Document and Entity Information
Document and Entity Information - shares | 8 Months Ended | |
Sep. 09, 2017 | Oct. 16, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Heritage-Crystal Clean, Inc. | |
Entity Central Index Key | 1,403,431 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 9, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 22,879,830 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 09, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 33,452 | $ 36,610 |
Accounts receivable - net | 45,881 | 47,533 |
Inventory - net | 20,934 | 18,558 |
Other current assets | 6,832 | 6,094 |
Total Current Assets | 107,099 | 108,795 |
Property, plant and equipment - net | 128,123 | 131,175 |
Equipment at customers - net | 23,052 | 23,033 |
Software and intangible assets - net | 17,607 | 19,821 |
Goodwill | 31,580 | 31,483 |
Total Assets | 307,461 | 314,307 |
Current Liabilities: | ||
Accounts payable | 26,730 | 30,984 |
Current maturities of long-term debt | 0 | 6,936 |
Accrued salaries, wages, and benefits | 5,693 | 6,312 |
Taxes payable | 7,601 | 6,729 |
Other current liabilities | 2,725 | 3,245 |
Total Current Liabilities | 42,749 | 54,206 |
Long-term debt, less current maturities | 28,651 | 56,518 |
Deferred income taxes | 13,210 | 5,314 |
Total Liabilities | 84,610 | 116,038 |
STOCKHOLDERS' EQUITY: | ||
Common stock - 26,000,000 shares authorized at $0.01 par value, 22,879,830 and 22,300,007 shares issued and outstanding at September 9, 2017 and December 31, 2016, respectively | 229 | 223 |
Additional paid-in capital | 192,416 | 185,099 |
Retained earnings | 29,638 | 12,227 |
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 222,283 | 197,549 |
Noncontrolling interest | 568 | 720 |
Total Equity | 222,851 | 198,269 |
Total Liabilities and Stockholders' Equity | $ 307,461 | $ 314,307 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 09, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 26,000,000 | 26,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,879,830 | 22,300,007 |
Common stock, shares outstanding | 22,879,830 | 22,300,007 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | |
Revenues | ||||
Product revenues | $ 29,283 | $ 27,182 | $ 88,095 | $ 75,582 |
Service revenues | 54,048 | 54,690 | 162,071 | 165,295 |
Total revenues | 83,331 | 81,872 | 250,166 | 240,877 |
Operating expenses | ||||
Operating costs | 63,649 | 61,695 | 188,210 | 187,654 |
Selling, general, and administrative expenses | 10,955 | 10,726 | 33,871 | 34,455 |
Depreciation and amortization | 4,186 | 4,196 | 12,501 | 12,442 |
Other (income) expense - net | (3,078) | 1,439 | (11,112) | 1,238 |
Operating income | 7,619 | 3,816 | 26,696 | 5,088 |
Interest expense – net | 276 | 463 | 775 | 1,432 |
Income before income taxes | 7,343 | 3,353 | 25,921 | 3,656 |
Provision for income taxes | 2,586 | 942 | 9,361 | 1,140 |
Net income | 4,757 | 2,411 | 16,560 | 2,516 |
Income attributable to noncontrolling interest | 53 | 76 | 158 | 117 |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ 4,704 | $ 2,335 | $ 16,402 | $ 2,399 |
Net income per share: basic (in dollars per share) | $ 0.21 | $ 0.10 | $ 0.73 | $ 0.11 |
Net income per share: diluted (in dollars per share) | $ 0.20 | $ 0.10 | $ 0.72 | $ 0.11 |
Number of weighted average shares outstanding: basic (in shares) | 22,686 | 22,267 | 22,515 | 22,246 |
Number of weighted average shares outstanding: diluted (in shares) | 22,970 | 22,550 | 22,813 | 22,417 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total Heritage-Crystal Clean, Inc. Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Adjustment adopting ASU 2016-09 | $ 1,009 | $ 1,009 | $ 1,009 | |||
Beginning balance (in shares) at Dec. 31, 2016 | 22,300,007 | 22,300,007 | ||||
Beginning balance at Dec. 31, 2016 | $ 198,269 | $ 223 | $ 185,099 | 12,227 | 197,549 | $ 720 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16,560 | 16,402 | 16,402 | 158 | ||
Distribution | (310) | (310) | ||||
Issuance of common stock – ESPP (in shares) | 21,397 | |||||
Issuance of common stock – ESPP | $ 303 | 303 | 303 | |||
Exercise of stock options (in shares) | 487,764 | 484,531 | ||||
Exercise of stock options | $ 5,412 | $ 5 | 5,407 | 5,412 | ||
Share-based compensation (in shares) | 73,895 | |||||
Share-based compensation | $ 1,608 | $ 1 | 1,607 | 1,608 | ||
Ending balance (in shares) at Sep. 09, 2017 | 22,879,830 | 22,879,830 | ||||
Ending balance at Sep. 09, 2017 | $ 222,851 | $ 229 | $ 192,416 | $ 29,638 | $ 222,283 | $ 568 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 8 Months Ended | |
Sep. 09, 2017 | Sep. 10, 2016 | |
Cash flows from Operating Activities: | ||
Net income | $ 16,560,000 | $ 2,516,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,501,000 | 12,442,000 |
Net (gain) on disposition of assets | (2,506,000) | (158,000) |
Non-cash inventory impairment | 0 | 1,651,000 |
Bad debt provision | 105,000 | 714,000 |
Share-based compensation | 1,608,000 | 890,000 |
Deferred taxes | 8,904,000 | 973,000 |
Amortization of deferred gain on lease conversion | 0 | (201,000) |
Other, net | 513,000 | 541,000 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 1,534,000 | (6,131,000) |
(Increase) decrease in inventory | (2,376,000) | 2,428,000 |
Increase in other current assets | (739,000) | (1,753,000) |
(Decrease) increase in accounts payable | (3,749,000) | 8,890,000 |
(Decrease) increase in accrued expenses | (336,000) | 1,197,000 |
Cash provided by operating activities | 32,019,000 | 23,999,000 |
Cash flows from Investing Activities: | ||
Capital expenditures | (9,465,000) | (12,594,000) |
Business acquisitions, net of cash acquired | 0 | (2,400,000) |
Proceeds from the disposal of assets | 4,129,000 | 304,000 |
Cash used in investing activities | (5,336,000) | (14,690,000) |
Cash flows from Financing Activities: | ||
Payments on Term loan | (64,195,000) | (3,371,000) |
Proceeds from new Term Loan | 30,000,000 | 0 |
Proceeds under revolving credit facility | 4,000,000 | 0 |
Payments of revolving credit facility | (4,000,000) | 0 |
Proceeds from the exercise of stock options | 5,412,000 | 0 |
Proceeds from the issuance of common stock | 303,000 | 341,000 |
Payments of debt issuance costs | (1,051,000) | 0 |
Distributions to noncontrolling interest | (310,000) | (120,000) |
Cash used in financing activities | (29,841,000) | (3,150,000) |
Net (decrease) increase in cash and cash equivalents | (3,158,000) | 6,159,000 |
Cash and cash equivalents, beginning of period | 36,610,000 | 23,608,000 |
Cash and cash equivalents, end of period | 33,452,000 | 29,767,000 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 208,000 | 315,000 |
Cash paid for interest | 970,000 | 1,473,000 |
Supplemental disclosure of non-cash information: | ||
Payables for construction in progress | $ 386,000 | $ 287,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 8 Months Ended |
Sep. 09, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS Heritage-Crystal Clean, Inc., a Delaware corporation and its subsidiaries (collectively the “Company”), provide parts cleaning, hazardous and non-hazardous containerized waste, used oil collection, vacuum, antifreeze recycling and field services primarily to small and mid-sized industrial and vehicle maintenance customers. The Company owns and operates a used oil re-refinery where it re-refines used oils and sells high quality base oil for lubricants as well as other re-refinery products. The Company also has multiple locations where it dehydrates used oil. The oil processed at these locations is sold as recycled fuel oil. The company also operates multiple wastewater treatment plants and antifreeze recycling facilities at which it produces virgin-quality antifreeze. The Company's locations are in the United States and Ontario, Canada. The Company conducts its primary business operations through Heritage-Crystal Clean, LLC, its wholly owned subsidiary, and all intercompany balances have been eliminated in consolidation. The Company’s fiscal year ends on the Saturday closest to December 31. The most recent fiscal year ended on December 31, 2016 . Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. In the Company's Environmental Services segment, product revenues include sales of solvent, machines, absorbent, accessories, and antifreeze; service revenues include servicing of parts cleaning machines, drum waste removal services, vacuum truck services, field services, and other services. In the Company's Oil Business segment, product revenues include sales of re-refined base oil, recycled fuel oil, used oil, and other products; service revenues include revenues from used oil collection activities, collecting and disposing of waste water and removal and disposal of used oil filters. Due to the Company's integrated business model, it is impracticable to separately present costs of tangible products and costs of services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 8 Months Ended |
Sep. 09, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company's significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. There have been no material changes in these policies or their application. Recently Issued Accounting Pronouncements Standard Issuance Date Description Our Effective Date Effect on the Financial Statements ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” ASU 2014-15 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU 2016-10 “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” May 2014 and subsequent These standards outline a single comprehensive model for entities to use in accounting for revenue using a five-step process that supersedes virtually all existing revenue guidance. The underlying principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either a full retrospective approach or a modified retrospective approach to adopt the guidance. Early adoption is permitted. December 31, 2017 The Company is continuing to evaluate the effect that this accounting standard will have on our consolidated financial position and results of operations. To date, certain personnel have attended technical training concerning this new revenue recognition standard. The Company has identified the portfolios of contracts with customers and the various performance obligations associated with each portfolio of contracts. The Company has also concluded that the timing of revenue recognition will change for certain of our portfolios of contracts upon adoption of ASC 606 as compared to our current revenue recognition. The Company is also assessing the changes that will be necessary to our information systems to enable us to capture the information necessary to recognize revenue in accordance with the new standard and comply with the additional disclosure requirements. The Company will adopt the standard in the first quarter of fiscal 2018 with the modified retrospective approach, with the cumulative effect of initially applying the guidance recognized at the date of initial application. ASU 2016-02 February 2016 This update was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Early application of the amendments in this update is permitted for all entities. January 4, 2019 The Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations. The Company anticipates that implementation of this standard will result in an increase to assets and an increase to liabilities. Recently issued accounting standards adopted Standard Issuance Date Description Effective Date Effect on the Financial Statements ASU 2016-09 Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. (Topic 718) March 2016 This update addresses the simplification of accounting for employee share-based payment transactions as it pertains to income taxes, the classification of awards as equity or liabilities, accounting for forfeitures, statutory tax withholding requirements, and certain classifications on the statement of cash flows. Early adoption is permitted. January 1, 2017 ASU 2016-09 simplified the treatment for employee share-based compensation by allowing an entity to recognize excess tax benefits in the current period whether or not current taxes payable are reduced. Prior to 2017 the Company could not recognize windfall tax benefits associated with employee share-based compensation because it was in an NOL position and current taxes payable would not be reduced by the excess tax benefits. As a result of ASU 2016-09 the Company recognized excess tax benefits of $2.5 million from share-based compensation from prior years, resulting in cumulative-effect increases to retained earnings and deferred tax assets of approximately $1.0 million. ASU 2015-11, Simplifying the Measurement of Inventory. (Topic 330) July 2015 This update requires the measurement of inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. January 1, 2017 The adoption of ASU 2015-11 at the start of fiscal 2017 resulted in no impact to our consolidated financial statements. ASU 2014-15 Presentation of Financial Statements - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. (Subtopic 205-40) August 2014 This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Early adoption is permitted. December 31, 2016 The adoption of ASU 2014-15 in fiscal 2016 resulted in no impact to our consolidated financial statements. 2015-03 April 2015 These updates require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, and allows for the presentation of debt issuance costs as an asset regardless of whether or not there is an outstanding balance on the line-of-credit arrangement. January 3, 2016 The adoption of ASU 2015-03 resulted in the reclassification of $1.4 million of unamortized debt issuance costs from "Other current assets" to "Term loan, less current maturities" as of January 2, 2016. 2015-16 Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) September 2015 This update simplifies the accounting for measurement-period adjustments in a business combination by requiring the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The acquirer is also required to record in the reporting period in which the adjustments are determined the effect on earnings of changes in depreciation, amortization, and other items resulting from the change to the provisional amounts. January 3, 2016 The Company early adopted the amendments of this ASU No. 2015-16 in fiscal 2015 and it did not have an impact on our consolidated financial condition and results of operations. |
Business Combinations
Business Combinations | 8 Months Ended |
Sep. 09, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS On December 2, 2016, the Company purchased the assets of Recycle Engine Coolant, Inc. ("REC"). The purchase price for the acquisition was $0.7 million , including $0.1 million placed into escrow. The Company purchased the assets of REC in order to expand its antifreeze recycling capabilities. On March 24, 2016, the Company purchased the assets of Phoenix Environmental Services, Inc. and Pipeline Video and Cleaning North Corporation (together "Phoenix Environmental"). The purchase price for the acquisition was $2.7 million , including $0.3 million placed into escrow. The Company purchased the assets of Phoenix Environmental in order to expand its service coverage area into the Pacific Northwest. During the measurement period, the Company made adjustments to the provisional amounts reported as the estimated fair values of assets acquired as part of the Phoenix Environmental business combination. Compared to the provisional value reported as of December 31, 2016, the fair values presented in the table below reflect a decrease to accounts receivable of $12 thousand , a decrease to property, plant, & equipment of $77 thousand , and an increase to goodwill of $89 thousand . Factors leading to goodwill being recognized are the Company's expectations of synergies from integrating Phoenix Environmental into the Company as well as the value of intangible assets that are not separately recognized, such as assembled workforce. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to each acquisition: (Thousands) Phoenix Environmental REC Accounts receivable $ 260 $ 80 Inventory 27 56 Property, plant, & equipment 398 457 Equipment at customers 38 — Intangible assets 700 132 Goodwill 1,245 — Total purchase price, net of cash acquired $ 2,668 $ 725 |
Accounts Receivable
Accounts Receivable | 8 Months Ended |
Sep. 09, 2017 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: (Thousands) September 9, December 31, Trade $ 44,907 $ 42,332 Less: allowance for doubtful accounts 1,719 2,176 Trade - net 43,188 40,156 Related parties 1,213 1,324 Other 1,480 6,053 Total accounts receivable - net $ 45,881 $ 47,533 The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 9, 2017 , and the fiscal year ended December 31, 2016 : For the First Three Quarters Ended, For the Fiscal Year Ended, (Thousands) September 9, December 31, Balance at beginning of period $ 2,176 $ 2,207 Provision for bad debts 105 687 Accounts written off, net of recoveries (562 ) (718 ) Balance at end of period $ 1,719 $ 2,176 |
Inventory
Inventory | 8 Months Ended |
Sep. 09, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY The carrying value of inventory consisted of the following: (Thousands) September 9, December 31, Used oil and processed oil $ 6,765 $ 5,493 Solvents and solutions 5,663 5,014 Drums and supplies 4,071 3,790 Machines 3,163 2,576 Other 1,762 1,899 Total inventory 21,424 18,772 Less: machine refurbishing reserve (490 ) (214 ) Total inventory - net $ 20,934 $ 18,558 Inventory consists primarily of used oil, processed oil, solvents and solutions, new and refurbished parts cleaning machines, drums and supplies, and other items. Inventories are valued at the lower of first-in, first-out (FIFO) cost or market, net of any reserves for excess, obsolete, or unsalable inventory. The Company routinely monitors its inventory levels at each of its locations and evaluates inventories for excess or slow-moving items. If circumstances indicate the cost of inventories exceed their recoverable value, inventories are reduced to net realizable value. The Company had no inventory write downs during the third quarters of fiscal 2017 and fiscal 2016. There were no inventory write-downs in the first three quarters of fiscal 2017 compared to $1.7 million of inventory write-downs in the first three quarters of fiscal 2016. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 8 Months Ended |
Sep. 09, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consisted of the following: (Thousands) September 9, December 31, Machinery, vehicles, and equipment $ 79,221 $ 78,592 Buildings and storage tanks 68,938 69,977 Land 9,563 10,363 Leasehold improvements 4,997 4,876 Construction in progress 13,343 8,646 Assets held for sale 60 177 Total property, plant and equipment 176,122 172,631 Less: accumulated depreciation (47,999 ) (41,456 ) Property, plant and equipment - net $ 128,123 $ 131,175 (Thousands) September 9, December 31, Equipment at customers $ 66,634 $ 63,502 Less: accumulated depreciation (43,582 ) (40,469 ) Equipment at customers - net $ 23,052 $ 23,033 Depreciation expense for both third quarters ended September 9, 2017 and September 10, 2016 was $3.4 million . Depreciation expense for the first three quarters ended September 9, 2017, and September 10, 2016 was $10.2 million . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 8 Months Ended |
Sep. 09, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is measured as a residual amount as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquiree over the fair value of the net assets acquired, including any contingent consideration. The Company tests goodwill for impairment annually in the fourth quarter and in interim periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company's determination of fair value requires certain assumptions and estimates, such as margin expectations, market conditions, growth expectations, expected changes in working capital, etc., regarding expected future profitability and expected future cash flows. The Company tests goodwill for impairment at each of its two reporting units, Environmental Services and Oil Business, and the Company does not aggregate reporting units for purposes of impairment testing. The following table shows changes to our goodwill balances by segment from December 31, 2016, to September 9, 2017: (Thousands) Oil Business Environmental Services Total Goodwill at January 2, 2016 Gross carrying amount $ 3,952 $ 30,325 $ 34,277 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at January 2, 2016 $ — $ 30,325 $ 30,325 Acquisitions — 1,158 1,158 Goodwill at December 31, 2016 Gross carrying amount 3,952 31,483 35,435 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at December 31, 2016 $ — $ 31,483 $ 31,483 Measurement period adjustments — 97 97 Goodwill at September 9, 2017 Gross carrying amount 3,952 31,580 35,532 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at September 9, 2017 $ — $ 31,580 $ 31,580 The following is a summary of software and other intangible assets: September 9, 2017 December 31, 2016 (Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer & supplier relationships $ 23,069 $ 8,310 $ 14,759 $ 23,045 $ 6,682 $ 16,363 Software 4,604 3,822 782 4,573 3,655 918 Non-compete agreements 2,950 2,489 461 2,934 2,180 754 Patents, formulae, and licenses 1,769 622 1,147 1,769 576 1,193 Other 1,348 890 458 1,348 755 593 Total software and intangible assets $ 33,740 $ 16,133 $ 17,607 $ 33,669 $ 13,848 $ 19,821 Amortization expense was $0.8 million for the third quarter ended September 9, 2017 , and $0.7 million for third quarter ended September 10, 2016 . Amortization expense was $2.3 million for both the first three quarters ended September 9, 2017, and the first three quarters ended September 10, 2016. The weighted average useful lives of software; customer & supplier relationships; patents, formulae, and licenses; non-compete agreements, and other intangibles were 9 years, 10 years, 15 years, 5 years, and 6 years, respectively. The expected amortization expense for the remainder of fiscal 2017 and for fiscal years 2018, 2019, 2020, and 2021 is $1.0 million , $3.0 million , $2.6 million , $2.5 million , and $2.4 million , respectively. The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, disposal of intangible assets, accelerated amortization of intangible assets, and other events. |
Debt and Financing Arrangements
Debt and Financing Arrangements | 8 Months Ended |
Sep. 09, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS Bank Credit Facility On February 21, 2017, the Company entered into a new Credit Agreement ("Credit Agreement") replacing the prior Credit Agreement ("Prior Credit Agreement") dated as of June 29, 2015. The Credit Agreement provides for borrowings of up to $95.0 million , subject to the satisfaction of certain terms and conditions, comprised of a term loan of $30.0 million and up to $65.0 million of borrowings under the revolving loan portion. The actual amount of borrowings available under the revolving loan portion of the Credit Agreement is limited by the Company's total leverage ratio. The amount available to draw at any point in time would be further reduced by any standby letters of credit issued. Loans made under the New Credit Agreement may be Base Rate Loans or LIBOR Rate Loans, at the election of the Company subject to certain exceptions. Base Rate Loans have an interest rate equal to (i) the higher of (a) the federal funds rate plus 0.5% , (b) the London Interbank Offering Rate (“LIBOR”) plus 1% , or (c) Bank of America's prime rate, plus (ii) a variable margin of between 0.75% and 1.75% depending on the Company's total leverage ratio, calculated on a consolidated basis. LIBOR rate loans have an interest rate equal to (i) the LIBOR rate plus (ii) a variable margin of between 1.75% and 2.75% depending on the Company's total leverage ratio. Amounts borrowed under the New Credit Agreement are secured by a security interest in substantially all of the Company's tangible and intangible assets. In June 2017, the Company entered into a First Amendment to the Credit Agreement that expands the Company's ability to make dispositions without bank group approval. As of the Effective date of February 21, 2017 , the effective interest rate on the term loan was 3.28% and the effective rate on the revolving loan was 3.28% . The Credit Agreement contains customary terms and provisions (including representations, covenants, and conditions) for transactions of this type. Certain covenants, among other things, restrict the Company's and its subsidiaries' ability to incur indebtedness, grant liens, make investments and sell assets. The Credit Agreement also contains customary events of default, covenants and representations and warranties. Financial covenants include: • An interest coverage ratio (based on interest expense and EBITDA) of at least 3.5 to 1.0 ; • A total leverage ratio no greater than 3.0 to 1.0 , provided that in the event of a permitted acquisition having an aggregate consideration equal to $10.0 million or more, at the Borrower’s election, the foregoing 3.00 to 1.00 shall be deemed to be 3.25 to 1.00 for the fiscal quarter in which such permitted acquisition occurs and the three immediately following fiscal quarters and will thereafter revert to 3.00 to 1.00 ; and • A capital expenditures covenant limiting capital expenditures to $100.0 million plus, if the capital expenditures permitted have been fully utilized, an additional amount for the remaining term of the Credit Agreement equal to 35% of EBITDA for the thirteen “four-week” periods most recently ended immediately prior to the full utilization of such $100.0 million basket The Credit Agreement places certain limitations on acquisitions and the payment of dividends. During the first three quarters of fiscal 2017, the Company paid and capitalized $1.1 million of debt issuance costs pertaining to the New Credit Agreement and charged $0.2 million of unamortized debt issuance costs pertaining to the Prior Credit Agreement to selling, general, and administrative expenses. Debt at September 9, 2017 and December 31, 2016 consisted of the following: (thousands) September 9, 2017 December 31, 2016 Principal amount $ 30,000 $ 64,195 Less: unamortized debt issuance costs 1,349 741 Debt less unamortized debt issuance costs $ 28,651 $ 63,454 During the third quarter of fiscal 2017 , the Company recorded interest of $0.3 million on the term loan. During the first three quarters of fiscal 2017, the Company recorded interest of $1.2 million on the term loan. During the third quarter of fiscal 2016, the Company recorded interest of $0.5 million on the Prior Credit Agreement term loans and capitalized less than $0.1 million for various capital projects. During the first three quarters of fiscal 2016, the Company recorded interest of $1.5 million on the term loan, of which less than $0.1 million was capitalized for various capital projects. The Company's weighted average interest rate for all debt as of September 9, 2017 and September 10, 2016 was 3.6% and 3.2% , respectively. As of September 9, 2017 and December 31, 2016 , the Company was in compliance with all covenants under both credit agreements. As of September 9, 2017 and December 31, 2016 , the Company had $0.9 million and $3.0 million of standby letters of credit issued, respectively, and $64.1 million and $27.6 million was available for borrowing under the revolving credit facility, respectively. We believe that the carrying value of our new debt balance at September 9, 2017 approximates fair value. |
Segment Information
Segment Information | 8 Months Ended |
Sep. 09, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company reports in two segments: "Environmental Services" and "Oil Business." The Environmental Services segment consists of the Company's parts cleaning, containerized waste management, vacuum truck service, antifreeze recycling activities, and field services. The Oil Business segment consists primarily of the Company's used oil collection, used oil re-refining activities, and the dehydration of used oil to be sold as recycled fuel oil. No single customer in either segment accounted for more than 10.0% of consolidated revenues in any of the periods presented. There were no intersegment revenues. Operating segment results for the third quarters ended September 9, 2017 , and September 10, 2016 were as follows: Third Quarter Ended, September 9, 2017 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 5,623 $ 23,660 $ — $ 29,283 Service revenues 49,419 4,629 — 54,048 Total revenues $ 55,042 $ 28,289 $ — $ 83,331 Operating expenses Operating costs 38,298 25,351 — 63,649 Operating depreciation and amortization 1,794 1,555 — 3,349 Profit before corporate selling, general, and administrative expenses $ 14,950 $ 1,383 $ — $ 16,333 Selling, general, and administrative expenses 10,955 10,955 Depreciation and amortization from SG&A 837 837 Total selling, general, and administrative expenses $ 11,792 $ 11,792 Other (income) - net (3,078) (3,078) Operating income 7,619 Interest expense – net 276 276 Income before income taxes $ 7,343 Third Quarter Ended, September 10, 2016 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 4,691 $ 22,491 $ — $ 27,182 Service revenues 46,591 8,099 — 54,690 Total revenues $ 51,282 $ 30,590 $ — $ 81,872 Operating expenses Operating costs 34,456 27,239 — 61,695 Operating depreciation and amortization 1,742 1,618 — 3,360 Profit before corporate selling, general, and administrative expenses $ 15,084 $ 1,733 $ — $ 16,817 Selling, general, and administrative expenses 10,726 10,726 Depreciation and amortization from SG&A 836 836 Total selling, general, and administrative expenses $ 11,562 $ 11,562 Other expense - net 1,439 1,439 Operating income 3,816 Interest expense – net 463 463 Income before income taxes $ 3,353 First Three Quarters Ended, September 9, 2017 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 17,215 $ 70,880 $ — $ 88,095 Service revenues 146,135 15,936 — 162,071 Total revenues $ 163,350 $ 86,816 $ — $ 250,166 Operating expenses Operating costs 111,419 76,791 — 188,210 Operating depreciation and amortization 5,341 4,624 — 9,965 Profit before corporate selling, general, and administrative expenses $ 46,590 $ 5,401 $ — $ 51,991 Selling, general, and administrative expenses 33,871 33,871 Depreciation and amortization from SG&A 2,536 2,536 Total selling, general, and administrative expenses $ 36,407 $ 36,407 Other (income) - net (11,112) (11,112) Operating income 26,696 Interest expense – net 775 775 Income before income taxes $ 25,921 First Three quarters Ended, September 10, 2016 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 14,826 $ 60,756 $ — $ 75,582 Service revenues 141,254 24,041 — 165,295 Total revenues $ 156,080 $ 84,797 $ — $ 240,877 Operating expenses Operating costs 106,892 80,762 — 187,654 Operating depreciation and amortization 5,166 4,789 — 9,955 Profit (loss) before corporate selling, general, and administrative expenses $ 44,022 $ (754 ) $ — $ 43,268 Selling, general, and administrative expenses 34,455 34,455 Depreciation and amortization from SG&A 2,487 2,487 Total selling, general, and administrative expenses $ 36,942 $ 36,942 Other expense - net 1,238 1,238 Operating income 5,088 Interest expense – net 1,432 1,432 Income before income taxes $ 3,656 Total assets by segment as of September 9, 2017 and December 31, 2016 were as follows: (Thousands) September 9, 2017 December 31, 2016 Total Assets: Environmental Services $ 129,665 $ 129,506 Oil Business 131,619 135,323 Unallocated Corporate Assets 46,177 49,478 Total $ 307,461 $ 314,307 Segment assets for the Environmental Services and Oil Business segments consist of property, plant, and equipment, intangible assets, accounts receivable, goodwill, and inventories. Assets for the corporate unallocated amounts consist of property, plant, and equipment used at the corporate headquarters, as well as cash and net deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 8 Months Ended |
Sep. 09, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company may enter into purchase obligations with certain vendors. They represent expected payments to third party service providers and other commitments entered into during the normal course of our business. These purchase obligations are generally cancelable with or without notice, without penalty, although certain vendor agreements provide for cancellation fees or penalties depending on the terms of the contract. The Company has purchase obligations in the form of open purchase orders of $17.4 million as of September 9, 2017 , and $9.7 million as of December 31, 2016, primarily for used oil, solvent, machine purchases, disposal and transportation expenses, and capital expenditures. The Company may be subject to investigations, claims or lawsuits as a result of operating its business, including matters governed by environmental laws and regulations. The Company may also be subject to tax audits in a variety of jurisdictions. When claims are asserted, the Company evaluates the likelihood that a loss will occur and records a liability for those instances when the likelihood is deemed probable and the exposure is reasonably estimable. The Company carries insurance at levels it believes are adequate to cover loss contingencies based on historical claims activity. When the potential loss exposure is limited to the insurance deductible and the likelihood of loss is determined to be probable, the Company accrues for the amount of the required deductible, unless a lower amount of exposure is estimated. As of September 9, 2017 and December 31, 2016 , the Company had accrued $5.8 million and $5.5 million related to loss contingencies and other contingent liabilities, respectively. |
Income Taxes
Income Taxes | 8 Months Ended |
Sep. 09, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company deducted for federal income tax purposes accelerated "bonus" depreciation on the majority of its capital expenditures for assets placed in service in fiscal 2011 through fiscal 2015. Therefore, the Company recorded a noncurrent deferred tax liability to reflect difference between the book basis and the tax basis of those assets. In addition, as a result of the federal bonus depreciation, the Company recorded a Net Operating Loss ("NOL") of $44.7 million in fiscal 2011, which will begin to expire in 2031. The NOL as of September 9, 2017 was $24.1 million , and the remaining deferred tax asset related to the Company’s state and federal NOL was a tax effected balance of $9.3 million . ASU 2016-09 simplified the treatment for employee share-based compensation by allowing an entity to recognize excess tax benefits in the current period whether or not current taxes payable are reduced. Prior to 2017 the Company could not recognize windfall tax benefits associated with employee share-based compensation because it was in an NOL position and current taxes payable would not be reduced by the excess tax benefits. As a result of ASU 2016-09 the Company recognized excess tax benefits of $2.5 million from share-based compensation from prior years, resulting in cumulative-effect increases to retained earnings and deferred tax assets of approximately $1.0 million . The Company's effective tax rate for the third quarter of fiscal 2017 was 35.2% compared to 28.1% in the third quarter of fiscal 2016 . The Company’s effective rate for the first three quarters of fiscal 2017 was 36.1% compared to 31.2% in the first three quarters of fiscal 2016. The rate difference is principally attributable to the differing treatment for financial reporting and income tax reporting for certain income and expenditures items. The rate increase is attributable to the previous year’s expenditures reported net of anticipated reimbursement from an unrelated third party for financial reporting purposes but deducted on a gross basis for income tax purposes, which is partially offset by expenditures which are expensed for financial reporting purposes but not deductible for income tax purposes. The Company establishes reserves when it is more likely than not that the Company will not realize the full tax benefit of a position. The Company had a reserve of $2.4 million for uncertain tax positions as of September 9, 2017 and December 31, 2016 . The gross unrecognized tax benefits would, if recognized, decrease the Company's effective tax rate. |
Share-based Compensation
Share-based Compensation | 8 Months Ended |
Sep. 09, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION The aggregate number of shares of common stock which may be issued under the Company’s 2008 Omnibus Plan ("Plan") is 1,902,077 plus any common stock that becomes available for issuance pursuant to the reusage provision of the Plan. As of September 9, 2017 , the number of shares available for issuance under the Plan was 737,639 shares. Stock Option Awards A summary of stock option activity under this Plan is as follows: Outstanding Stock Options Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value as of Date Listed (in thousands) Options outstanding at December 31, 2016 514,287 $ 11.00 1.33 $ 2,414 Exercised (487,764 ) 11.17 — — Options outstanding at September 9, 2017 26,523 $ 8.04 1.37 $ 331 Restricted Stock Compensation/Awards Annually, the Company grants restricted shares to its Board of Directors. The shares become fully vested one year from their grant date. The fair value of each restricted stock grant is based on the closing price of the Company's common stock on the date of grant. The Company amortizes the expense over the service period, which is the fiscal year in which the award is granted. In addition, the Company may grant restricted shares to certain members of management based on their services and contingent upon continued service with the Company. The restricted shares vest over a period of approximately three years from the grant date. The fair value of each restricted stock grant is based on the closing price of the Company's common stock on the date of grant. The following table shows a summary of restricted shares grants and expense resulting from the awards: Compensation Expense (thousands except for shares total) First three quarters Ended, Unrecognized Expense as of Recipient of Grant Grant Date Restricted Shares September 9, 2017 September 10, 2016 September 9, 2017 December 31, 2016 Board of Directors April, 2017 14,980 $ 168 $ 197 $ 73 $ — Members of Management February, 2015 38,732 76 83 34 110 Members of Management January, 2016 43,208 72 82 136 208 Members of Management February, 2017 146,564 307 161 1,075 1,382 Chief Executive Officer February, 2017 500,000 737 — 2,798 — In February 2017, as part of Mr. Recatto's employment agreement, the Company granted a restricted stock award of 500,000 shares of common stock, which vests through January 2021 in an amount based on the vesting table below, with the common stock price increase to be determined based on the increase in the price of the Company’s common stock (if any) from the closing price of the common stock as reported by Nasdaq on the employment commencement date ( $15.00 ) and the common stock price on the potential vesting date (determined by using the weighted average closing price of a share of the Company's common stock for the 90-day period ending on the vesting date). If the stock price does not increase by $5.00 , then no shares shall vest. During the first three quarters of fiscal 2017, the Company recorded approximately $0.7 million of compensation expense related to this award. In the future, the Company expects to recognize compensation expense of approximately $2.8 million over the remaining requisite service period, which ends January 31, 2021. The fair value of this restricted stock award as of the grant date was estimated using a Monte Carlo simulation model. Key assumptions used in the Monte Carlo simulation to estimate the grant date fair value of this award are a risk-free rate of 1.70% , expected dividend yield of zero , and an expected volatility assumption of 41.73% . Vesting Table Increase in Stock Price From the Employment Commencement Date to the Vesting Date Total percentage of Restricted Stock Less than $5 per share increase —% $5 per share increase 25% $10 per share increase 50% $15 per share increase 75% $20 or more per share increase 100% Provision for possible accelerated vesting of award If the weighted average closing price of the Company's common stock increases by the marginal levels set forth in the above vesting table for 180 consecutive days during any period between the award date and final vesting date, Mr. Recatto shall become vested in 50% of the corresponding total percentage of restricted shares earned on the last day of the 180 day period. The following table summarizes the restricted stock activity for the period ended September 9, 2017 : Restricted Stock (Nonvested Shares) Number of Shares Weighted Average Grant-Date Fair Value Per Share Nonvested shares outstanding at December 31, 2016 136,171 $ 12.42 Granted 659,842 15.11 Vested (97,302 ) 13.14 Forfeited (9,045 ) $ 14.50 Nonvested shares outstanding at September 9, 2017 689,666 $ 14.52 Employee Stock Purchase Plan As of September 9, 2017 , the Company had reserved 154,782 shares of common stock available for purchase under the Employee Stock Purchase Plan of 2008 . In the first three quarters of fiscal 2017 , employees purchased 21,397 shares of the Company’s common stock with a weighted average fair market value of $14.92 per share. |
Earnings Per Share
Earnings Per Share | 8 Months Ended |
Sep. 09, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table reconciles the number of shares outstanding for the third quarters and the first three quarters of fiscal 2017 and 2016 , respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share: Third Quarter Ended, First Three Quarters Ended, (Thousands) September 9, 2017 September 10, 2016 September 9, 2017 September 10, 2016 Net income $ 4,757 $ 2,411 $ 16,560 $ 2,516 Less: Income attributable to noncontrolling interest 53 76 158 117 Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders $ 4,704 $ 2,335 $ 16,402 $ 2,399 Weighted average basic shares outstanding 22,686 22,267 22,515 22,246 Dilutive shares from share–based compensation plans 284 283 298 171 Weighted average diluted shares outstanding 22,970 22,550 22,813 22,417 Net income per share: basic $ 0.21 $ 0.10 $ 0.73 $ 0.11 Net income per share: diluted $ 0.20 $ 0.10 $ 0.72 $ 0.11 |
Other Expense (Income)
Other Expense (Income) | 8 Months Ended |
Sep. 09, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expense (Income) | OTHER EXPENSE (INCOME) Other expense (income) for the first three quarters of fiscal 2017 includes a gain of $5.1 million received in the first quarter of fiscal 2017 as a result of having received a partial award for a claim made in arbitration and a gain of $3.6 million received during the second quarter of fiscal 2017 from a settlement agreement, both of which were related to our acquisition of FCC Environmental, LLC and International Petroleum Corp. of Delaware in 2014. Additionally, during the third quarter of 2017, the Company recorded a gain of $3.1 million from having sold the Company's facility located in Pompano Beach, Florida. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 8 Months Ended |
Sep. 09, 2017 | |
Accounting Policies [Abstract] | |
Fiscal Period | The Company’s fiscal year ends on the Saturday closest to December 31. The most recent fiscal year ended on December 31, 2016 . Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. |
Recently Issued Accounting Pronouncements | Standard Issuance Date Description Our Effective Date Effect on the Financial Statements ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” ASU 2014-15 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU 2016-10 “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” May 2014 and subsequent These standards outline a single comprehensive model for entities to use in accounting for revenue using a five-step process that supersedes virtually all existing revenue guidance. The underlying principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either a full retrospective approach or a modified retrospective approach to adopt the guidance. Early adoption is permitted. December 31, 2017 The Company is continuing to evaluate the effect that this accounting standard will have on our consolidated financial position and results of operations. To date, certain personnel have attended technical training concerning this new revenue recognition standard. The Company has identified the portfolios of contracts with customers and the various performance obligations associated with each portfolio of contracts. The Company has also concluded that the timing of revenue recognition will change for certain of our portfolios of contracts upon adoption of ASC 606 as compared to our current revenue recognition. The Company is also assessing the changes that will be necessary to our information systems to enable us to capture the information necessary to recognize revenue in accordance with the new standard and comply with the additional disclosure requirements. The Company will adopt the standard in the first quarter of fiscal 2018 with the modified retrospective approach, with the cumulative effect of initially applying the guidance recognized at the date of initial application. ASU 2016-02 February 2016 This update was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Early application of the amendments in this update is permitted for all entities. January 4, 2019 The Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations. The Company anticipates that implementation of this standard will result in an increase to assets and an increase to liabilities. Recently issued accounting standards adopted Standard Issuance Date Description Effective Date Effect on the Financial Statements ASU 2016-09 Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. (Topic 718) March 2016 This update addresses the simplification of accounting for employee share-based payment transactions as it pertains to income taxes, the classification of awards as equity or liabilities, accounting for forfeitures, statutory tax withholding requirements, and certain classifications on the statement of cash flows. Early adoption is permitted. January 1, 2017 ASU 2016-09 simplified the treatment for employee share-based compensation by allowing an entity to recognize excess tax benefits in the current period whether or not current taxes payable are reduced. Prior to 2017 the Company could not recognize windfall tax benefits associated with employee share-based compensation because it was in an NOL position and current taxes payable would not be reduced by the excess tax benefits. As a result of ASU 2016-09 the Company recognized excess tax benefits of $2.5 million from share-based compensation from prior years, resulting in cumulative-effect increases to retained earnings and deferred tax assets of approximately $1.0 million. ASU 2015-11, Simplifying the Measurement of Inventory. (Topic 330) July 2015 This update requires the measurement of inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. January 1, 2017 The adoption of ASU 2015-11 at the start of fiscal 2017 resulted in no impact to our consolidated financial statements. ASU 2014-15 Presentation of Financial Statements - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. (Subtopic 205-40) August 2014 This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Early adoption is permitted. December 31, 2016 The adoption of ASU 2014-15 in fiscal 2016 resulted in no impact to our consolidated financial statements. 2015-03 April 2015 These updates require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, and allows for the presentation of debt issuance costs as an asset regardless of whether or not there is an outstanding balance on the line-of-credit arrangement. January 3, 2016 The adoption of ASU 2015-03 resulted in the reclassification of $1.4 million of unamortized debt issuance costs from "Other current assets" to "Term loan, less current maturities" as of January 2, 2016. 2015-16 Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) September 2015 This update simplifies the accounting for measurement-period adjustments in a business combination by requiring the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The acquirer is also required to record in the reporting period in which the adjustments are determined the effect on earnings of changes in depreciation, amortization, and other items resulting from the change to the provisional amounts. January 3, 2016 The Company early adopted the amendments of this ASU No. 2015-16 in fiscal 2015 and it did not have an impact on our consolidated financial condition and results of operations. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Recently Issued Accounting Pronouncements | Standard Issuance Date Description Our Effective Date Effect on the Financial Statements ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” ASU 2014-15 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU 2016-10 “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” May 2014 and subsequent These standards outline a single comprehensive model for entities to use in accounting for revenue using a five-step process that supersedes virtually all existing revenue guidance. The underlying principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either a full retrospective approach or a modified retrospective approach to adopt the guidance. Early adoption is permitted. December 31, 2017 The Company is continuing to evaluate the effect that this accounting standard will have on our consolidated financial position and results of operations. To date, certain personnel have attended technical training concerning this new revenue recognition standard. The Company has identified the portfolios of contracts with customers and the various performance obligations associated with each portfolio of contracts. The Company has also concluded that the timing of revenue recognition will change for certain of our portfolios of contracts upon adoption of ASC 606 as compared to our current revenue recognition. The Company is also assessing the changes that will be necessary to our information systems to enable us to capture the information necessary to recognize revenue in accordance with the new standard and comply with the additional disclosure requirements. The Company will adopt the standard in the first quarter of fiscal 2018 with the modified retrospective approach, with the cumulative effect of initially applying the guidance recognized at the date of initial application. ASU 2016-02 February 2016 This update was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Early application of the amendments in this update is permitted for all entities. January 4, 2019 The Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations. The Company anticipates that implementation of this standard will result in an increase to assets and an increase to liabilities. Recently issued accounting standards adopted Standard Issuance Date Description Effective Date Effect on the Financial Statements ASU 2016-09 Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. (Topic 718) March 2016 This update addresses the simplification of accounting for employee share-based payment transactions as it pertains to income taxes, the classification of awards as equity or liabilities, accounting for forfeitures, statutory tax withholding requirements, and certain classifications on the statement of cash flows. Early adoption is permitted. January 1, 2017 ASU 2016-09 simplified the treatment for employee share-based compensation by allowing an entity to recognize excess tax benefits in the current period whether or not current taxes payable are reduced. Prior to 2017 the Company could not recognize windfall tax benefits associated with employee share-based compensation because it was in an NOL position and current taxes payable would not be reduced by the excess tax benefits. As a result of ASU 2016-09 the Company recognized excess tax benefits of $2.5 million from share-based compensation from prior years, resulting in cumulative-effect increases to retained earnings and deferred tax assets of approximately $1.0 million. ASU 2015-11, Simplifying the Measurement of Inventory. (Topic 330) July 2015 This update requires the measurement of inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. January 1, 2017 The adoption of ASU 2015-11 at the start of fiscal 2017 resulted in no impact to our consolidated financial statements. ASU 2014-15 Presentation of Financial Statements - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. (Subtopic 205-40) August 2014 This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Early adoption is permitted. December 31, 2016 The adoption of ASU 2014-15 in fiscal 2016 resulted in no impact to our consolidated financial statements. 2015-03 April 2015 These updates require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, and allows for the presentation of debt issuance costs as an asset regardless of whether or not there is an outstanding balance on the line-of-credit arrangement. January 3, 2016 The adoption of ASU 2015-03 resulted in the reclassification of $1.4 million of unamortized debt issuance costs from "Other current assets" to "Term loan, less current maturities" as of January 2, 2016. 2015-16 Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) September 2015 This update simplifies the accounting for measurement-period adjustments in a business combination by requiring the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The acquirer is also required to record in the reporting period in which the adjustments are determined the effect on earnings of changes in depreciation, amortization, and other items resulting from the change to the provisional amounts. January 3, 2016 The Company early adopted the amendments of this ASU No. 2015-16 in fiscal 2015 and it did not have an impact on our consolidated financial condition and results of operations. |
Business Combinations (Tables)
Business Combinations (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to each acquisition: (Thousands) Phoenix Environmental REC Accounts receivable $ 260 $ 80 Inventory 27 56 Property, plant, & equipment 398 457 Equipment at customers 38 — Intangible assets 700 132 Goodwill 1,245 — Total purchase price, net of cash acquired $ 2,668 $ 725 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consisted of the following: (Thousands) September 9, December 31, Trade $ 44,907 $ 42,332 Less: allowance for doubtful accounts 1,719 2,176 Trade - net 43,188 40,156 Related parties 1,213 1,324 Other 1,480 6,053 Total accounts receivable - net $ 45,881 $ 47,533 The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 9, 2017 , and the fiscal year ended December 31, 2016 : For the First Three Quarters Ended, For the Fiscal Year Ended, (Thousands) September 9, December 31, Balance at beginning of period $ 2,176 $ 2,207 Provision for bad debts 105 687 Accounts written off, net of recoveries (562 ) (718 ) Balance at end of period $ 1,719 $ 2,176 |
Inventory (Tables)
Inventory (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The carrying value of inventory consisted of the following: (Thousands) September 9, December 31, Used oil and processed oil $ 6,765 $ 5,493 Solvents and solutions 5,663 5,014 Drums and supplies 4,071 3,790 Machines 3,163 2,576 Other 1,762 1,899 Total inventory 21,424 18,772 Less: machine refurbishing reserve (490 ) (214 ) Total inventory - net $ 20,934 $ 18,558 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following: (Thousands) September 9, December 31, Machinery, vehicles, and equipment $ 79,221 $ 78,592 Buildings and storage tanks 68,938 69,977 Land 9,563 10,363 Leasehold improvements 4,997 4,876 Construction in progress 13,343 8,646 Assets held for sale 60 177 Total property, plant and equipment 176,122 172,631 Less: accumulated depreciation (47,999 ) (41,456 ) Property, plant and equipment - net $ 128,123 $ 131,175 (Thousands) September 9, December 31, Equipment at customers $ 66,634 $ 63,502 Less: accumulated depreciation (43,582 ) (40,469 ) Equipment at customers - net $ 23,052 $ 23,033 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows changes to our goodwill balances by segment from December 31, 2016, to September 9, 2017: (Thousands) Oil Business Environmental Services Total Goodwill at January 2, 2016 Gross carrying amount $ 3,952 $ 30,325 $ 34,277 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at January 2, 2016 $ — $ 30,325 $ 30,325 Acquisitions — 1,158 1,158 Goodwill at December 31, 2016 Gross carrying amount 3,952 31,483 35,435 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at December 31, 2016 $ — $ 31,483 $ 31,483 Measurement period adjustments — 97 97 Goodwill at September 9, 2017 Gross carrying amount 3,952 31,580 35,532 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at September 9, 2017 $ — $ 31,580 $ 31,580 |
Schedule of Intangible Assets | The following is a summary of software and other intangible assets: September 9, 2017 December 31, 2016 (Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer & supplier relationships $ 23,069 $ 8,310 $ 14,759 $ 23,045 $ 6,682 $ 16,363 Software 4,604 3,822 782 4,573 3,655 918 Non-compete agreements 2,950 2,489 461 2,934 2,180 754 Patents, formulae, and licenses 1,769 622 1,147 1,769 576 1,193 Other 1,348 890 458 1,348 755 593 Total software and intangible assets $ 33,740 $ 16,133 $ 17,607 $ 33,669 $ 13,848 $ 19,821 |
Debt and Financing Arrangemen28
Debt and Financing Arrangements (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at September 9, 2017 and December 31, 2016 consisted of the following: (thousands) September 9, 2017 December 31, 2016 Principal amount $ 30,000 $ 64,195 Less: unamortized debt issuance costs 1,349 741 Debt less unamortized debt issuance costs $ 28,651 $ 63,454 |
Segment Information (Tables)
Segment Information (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Operating segment results for the third quarters ended September 9, 2017 , and September 10, 2016 were as follows: Third Quarter Ended, September 9, 2017 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 5,623 $ 23,660 $ — $ 29,283 Service revenues 49,419 4,629 — 54,048 Total revenues $ 55,042 $ 28,289 $ — $ 83,331 Operating expenses Operating costs 38,298 25,351 — 63,649 Operating depreciation and amortization 1,794 1,555 — 3,349 Profit before corporate selling, general, and administrative expenses $ 14,950 $ 1,383 $ — $ 16,333 Selling, general, and administrative expenses 10,955 10,955 Depreciation and amortization from SG&A 837 837 Total selling, general, and administrative expenses $ 11,792 $ 11,792 Other (income) - net (3,078) (3,078) Operating income 7,619 Interest expense – net 276 276 Income before income taxes $ 7,343 Third Quarter Ended, September 10, 2016 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 4,691 $ 22,491 $ — $ 27,182 Service revenues 46,591 8,099 — 54,690 Total revenues $ 51,282 $ 30,590 $ — $ 81,872 Operating expenses Operating costs 34,456 27,239 — 61,695 Operating depreciation and amortization 1,742 1,618 — 3,360 Profit before corporate selling, general, and administrative expenses $ 15,084 $ 1,733 $ — $ 16,817 Selling, general, and administrative expenses 10,726 10,726 Depreciation and amortization from SG&A 836 836 Total selling, general, and administrative expenses $ 11,562 $ 11,562 Other expense - net 1,439 1,439 Operating income 3,816 Interest expense – net 463 463 Income before income taxes $ 3,353 First Three Quarters Ended, September 9, 2017 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 17,215 $ 70,880 $ — $ 88,095 Service revenues 146,135 15,936 — 162,071 Total revenues $ 163,350 $ 86,816 $ — $ 250,166 Operating expenses Operating costs 111,419 76,791 — 188,210 Operating depreciation and amortization 5,341 4,624 — 9,965 Profit before corporate selling, general, and administrative expenses $ 46,590 $ 5,401 $ — $ 51,991 Selling, general, and administrative expenses 33,871 33,871 Depreciation and amortization from SG&A 2,536 2,536 Total selling, general, and administrative expenses $ 36,407 $ 36,407 Other (income) - net (11,112) (11,112) Operating income 26,696 Interest expense – net 775 775 Income before income taxes $ 25,921 First Three quarters Ended, September 10, 2016 (Thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Product revenues $ 14,826 $ 60,756 $ — $ 75,582 Service revenues 141,254 24,041 — 165,295 Total revenues $ 156,080 $ 84,797 $ — $ 240,877 Operating expenses Operating costs 106,892 80,762 — 187,654 Operating depreciation and amortization 5,166 4,789 — 9,955 Profit (loss) before corporate selling, general, and administrative expenses $ 44,022 $ (754 ) $ — $ 43,268 Selling, general, and administrative expenses 34,455 34,455 Depreciation and amortization from SG&A 2,487 2,487 Total selling, general, and administrative expenses $ 36,942 $ 36,942 Other expense - net 1,238 1,238 Operating income 5,088 Interest expense – net 1,432 1,432 Income before income taxes $ 3,656 |
Reconciliation of Assets from Segment to Consolidated | Total assets by segment as of September 9, 2017 and December 31, 2016 were as follows: (Thousands) September 9, 2017 December 31, 2016 Total Assets: Environmental Services $ 129,665 $ 129,506 Oil Business 131,619 135,323 Unallocated Corporate Assets 46,177 49,478 Total $ 307,461 $ 314,307 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | A summary of stock option activity under this Plan is as follows: Outstanding Stock Options Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value as of Date Listed (in thousands) Options outstanding at December 31, 2016 514,287 $ 11.00 1.33 $ 2,414 Exercised (487,764 ) 11.17 — — Options outstanding at September 9, 2017 26,523 $ 8.04 1.37 $ 331 |
Schedule of Restricted Stock Unit Activity | The following table shows a summary of restricted shares grants and expense resulting from the awards: Compensation Expense (thousands except for shares total) First three quarters Ended, Unrecognized Expense as of Recipient of Grant Grant Date Restricted Shares September 9, 2017 September 10, 2016 September 9, 2017 December 31, 2016 Board of Directors April, 2017 14,980 $ 168 $ 197 $ 73 $ — Members of Management February, 2015 38,732 76 83 34 110 Members of Management January, 2016 43,208 72 82 136 208 Members of Management February, 2017 146,564 307 161 1,075 1,382 Chief Executive Officer February, 2017 500,000 737 — 2,798 — The following table summarizes the restricted stock activity for the period ended September 9, 2017 : Restricted Stock (Nonvested Shares) Number of Shares Weighted Average Grant-Date Fair Value Per Share Nonvested shares outstanding at December 31, 2016 136,171 $ 12.42 Granted 659,842 15.11 Vested (97,302 ) 13.14 Forfeited (9,045 ) $ 14.50 Nonvested shares outstanding at September 9, 2017 689,666 $ 14.52 |
Schedule of Restricted Stock Vesting Percentages | Vesting Table Increase in Stock Price From the Employment Commencement Date to the Vesting Date Total percentage of Restricted Stock Less than $5 per share increase —% $5 per share increase 25% $10 per share increase 50% $15 per share increase 75% $20 or more per share increase 100% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 8 Months Ended |
Sep. 09, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table reconciles the number of shares outstanding for the third quarters and the first three quarters of fiscal 2017 and 2016 , respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share: Third Quarter Ended, First Three Quarters Ended, (Thousands) September 9, 2017 September 10, 2016 September 9, 2017 September 10, 2016 Net income $ 4,757 $ 2,411 $ 16,560 $ 2,516 Less: Income attributable to noncontrolling interest 53 76 158 117 Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders $ 4,704 $ 2,335 $ 16,402 $ 2,399 Weighted average basic shares outstanding 22,686 22,267 22,515 22,246 Dilutive shares from share–based compensation plans 284 283 298 171 Weighted average diluted shares outstanding 22,970 22,550 22,813 22,417 Net income per share: basic $ 0.21 $ 0.10 $ 0.73 $ 0.11 Net income per share: diluted $ 0.20 $ 0.10 $ 0.72 $ 0.11 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 8 Months Ended | ||
Sep. 09, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect increase due to adoption of ASU | $ 1,009 | ||
Less: unamortized debt issuance costs | $ 1,349 | 741 | |
Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect increase due to adoption of ASU | 1,009 | ||
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Excess tax benefits from share-based compensation | 2,500 | ||
Cumulative-effect increase to deferred tax assets | 1,000 | 1,000 | |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect increase due to adoption of ASU | $ 1,000 | $ 1,000 | |
Accounting Standards Update 2015-03 [Member] | Other Current Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Less: unamortized debt issuance costs | $ (1,400) | ||
Accounting Standards Update 2015-03 [Member] | Term Loan, Less Current Maturities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Less: unamortized debt issuance costs | $ 1,400 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Mar. 24, 2016 | Dec. 02, 2016 |
Recycle Engine Coolant, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Cash paid for acquisition | $ 700 | |
Cash placed into escrow | $ 100 | |
Phoenix Environmental Services, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Cash paid for acquisition | $ 2,700 | |
Cash placed into escrow | 300 | |
Decrease to accounts receivable | 12 | |
Decrease to property, plant, and equipment | 77 | |
Increase to goodwill | $ 89 |
Business Combinations - Assets
Business Combinations - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Sep. 09, 2017 | Dec. 31, 2016 | Dec. 02, 2016 | Mar. 24, 2016 | Jan. 02, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 31,580 | $ 31,483 | $ 30,325 | ||
Phoenix Environmental Services, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 260 | ||||
Inventory | 27 | ||||
Property, plant, & equipment | 398 | ||||
Equipment at customers | 38 | ||||
Intangible assets | 700 | ||||
Goodwill | 1,245 | ||||
Total purchase price, net of cash acquired | $ 2,668 | ||||
Recycle Engine Coolant, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 80 | ||||
Inventory | 56 | ||||
Property, plant, & equipment | 457 | ||||
Equipment at customers | 0 | ||||
Intangible assets | 132 | ||||
Goodwill | 0 | ||||
Total purchase price, net of cash acquired | $ 725 |
Accounts Receivable - Component
Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 09, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Accounts Receivable, Net [Abstract] | |||
Trade | $ 44,907 | $ 42,332 | |
Less: allowance for doubtful accounts | 1,719 | 2,176 | $ 2,207 |
Trade - net | 43,188 | 40,156 | |
Related parties | 1,213 | 1,324 | |
Other | 1,480 | 6,053 | |
Total accounts receivable - net | $ 45,881 | $ 47,533 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $ 2,176 | $ 2,207 | $ 2,207 |
Provision for bad debts | 105 | $ 714 | 687 |
Accounts written off, net of recoveries | (562) | (718) | |
Balance at end of period | $ 1,719 | $ 2,176 |
Inventory (Details)
Inventory (Details) - USD ($) | 3 Months Ended | 8 Months Ended | |||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||||
Used oil and processed oil | $ 6,765,000 | $ 6,765,000 | $ 5,493,000 | ||
Solvents and solutions | 5,663,000 | 5,663,000 | 5,014,000 | ||
Drums and supplies | 4,071,000 | 4,071,000 | 3,790,000 | ||
Machines | 3,163,000 | 3,163,000 | 2,576,000 | ||
Other | 1,762,000 | 1,762,000 | 1,899,000 | ||
Total inventory | 21,424,000 | 21,424,000 | 18,772,000 | ||
Less: machine refurbishing reserve | (490,000) | (490,000) | (214,000) | ||
Total inventory - net | 20,934,000 | 20,934,000 | $ 18,558,000 | ||
Inventory write-down | $ 0 | $ 0 | $ 0 | $ 1,651,000 |
Property, Plant, and Equipmen38
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||||
Machinery, vehicles, and equipment | $ 79,221 | $ 79,221 | $ 78,592 | ||
Buildings and storage tanks | 68,938 | 68,938 | 69,977 | ||
Land | 9,563 | 9,563 | 10,363 | ||
Leasehold improvements | 4,997 | 4,997 | 4,876 | ||
Construction in progress | 13,343 | 13,343 | 8,646 | ||
Assets held for sale | 60 | 60 | 177 | ||
Total property, plant and equipment | 176,122 | 176,122 | 172,631 | ||
Less: accumulated depreciation | (47,999) | (47,999) | (41,456) | ||
Property, plant and equipment - net | 128,123 | 128,123 | 131,175 | ||
Equipment at customers | 66,634 | 66,634 | 63,502 | ||
Less: accumulated depreciation | (43,582) | (43,582) | (40,469) | ||
Equipment at customers - net | 23,052 | 23,052 | $ 23,033 | ||
Depreciation expense | $ 3,400 | $ 3,400 | $ 10,200 | $ 10,200 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 09, 2017USD ($)reporting_unit | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of reporting units | reporting_unit | 2 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 35,532 | $ 35,435 | $ 34,277 |
Accumulated impairment loss | (3,952) | (3,952) | (3,952) |
Goodwill [Roll Forward] | |||
Net book value, beginning balance | 31,483 | 30,325 | |
Acquisitions | 1,158 | ||
Measurement period adjustments | 97 | ||
Net book value, ending balance | 31,580 | 31,483 | |
Oil Business Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 3,952 | 3,952 | 3,952 |
Accumulated impairment loss | (3,952) | (3,952) | (3,952) |
Goodwill [Roll Forward] | |||
Net book value, beginning balance | 0 | 0 | |
Acquisitions | 0 | ||
Measurement period adjustments | 0 | ||
Net book value, ending balance | 0 | 0 | |
Environmental Services Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 31,580 | 31,483 | 30,325 |
Accumulated impairment loss | 0 | 0 | $ 0 |
Goodwill [Roll Forward] | |||
Net book value, beginning balance | 31,483 | 30,325 | |
Acquisitions | 1,158 | ||
Measurement period adjustments | 97 | ||
Net book value, ending balance | $ 31,580 | $ 31,483 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets - Summary of Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 33,740 | $ 33,740 | $ 33,669 | ||
Accumulated Amortization | 16,133 | 16,133 | 13,848 | ||
Net Carrying Amount | 17,607 | 17,607 | 19,821 | ||
Amortization of intangible assets | 800 | $ 700 | 2,300 | $ 2,300 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||
2,017 | 1,000 | 1,000 | |||
2,018 | 3,000 | 3,000 | |||
2,019 | 2,600 | 2,600 | |||
2,020 | 2,500 | 2,500 | |||
2,021 | 2,400 | 2,400 | |||
Customer & supplier relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 23,069 | 23,069 | 23,045 | ||
Accumulated Amortization | 8,310 | 8,310 | 6,682 | ||
Net Carrying Amount | 14,759 | $ 14,759 | 16,363 | ||
Useful life | 10 years | ||||
Software [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 4,604 | $ 4,604 | 4,573 | ||
Accumulated Amortization | 3,822 | 3,822 | 3,655 | ||
Net Carrying Amount | 782 | $ 782 | 918 | ||
Useful life | 9 years | ||||
Non-compete agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 2,950 | $ 2,950 | 2,934 | ||
Accumulated Amortization | 2,489 | 2,489 | 2,180 | ||
Net Carrying Amount | 461 | $ 461 | 754 | ||
Useful life | 5 years | ||||
Patents, formulae, and licenses [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,769 | $ 1,769 | 1,769 | ||
Accumulated Amortization | 622 | 622 | 576 | ||
Net Carrying Amount | 1,147 | $ 1,147 | 1,193 | ||
Useful life | 15 years | ||||
Other [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,348 | $ 1,348 | 1,348 | ||
Accumulated Amortization | 890 | 890 | 755 | ||
Net Carrying Amount | $ 458 | $ 458 | $ 593 | ||
Useful life | 6 years |
Debt and Financing Arrangemen41
Debt and Financing Arrangements - Narrative (Details) - USD ($) | Feb. 21, 2017 | Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Payments of debt issuance costs | $ 1,051,000 | $ 0 | ||||
Less: unamortized debt issuance costs | $ 1,349,000 | $ 1,349,000 | $ 741,000 | |||
Interest costs capitalized, less than $0.1 million for the second quarter and first half of 2016 | $ 100,000 | $ 100,000 | ||||
Weighted average interest rate | 3.60% | 3.20% | 3.60% | 3.20% | ||
Letters of credit outstanding | $ 900,000 | $ 900,000 | 3,000,000 | |||
Current borrowing capacity | 64,100,000 | 64,100,000 | $ 27,600,000 | |||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest costs incurred | 300,000 | 1,200,000 | ||||
New Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum interest coverage ratio | 3.5 | |||||
Maximum total leverage ratio | 3 | |||||
Aggregate consideration limit | $ 10,000,000 | |||||
Leverage ratio at time of acquisition | 3.25 | |||||
Capital expenditures covenant limit | $ 100,000,000 | |||||
Percentage of EBITDA | 35.00% | |||||
Payments of debt issuance costs | 1,100,000 | |||||
Capitalized debt issuance costs | 1,100,000 | 1,100,000 | ||||
New Credit Agreement [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 95,000,000 | |||||
New Credit Agreement [Member] | Line of Credit [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
New Credit Agreement [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
New Credit Agreement [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
New Credit Agreement [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.75% | |||||
New Credit Agreement [Member] | Line of Credit [Member] | Prime Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.75% | |||||
New Credit Agreement [Member] | Line of Credit [Member] | Prime Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
New Credit Agreement [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 30,000,000 | |||||
Effective interest rate | 3.28% | |||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 65,000,000 | |||||
Effective interest rate | 3.28% | |||||
Prior Credit Agreement [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less: unamortized debt issuance costs | $ 200,000 | $ 200,000 | ||||
Prior Credit Agreement [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest costs incurred | $ 500,000 | $ 1,500,000 |
Debt and Financing Arrangemen42
Debt and Financing Arrangements - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 09, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Principal amount | $ 30,000 | $ 64,195 |
Less: unamortized debt issuance costs | 1,349 | 741 |
Debt less unamortized debt issuance costs | $ 28,651 | $ 63,454 |
Segment Information - Operating
Segment Information - Operating Segment Results (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 09, 2017USD ($) | Sep. 10, 2016USD ($) | Sep. 09, 2017USD ($)segment | Sep. 10, 2016USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Revenues | ||||
Product revenues | $ 29,283 | $ 27,182 | $ 88,095 | $ 75,582 |
Service revenues | 54,048 | 54,690 | 162,071 | 165,295 |
Total revenues | 83,331 | 81,872 | 250,166 | 240,877 |
Operating expenses | ||||
Operating costs | 63,649 | 61,695 | 188,210 | 187,654 |
Operating depreciation and amortization | 3,349 | 3,360 | 9,965 | 9,955 |
Profit before corporate selling, general, and administrative expenses | 16,333 | 16,817 | 51,991 | 43,268 |
Selling, general, and administrative expenses | 10,955 | 10,726 | 33,871 | 34,455 |
Depreciation and amortization from SG&A | 837 | 836 | 2,536 | 2,487 |
Total selling, general, and administrative expenses | 11,792 | 11,562 | 36,407 | 36,942 |
Other (income) - net | (3,078) | 1,439 | (11,112) | 1,238 |
Operating income | 7,619 | 3,816 | 26,696 | 5,088 |
Interest expense – net | 276 | 463 | 775 | 1,432 |
Income before income taxes | 7,343 | 3,353 | 25,921 | 3,656 |
Operating Segments [Member] | ||||
Operating expenses | ||||
Operating depreciation and amortization | ||||
Corporate and Eliminations [Member] | ||||
Revenues | ||||
Product revenues | 0 | 0 | 0 | 0 |
Service revenues | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Operating costs | 0 | 0 | 0 | 0 |
Operating depreciation and amortization | 0 | 0 | 0 | 0 |
Profit before corporate selling, general, and administrative expenses | 0 | 0 | 0 | 0 |
Selling, general, and administrative expenses | 10,955 | 10,726 | 33,871 | 34,455 |
Depreciation and amortization from SG&A | 837 | 836 | 2,536 | 2,487 |
Total selling, general, and administrative expenses | 11,792 | 11,562 | 36,407 | 36,942 |
Other (income) - net | (3,078) | 1,439 | (11,112) | 1,238 |
Interest expense – net | 276 | 463 | 775 | 1,432 |
Environmental Services Segment [Member] | Operating Segments [Member] | ||||
Revenues | ||||
Product revenues | 5,623 | 4,691 | 17,215 | 14,826 |
Service revenues | 49,419 | 46,591 | 146,135 | 141,254 |
Total revenues | 55,042 | 51,282 | 163,350 | 156,080 |
Operating expenses | ||||
Operating costs | 38,298 | 34,456 | 111,419 | 106,892 |
Operating depreciation and amortization | 1,794 | 1,742 | 5,341 | 5,166 |
Profit before corporate selling, general, and administrative expenses | 14,950 | 15,084 | 46,590 | 44,022 |
Oil Business Segment [Member] | Operating Segments [Member] | ||||
Revenues | ||||
Product revenues | 23,660 | 22,491 | 70,880 | 60,756 |
Service revenues | 4,629 | 8,099 | 15,936 | 24,041 |
Total revenues | 28,289 | 30,590 | 86,816 | 84,797 |
Operating expenses | ||||
Operating costs | 25,351 | 27,239 | 76,791 | 80,762 |
Operating depreciation and amortization | 1,555 | 1,618 | 4,624 | 4,789 |
Profit before corporate selling, general, and administrative expenses | $ 1,383 | $ 1,733 | $ 5,401 | $ (754) |
Segment Information - Assets by
Segment Information - Assets by Segment (Details) - USD ($) $ in Thousands | Sep. 09, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 307,461 | $ 314,307 |
Operating Segments [Member] | Environmental Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 129,665 | 129,506 |
Operating Segments [Member] | Oil Business Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 131,619 | 135,323 |
Unallocated Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 46,177 | $ 49,478 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 09, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining amount committed | $ 17.4 | $ 9.7 |
Loss contingency accrual | $ 5.8 | $ 5.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ||||||
Net operating loss | $ 24,100 | $ 24,100 | $ 44,700 | |||
Gross deferred tax asset | $ 9,300 | $ 9,300 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect increase due to adoption of ASU | $ 1,009 | |||||
Effective tax rate | 35.20% | 28.10% | 36.10% | 31.20% | ||
Reserve balance | $ 2,400 | $ 2,400 | 2,400 | |||
Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect increase due to adoption of ASU | 1,009 | |||||
Accounting Standards Update 2016-09 [Member] | ||||||
Income Tax Disclosure [Abstract] | ||||||
Excess tax benefits from share-based compensation | 2,500 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect increase to deferred tax assets | 1,000 | 1,000 | 1,000 | |||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect increase due to adoption of ASU | $ 1,000 | $ 1,000 | $ 1,000 |
Share-based Compensation - Stoc
Share-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 12 Months Ended |
Sep. 09, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares authorized | 1,902,077 | |
Number of shares available for grant | 737,639 | |
Number of Options Outstanding | ||
Options outstanding at Beginning of Period (in shares) | 514,287 | |
Exercised (in shares) | (487,764) | |
Options outstanding at End of Period (in shares) | 26,523 | 514,287 |
Weighted Average Exercise Price | ||
Options outstanding at Beginning of Period (in dollars per share) | $ 11 | |
Exercised (in dollars per share) | 11.17 | |
Options outstanding at End of Period (in dollars per share) | $ 8.04 | $ 11 |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value as of Date Listed | ||
Weighted average remaining contractual term (in years) | 1 year 4 months 13 days | 1 year 3 months 29 days |
Aggregate intrinsic value as of date listed | $ 331 | $ 2,414 |
Share-based Compensation - Rest
Share-based Compensation - Restricted Stock Compensation/Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 8 Months Ended | |||||
Apr. 30, 2017 | Feb. 28, 2017 | Jan. 31, 2016 | Feb. 28, 2015 | Sep. 09, 2017 | Sep. 10, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 659,842 | ||||||
Mr. Recatto [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Closing share price as of employment commencement date (in dollars per share) | $ 15 | ||||||
Restricted Stock [Member] | Board of Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
Restricted Stock [Member] | Board of Directors [Member] | April 2017 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 14,980 | ||||||
Compensation Expense | $ 168 | $ 197 | |||||
Unrecognized compensation expense | $ 73 | $ 0 | |||||
Restricted Stock [Member] | Members of Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 3 years | ||||||
Restricted Stock [Member] | Members of Management [Member] | February 2015 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 38,732 | ||||||
Compensation Expense | $ 76 | 83 | |||||
Unrecognized compensation expense | 34 | 110 | |||||
Restricted Stock [Member] | Members of Management [Member] | January 2016 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 43,208 | ||||||
Compensation Expense | 72 | 82 | |||||
Unrecognized compensation expense | 136 | 208 | |||||
Restricted Stock [Member] | Members of Management [Member] | February 2017 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 146,564 | ||||||
Compensation Expense | 307 | 161 | |||||
Unrecognized compensation expense | 1,075 | 1,382 | |||||
Restricted Stock [Member] | Chief Executive Officer [Member] | February 2017 CEO Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares granted (in shares) | 500,000 | ||||||
Compensation Expense | 737 | $ 0 | |||||
Unrecognized compensation expense | 2,798 | $ 0 | |||||
Restricted Stock [Member] | Mr. Recatto [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 700 | ||||||
Unrecognized compensation expense | $ 2,800 | ||||||
Grants in period (in shares) | 500,000 | ||||||
Vesting threshold (in dollars per share) | $ 5 | ||||||
Shares vested upon achievement of share price threshold (in shares) | 0 | ||||||
Risk-free rate | 1.70% | ||||||
Expected dividend yield | 0.00% | ||||||
Expected volatility rate | 41.73% | ||||||
Restricted Stock [Member] | Mr. Recatto [Member] | From Employment Commencement Date to Vesting Date [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 180 days | ||||||
Vesting percentage | 0.00% | 50.00% |
Share-based Compensation - Re49
Share-based Compensation - Restricted Stock Vesting Schedule by Percentage (Details) - Mr. Recatto [Member] - Restricted Stock [Member] - $ / shares | 1 Months Ended | 8 Months Ended |
Feb. 28, 2017 | Sep. 09, 2017 | |
Less than $5 per share increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in stock price from employment commencement date (in dollars per share) | $ 5 | |
Total percentage of Restricted Stock | 0.00% | 50.00% |
$5 per share increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in stock price from employment commencement date (in dollars per share) | $ 5 | |
Total percentage of Restricted Stock | 25.00% | |
$10 per share increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in stock price from employment commencement date (in dollars per share) | $ 10 | |
Total percentage of Restricted Stock | 50.00% | |
$15 per share increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in stock price from employment commencement date (in dollars per share) | $ 15 | |
Total percentage of Restricted Stock | 75.00% | |
$20 or more per share increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in stock price from employment commencement date (in dollars per share) | $ 20 | |
Total percentage of Restricted Stock | 100.00% |
Share-based Compensation - Nonv
Share-based Compensation - Nonvested Restricted Stock (Details) | 8 Months Ended |
Sep. 09, 2017$ / sharesshares | |
Number of Shares | |
Nonvested shares outstanding at Beginning of Period (in shares) | shares | 136,171 |
Granted (in shares) | shares | 659,842 |
Vested (in shares) | shares | (97,302) |
Forfeited (in shares) | shares | (9,045) |
Nonvested shares outstanding at End of Period (in shares) | shares | 689,666 |
Weighted Average Grant-Date Fair Value Per Share | |
Nonvested shares outstanding at Beginning of Period (in dollars per share) | $ / shares | $ 12.42 |
Granted (in dollars per share) | $ / shares | 15.11 |
Vested (in dollars per share) | $ / shares | 13.14 |
Forfeited (in dollars per share) | $ / shares | 14.50 |
Nonvested shares outstanding at End of Period (in dollars per share) | $ / shares | $ 14.52 |
Share-based Compensation - Empl
Share-based Compensation - Employee Stock Purchase Plan (Details) | 8 Months Ended |
Sep. 09, 2017$ / sharesshares | |
Common Stock [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Issuance of common stock – ESPP (in shares) | 21,397 |
Employee Stock Purchase Plan of 2008 [Member] | Employee Stock [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Shares available employee stock purchase plan (in shares) | 154,782 |
Weighted average fair value per share ESPP (in dollars per share) | $ / shares | $ 14.92 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 4,757 | $ 2,411 | $ 16,560 | $ 2,516 |
Less: Income attributable to noncontrolling interest | 53 | 76 | 158 | 117 |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ 4,704 | $ 2,335 | $ 16,402 | $ 2,399 |
Weighted average basic shares outstanding (in shares) | 22,686 | 22,267 | 22,515 | 22,246 |
Dilutive shares from share–based compensation plans (in shares) | 284 | 283 | 298 | 171 |
Weighted average diluted shares outstanding (in shares) | 22,970 | 22,550 | 22,813 | 22,417 |
Net income per share: basic (in dollars per share) | $ 0.21 | $ 0.10 | $ 0.73 | $ 0.11 |
Net income per share: diluted (in dollars per share) | $ 0.20 | $ 0.10 | $ 0.72 | $ 0.11 |
Other Expense (Income) (Details
Other Expense (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 09, 2017 | Sep. 10, 2016 | Sep. 09, 2017 | Sep. 10, 2016 | |
Loss Contingencies [Line Items] | ||||
Other income | $ 3,078 | $ (1,439) | $ 11,112 | $ (1,238) |
Net gain on sale-leaseback | 3,100 | 3,100 | ||
FCC Environmental Arbitration [Member] | ||||
Loss Contingencies [Line Items] | ||||
Other income | $ 3,600 | $ 5,100 |