items]
Total revenues	223,959	149,848	435,318	289,825
Landfill
Disaggregation of Revenue [Line Items]
Total revenues	24,782	26,141	44,332	48,901
Transfer station
Disaggregation of Revenue [Line Items]
Total revenues	35,344	32,426	61,817	56,371
Transportation
Disaggregation of Revenue [Line Items]
Total revenues	4,997	5,062	9,113	9,824
Landfill gas-to-energy
Disaggregation of Revenue [Line Items]
Total revenues	1,983	1,321	4,493	3,245
Processing
Disaggregation of Revenue [Line Items]
Total revenues	36,155	28,137	67,846	52,518
National Accounts
Disaggregation of Revenue [Line Items]
Total revenues	49,943	46,710	95,251	91,557
Eastern
Disaggregation of Revenue [Line Items]
Total revenues	106,491	93,323	200,495	177,233
Eastern \| Transferred at a point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	117	99	239	218
Eastern \| Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	106,374	93,224	200,256	177,015
Eastern \| Collection
Disaggregation of Revenue [Line Items]
Total revenues	76,071	64,749	146,332	125,858
Eastern \| Landfill
Disaggregation of Revenue [Line Items]
Total revenues	7,583	7,220	14,195	13,521
Eastern \| Transfer station
Disaggregation of Revenue [Line Items]
Total revenues	18,634	17,698	32,762	31,680
Eastern \| Transportation
Disaggregation of Revenue [Line Items]
Total revenues	1,433	1,208	2,709	2,390
Eastern \| Landfill gas-to-energy
Disaggregation of Revenue [Line Items]
Total revenues	539	173	997	386
Eastern \| Processing
Disaggregation of Revenue [Line Items]
Total revenues	2,231	2,275	3,500	3,398
Eastern \| National Accounts
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Western
Disaggregation of Revenue [Line Items]
Total revenues	145,042	124,229	275,371	235,262
Western \| Transferred at a point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	677	690	1,294	1,421
Western \| Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	144,365	123,539	274,077	233,841
Western \| Collection
Disaggregation of Revenue [Line Items]
Total revenues	105,936	85,099	205,805	163,967
Western \| Landfill
Disaggregation of Revenue [Line Items]
Total revenues	17,199	18,921	30,137	35,380
Western \| Transfer station
Disaggregation of Revenue [Line Items]
Total revenues	16,250	14,728	28,221	24,691
Western \| Transportation
Disaggregation of Revenue [Line Items]
Total revenues	3,564	3,854	6,404	7,434
Western \| Landfill gas-to-energy
Disaggregation of Revenue [Line Items]
Total revenues	1,444	1,148	3,496	2,859
Western \| Processing
Disaggregation of Revenue [Line Items]
Total revenues	649	479	1,308	931
Western \| National Accounts
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic
Disaggregation of Revenue [Line Items]
Total revenues	42,412	0	84,015	0
Mid-Atlantic \| Transferred at a point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic \| Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	42,412	0	84,015	0
Mid-Atlantic \| Collection
Disaggregation of Revenue [Line Items]
Total revenues	41,952	0	83,181	0
Mid-Atlantic \| Landfill
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic \| Transfer station
Disaggregation of Revenue [Line Items]
Total revenues	460	0	834	0
Mid-Atlantic \| Transportation
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic \| Landfill gas-to-energy
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic \| Processing
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Mid-Atlantic \| National Accounts
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions
Disaggregation of Revenue [Line Items]
Total revenues	83,218	72,093	158,289	139,746
Resource Solutions \| Transferred at a point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	15,163	8,135	27,717	14,572
Resource Solutions \| Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	68,055	63,958	130,572	125,174
Resource Solutions \| Collection
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions \| Landfill
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions \| Transfer station
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions \| Transportation
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions \| Landfill gas-to-energy
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Resource Solutions \| Processing
Disaggregation of Revenue [Line Items]
Total revenues	33,275	25,383	63,038	48,189
Resource Solutions \| National Accounts
Disaggregation of Revenue [Line Items]
Total revenues	$ 49,943	$ 46,710	$ 95,251	$ 91,557

BUSINESS COMBINATIONS - Narrative (Details)	1 Months Ended	6 Months Ended
BUSINESS COMBINATIONS - Narrative (Details)	Aug. 02, 2024 business	Jun. 30, 2024 business	Jun. 30, 2023 business subsidiary
Business Acquisition [Line Items]
Number of businesses acquired		1	2
Number of wholly owned subsidiaries acquired \| subsidiary			4
Subsequent Event
Business Acquisition [Line Items]
Number of businesses acquired	4
Subsequent Event \| Mid-Atlantic
Business Acquisition [Line Items]
Number of businesses acquired	3
Minimum
Business Acquisition [Line Items]
Useful life of finite lived intangible assets		2 years
Maximum
Business Acquisition [Line Items]
Useful life of finite lived intangible assets		10 years

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity follows:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding, December 31, 2023	129	$	66.03
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Outstanding, June 30, 2024	129	$	66.03	7.0	$	4,277
Exercisable, June 30, 2024	49	$	40.60	4.7	$	2,845

Schedule of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity

A summary of restricted stock award, restricted stock unit and performance stock unit activity follows:


	Restricted Stock Awards, Restricted Stock Units, and Performance Stock Units (1)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding, December 31, 2023	181	$	84.82
Granted	103	$	99.38
Class A Common Stock Vested	(43)	$	79.38
Forfeited	(2)	$	84.34
Outstanding, June 30, 2024	239	$	92.08	2.1	$	23,725
Unvested, June 30, 2024	414	$	94.14	1.9	$	41,044

(1)Performance stock unit grants, including market-based performance stock units, are included at the 100% attainment level. Attainment of the maximum performance targets and market achievements would result in the issuance of an additional 175 shares of Class A common stock currently included in unvested.

Schedule of Changes in Balances of Each Component of Accumulated Other Comprehensive (Income) Loss

A summary of the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax follows:



	Interest Rate Swaps
Balance, December 31, 2023	$	(1,080)

Other comprehensive income before reclassifications	14,125
Income reclassified from accumulated other comprehensive income (loss) into interest expense	(4,611)
Income tax provision related to items of other comprehensive income	(2,613)
Other comprehensive income, net of tax	6,901
Balance, June 30, 2024	$	5,821

Schedule of Reclassifications Out of Accumulated Other Comprehensive (Income) Loss

A summary of reclassifications out of accumulated other comprehensive income (loss), net of tax into earnings follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Accumulated Other Comprehensive Income (Loss), Net of Tax	Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax								Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps	$	(2,280)	$	(1,270)	$	(4,611)	$	(2,376)	Interest expense
	2,280		1,270		4,611		2,376		Income before income taxes
	630		348		1,272		651		Provision for income taxes
	$	1,650	$	922	$	3,339	$	1,725	Net income

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

Stock Based Compensation

Shares Available For Issuance

In the three months ended June 30, 2024, our stockholders approved the amendment and restatement of our 2016 Incentive Plan (the “Amended 2016 Plan”). Under the Amended 2016 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (A) 4,000 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events) which is comprised of: (i) 1,750 shares of Class A common stock reserved for the issuance in connection with the Amended 2016 Plan, plus (ii) 2,250 shares of Class A common stock originally reserved for issuance under the 2016 Incentive Plan; plus (B) such additional number of shares of Class A common stock (up to approximately 2,723 shares) as is equal to the sum of the number of shares of Class A common stock that remained available for grant under the 2006 Stock Incentive Plan (“2006 Plan”) immediately prior to the expiration of the 2006 Plan and the number of shares of Class A common stock subject to awards granted under the 2006 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us. As of June 30, 2024, there were 2,197 Class A common stock equivalents available for future grant under the Amended 2016 Plan.

Stock Options

Stock options are granted at a price equal to the prevailing fair value of our Class A common stock at the date of grant. Generally, stock options granted have a term not to exceed ten years and vest over a one-year to five-year period from the date of grant.

The fair value of each stock option granted is estimated using a Black-Scholes option-pricing model, which requires extensive use of accounting judgment and financial estimation, including estimates of the expected term stock option holders will retain their vested stock options before exercising them and the estimated volatility of our Class A common stock price over the expected term.

A summary of stock option activity follows:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding, December 31, 2023	129	$	66.03
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Outstanding, June 30, 2024	129	$	66.03	7.0	$	4,277
Exercisable, June 30, 2024	49	$	40.60	4.7	$	2,845

Stock-based compensation expense related to stock options was $151 and $302 during the three and six months ended June 30, 2024, respectively, as compared to $125 and $248 during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, we had $1,806 of unrecognized stock-based compensation expense related to outstanding stock options to be recognized over a weighted average period of 3.4 years.

During the three and six months ended June 30, 2024, the aggregate intrinsic value of stock options exercised was zero dollars.

Other Stock Awards

Restricted stock awards, restricted stock units and performance stock units, with the exception of market-based performance stock units, are granted at a price equal to the fair value of our Class A common stock at the date of grant. The fair value of each market-based performance stock unit is estimated using a Monte Carlo pricing model, which requires extensive use of accounting judgment and financial estimation, including the estimated share price appreciation plus, if applicable, the value of dividends of our Class A common stock as compared to the Russell 2000 Index over the requisite service period.

Typically, restricted stock awards granted to non-employee directors vest incrementally over a three-year period beginning on the first anniversary of the date of grant. Restricted stock units granted to non-employee directors vest in full on the first anniversary of the grant date. Restricted stock units granted to employees vest incrementally over an identified service period, typically three years, beginning on the grant date based on continued employment. Performance stock units granted to employees, including market-based performance stock units, vest at a future date following the grant date and are based on the attainment of performance targets and market achievements, as applicable.

A summary of restricted stock award, restricted stock unit and performance stock unit activity follows:


	Restricted Stock Awards, Restricted Stock Units, and Performance Stock Units (1)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding, December 31, 2023	181	$	84.82
Granted	103	$	99.38
Class A Common Stock Vested	(43)	$	79.38
Forfeited	(2)	$	84.34
Outstanding, June 30, 2024	239	$	92.08	2.1	$	23,725
Unvested, June 30, 2024	414	$	94.14	1.9	$	41,044

Stock-based compensation expense related to restricted stock awards, restricted stock units and performance stock units was $2,349 and $4,225 during the three and six months ended June 30, 2024, respectively, as compared to $2,132 and $3,894 during the three and six months ended June 30, 2023, respectively.

During the three and six months ended June 30, 2024, the total fair value of other stock awards vested was $932 and $4,097, respectively.

As of June 30, 2024, total unrecognized stock-based compensation expense related to outstanding restricted stock units was $8,193, which will be recognized over a weighted average period of 2.3 years. As of June 30, 2024, total expected unrecognized stock-based compensation expense related to outstanding performance stock units was $7,413, which will be recognized over a weighted average period of 2.0 years.

The weighted average fair value of market-based performance stock units granted during the six months ended June 30, 2024 was $105.35 per award, which was calculated using a Monte Carlo pricing model assuming a risk-free interest rate of 4.31% and an expected volatility of 25.3% assuming no expected dividend yield. Risk-free interest rate is based on the U.S. Treasury yield curve for the expected service period of the award. Expected volatility is calculated using the daily volatility of our Class A common stock over the expected service period of the award.

The Monte Carlo pricing model requires extensive use of accounting judgment and financial estimation. Application of alternative assumptions could produce significantly different estimates of the fair value of stock-based compensation and consequently, the related amounts recognized in the consolidated statements of operations.

We also recorded $174 and $283 of stock-based compensation expense related to the Second Amended and Restated 1997 Employee Stock Purchase Plan during the three and six months ended June 30, 2024, respectively, as compared to $109 and $199 during the three and six months ended June 30, 2023, respectively.

Accumulated Other Comprehensive Income (Loss), Net of Tax

A summary of the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax follows:



	Interest Rate Swaps
Balance, December 31, 2023	$	(1,080)

Other comprehensive income before reclassifications	14,125
Income reclassified from accumulated other comprehensive income (loss) into interest expense	(4,611)
Income tax provision related to items of other comprehensive income	(2,613)
Other comprehensive income, net of tax	6,901
Balance, June 30, 2024	$	5,821

A summary of reclassifications out of accumulated other comprehensive income (loss), net of tax into earnings follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Accumulated Other Comprehensive Income (Loss), Net of Tax	Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax								Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps	$	(2,280)	$	(1,270)	$	(4,611)	$	(2,376)	Interest expense
	2,280		1,270		4,611		2,376		Income before income taxes
	630		348		1,272		651		Provision for income taxes
	$	1,650	$	922	$	3,339	$	1,725	Net income

STOCKHOLDERS' EQUITY - Summary of Restricted Stock Awards, Restricted Stock Unit and Performance-based Stock Unit Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Performance Stock Unit
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Percentage of attainment level (as a percent)	100.00%
Performance Stock Unit \| Class A Common Stock
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Number of additional shares (in shares)	175
Restricted Stock Awards, Restricted Stock Units And Performance Stock Units
Restricted Stock, Restricted Stock Units, and Performance Stock Units
Outstanding, beginning of period (in shares)	181
Granted (in shares)	103
Forfeited (in shares)	(2)
Outstanding, end of period (in shares)	239
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 84.82
Granted (in dollars per share) \| $ / shares	99.38
Forfeited (in dollars per share) \| $ / shares	84.34
Outstanding at end of period (in dollars per share) \| $ / shares	$ 92.08
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Contractual term (in years)	2 years 1 month 6 days
Aggregate intrinsic value \| $	$ 23,725
Restricted Stock Awards, Restricted Stock Units And Performance Stock Units \| Class A Common Stock
Restricted Stock, Restricted Stock Units, and Performance Stock Units
Class A Common Stock Vested (in shares)	(43)
Weighted Average Grant Date Fair Value
Class A Common Stock Vested (in dollars per share) \| $ / shares	$ 79.38
Unvested \| Restricted Stock Awards, Restricted Stock Units And Performance Stock Units
Restricted Stock, Restricted Stock Units, and Performance Stock Units
Outstanding, end of period (in shares)	414
Weighted Average Grant Date Fair Value
Outstanding at end of period (in dollars per share) \| $ / shares	$ 94.14
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Contractual term (in years)	1 year 10 months 24 days
Aggregate intrinsic value \| $	$ 41,044

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GOODWILL AND INTANGIBLE ASSETS - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 12,238	$ 4,226	$ 24,803	$ 8,296

ACCOUNTING CHANGES (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Basis of Accounting

Casella Waste Systems, Inc. (“Parent”) and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services.

We provide integrated solid waste services in ten states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, New Jersey, Delaware and Maryland, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.

The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8. “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“fiscal year 2023”), which was filed with the SEC on February 16, 2024 (“2023 Form 10-K”).

Use of Estimates

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, including normal recurring and nonrecurring adjustments, as applicable, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results for the three and six months ended June 30, 2024 may not be indicative of the results for any other interim period or the entire fiscal year.

Subsequent Events

We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2024 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. Except as disclosed, no material subsequent events have occurred since June 30, 2024 through the date of this filing that would require recognition or adjustments to our disclosures in our consolidated financial statements.

Accounting Standards Adopted and Pending Adoption

Standard

Description

Effect on the Financial Statements or Other
Significant Matters

Accounting standards issued pending adoption

ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280)

ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740)

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.

Fair Value of Financial Instruments

Assets and Liabilities Accounted for at Fair Value

Segment Reporting

We report selected information about our reportable operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments, our Eastern, Western and Mid-Atlantic regions. Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services in the eastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are comprised of processing services and non-processing services, which we refer to as our National Accounts business. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide range of environmental services and resource management solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. Corporate Entities results reflect those costs not allocated to our reportable operating segments.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

STOCKHOLDERS' EQUITY - Summary of Changes in Balances of Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,025,924	$ 1,021,791	$ 501,655	$ 497,900	$ 1,021,791	$ 497,900
Other comprehensive income, net of tax	786	6,115	1,835	(1,769)	6,901	66
Ending balance	1,037,514	1,025,924	$ 1,008,383	$ 501,655	1,037,514	$ 1,008,383
Accumulated gain (loss), cash flow hedge
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ (1,080)			(1,080)
Other comprehensive income before reclassifications					14,125
Income reclassified from accumulated other comprehensive income (loss) into interest expense					(4,611)
Income tax provision related to items of other comprehensive income					(2,613)
Other comprehensive income, net of tax					6,901
Ending balance	$ 5,821				$ 5,821

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

REVENUE RECOGNITION - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
REVENUE RECOGNITION - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Rebates	$ (377,163,000)	$ (289,645,000)	$ (718,170,000)	$ (552,241,000)
Revenue recognized for performance obligation satisfied in previous period	0	0	0	0
Gross receivables from contracts	165,706,000		165,706,000		$ 158,931,000
Contract liabilities	30,662,000		30,662,000		$ 31,472,000
Rebate for Recycled or Returned Organic Materials
Disaggregation of Revenue [Line Items]
Rebates	$ 8,416,000	$ 6,329,000	$ 15,531,000	$ 12,958,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE

A summary of the changes to accrued final capping, closure and post-closure liabilities follows:


	Six Months Ended June 30,
	2024		2023
Beginning balance	$	133,904	$	113,678
Obligations incurred	3,354		2,615

Accretion expense	5,733		4,809

Obligations settled (1)	(2,223)		(2,386)
Ending balance	$	140,768	$	118,716

(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.

BASIS OF PRESENTATION (Details)	Jun. 30, 2024 state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity operates	10

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Three Months Ended June 30, 2024


Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	106,491	$	26,422	$	14,016	$	10,543	$	433,988
Western	145,042		53,410		25,561		17,892		1,001,294
Mid-Atlantic	42,412		376		10,239		(7,080)		533,457
Resource Solutions	83,218		2,835		4,540		4,269		252,364
Corporate Entities	—		—		982		(2,606)		290,762
Eliminations	—		(83,043)		—		—		—
	$	377,163	$	—	$	55,338	$	23,018	$	2,511,865

Three Months Ended June 30, 2023


Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	93,323	$	23,563	$	12,148	$	7,519	$	366,892
Western	124,229		42,342		18,917		18,991		751,324
Mid-Atlantic (1)	—		—		—		—		550,758
Resource Solutions	72,093		3,316		3,090		688		203,049
Corporate Entities	—		—		769		(4,584)		545,269
Eliminations	—		(69,221)		—		—		—
	$	289,645	$	—	$	34,924	$	22,614	$	2,417,292

Six Months Ended June 30, 2024



Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	200,495	$	48,910	$	27,484	$	14,164	$	433,988
Western	275,371		99,846		50,037		26,677		1,001,294
Mid-Atlantic	84,015		589		20,563		(11,880)		533,457
Resource Solutions	158,289		5,958		9,333		5,662		252,364
Corporate Entities	—		—		1,958		(4,770)		290,762
Eliminations	—		(155,303)		—		—		—
Total	$	718,170	$	—	$	109,375	$	29,853	$	2,511,865

Six Months Ended June 30, 2023



Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	177,233	$	42,932	$	24,051	$	9,659	$	366,892
Western	235,262		78,901		36,583		31,417		751,324
Mid-Atlantic (1)	—		—		—		—		550,758
Resource Solutions	139,746		6,803		6,166		(1,255)		203,049
Corporate Entities	—		—		1,559		(6,942)		545,269
Eliminations	—		(128,636)		—		—		—
Total	$	552,241	$	—	$	68,359	$	32,879	$	2,417,292

(1)Operations under the Mid-Atlantic region commenced July 1, 2023.

Schedule of Revenue Attributable to Services

A summary of our revenues attributable to services provided follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Collection	$	223,959	$	149,848	$	435,318	$	289,825
Disposal	65,123		63,629		115,262		115,096
Landfill gas-to-energy	1,983		1,321		4,493		3,245
Processing	2,880		2,754		4,808		4,329
Solid waste operations	293,945		217,552		559,881		412,495
Processing	33,275		25,383		63,038		48,189
National Accounts	49,943		46,710		95,251		91,557
Resource Solutions operations	83,218		72,093		158,289		139,746
Total revenues	$	377,163	$	289,645	$	718,170	$	552,241

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average discount rate - finance leases	4.40%
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.4%	$ 62,726	$ 53,066
Principal amount of debt	1,051,576	1,054,546
Less—unamortized debt issuance costs	9,621	11,103
Debt less unamortized debt issuance costs	1,041,955	1,043,443
Less—current maturities of debt	65,335	35,781
Debt, less current portion	$ 976,620	$ 1,007,662
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt, less current portion	Debt, less current portion
Secured Debt \| Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 6.779% as of June 30, 2024
Debt Instrument [Line Items]
Stated interest rate	6.779%
Principal amount of debt	$ 348,250	$ 350,000
Secured Debt \| Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.279% as of June 30, 2024
Debt Instrument [Line Items]
Stated interest rate	7.279%
Principal amount of debt	$ 408,500	419,250
Line of Credit \| Revolving credit facility (“Revolving Credit Facility”) due December 2026; bearing interest at term secured overnight financing rate (“Term SOFR”) plus 1.435%
Debt Instrument [Line Items]
Variable rate margin	1.435%
Principal amount of debt	$ 0	0
Unsecured Debt \| 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 bearing interest at 2.875% through December 2029
Debt Instrument [Line Items]
Stated interest rate	2.875%
Principal amount of debt	$ 25,000	25,000
Unsecured Debt \| 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 bearing interest at 3.125% through May 2026
Debt Instrument [Line Items]
Stated interest rate	3.125%
Principal amount of debt	$ 15,000	15,000
Unsecured Debt \| New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 (“New York Bonds 2020”) due September 2050 - fixed rate interest period bearing interest at 2.750% through September 2025
Debt Instrument [Line Items]
Stated interest rate	2.75%
Principal amount of debt	$ 40,000	40,000
Unsecured Debt \| New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (“New York Bonds 2020R-2”) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030
Debt Instrument [Line Items]
Stated interest rate	5.125%
Principal amount of debt	$ 35,000	35,000
Unsecured Debt \| Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”) due January 2025 - fixed rate interest period bearing interest at 5.25% through January 2025
Debt Instrument [Line Items]
Stated interest rate	5.25%
Principal amount of debt	$ 25,000	25,000
Unsecured Debt \| Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 (“FAME Bonds 2015R-1”) due August 2035 - fixed rate interest period bearing interest at 5.125% through July 2025
Debt Instrument [Line Items]
Stated interest rate	5.125%
Principal amount of debt	$ 15,000	15,000
Unsecured Debt \| Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 (“FAME Bonds 2015R-2”) due August 2035 - fixed rate interest period bearing interest at 4.375% through July 2025
Debt Instrument [Line Items]
Stated interest rate	4.375%
Principal amount of debt	$ 15,000	15,000
Unsecured Debt \| Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds 2013”) due April 2036 - fixed rate interest period bearing interest at 4.625% through April 2028
Debt Instrument [Line Items]
Stated interest rate	4.625%
Principal amount of debt	$ 16,000	16,000
Unsecured Debt \| Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 (“Vermont Bonds 2022A-1”) due June 2052 - fixed rate interest period bearing interest at 5.00% through May 2027
Debt Instrument [Line Items]
Stated interest rate	5.00%
Principal amount of debt	$ 35,000	35,000
Unsecured Debt \| 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 bearing interest at 2.95% through April 2029
Debt Instrument [Line Items]
Stated interest rate	2.95%
Principal amount of debt	$ 11,000	11,000
Notes payable maturing through March 2025; bearing interest up to 8.1%
Debt Instrument [Line Items]
Stated interest rate	8.10%
Principal amount of debt	$ 100	$ 230

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	6 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Jun. 30, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares
Accounts receivable - trade, allowance for credit losses \| $	$ 6,333	$ 4,066
Accumulated depreciation and amortization \| $	$ 1,226,518	$ 1,167,541
Class A Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	57,145,000	57,007,000
Common stock, shares outstanding (in shares)	57,145,000	57,007,000
Class B Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	988,000	988,000
Common stock, shares outstanding (in shares)	988,000	988,000
Votes per share held (in votes) \| vote	10	10

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss), Net of Tax	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Beginning balance at Dec. 31, 2022	$ 497,900	$ 661,761	$ (171,920)	$ 7,542		$ 507		$ 10
Beginning balance (in shares) at Dec. 31, 2022						50,704,000		988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of Class A common stock	0	(2)				$ 2
Issuance of Class A common stock (in shares)						194,000
Stock-based compensation	1,976	1,976
Net income	3,548		3,548
Other comprehensive income (loss), hedging activity	(1,769)			(1,769)
Ending balance at Mar. 31, 2023	501,655	663,735	(168,372)	5,773		$ 509		$ 10
Ending balance (in shares) at Mar. 31, 2023						50,898,000		988,000
Beginning balance at Dec. 31, 2022	497,900	661,761	(171,920)	7,542		$ 507		$ 10
Beginning balance (in shares) at Dec. 31, 2022						50,704,000		988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,038
Other comprehensive income (loss), hedging activity	66
Ending balance at Jun. 30, 2023	1,008,383	1,163,077	(162,882)	7,608		$ 570		$ 10
Ending balance (in shares) at Jun. 30, 2023					56,974,000	56,974,000	988,000	988,000
Beginning balance at Mar. 31, 2023	501,655	663,735	(168,372)	5,773		$ 509		$ 10
Beginning balance (in shares) at Mar. 31, 2023						50,898,000		988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock - equity offering, net of stock issuance costs	496,238	496,177				$ 61
Issuance of Class A common stock - equity offering, net of stock issuance costs (in shares)						6,053,000
Issuances of Class A common stock	799	799
Issuance of Class A common stock (in shares)						23,000
Stock-based compensation	2,366	2,366
Net income	5,490		5,490
Other comprehensive income (loss), hedging activity	1,835			1,835
Ending balance at Jun. 30, 2023	1,008,383	1,163,077	(162,882)	7,608		$ 570		$ 10
Ending balance (in shares) at Jun. 30, 2023					56,974,000	56,974,000	988,000	988,000
Beginning balance at Dec. 31, 2023	1,021,791	1,168,812	(146,521)	(1,080)		$ 570		$ 10
Beginning balance (in shares) at Dec. 31, 2023					57,007,000	57,007,000	988,000	988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of Class A common stock	0	(1)				$ 1
Issuance of Class A common stock (in shares)						113,000
Stock-based compensation	2,135	2,135
Net income	(4,117)		(4,117)
Other comprehensive income (loss), hedging activity	6,115			6,115
Ending balance at Mar. 31, 2024	1,025,924	1,170,946	(150,638)	5,035		$ 571		$ 10
Ending balance (in shares) at Mar. 31, 2024						57,120,000		988,000
Beginning balance at Dec. 31, 2023	1,021,791	1,168,812	(146,521)	(1,080)		$ 570		$ 10
Beginning balance (in shares) at Dec. 31, 2023					57,007,000	57,007,000	988,000	988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,889
Other comprehensive income (loss), hedging activity	6,901
Ending balance at Jun. 30, 2024	1,037,514	1,174,744	(143,632)	5,821		$ 571		$ 10
Ending balance (in shares) at Jun. 30, 2024					57,145,000	57,145,000	988,000	988,000
Beginning balance at Mar. 31, 2024	1,025,924	1,170,946	(150,638)	5,035		$ 571		$ 10
Beginning balance (in shares) at Mar. 31, 2024						57,120,000		988,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of Class A common stock	1,124	1,124
Issuance of Class A common stock (in shares)						25,000
Stock-based compensation	2,674	2,674
Net income	7,006		7,006
Other comprehensive income (loss), hedging activity	786			786
Ending balance at Jun. 30, 2024	$ 1,037,514	$ 1,174,744	$ (143,632)	$ 5,821		$ 571		$ 10
Ending balance (in shares) at Jun. 30, 2024					57,145,000	57,145,000	988,000	988,000

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Subsequent to June 30, 2024, we completed four acquisitions, three of which are in our Mid-Atlantic region, including Whitetail Disposal, Inc. and LMR Disposal, LLC, which together include collection operations in eastern Pennsylvania and western New Jersey.

In the six months ended June 30, 2024, we acquired one business, a tuck-in solid waste collection businesses in our Eastern region. In the six months ended June 30, 2023, we acquired two businesses: the equity interests of four wholly owned subsidiaries of GFL Environmental Inc., which included solid waste collection, transfer and recycling operations in Pennsylvania, Maryland and Delaware (“GFL Acquisition”); and a solid waste business in our Western region.

The operating results of the business acquired prior to June 30, 2024 have been 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 the date of acquisition with the residual amounts recorded as goodwill. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions. Acquired intangible assets other than goodwill that are subject to amortization may include customer relationships, trade names and covenants not-to-compete. Such assets are amortized over a two-year to ten-year period from the date of acquisition.

Goodwill acquired is primarily associated with the value of projected discounted cash flows, based on the current and anticipated operating performance of the business, in excess of the specific values allocated to other assets, new growth opportunities arising from the acquisitions, and expected synergies from combining the acquired businesses with our existing operations and implementing our operating strategies. Substantially all amounts recorded to goodwill are expected to be deductible for tax purposes.

A summary of the purchase price and the purchase price allocation for acquisitions follows:


	Six Months Ended June 30,
	2024		2023
Purchase Price:
Cash used in acquisitions, net of cash acquired	$	748	$	544,359



Holdbacks	—		1,900
Total consideration	$	748	$	546,259
Allocated as follows:
Current assets	$	—	$	15,364




Property, plant and equipment:
Land	—		2,213

Buildings and improvements	—		8,666
Machinery and equipment	282		90,276
Operating lease right-of-use assets	—		11,260
Intangible assets:

Covenants not-to-compete	75		10,550
Customer relationships	38		93,000

Deferred tax liability	—		(5,160)
Current liabilities	(2)		(15,195)







Operating lease liabilities, less current portion	—		(9,887)
Fair value of assets acquired and liabilities assumed	393		201,087
Excess purchase price allocated to goodwill	$	355	$	345,172

Purchase price allocations are preliminary and subject to revision upon finalization of third-party valuations over each respective one-year measurement period. Accordingly, the purchase price allocations for the six months ended June 30, 2024 are subject to change. Amounts in the six months ended June 30, 2023 were preliminary as disclosed based on information existing at the acquisition dates or upon closing the transaction and have since been updated based upon the finalization of third-party valuations, including the value of certain tangible and intangible assets acquired.

Unaudited pro forma combined operational results prepared as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2023 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	377,199	$	365,644	$	718,315	$	706,384
Operating income	$	23,028	$	26,792	$	29,894	$	41,353
Net income	$	7,012	$	7,133	$	2,913	$	12,391

Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,109		52,885		58,070		52,331
Basic earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,199		52,980		58,161		52,427
Diluted earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24

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, 2023 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 the result of the integration and consolidation of the completed acquisitions.

ACCOUNTING CHANGES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Standard

Description

Effect on the Financial Statements or Other
Significant Matters

Accounting standards issued pending adoption

ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280)

ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740)

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings per Share Computation

A summary of the numerator and denominators used in the computation of earnings per share follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	7,006	$	5,490	$	2,889	$	9,038
Denominators:
Number of shares outstanding, end of period:
Class A common stock	57,145		56,974		57,145		56,974
Class B common stock	988		988		988		988

Unvested restricted stock	—		(1)		—		(1)
Effect of weighted average shares outstanding (1)	(24)		(5,076)		(63)		(5,630)
Basic weighted average common shares outstanding	58,109		52,885		58,070		52,331
Impact of potentially dilutive securities:
Dilutive effect of stock options and other stock awards	90		95		91		96
Diluted weighted average common shares outstanding	58,199		52,980		58,161		52,427
Anti-dilutive potentially issuable shares	24		75		141		84

(1)Adjustments in the three and six months ended June 30, 2023 primarily associated with the 6,053 shares of Class A common stock issued as part of the public offering, completed on June 16, 2023, only being outstanding for 14 days in the periods ended June 30, 2023.

GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill Activity (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 735,670
Acquisitions	355
Measurement Period Adjustments	1,228
Goodwill, ending balance	737,253
Eastern
Goodwill [Roll Forward]
Goodwill, beginning balance	73,893
Acquisitions	355
Measurement Period Adjustments	0
Goodwill, ending balance	74,248
Western
Goodwill [Roll Forward]
Goodwill, beginning balance	285,056
Acquisitions	0
Measurement Period Adjustments	668
Goodwill, ending balance	285,724
Mid-Atlantic
Goodwill [Roll Forward]
Goodwill, beginning balance	332,247
Acquisitions	0
Measurement Period Adjustments	372
Goodwill, ending balance	332,619
Resource Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	44,474
Acquisitions	0
Measurement Period Adjustments	188
Goodwill, ending balance	$ 44,662

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

In the ordinary course of our business and as the 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. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions fall within various procedural stages at any point in time, and some are covered in part by insurance.

In accordance with FASB ASC 450 - Contingencies, we accrue for legal proceedings, inclusive of legal costs, when losses become probable and reasonably estimable. We have recorded an aggregate accrual of $27 relating to our outstanding legal proceedings as of June 30, 2024. 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 will not record an accrual, but we will disclose our estimate of the possible range of loss where such estimate can be made in accordance with FASB ASC 450-20. We disclose outstanding matters that we believe could have a material adverse effect on our financial condition, results of operations or cash flows.

North Country Environmental Services Expansion Permit

The permit for expansion of the Bethlehem, New Hampshire landfill of our subsidiary, North Country Environmental Services, Inc. (“NCES”), known as “Stage VI”, issued in October 2020 (“Permit”), was appealed by the Conservation Law Foundation (“CLF”) to the New Hampshire Waste Management Council (“Council”) on November 9, 2020 on the grounds it failed to meet the public benefit criteria. Following a hearing on the merits during which the Council found that the New Hampshire Department of Environmental Services (“DES”) had reasonably measured and acted lawfully in determining a capacity need for Stage VI, the hearing officer presiding over the proceedings issued an Order on May 11, 2022, without further hearing, determining instead that DES had acted unlawfully in reaching these conclusions (“Hearing Officer’s Order”), and remanded the Permit to DES on this determination. On December 5, 2022, DES and NCES both separately sought review of the Hearing Officer’s Order on appeal to the New Hampshire Supreme Court (“Supreme Court”). The parties presented oral arguments to the Supreme Court on October 3, 2023. On December 28, 2023, the Supreme Court issued a decision reversing the Hearing Officer's Order and held that the Stage VI Permit was lawfully issued by DES, fully resolving this matter and upholding the Stage VI Permit.

On December 14, 2022, NCES filed an action in Merrimack Superior Court (“Superior Court”) seeking to invalidate the Hearing Officer’s Order as having been adopted in violation of New Hampshire’s statute governing access to public records and meetings in that the Council did not hold a public meeting to deliberate on the Hearing Officer’s Order. The Superior Court dismissed that proceeding by Order dated April 6, 2023, and NCES appealed that decision to the Supreme Court on April 18, 2023. NCES’s brief on appeal was filed with the Supreme Court on August 11, 2023. On September 26, 2023, CLF filed a Motion to Intervene as well as a memorandum of law asking the Supreme Court to uphold the Superior Court’s dismissal, to which NCES filed an Objection in response on October 23, 2023. The Council filed its brief on October 25, 2023. On November 9, 2023, the Supreme Court issued an Order denying CLF’s Motion to Intervene but treating CLF’s memorandum of law as an amicus brief. NCES filed a reply brief on November 14, 2023. On January 18, 2024, the Supreme Court issued an Order setting a deadline of February 2, 2024 for the parties to submit memoranda addressing the mootness of this appeal in light of the Supreme Court’s December 28, 2023 Order reversing the Hearing Officer’s Order and upholding the Stage VI Permit. NCES subsequently filed a Motion for Vacatur of the Superior Court’s April 6, 2023 Order and a Memorandum in Response to the Supreme Court's February 2, 2024 Order on January 23, 2024. On March 18, 2024, the Supreme Court issued an order finding the appeal to be moot and vacating the Superior Court’s April 6, 2023 Order, resolving this matter.

On September 20, 2022, NCES, which has since withdrawn as a party, and our subsidiary, Granite State Landfill, LLC (“GSL”), filed a Petition for Declaratory Judgment (“Petition”) in the Superior Court asking the Superior Court for a determination of the meaning and constitutionality of New Hampshire’s public benefit requirement, the same statute at issue in the Hearing Officer’s Order. CLF was granted intervention in the Petition proceeding on June 8, 2023. On December 19, 2023, GSL filed a Motion To Stay pending the outcome of the Supreme Court’s consideration of the Stage VI Permit appeal. The Stage VI Permit appeal was decided and upheld by Order of December 28, 2023 as discussed above. As NCES prevailed in the Stage VI Permit appeal, GSL and NCES voluntarily non-suited the Petition on January 2, 2024, resolving this matter.

On April 12, 2023, DES issued approval of construction plans for Stage VI, Phase II to NCES (“DES Approval”). CLF appealed the DES Approval to the Council on May 11, 2023, on the grounds that it failed to meet the public benefit criteria, and that the DES Approval conflicts with the Hearing Officer’s May 11, 2022 Order determining that DES had acted unlawfully in issuing the Permit, and requested expedited review. The Council has denied CLF's request for expedited review. CLF withdrew its appeal by notice to the Council on February 7, 2024. In light of CLF's withdrawal of appeal, this matter is fully resolved.

Cash, Cash Equivalents and Restricted Cash

Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Beginning-of-period and end-of-period cash, cash equivalents and restricted cash presented in the statement of cash flows is reconciled as follows:


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	208,502	$	220,912
Restricted cash - acquisition (1)	945		—
Cash, cash equivalents and restricted cash	$	209,447	$	220,912

(1)Restricted cash consists of legally restricted cash held in an escrow account due to the timing of a pending acquisition.

Environmental Remediation Liabilities

We are subject to liability for environmental damage, including personal injury and property damage, that our solid waste, recycling and power generation facilities may cause to neighboring property owners, particularly as the result of the contamination of drinking water sources or soil, possibly including damage resulting from conditions that existed before we acquired the facilities. We may also be subject to liability for similar claims arising from off-site environmental contamination caused by pollutants or hazardous substances if we or our predecessors arrange or arranged to transport, treat or dispose of those materials.

We accrue for costs associated with environmental remediation obligations when such costs become both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. In the early stages of the remediation process, particular components of the overall liability may not be reasonably estimable; in this instance we use the components of the liability that can be reasonably estimated as a surrogate for the liability. It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions. Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows. We disclose outstanding environmental remediation matters that remain unsettled or are settled in the reporting period that we believe could have a material adverse effect on our financial condition, results of operations or cash flows.

We inflate the estimated costs in current dollars to the expected time of payment and discount the total cost to present value using a risk-free interest rate. The risk-free interest rates associated with our environmental remediation liabilities as of June 30, 2024 range between 1.5% and 7.1%. A summary of the changes to the aggregate environmental remediation liabilities for the six months ended June 30, 2024 and 2023 follows:


	Six Months Ended June 30,
	2024		2023
Beginning balance	$	5,889	$	6,335
Accretion expense	49		51


Obligations settled (1)	(332)		(320)
Ending balance	5,606		6,066
Less: current portion	1,610		1,430
Long-term portion	$	3,996	$	4,636

(1)May include amounts that are being processed through accounts payable as a part of our disbursement cycle.

STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive (Income) Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 15,322		$ 9,001		$ 31,204	$ 15,959
Income before income taxes	10,798		7,478		4,914	11,817
Provision for income taxes	3,792		1,988		2,025	2,779
Net income	7,006	$ (4,117)	5,490	$ 3,548	2,889	9,038
Accumulated gain (loss), cash flow hedge \| Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	2,280		1,270		4,611	2,376
Provision for income taxes	630		348		1,272	651
Net income	1,650		922		3,339	1,725
Interest rate swaps \| Accumulated gain (loss), cash flow hedge \| Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (2,280)		$ (1,270)		$ (4,611)	$ (2,376)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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SEGMENT REPORTING

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

Three Months Ended June 30, 2024


Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	106,491	$	26,422	$	14,016	$	10,543	$	433,988
Western	145,042		53,410		25,561		17,892		1,001,294
Mid-Atlantic	42,412		376		10,239		(7,080)		533,457
Resource Solutions	83,218		2,835		4,540		4,269		252,364
Corporate Entities	—		—		982		(2,606)		290,762
Eliminations	—		(83,043)		—		—		—
	$	377,163	$	—	$	55,338	$	23,018	$	2,511,865

Three Months Ended June 30, 2023


Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	93,323	$	23,563	$	12,148	$	7,519	$	366,892
Western	124,229		42,342		18,917		18,991		751,324
Mid-Atlantic (1)	—		—		—		—		550,758
Resource Solutions	72,093		3,316		3,090		688		203,049
Corporate Entities	—		—		769		(4,584)		545,269
Eliminations	—		(69,221)		—		—		—
	$	289,645	$	—	$	34,924	$	22,614	$	2,417,292

Six Months Ended June 30, 2024



Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	200,495	$	48,910	$	27,484	$	14,164	$	433,988
Western	275,371		99,846		50,037		26,677		1,001,294
Mid-Atlantic	84,015		589		20,563		(11,880)		533,457
Resource Solutions	158,289		5,958		9,333		5,662		252,364
Corporate Entities	—		—		1,958		(4,770)		290,762
Eliminations	—		(155,303)		—		—		—
Total	$	718,170	$	—	$	109,375	$	29,853	$	2,511,865

Six Months Ended June 30, 2023



Segment	Outside revenues		Inter-company revenues		Depreciation and amortization		Operating income (loss)		Total assets
Eastern	$	177,233	$	42,932	$	24,051	$	9,659	$	366,892
Western	235,262		78,901		36,583		31,417		751,324
Mid-Atlantic (1)	—		—		—		—		550,758
Resource Solutions	139,746		6,803		6,166		(1,255)		203,049
Corporate Entities	—		—		1,559		(6,942)		545,269
Eliminations	—		(128,636)		—		—		—
Total	$	552,241	$	—	$	68,359	$	32,879	$	2,417,292

(1)Operations under the Mid-Atlantic region commenced July 1, 2023.

A summary of our revenues attributable to services provided follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Collection	$	223,959	$	149,848	$	435,318	$	289,825
Disposal	65,123		63,629		115,262		115,096
Landfill gas-to-energy	1,983		1,321		4,493		3,245
Processing	2,880		2,754		4,808		4,329
Solid waste operations	293,945		217,552		559,881		412,495
Processing	33,275		25,383		63,038		48,189
National Accounts	49,943		46,710		95,251		91,557
Resource Solutions operations	83,218		72,093		158,289		139,746
Total revenues	$	377,163	$	289,645	$	718,170	$	552,241

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

COMMITMENTS AND CONTINGENCIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash and cash equivalents	$ 208,502	$ 220,912
Restricted cash - acquisition	945	0
Cash, cash equivalents and restricted cash	$ 209,447	$ 220,912	$ 465,715	$ 71,152

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Cash and Cash Equivalents

Beginning-of-period and end-of-period cash, cash equivalents and restricted cash presented in the statement of cash flows is reconciled as follows:


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	208,502	$	220,912
Restricted cash - acquisition (1)	945		—
Cash, cash equivalents and restricted cash	$	209,447	$	220,912

(1)Restricted cash consists of legally restricted cash held in an escrow account due to the timing of a pending acquisition.

Schedule of Restricted Cash

Beginning-of-period and end-of-period cash, cash equivalents and restricted cash presented in the statement of cash flows is reconciled as follows:


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	208,502	$	220,912
Restricted cash - acquisition (1)	945		—
Cash, cash equivalents and restricted cash	$	209,447	$	220,912

(1)Restricted cash consists of legally restricted cash held in an escrow account due to the timing of a pending acquisition.

Schedule of Environmental Liability

A summary of the changes to the aggregate environmental remediation liabilities for the six months ended June 30, 2024 and 2023 follows:


	Six Months Ended June 30,
	2024		2023
Beginning balance	$	5,889	$	6,335
Accretion expense	49		51


Obligations settled (1)	(332)		(320)
Ending balance	5,606		6,066
Less: current portion	1,610		1,430
Long-term portion	$	3,996	$	4,636

(1)May include amounts that are being processed through accounts payable as a part of our disbursement cycle.

GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets by Type (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 346,777	$ 347,469
Less accumulated amortization	(129,816)	(106,040)
Intangible assets, net	216,961	241,429
Covenants Not-to-Compete
Finite-Lived Intangible Assets [Line Items]
Intangible assets	60,645	61,573
Less accumulated amortization	(30,294)	(26,645)
Intangible assets, net	30,351	34,928
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	272,807	272,571
Less accumulated amortization	(90,284)	(72,227)
Intangible assets, net	182,523	200,344
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets	13,325	13,325
Less accumulated amortization	(9,238)	(7,168)
Intangible assets, net	$ 4,087	$ 6,157

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE (Tables)

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes to Accrued Capping, Closure and Post-Closure Liabilities

A summary of the changes to accrued final capping, closure and post-closure liabilities follows:


	Six Months Ended June 30,
	2024		2023
Beginning balance	$	133,904	$	113,678
Obligations incurred	3,354		2,615

Accretion expense	5,733		4,809

Obligations settled (1)	(2,223)		(2,386)
Ending balance	$	140,768	$	118,716

(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Casella Waste Systems, Inc. (“Parent”) and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in ten states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, New Jersey, Delaware and Maryland, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8. “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“fiscal year 2023”), which was filed with the SEC on February 16, 2024 (“2023 Form 10-K”). 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, including normal recurring and nonrecurring adjustments, as applicable, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results for the three and six months ended June 30, 2024 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 2023 Form 10-K. Subsequent Events We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2024 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. Except as disclosed, no material subsequent events have occurred since June 30, 2024 through the date of this filing that would require recognition or adjustments to our disclosures in our consolidated financial statements.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow:


	Fair Value Measurement at June 30, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment securities - landfill closure	$	2,306	$	—	$	—
Interest rate swaps	—		12,136		—

	$	2,306	$	12,136	$	—

Liabilities:

Interest rate swaps	$	—	$	4,020	$	—


	Fair Value Measurement at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:


Restricted investment securities - landfill closure	$	2,203	$	—	$	—
Interest rate swaps	—		10,364		—
	$	2,203	$	10,364	$	—
Liabilities:

Interest rate swaps	$	—	$	11,762	$	—

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the combined weighted average number of common shares and potentially dilutive shares, which include the assumed exercise of employee stock options, unvested restricted stock awards, unvested restricted stock units and unvested performance stock units, including market-based performance units based on the expected achievement of performance targets. In computing diluted earnings per share, we utilize the treasury stock method.

A summary of the numerator and denominators used in the computation of earnings per share follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	7,006	$	5,490	$	2,889	$	9,038
Denominators:
Number of shares outstanding, end of period:
Class A common stock	57,145		56,974		57,145		56,974
Class B common stock	988		988		988		988

Unvested restricted stock	—		(1)		—		(1)
Effect of weighted average shares outstanding (1)	(24)		(5,076)		(63)		(5,630)
Basic weighted average common shares outstanding	58,109		52,885		58,070		52,331
Impact of potentially dilutive securities:
Dilutive effect of stock options and other stock awards	90		95		91		96
Diluted weighted average common shares outstanding	58,199		52,980		58,161		52,427
Anti-dilutive potentially issuable shares	24		75		141		84

SEGMENT REPORTING - Summary of Revenues Attributable to Services Provided by Company (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Revenues	$ 377,163	$ 289,645	$ 718,170	$ 552,241
Solid waste operations
Revenue from External Customer [Line Items]
Revenues	293,945	217,552	559,881	412,495
Collection
Revenue from External Customer [Line Items]
Revenues	223,959	149,848	435,318	289,825
Disposal
Revenue from External Customer [Line Items]
Revenues	65,123	63,629	115,262	115,096
Landfill gas-to-energy
Revenue from External Customer [Line Items]
Revenues	1,983	1,321	4,493	3,245
Processing
Revenue from External Customer [Line Items]
Revenues	2,880	2,754	4,808	4,329
Resource Solutions operations
Revenue from External Customer [Line Items]
Revenues	83,218	72,093	158,289	139,746
Processing
Revenue from External Customer [Line Items]
Revenues	33,275	25,383	63,038	48,189
National Accounts
Revenue from External Customer [Line Items]
Revenues	$ 49,943	$ 46,710	$ 95,251	$ 91,557

OTHER ITEMS AND CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER ITEMS AND CHARGES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Expense from acquisition activities	$ 7,836	$ 3,677	$ 12,847	$ 6,540
Legal settlement	$ 0	$ 6,150	$ 0	$ 6,150

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Loss from termination of bridge financing	$ 0	$ 8,198	$ 0	$ 8,198
GFL Acquisition
Derivative [Line Items]
Loss from termination of bridge financing		3,718		3,718
Twin Bridges Acquisition
Derivative [Line Items]
Loss from termination of bridge financing		$ 4,480		$ 4,480
Interest Rate Contract \| Cash Flow Hedging
Derivative [Line Items]
Notional amount	$ 515,000		$ 515,000		$ 515,000
Floor interest rate (as a percent)	0.00%		0.00%
Weighted average percentage rate paid (as a percent)	3.60%		3.60%

BUSINESS COMBINATIONS - Summary of Purchase Price Paid for Acquisitions (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Purchase Price:
Cash used in acquisitions, net of cash acquired	$ (1,296)	$ 547,587
Allocated as follows:
Excess purchase price allocated to goodwill	737,253		$ 735,670
Waste Collection Acquisitions
Purchase Price:
Cash used in acquisitions, net of cash acquired	748	544,359
Holdbacks	0	1,900
Total consideration	748	546,259
Allocated as follows:
Current assets	0	15,364
Land	0	2,213
Buildings and improvements	0	8,666
Machinery and equipment	282	90,276
Operating lease right-of-use assets	0	11,260
Deferred tax liability	0	(5,160)
Current liabilities	(2)	(15,195)
Operating lease liabilities, less current portion	0	(9,887)
Fair value of assets acquired and liabilities assumed	393	201,087
Excess purchase price allocated to goodwill	355	345,172
Waste Collection Acquisitions \| Covenants Not-to-Compete
Allocated as follows:
Intangible assets	75	10,550
Waste Collection Acquisitions \| Customer Relationships
Allocated as follows:
Intangible assets	$ 38	$ 93,000

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

A summary of the activity and balances related to goodwill by operating segment is as follows:



	December 31, 2023		Acquisitions		Measurement Period Adjustments		June 30, 2024
Eastern	$	73,893	$	355	$	—	$	74,248
Western	285,056		—		668		285,724
Mid-Atlantic	332,247		—		372		332,619
Resource Solutions	44,474		—		188		44,662

	$	735,670	$	355	$	1,228	$	737,253

Schedule of Intangible Assets by Type

Summaries of intangible assets by type follow:


	Covenants Not-to-Compete		Customer Relationships		Trade Names		Total
Balance, June 30, 2024
Intangible assets	$	60,645	$	272,807	$	13,325	$	346,777
Less accumulated amortization	(30,294)		(90,284)		(9,238)		(129,816)
	$	30,351	$	182,523	$	4,087	$	216,961


	Covenants Not-to-Compete		Customer Relationships		Trade Names		Total
Balance, December 31, 2023
Intangible assets	$	61,573	$	272,571	$	13,325	$	347,469
Less accumulated amortization	(26,645)		(72,227)		(7,168)		(106,040)
	$	34,928	$	200,344	$	6,157	$	241,429

Schedule of Intangible Amortization Expense Estimated

A summary of intangible amortization expense estimated for each of the next five fiscal years following fiscal year 2023 and thereafter is estimated as follows:



Estimated Future Amortization Expense as of June 30, 2024
For the remainder of the fiscal year ending December 31, 2024	$	23,219
Fiscal year ending December 31, 2025	$	43,653
Fiscal year ending December 31, 2026	$	38,775
Fiscal year ending December 31, 2027	$	34,179
Fiscal year ending December 31, 2028	$	29,123
Thereafter	$	48,012

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 377,163	$ 289,645	$ 718,170	$ 552,241
Operating expenses:
Cost of operations	243,787	186,319	474,578	366,563
General and administration	47,184	35,865	91,517	71,544
Depreciation and amortization	55,338	34,924	109,375	68,359
Expense from acquisition activities	7,836	3,677	12,847	6,540
Legal settlement	0	6,150	0	6,150
Southbridge Landfill closure charge	0	96	0	206
Total operating expenses	354,145	267,031	688,317	519,362
Operating income	23,018	22,614	29,853	32,879
Other expense (income):
Interest income	(2,625)	(1,611)	(5,437)	(2,295)
Interest expense	15,322	9,001	31,204	15,959
Loss from termination of bridge financing	0	8,198	0	8,198
Other income	(477)	(452)	(828)	(800)
Other expense, net	12,220	15,136	24,939	21,062
Income before income taxes	10,798	7,478	4,914	11,817
Provision for income taxes	3,792	1,988	2,025	2,779
Net income	$ 7,006	$ 5,490	$ 2,889	$ 9,038
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding, basic (in shares)	58,109	52,885	58,070	52,331
Basic earnings per common share (in dollars per share)	$ 0.12	$ 0.10	$ 0.05	$ 0.17
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding, diluted (in shares)	58,199	52,980	58,161	52,427
Diluted earnings per common share (in dollars per share)	$ 0.12	$ 0.10	$ 0.05	$ 0.17

GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Amortization Expense Estimated (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
For the remainder of the fiscal year ending December 31, 2024	$ 23,219
Fiscal year ending December 31, 2025	43,653
Fiscal year ending December 31, 2026	38,775
Fiscal year ending December 31, 2027	34,179
Fiscal year ending December 31, 2028	29,123
Thereafter	$ 48,012

SEGMENT REPORTING - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 377,163	$ 289,645	$ 718,170	$ 552,241
Depreciation and amortization	55,338	34,924	109,375	68,359
Operating income (loss)	23,018	22,614	29,853	32,879
Total assets	2,511,865	2,417,292	2,511,865	2,417,292	$ 2,535,470
Operating \| Eastern
Segment Reporting Information [Line Items]
Revenues	106,491	93,323	200,495	177,233
Depreciation and amortization	14,016	12,148	27,484	24,051
Operating income (loss)	10,543	7,519	14,164	9,659
Total assets	433,988	366,892	433,988	366,892
Operating \| Western
Segment Reporting Information [Line Items]
Revenues	145,042	124,229	275,371	235,262
Depreciation and amortization	25,561	18,917	50,037	36,583
Operating income (loss)	17,892	18,991	26,677	31,417
Total assets	1,001,294	751,324	1,001,294	751,324
Operating \| Mid-Atlantic
Segment Reporting Information [Line Items]
Revenues	42,412	0	84,015	0
Depreciation and amortization	10,239	0	20,563	0
Operating income (loss)	(7,080)	0	(11,880)	0
Total assets	533,457	550,758	533,457	550,758
Operating \| Resource Solutions
Segment Reporting Information [Line Items]
Revenues	83,218	72,093	158,289	139,746
Depreciation and amortization	4,540	3,090	9,333	6,166
Operating income (loss)	4,269	688	5,662	(1,255)
Total assets	252,364	203,049	252,364	203,049
Corporate Entities
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	982	769	1,958	1,559
Operating income (loss)	(2,606)	(4,584)	(4,770)	(6,942)
Total assets	290,762	545,269	290,762	545,269
Inter-company revenues
Segment Reporting Information [Line Items]
Revenues	(83,043)	(69,221)	(155,303)	(128,636)
Inter-company revenues \| Eastern
Segment Reporting Information [Line Items]
Revenues	(26,422)	(23,563)	(48,910)	(42,932)
Inter-company revenues \| Western
Segment Reporting Information [Line Items]
Revenues	(53,410)	(42,342)	(99,846)	(78,901)
Inter-company revenues \| Mid-Atlantic
Segment Reporting Information [Line Items]
Revenues	(376)	0	(589)	0
Inter-company revenues \| Resource Solutions
Segment Reporting Information [Line Items]
Revenues	$ (2,835)	$ (3,316)	$ (5,958)	$ (6,803)

STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Limited Partners' Capital Account [Line Items]
Expiration period			10 years
Unrecognized stock-based compensation, weighted average period			3 years 4 months 24 days
Fair value of stock awards vested	$ 932		$ 4,097
Stock Options
Limited Partners' Capital Account [Line Items]
Stock-based compensation expense	151	$ 125	302	$ 248
Unrecognized stock-based compensation expense, stock options	1,806		1,806
Aggregate intrinsic value of options exercised	0		0
Restricted Stock Awards, Restricted Stock Units And Performance Stock Units
Limited Partners' Capital Account [Line Items]
Stock-based compensation expense	2,349	2,132	$ 4,225	3,894
Restricted Stock \| Non Employee Director
Limited Partners' Capital Account [Line Items]
Award vesting period			3 years
Restricted Stock Unit
Limited Partners' Capital Account [Line Items]
Unrecognized stock-based compensation expense	8,193		$ 8,193
Restricted Stock Unit \| Non Employee Director
Limited Partners' Capital Account [Line Items]
Award service period			3 years
Performance Stock Unit
Limited Partners' Capital Account [Line Items]
Unrecognized stock-based compensation expense	7,413		$ 7,413
Market-based Performance Stock Units
Limited Partners' Capital Account [Line Items]
Weighted average fair value of market-based performance (in dollars per share)			$ 105.35
Risk-free interest rate			4.31%
Expected volatility			25.30%
Minimum
Limited Partners' Capital Account [Line Items]
Award vesting period			1 year
Maximum
Limited Partners' Capital Account [Line Items]
Award vesting period			5 years
Weighted average \| Restricted Stock Unit
Limited Partners' Capital Account [Line Items]
Unrecognized stock-based compensation, weighted average period			2 years 3 months 18 days
Weighted average \| Performance Stock Unit
Limited Partners' Capital Account [Line Items]
Unrecognized stock-based compensation, weighted average period			2 years
Amended and Restated 1997 Employee Stock Purchase Plan
Limited Partners' Capital Account [Line Items]
Stock-based compensation expense	$ 174	$ 109	$ 283	$ 199
Class A Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, authorized shares (in shares)	4,000		4,000
Class A Common Stock \| Amended 2016 Plan
Limited Partners' Capital Account [Line Items]
Common stock, authorized shares (in shares)	1,750		1,750
Class A Common Stock \| 2016 Plan
Limited Partners' Capital Account [Line Items]
Common stock, authorized shares (in shares)	2,250		2,250
Number of shares available for future grant (in shares)	2,197		2,197
Class A Common Stock \| 2006 Incentive Plan
Limited Partners' Capital Account [Line Items]
Common stock, additional authorized shares (in shares)			2,723

COMMITMENTS AND CONTINGENCIES - Narrative (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual	$ 27
Minimum
Loss Contingencies [Line Items]
Risk free interest	1.50%
Maximum
Loss Contingencies [Line Items]
Risk free interest	7.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details