Document and Entity Information
Document and Entity Information - shares | 8 Months Ended | |
Sep. 08, 2018 | Oct. 15, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Heritage-Crystal Clean, Inc. | |
Entity Central Index Key | 1,403,431 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 8, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,050,109 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 30, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 46,315 | $ 41,889 |
Accounts receivable - net | 51,051 | 45,491 |
Inventory - net | 29,745 | 21,639 |
Other current assets | 6,745 | 5,895 |
Total Current Assets | 133,856 | 114,914 |
Property, plant and equipment - net | 133,753 | 128,119 |
Equipment at customers - net | 23,767 | 23,312 |
Software and intangible assets - net | 15,211 | 16,732 |
Goodwill | 34,125 | 31,580 |
Total Assets | 340,712 | 314,657 |
Current Liabilities: | ||
Accounts payable | 31,411 | 25,568 |
Contract liabilities - net | 231 | 0 |
Accrued salaries, wages, and benefits | 4,923 | 6,386 |
Taxes payable | 6,679 | 5,787 |
Other current liabilities | 4,783 | 2,690 |
Total Current Liabilities | 48,027 | 40,431 |
Long-term debt | 28,953 | 28,744 |
Deferred income taxes | 13,554 | 9,556 |
Total Liabilities | 90,534 | 78,731 |
STOCKHOLDERS' EQUITY: | ||
Common stock - 26,000,000 shares authorized at $0.01 par value, 23,050,109 and 22,891,674 shares issued and outstanding at September 8, 2018 and December 30, 2017, respectively | 231 | 229 |
Additional paid-in capital | 196,082 | 193,640 |
Retained earnings | 53,315 | 41,359 |
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 249,628 | 235,228 |
Noncontrolling interest | 550 | 698 |
Total Equity | 250,178 | 235,926 |
Total Liabilities and Stockholders' Equity | $ 340,712 | $ 314,657 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 08, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 26,000,000 | 26,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 23,050,109 | 22,891,674 |
Common stock, shares outstanding (in shares) | 23,050,109 | 22,891,674 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | |
Revenues | ||||
Revenues | $ 99,674 | $ 83,331 | $ 283,123 | $ 250,166 |
Operating expenses | ||||
Operating costs | 76,045 | 63,649 | 220,702 | 188,210 |
Selling, general, and administrative expenses | 10,641 | 10,955 | 33,185 | 33,871 |
Depreciation and amortization | 3,776 | 4,186 | 11,078 | 12,501 |
Other expense (income) - net | 253 | (3,078) | 983 | (11,112) |
Operating income | 8,959 | 7,619 | 17,175 | 26,696 |
Interest expense – net | 256 | 276 | 742 | 775 |
Income before income taxes | 8,703 | 7,343 | 16,433 | 25,921 |
Provision for income taxes | 2,284 | 2,586 | 3,996 | 9,361 |
Net income | 6,419 | 4,757 | 12,437 | 16,560 |
Income attributable to noncontrolling interest | 74 | 53 | 213 | 158 |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ 6,345 | $ 4,704 | $ 12,224 | $ 16,402 |
Net income per share: basic (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.53 | $ 0.73 |
Net income per share: diluted (in dollars per share) | $ 0.27 | $ 0.20 | $ 0.52 | $ 0.72 |
Number of weighted average shares outstanding: basic (in shares) | 23,048 | 22,686 | 23,013 | 22,515 |
Number of weighted average shares outstanding: diluted (in shares) | 23,404 | 22,970 | 23,299 | 22,813 |
Service revenues | ||||
Revenues | ||||
Revenues | $ 58,054 | $ 54,048 | $ 172,205 | $ 162,071 |
Product revenues | ||||
Revenues | ||||
Revenues | $ 41,620 | $ 29,283 | $ 110,918 | $ 88,095 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional Paid–in Capital | Retained Earnings | Total Heritage-Crystal Clean, Inc. Stockholders' Equity | Non-controlling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Adjustment from adopting ASC 606 | $ (268) | $ (268) | $ (268) | |||
Beginning balance (in shares) at Dec. 30, 2017 | 22,891,674 | 22,891,674 | ||||
Beginning balance at Dec. 30, 2017 | $ 235,926 | $ 229 | $ 193,640 | 41,359 | 235,228 | $ 698 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,437 | 12,224 | 12,224 | 213 | ||
Distribution | (361) | (361) | ||||
Issuance of common stock – ESPP (in shares) | 15,170 | |||||
Issuance of common stock – ESPP | $ 311 | 311 | 311 | |||
Exercise of stock options (in shares) | 14,048 | 14,048 | ||||
Exercise of stock options | $ 103 | 103 | 103 | |||
Share-based compensation (in shares) | 129,217 | |||||
Share-based compensation | 3,060 | $ 2 | 3,058 | 3,060 | ||
Share repurchases to satisfy tax withholding obligations | $ (1,030) | (1,030) | (1,030) | |||
Ending balance (in shares) at Sep. 08, 2018 | 23,050,109 | 23,050,109 | ||||
Ending balance at Sep. 08, 2018 | $ 250,178 | $ 231 | $ 196,082 | $ 53,315 | $ 249,628 | $ 550 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 8 Months Ended | |
Sep. 08, 2018 | Sep. 09, 2017 | |
Cash flows from Operating Activities: | ||
Net income | $ 12,437 | $ 16,560 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,078 | 12,501 |
Net (gain) on disposition of assets | 0 | (2,506) |
Bad debt provision | 177 | 105 |
Share-based compensation | 3,060 | 1,962 |
Deferred taxes | 3,998 | 8,904 |
Other, net | 215 | 513 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (4,780) | 1,534 |
Increase in inventory | (7,845) | (2,376) |
Increase in other current assets | (851) | (739) |
Increase (decrease) in accounts payable | 5,670 | (3,749) |
Decrease in accrued liabilities | (157) | (336) |
Cash provided by operating activities | 23,002 | 32,373 |
Cash flows from Investing Activities: | ||
Capital expenditures | (12,874) | (9,465) |
Business acquisitions, net of cash acquired | (4,805) | 0 |
Proceeds from the disposal of assets | 80 | 4,129 |
Cash used in investing activities | (17,599) | (5,336) |
Cash flows from Financing Activities: | ||
Payments on Term loan | 0 | (64,195) |
Proceeds from new Term Loan | 0 | 30,000 |
Proceeds under revolving credit facility | 0 | 4,000 |
Payments of revolving credit facility | 0 | (4,000) |
Proceeds from the exercise of stock options | 103 | 5,412 |
Share repurchases to satisfy tax withholding obligations | (1,030) | (354) |
Proceeds from the issuance of common stock | 311 | 303 |
Payments of debt issuance costs | 0 | (1,051) |
Distributions to noncontrolling interest | (361) | (310) |
Cash used in financing activities | (977) | (30,195) |
Net increase (decrease) in cash and cash equivalents | 4,426 | (3,158) |
Cash and cash equivalents, beginning of period | 41,889 | 36,610 |
Cash and cash equivalents, end of period | 46,315 | 33,452 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 371 | 208 |
Cash paid for interest | 846 | 970 |
Supplemental disclosure of non-cash information: | ||
Payables for construction in progress | $ 526 | $ 386 |
Organization and Nature of Oper
Organization and Nature of Operations | 8 Months Ended |
Sep. 08, 2018 | |
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”), provides 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 operates 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 has two reportable segments: "Environmental Services" and "Oil Business." The Environmental Services segment consists of the Company's parts cleaning, containerized waste management, vacuum truck services, antifreeze recycling activities, and field services. The Oil Business segment consists of the Company's used oil collection, recycled fuel oil sales, used oil re-refining activities, and used oil filter removal and disposal services. No customer represented greater than 10% of consolidated revenues for any of the periods presented. There were no intersegment revenues. Both segments operate in the United States and in Ontario, Canada. The Company’s fiscal year ends on the Saturday closest to December 31. The most recent fiscal year ended on December 30, 2017 . 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. 08, 2018 | |
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 30, 2017. There have been no material changes in these policies or their application with the exception of revenue recognition. See footnote 4 — Revenue for more information. Recently Issued Accounting Pronouncements Standard Issuance Date Description Our Effective Date Effect on the Financial Statements 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. December 30, 2018 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. To date, certain personnel have attended technical training concerning this new lease accounting standard. The Company has engaged a third party to assist in implementing the standard and to provide a software solution to aid in accounting for leases. Contract review and software configuration are currently underway in preparation for our adoption of the requirements of Topic 842. The Company is also continuing to evaluate transition considerations such as whether to elect practical expedients, use of hindsight, and comparative reporting periods. Recently Issued Accounting Standards Adopted Standard Issuance Date Description 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 On December 31, 2017, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method. We recognized the cumulative effect as an adjustment to our opening balance of retained earnings. Effective December 31, 2017, we adopted the requirements of Topic 606. The cumulative effects of the changes made to our statement of income and balance sheet were as follows: For the Third Quarter Ended, September 8, 2018 For the First Three Quarters Ended, September 8, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change (thousands) Higher/(Lower) Higher/(Lower) Statement of Income Service revenues $ 58,054 $ 58,077 $ (23 ) $ 172,205 $ 172,168 $ 37 Total revenues 99,674 99,697 (23 ) 283,123 283,086 37 Operating income 8,959 8,982 (23 ) 17,175 17,138 37 Income before income taxes 8,703 8,726 (23 ) 16,433 16,396 37 Provision for income taxes 2,284 2,290 (6 ) 3,996 3,987 9 Net income 6,419 6,436 (17 ) 12,437 12,409 28 Net income attributable to Heritage-Crystal Clean, Inc. common stockholders $ 6,345 $ 6,362 $ (17 ) $ 12,224 $ 12,196 $ 28 September 8, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change (thousands) Higher/(Lower) Balance Sheet Contract liabilities - net $ 231 $ — $ 231 Total Current Liabilities 48,027 47,796 231 Deferred income taxes 13,554 13,545 9 Total Liabilities 90,534 90,294 240 Retained earnings 53,315 53,555 (240 ) Total Heritage-Crystal Clean, Inc. Stockholders' Equity 249,628 249,868 (240 ) Total Equity $ 250,178 $ 250,418 $ (240 ) |
Business Combinations
Business Combinations | 8 Months Ended |
Sep. 08, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS On May 3, 2018, the Company purchased the assets of Products Plus, Inc. and AO Holding Company-Kansas City, LLC (collectively "PPI") pursuant to an Asset Purchase Agreement. The Company purchased the assets of PPI to expand the Company’s market share in the collection, recycling, and sales of a full line of antifreeze products. The purchase price was set at $5.9 million subject to certain adjustments, including a working capital adjustment and a contingent consideration provision, and is preliminarily allocated based on our estimates and assumptions of the approximate fair values of assets acquired on the acquisition date. We are still in the process of completing our valuation, and accordingly our estimates and assumptions are subject to change within the measurement period. The Company is continuing to examine facts and circumstances that existed at the acquisition date and how those affect the estimated fair value of contingent consideration, working capital, and the allocation of the estimated purchase price to other tangible and intangible assets. The results of PPI are consolidated into the Company’s Environmental Services segment. On June 11, 2018, the Company purchased the assets of Kurt Lanse d/b/a Hot Tank Supply Company ("HTSC") pursuant to an Asset Purchase Agreement. The Company purchased the assets of HTSC to expand the Company’s market share in California. The purchase price was set at $0.7 million subject to certain adjustments, including a working capital adjustment and a deferred and contingent consideration provision, and is preliminarily allocated based on our estimates and assumptions of the approximate fair values of assets acquired on the acquisition date. We are still in the process of completing our valuation, and accordingly our estimates and assumptions are subject to change within the measurement period. The Company is continuing to examine facts and circumstances that existed at the acquisition date and how those affect the estimated fair value of contingent consideration, working capital, and the allocation of the estimated purchase price to other tangible and intangible assets. The results of HTSC are consolidated into the Company’s Environmental Services segment. The following table summarizes the preliminary estimated fair values of the assets acquired, net of cash acquired, related to each acquisition: As of September 8, 2018 (thousands) PPI HTSC Accounts receivable $ 909 $ 48 Inventory 259 3 Property, plant, & equipment 1,969 47 Equipment at customers — 104 Intangible assets 528 100 Goodwill 2,172 377 Total purchase price, net of cash acquired $ 5,837 $ 679 Less: working Capital adjustment (62 ) (2 ) Less: deferred consideration — 225 Less: contingent consideration 1,450 100 Net cash paid $ 4,449 $ 356 |
Revenue
Revenue | 8 Months Ended |
Sep. 08, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when our performance obligations under the terms of a contract with our customers are satisfied. Recognition occurs when the Company transfers control by completing the specified services at the point in time the customer benefits from the services performed or once our products are delivered. The Company measures progress toward complete satisfaction of a performance obligation satisfied over time using a cost-based input method. This method of measuring progress provides a faithful depiction of the transfer of goods or services because the costs incurred are expected to be substantially proportionate to the Company’s satisfaction of the performance obligation. Revenue is measured as the amount of consideration we expect to receive in exchange for completing our performance obligations. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. In the case of contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on the relative stand-alone selling prices of the various goods and/or services encompassed by the contract. We do not have any material significant payment terms as payment is generally due within 30 days after the performance obligation has been satisfactorily completed. The Company has elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. In applying the guidance in Topic 606, there were no judgments or estimates made that the Company deems significant. Accounts Receivable — Net, includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on analysis of customer credit worthiness and historical losses. Accounts receivable are written off once the Company determines the account to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers. Contract Balances — Contract assets primarily relate to the Company’s rights to consideration for work completed in relation to its services performed but not billed at the reporting date. Contract liabilities primarily consist of advance payments of performance obligations yet to be fully satisfied in the period reported. Our contract liabilities and contract assets are reported in a net position at the end of each reporting period. We disaggregate our revenue from contracts with customers by major lines of business for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following table disaggregates our revenue by major lines: For the Third Quarter Ended, September 8, 2018 For the First Three Quarters Ended, September 8, 2018 Total Net Sales by Major Lines of Business (thousands) Environmental Services Oil Business Total Environmental Services Oil Business Total Parts cleaning, containerized waste, & related products/services $ 40,767 $ — $ 40,767 $ 121,875 $ — $ 121,875 Vacuum Services & Wastewater Treatment 12,565 — 12,565 36,872 — 36,872 Antifreeze Business 4,531 — 4,531 11,993 — 11,993 Field Services 4,931 — 4,931 13,153 — 13,153 Environmental Services - Other 513 — 513 1,333 — 1,333 Re-refinery Product Sales — 29,357 29,357 — 79,254 79,254 Oil Collection Services & RFO — 5,941 5,941 — 15,054 15,054 Oil Filter Business — 1,025 1,025 — 3,333 3,333 Revenues from Contracts with Customers 63,307 36,323 99,630 185,226 97,641 282,867 Other Revenue — 44 44 — 256 256 Total Revenues $ 63,307 $ 36,367 $ 99,674 $ 185,226 $ 97,897 $ 283,123 The following table provides information about contract assets and contract liabilities from contracts with customers: (thousands) September 8, 2018 December 31, 2017 Contract assets $ 58 $ 59 Contract liabilities 289 327 Contract liabilities - net $ 231 $ 268 During the quarter ended September 8, 2018, the Company recognized zero revenue that was included in the contract liabilities balance as of December 31, 2017. During the first three quarters ended September 8, 2018, the Company recognized $0.3 million of revenue that was included in the contract liabilities balance as of December 31, 2017. The Company has no assets recognized from costs to obtain or fulfill a contract with a customer. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Accounts Receivable
Accounts Receivable | 8 Months Ended |
Sep. 08, 2018 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: (thousands) September 8, December 30, Trade $ 50,000 $ 43,301 Less: allowance for doubtful accounts 1,494 1,881 Trade - net 48,506 41,420 Related parties 1,758 1,906 Other 787 2,165 Total accounts receivable - net $ 51,051 $ 45,491 The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 8, 2018 , and the fiscal year ended December 30, 2017 : For the First Three Quarters Ended, For the Fiscal Year Ended, (thousands) September 8, December 30, Balance at beginning of period $ 1,881 $ 2,176 Provision for bad debts 177 402 Accounts written off, net of recoveries (564 ) (697 ) Balance at end of period $ 1,494 $ 1,881 |
Inventory
Inventory | 8 Months Ended |
Sep. 08, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY The carrying value of inventory consisted of the following: (thousands) September 8, December 30, Used oil and processed oil $ 10,436 $ 5,788 Solvents and solutions 7,534 6,201 Machines 5,244 3,679 Drums and supplies 4,734 4,430 Other 2,154 1,936 Total inventory 30,102 22,034 Less: machine refurbishing reserve 357 395 Total inventory - net $ 29,745 $ 21,639 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 net realizable value, 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 first three quarters of fiscal 2018 or fiscal 2017. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 8 Months Ended |
Sep. 08, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consisted of the following: (thousands) September 8, December 30, Machinery, vehicles, and equipment $ 88,846 $ 85,427 Buildings and storage tanks 69,363 69,009 Land 9,553 9,562 Leasehold improvements 5,664 5,427 Construction in progress 16,689 9,378 Assets held for sale 45 53 Total property, plant and equipment 190,160 178,856 Less: accumulated depreciation 56,407 50,737 Property, plant and equipment - net $ 133,753 $ 128,119 (thousands) September 8, December 30, Equipment at customers $ 71,695 $ 68,234 Less: accumulated depreciation 47,928 44,922 Equipment at customers - net $ 23,767 $ 23,312 Depreciation expense for the third quarters ended September 8, 2018 and September 9, 2017 was $3.1 million and $3.4 million , respectively. Depreciation expense for the first three quarters ended September 8, 2018 and September 9, 2017 was $8.9 million and $10.2 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 8 Months Ended |
Sep. 08, 2018 | |
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. The following table shows changes to our goodwill balances by segment from December 31, 2016, to September 8, 2018: (thousands) Oil Business Environmental Services Total 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 December 30, 2017 Gross carrying amount 3,952 31,580 35,532 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at December 30, 2017 $ — $ 31,580 $ 31,580 Acquisitions — 2,545 2,545 Goodwill at September 8, 2018 Gross carrying amount 3,952 34,125 38,077 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at September 8, 2018 $ — $ 34,125 $ 34,125 The following is a summary of software and other intangible assets: September 8, 2018 December 30, 2017 (thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer & supplier relationships $ 23,694 $ 10,688 $ 13,006 $ 23,077 $ 9,027 $ 14,050 Software 4,753 4,045 708 4,724 3,899 825 Non-compete agreements 2,942 2,862 80 2,949 2,617 332 Patents, formulae, and licenses 1,769 688 1,081 1,769 642 1,127 Other 1,348 1,012 336 1,348 950 398 Total software and intangible assets $ 34,506 $ 19,295 $ 15,211 $ 33,867 $ 17,135 $ 16,732 Amortization expense was $0.7 million for the third quarter ended September 8, 2018 , and $0.8 million for the third quarter ended September 9, 2017 . Amortization expense was $2.2 million for the first three quarters ended September 8, 2018 , and $2.3 million for the first three quarters ended September 9, 2017 . 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 2018 and for fiscal years 2019, 2020, 2021, and 2022 is $0.9 million , $2.8 million , $2.6 million , $2.5 million , and $2.3 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, the finalization of the fair value of intangible assets that have been acquired from business combinations, disposal of intangible assets, accelerated amortization of intangible assets, and other events. |
Accounts Payable
Accounts Payable | 8 Months Ended |
Sep. 08, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable | ACCOUNTS PAYABLE Accounts payable consisted of the following: (thousands) September 8, December 30, Accounts payable $ 31,051 $ 25,540 Accounts payable - related parties 360 28 Total accounts payable $ 31,411 $ 25,568 |
Debt and Financing Arrangements
Debt and Financing Arrangements | 8 Months Ended |
Sep. 08, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS Bank Credit Facility The Company's Credit Agreement as amended ("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 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 Credit Agreement are secured by a security interest in substantially all of the Company's tangible and intangible assets. 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 total leverage ratio 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 thereafter will 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. Debt at September 8, 2018 and December 30, 2017 consisted of the following: (thousands) September 8, 2018 December 30, 2017 Principal amount $ 30,000 $ 30,000 Less: unamortized debt issuance costs 1,047 1,256 Debt less unamortized debt issuance costs $ 28,953 $ 28,744 The Company recorded interest expense of $0.4 million , of which $0.3 million is on our term loan, and $0.1 million which is amortization of debt issuance costs, for the third quarter ended September 8, 2018. The Company recorded interest expense of $0.3 million which was primarily on our term loan for the third quarter ended September 9, 2017. During the first three quarters of fiscal 2018, the Company recorded interest expense of $1.0 million , of which $0.8 million of interest expense is on our term loan, and $0.2 million which is amortization of debt issuance costs. During the first three quarters of fiscal 2017, the Company recorded $1.2 million of interest expense during the first three quarters of fiscal 2017. No interest was capitalized during the first three quarters of fiscal 2018 or 2017. The Company's weighted average interest rate for all debt as of September 8, 2018 , and September 9, 2017 was 3.8% and 3.6% , respectively. As of September 8, 2018 and December 30, 2017 , the Company was in compliance with all covenants under its Credit Agreement. As of September 8, 2018 and December 30, 2017 , the Company had $1.5 million and $0.9 million of standby letters of credit issued, respectively, and $63.5 million and $64.1 million was available for borrowing under the bank credit facility, respectively. We believe that the carrying value of our debt balance at September 8, 2018 approximates fair value. |
Segment Information
Segment Information | 8 Months Ended |
Sep. 08, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has two reportable 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. Both the Environmental Services and Oil Business segment operate in the United States and, to an immaterial degree, in Ontario, Canada. As such, the Company is not disclosing operating results by geographic segment. Segment results for the third quarters ended September 8, 2018 , and September 9, 2017 were as follows: Third Quarter Ended, September 8, 2018 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 55,473 $ 2,581 $ — $ 58,054 Product revenues 7,834 33,786 — 41,620 Total revenues $ 63,307 $ 36,367 $ — $ 99,674 Operating expenses Operating costs 45,460 30,585 — 76,045 Operating depreciation and amortization 1,599 1,410 — 3,009 Profit before corporate selling, general, and administrative expenses $ 16,248 $ 4,372 $ — $ 20,620 Selling, general, and administrative expenses 10,641 10,641 Depreciation and amortization from SG&A 767 767 Total selling, general, and administrative expenses $ 11,408 $ 11,408 Other expense - net 253 253 Operating income 8,959 Interest expense – net 256 256 Income before income taxes $ 8,703 Third Quarter Ended, September 9, 2017 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 49,419 $ 4,629 $ — $ 54,048 Product revenues 5,623 23,660 — 29,283 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 Segment results for the first three quarters ended September 8, 2018 , and September 9, 2017 were as follows: First Three Quarters Ended, September 8, 2018 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 163,428 $ 8,777 $ — $ 172,205 Product revenues 21,798 89,120 — 110,918 Total revenues $ 185,226 $ 97,897 $ — $ 283,123 Operating expenses Operating costs 134,640 86,062 — 220,702 Operating depreciation and amortization 4,590 4,188 — 8,778 Profit before corporate selling, general, and administrative expenses $ 45,996 $ 7,647 $ — $ 53,643 Selling, general, and administrative expenses 33,185 33,185 Depreciation and amortization from SG&A 2,300 2,300 Total selling, general, and administrative expenses $ 35,485 $ 35,485 Other expense - net 983 983 Operating income 17,175 Interest expense – net 742 742 Income before income taxes $ 16,433 First Three Quarters Ended, September 9, 2017 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 146,135 $ 15,936 $ — $ 162,071 Product revenues 17,215 70,880 — 88,095 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 Total assets by segment as of September 8, 2018 , and December 30, 2017 were as follows: (thousands) September 8, 2018 December 30, 2017 Total Assets: Environmental Services $ 141,414 $ 131,457 Oil Business 141,250 129,936 Unallocated Corporate Assets 58,048 53,264 Total $ 340,712 $ 314,657 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. 08, 2018 | |
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 $24.1 million as of September 8, 2018 , and $15.6 million as of December 30, 2017, 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 8, 2018 and December 30, 2017 , the Company had accrued $4.6 million and $4.5 million related to loss contingencies and other contingent liabilities, respectively. |
Income Taxes
Income Taxes | 8 Months Ended |
Sep. 08, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was enacted into law and introduced significant changes to U.S. tax law. The Act reduces the U.S. federal corporate tax rate from 35% to 21% . The new legislation also sets forth a variety of other changes, including a limitation on the tax deductibility of interest expense, the acceleration of business asset expensing, a limitation on the use of net operating losses generated in future years, the repeal of the alternative minimum tax (AMT), and a reduction in the amount of executive pay that could qualify as a tax deduction. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (SAB 118) which addresses income tax accounting implications of the Tax Act. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC 740 Income Taxes in the reporting period in which the Tax Act was enacted. SAB 118 allows for a measurement period to finalize the impacts of the Tax Act, not to extend beyond one year from the date of enactment. As of September 8, 2018 the Company has not finalized its SAB 118 tax reform estimates. The Internal Revenue Service has issued guidance with respect to the one time deemed income inclusion under IRC 965 and the Company has determined there was no income inclusion related to its controlled foreign corporation under IRC 965 for the year ended December 30, 2017. 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 2017. Therefore, the Company recorded a deferred tax liability related to the 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"). The balance on the federal NOL at September 8, 2018 was $12.6 million . There are also state NOLs of varying amounts, dependent on each state’s conformity with bonus depreciation. The remaining deferred tax asset related to the Company's state and federal NOL was a tax effected balance of $3.4 million . The Company's effective tax rate for the third quarter of fiscal 2018 was 26.2% compared to 35.2% in the third quarter of fiscal 2017 . The Company’s effective rate for the first three quarters of fiscal 2018 was 24.3% compared to 36.1% in the first three quarters of fiscal 2017. The rate difference is principally attributable to the decrease in the federal corporate tax rate. 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 $2.5 million for uncertain tax positions as of September 8, 2018 and December 30, 2017 . 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. 08, 2018 | |
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 2,602,077 plus any common stock that becomes available for issuance pursuant to the reusage provision of the Plan. As of September 8, 2018 , the number of shares available for issuance under the Plan was 181,723 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 30, 2017 19,435 $ 7.33 1.23 $ 280 Exercised (14,048 ) 7.33 — — Options outstanding at September 8, 2018 5,387 $ 7.33 0.54 $ 81 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. Pursuant to the Heritage-Crystal Clean, Inc. Omnibus Incentive Plan of 2008, on April 13, 2018, the Company granted 350,000 shares of restricted stock to certain members of Management as part of a Special Incentive Program. The number of shares granted may be increased up to 612,500 shares depending on the Company’s level of performance with regard to certain market conditions. Up to 612,500 shares will vest on April 13, 2022, depending on the satisfaction of certain service and market conditions. The following table shows a summary of restricted share grants and expense resulting from the awards: Compensation Expense (thousands, except share amounts) First Three Quarters Ended, Unrecognized Expense as of, Recipient of Grant Grant Date Restricted Shares September 8, 2018 September 9, 2017 September 8, 2018 December 30, 2017 Members of Management January, 2016 43,208 $ 67 $ 72 $ 30 $ 101 Members of Management February, 2017 146,564 318 307 507 841 Chief Executive Officer February, 2017 500,000 921 737 1,502 2,423 Board of Directors April, 2017 14,980 — 168 — — Members of Management February, 2018 116,958 374 601 1,359 1,770 Special Incentive Grant April, 2018 350,000 817 — 7,251 — Board of Directors May, 2018 13,800 197 — 88 — 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 2018, the Company recorded approximately $0.9 million of compensation expense, which includes $ 0.2 million of expense from the recognition of an accelerated vesting, related to this award. In the future, the Company expects to recognize compensation expense of approximately $1.5 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 Shares to Be Vested 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 average closing price of the Company's common stock increases by the marginal levels set forth in the above vesting table for any consecutive 180 day 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. On March 14, 2018, the average closing price of the Company's common stock met the 25% marginal level and Mr. Recatto became fully vested in half of the 125,000 vested shares. The following table summarizes the restricted stock activity for the first three quarters ended September 8, 2018 : Restricted Stock (Nonvested Shares) Number of Shares Weighted Average Grant-Date Fair Value Per Share Nonvested shares outstanding at December 30, 2017 685,999 $ 14.52 Granted 480,755 21.81 Vested (149,710 ) 14.57 Forfeited (3,181 ) 17.75 Nonvested shares outstanding at September 8, 2018 1,013,863 $ 18.20 Employee Stock Purchase Plan As of September 8, 2018 , the Company had reserved 134,856 shares of common stock available for purchase under the Employee Stock Purchase Plan of 2008 . In the first three quarters of fiscal 2018 , employees purchased 15,170 shares of the Company’s common stock with a weighted average fair market value of $21.61 per share. |
Earnings Per Share
Earnings Per Share | 8 Months Ended |
Sep. 08, 2018 | |
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 2018 and 2017 , 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, except share amounts) September 8, 2018 September 9, 2017 September 8, 2018 September 9, 2017 Net income $ 6,419 $ 4,757 $ 12,437 $ 16,560 Less: income attributable to noncontrolling interest 74 53 213 158 Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders $ 6,345 $ 4,704 $ 12,224 $ 16,402 Weighted average basic shares outstanding 23,048 22,686 23,013 22,515 Dilutive shares for share–based compensation plans 356 284 286 298 Weighted average diluted shares outstanding 23,404 22,970 23,299 22,813 Net income per share: basic $ 0.28 $ 0.21 $ 0.53 $ 0.73 Net income per share: diluted $ 0.27 $ 0.20 $ 0.52 $ 0.72 |
Other Expense (Income) - Net
Other Expense (Income) - Net | 8 Months Ended |
Sep. 08, 2018 | |
Other Income and Expenses [Abstract] | |
Other Expense (Income) - Net | OTHER EXPENSE (INCOME) - NET Other expense of $1.0 million for the first three quarters of fiscal 2018 primarily consists of $0.7 million of site closure costs. Other (income) of $11.1 million 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 partial award for an arbitration claim and a gain of $3.6 million received during the third 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 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 8 Months Ended |
Sep. 08, 2018 | |
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 30, 2017 . 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 | Recently Issued Accounting Pronouncements Standard Issuance Date Description Our Effective Date Effect on the Financial Statements 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. December 30, 2018 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. To date, certain personnel have attended technical training concerning this new lease accounting standard. The Company has engaged a third party to assist in implementing the standard and to provide a software solution to aid in accounting for leases. Contract review and software configuration are currently underway in preparation for our adoption of the requirements of Topic 842. The Company is also continuing to evaluate transition considerations such as whether to elect practical expedients, use of hindsight, and comparative reporting periods. Recently Issued Accounting Standards Adopted Standard Issuance Date Description 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 On December 31, 2017, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method. We recognized the cumulative effect as an adjustment to our opening balance of retained earnings. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Recently Issued Accounting Pronouncements | Effective December 31, 2017, we adopted the requirements of Topic 606. The cumulative effects of the changes made to our statement of income and balance sheet were as follows: For the Third Quarter Ended, September 8, 2018 For the First Three Quarters Ended, September 8, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change (thousands) Higher/(Lower) Higher/(Lower) Statement of Income Service revenues $ 58,054 $ 58,077 $ (23 ) $ 172,205 $ 172,168 $ 37 Total revenues 99,674 99,697 (23 ) 283,123 283,086 37 Operating income 8,959 8,982 (23 ) 17,175 17,138 37 Income before income taxes 8,703 8,726 (23 ) 16,433 16,396 37 Provision for income taxes 2,284 2,290 (6 ) 3,996 3,987 9 Net income 6,419 6,436 (17 ) 12,437 12,409 28 Net income attributable to Heritage-Crystal Clean, Inc. common stockholders $ 6,345 $ 6,362 $ (17 ) $ 12,224 $ 12,196 $ 28 September 8, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change (thousands) Higher/(Lower) Balance Sheet Contract liabilities - net $ 231 $ — $ 231 Total Current Liabilities 48,027 47,796 231 Deferred income taxes 13,554 13,545 9 Total Liabilities 90,534 90,294 240 Retained earnings 53,315 53,555 (240 ) Total Heritage-Crystal Clean, Inc. Stockholders' Equity 249,628 249,868 (240 ) Total Equity $ 250,178 $ 250,418 $ (240 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Business Combinations [Abstract] | |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of the assets acquired, net of cash acquired, related to each acquisition: As of September 8, 2018 (thousands) PPI HTSC Accounts receivable $ 909 $ 48 Inventory 259 3 Property, plant, & equipment 1,969 47 Equipment at customers — 104 Intangible assets 528 100 Goodwill 2,172 377 Total purchase price, net of cash acquired $ 5,837 $ 679 Less: working Capital adjustment (62 ) (2 ) Less: deferred consideration — 225 Less: contingent consideration 1,450 100 Net cash paid $ 4,449 $ 356 |
Revenue (Tables)
Revenue (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Major Lines | The following table disaggregates our revenue by major lines: For the Third Quarter Ended, September 8, 2018 For the First Three Quarters Ended, September 8, 2018 Total Net Sales by Major Lines of Business (thousands) Environmental Services Oil Business Total Environmental Services Oil Business Total Parts cleaning, containerized waste, & related products/services $ 40,767 $ — $ 40,767 $ 121,875 $ — $ 121,875 Vacuum Services & Wastewater Treatment 12,565 — 12,565 36,872 — 36,872 Antifreeze Business 4,531 — 4,531 11,993 — 11,993 Field Services 4,931 — 4,931 13,153 — 13,153 Environmental Services - Other 513 — 513 1,333 — 1,333 Re-refinery Product Sales — 29,357 29,357 — 79,254 79,254 Oil Collection Services & RFO — 5,941 5,941 — 15,054 15,054 Oil Filter Business — 1,025 1,025 — 3,333 3,333 Revenues from Contracts with Customers 63,307 36,323 99,630 185,226 97,641 282,867 Other Revenue — 44 44 — 256 256 Total Revenues $ 63,307 $ 36,367 $ 99,674 $ 185,226 $ 97,897 $ 283,123 |
Contract Assets and Contract Liabilities from Contracts with Customers | The following table provides information about contract assets and contract liabilities from contracts with customers: (thousands) September 8, 2018 December 31, 2017 Contract assets $ 58 $ 59 Contract liabilities 289 327 Contract liabilities - net $ 231 $ 268 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable consisted of the following: (thousands) September 8, December 30, Trade $ 50,000 $ 43,301 Less: allowance for doubtful accounts 1,494 1,881 Trade - net 48,506 41,420 Related parties 1,758 1,906 Other 787 2,165 Total accounts receivable - net $ 51,051 $ 45,491 The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 8, 2018 , and the fiscal year ended December 30, 2017 : For the First Three Quarters Ended, For the Fiscal Year Ended, (thousands) September 8, December 30, Balance at beginning of period $ 1,881 $ 2,176 Provision for bad debts 177 402 Accounts written off, net of recoveries (564 ) (697 ) Balance at end of period $ 1,494 $ 1,881 |
Inventory (Tables)
Inventory (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The carrying value of inventory consisted of the following: (thousands) September 8, December 30, Used oil and processed oil $ 10,436 $ 5,788 Solvents and solutions 7,534 6,201 Machines 5,244 3,679 Drums and supplies 4,734 4,430 Other 2,154 1,936 Total inventory 30,102 22,034 Less: machine refurbishing reserve 357 395 Total inventory - net $ 29,745 $ 21,639 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following: (thousands) September 8, December 30, Machinery, vehicles, and equipment $ 88,846 $ 85,427 Buildings and storage tanks 69,363 69,009 Land 9,553 9,562 Leasehold improvements 5,664 5,427 Construction in progress 16,689 9,378 Assets held for sale 45 53 Total property, plant and equipment 190,160 178,856 Less: accumulated depreciation 56,407 50,737 Property, plant and equipment - net $ 133,753 $ 128,119 (thousands) September 8, December 30, Equipment at customers $ 71,695 $ 68,234 Less: accumulated depreciation 47,928 44,922 Equipment at customers - net $ 23,767 $ 23,312 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
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 8, 2018: (thousands) Oil Business Environmental Services Total 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 December 30, 2017 Gross carrying amount 3,952 31,580 35,532 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at December 30, 2017 $ — $ 31,580 $ 31,580 Acquisitions — 2,545 2,545 Goodwill at September 8, 2018 Gross carrying amount 3,952 34,125 38,077 Accumulated impairment loss (3,952 ) — (3,952 ) Net book value at September 8, 2018 $ — $ 34,125 $ 34,125 |
Schedule of Intangible Assets | The following is a summary of software and other intangible assets: September 8, 2018 December 30, 2017 (thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer & supplier relationships $ 23,694 $ 10,688 $ 13,006 $ 23,077 $ 9,027 $ 14,050 Software 4,753 4,045 708 4,724 3,899 825 Non-compete agreements 2,942 2,862 80 2,949 2,617 332 Patents, formulae, and licenses 1,769 688 1,081 1,769 642 1,127 Other 1,348 1,012 336 1,348 950 398 Total software and intangible assets $ 34,506 $ 19,295 $ 15,211 $ 33,867 $ 17,135 $ 16,732 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | Accounts payable consisted of the following: (thousands) September 8, December 30, Accounts payable $ 31,051 $ 25,540 Accounts payable - related parties 360 28 Total accounts payable $ 31,411 $ 25,568 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at September 8, 2018 and December 30, 2017 consisted of the following: (thousands) September 8, 2018 December 30, 2017 Principal amount $ 30,000 $ 30,000 Less: unamortized debt issuance costs 1,047 1,256 Debt less unamortized debt issuance costs $ 28,953 $ 28,744 |
Segment Information (Tables)
Segment Information (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment results for the third quarters ended September 8, 2018 , and September 9, 2017 were as follows: Third Quarter Ended, September 8, 2018 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 55,473 $ 2,581 $ — $ 58,054 Product revenues 7,834 33,786 — 41,620 Total revenues $ 63,307 $ 36,367 $ — $ 99,674 Operating expenses Operating costs 45,460 30,585 — 76,045 Operating depreciation and amortization 1,599 1,410 — 3,009 Profit before corporate selling, general, and administrative expenses $ 16,248 $ 4,372 $ — $ 20,620 Selling, general, and administrative expenses 10,641 10,641 Depreciation and amortization from SG&A 767 767 Total selling, general, and administrative expenses $ 11,408 $ 11,408 Other expense - net 253 253 Operating income 8,959 Interest expense – net 256 256 Income before income taxes $ 8,703 Third Quarter Ended, September 9, 2017 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 49,419 $ 4,629 $ — $ 54,048 Product revenues 5,623 23,660 — 29,283 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 Segment results for the first three quarters ended September 8, 2018 , and September 9, 2017 were as follows: First Three Quarters Ended, September 8, 2018 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 163,428 $ 8,777 $ — $ 172,205 Product revenues 21,798 89,120 — 110,918 Total revenues $ 185,226 $ 97,897 $ — $ 283,123 Operating expenses Operating costs 134,640 86,062 — 220,702 Operating depreciation and amortization 4,590 4,188 — 8,778 Profit before corporate selling, general, and administrative expenses $ 45,996 $ 7,647 $ — $ 53,643 Selling, general, and administrative expenses 33,185 33,185 Depreciation and amortization from SG&A 2,300 2,300 Total selling, general, and administrative expenses $ 35,485 $ 35,485 Other expense - net 983 983 Operating income 17,175 Interest expense – net 742 742 Income before income taxes $ 16,433 First Three Quarters Ended, September 9, 2017 (thousands) Environmental Services Oil Business Corporate and Consolidated Revenues Service revenues $ 146,135 $ 15,936 $ — $ 162,071 Product revenues 17,215 70,880 — 88,095 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 |
Reconciliation of Assets from Segment to Consolidated | Total assets by segment as of September 8, 2018 , and December 30, 2017 were as follows: (thousands) September 8, 2018 December 30, 2017 Total Assets: Environmental Services $ 141,414 $ 131,457 Oil Business 141,250 129,936 Unallocated Corporate Assets 58,048 53,264 Total $ 340,712 $ 314,657 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 8 Months Ended |
Sep. 08, 2018 | |
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 30, 2017 19,435 $ 7.33 1.23 $ 280 Exercised (14,048 ) 7.33 — — Options outstanding at September 8, 2018 5,387 $ 7.33 0.54 $ 81 |
Schedule of Restricted Stock Unit Activity | The following table shows a summary of restricted share grants and expense resulting from the awards: Compensation Expense (thousands, except share amounts) First Three Quarters Ended, Unrecognized Expense as of, Recipient of Grant Grant Date Restricted Shares September 8, 2018 September 9, 2017 September 8, 2018 December 30, 2017 Members of Management January, 2016 43,208 $ 67 $ 72 $ 30 $ 101 Members of Management February, 2017 146,564 318 307 507 841 Chief Executive Officer February, 2017 500,000 921 737 1,502 2,423 Board of Directors April, 2017 14,980 — 168 — — Members of Management February, 2018 116,958 374 601 1,359 1,770 Special Incentive Grant April, 2018 350,000 817 — 7,251 — Board of Directors May, 2018 13,800 197 — 88 — The following table summarizes the restricted stock activity for the first three quarters ended September 8, 2018 : Restricted Stock (Nonvested Shares) Number of Shares Weighted Average Grant-Date Fair Value Per Share Nonvested shares outstanding at December 30, 2017 685,999 $ 14.52 Granted 480,755 21.81 Vested (149,710 ) 14.57 Forfeited (3,181 ) 17.75 Nonvested shares outstanding at September 8, 2018 1,013,863 $ 18.20 |
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 Shares to Be Vested 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. 08, 2018 | |
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 2018 and 2017 , 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, except share amounts) September 8, 2018 September 9, 2017 September 8, 2018 September 9, 2017 Net income $ 6,419 $ 4,757 $ 12,437 $ 16,560 Less: income attributable to noncontrolling interest 74 53 213 158 Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders $ 6,345 $ 4,704 $ 12,224 $ 16,402 Weighted average basic shares outstanding 23,048 22,686 23,013 22,515 Dilutive shares for share–based compensation plans 356 284 286 298 Weighted average diluted shares outstanding 23,404 22,970 23,299 22,813 Net income per share: basic $ 0.28 $ 0.21 $ 0.53 $ 0.73 Net income per share: diluted $ 0.27 $ 0.20 $ 0.52 $ 0.72 |
Organization and Nature of Op_2
Organization and Nature of Operations (Details) | 8 Months Ended |
Sep. 08, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cumulative Effect of the Changes for Topic 606 Adoption (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Statement of Income | |||||
Service revenues | $ 99,630 | $ 282,867 | |||
Total revenues | 99,674 | $ 83,331 | 283,123 | $ 250,166 | |
Operating income | 8,959 | 7,619 | 17,175 | 26,696 | |
Income before income taxes | 8,703 | 7,343 | 16,433 | 25,921 | |
Provision for income taxes | 2,284 | 2,586 | 3,996 | 9,361 | |
Net income | 6,419 | 4,757 | 12,437 | 16,560 | |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | 6,345 | 4,704 | 12,224 | 16,402 | |
Balance Sheet | |||||
Contract liabilities - net | 231 | 231 | $ 0 | ||
Total Current Liabilities | 48,027 | 48,027 | 40,431 | ||
Deferred income taxes | 13,554 | 13,554 | 9,556 | ||
Total Liabilities | 90,534 | 90,534 | 78,731 | ||
Retained earnings | 53,315 | 53,315 | 41,359 | ||
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 249,628 | 249,628 | 235,228 | ||
Total Equity | 250,178 | 250,178 | $ 235,926 | ||
Service revenues | |||||
Statement of Income | |||||
Service revenues | 58,054 | 172,205 | |||
Total revenues | 58,054 | $ 54,048 | 172,205 | $ 162,071 | |
Balances Without Adoption of Topic 606 | |||||
Statement of Income | |||||
Total revenues | 99,697 | 283,086 | |||
Operating income | 8,982 | 17,138 | |||
Income before income taxes | 8,726 | 16,396 | |||
Provision for income taxes | 2,290 | 3,987 | |||
Net income | 6,436 | 12,409 | |||
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | 6,362 | 12,196 | |||
Balance Sheet | |||||
Contract liabilities - net | 0 | 0 | |||
Total Current Liabilities | 47,796 | 47,796 | |||
Deferred income taxes | 13,545 | 13,545 | |||
Total Liabilities | 90,294 | 90,294 | |||
Retained earnings | 53,555 | 53,555 | |||
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 249,868 | 249,868 | |||
Total Equity | 250,418 | 250,418 | |||
Balances Without Adoption of Topic 606 | Service revenues | |||||
Statement of Income | |||||
Service revenues | 58,077 | 172,168 | |||
ASU 2014-09 | Effect of Change Higher/(Lower) | |||||
Statement of Income | |||||
Total revenues | (23) | 37 | |||
Operating income | (23) | 37 | |||
Income before income taxes | (23) | 37 | |||
Provision for income taxes | (6) | 9 | |||
Net income | (17) | 28 | |||
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | (17) | 28 | |||
Balance Sheet | |||||
Contract liabilities - net | 231 | 231 | |||
Total Current Liabilities | 231 | 231 | |||
Deferred income taxes | 9 | 9 | |||
Total Liabilities | 240 | 240 | |||
Retained earnings | (240) | (240) | |||
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | (240) | (240) | |||
Total Equity | (240) | (240) | |||
ASU 2014-09 | Effect of Change Higher/(Lower) | Service revenues | |||||
Statement of Income | |||||
Service revenues | $ (23) | $ 37 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Millions | Jun. 11, 2018 | May 03, 2018 |
PPI | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 5.9 | |
HTSC | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 0.7 |
Business Combinations - Assets
Business Combinations - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 34,125 | $ 31,580 | $ 31,483 | |
Net cash paid | 4,805 | $ 0 | ||
PPI | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 909 | |||
Inventory | 259 | |||
Property, plant, & equipment | 1,969 | |||
Equipment at customers | 0 | |||
Intangible assets | 528 | |||
Goodwill | 2,172 | |||
Total purchase price, net of cash acquired | 5,837 | |||
Less: working Capital adjustment | (62) | |||
Less: deferred consideration | 0 | |||
Less: contingent consideration | 1,450 | |||
Net cash paid | 4,449 | |||
HTSC | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 48 | |||
Inventory | 3 | |||
Property, plant, & equipment | 47 | |||
Equipment at customers | 104 | |||
Intangible assets | 100 | |||
Goodwill | 377 | |||
Total purchase price, net of cash acquired | 679 | |||
Less: working Capital adjustment | (2) | |||
Less: deferred consideration | 225 | |||
Less: contingent consideration | 100 | |||
Net cash paid | $ 356 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Major Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | |
Revenue from Contract with Customer [Abstract] | ||||
Payment term | 30 days | |||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 99,630 | $ 282,867 | ||
Other Revenue | 44 | 256 | ||
Total revenues | 99,674 | $ 83,331 | 283,123 | $ 250,166 |
Parts cleaning, containerized waste, & related products/services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 40,767 | 121,875 | ||
Vacuum Services & Wastewater Treatment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,565 | 36,872 | ||
Antifreeze Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,531 | 11,993 | ||
Field Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,931 | 13,153 | ||
Environmental Services - Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 513 | 1,333 | ||
Re-refinery Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 29,357 | 79,254 | ||
Oil Collection Services & RFO | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,941 | 15,054 | ||
Oil Filter Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,025 | 3,333 | ||
Environmental Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 63,307 | 185,226 | ||
Other Revenue | 0 | 0 | ||
Total revenues | 63,307 | 185,226 | ||
Environmental Services | Parts cleaning, containerized waste, & related products/services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 40,767 | 121,875 | ||
Environmental Services | Vacuum Services & Wastewater Treatment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,565 | 36,872 | ||
Environmental Services | Antifreeze Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,531 | 11,993 | ||
Environmental Services | Field Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,931 | 13,153 | ||
Environmental Services | Environmental Services - Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 513 | 1,333 | ||
Environmental Services | Re-refinery Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Environmental Services | Oil Collection Services & RFO | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Environmental Services | Oil Filter Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 36,323 | 97,641 | ||
Other Revenue | 44 | 256 | ||
Total revenues | 36,367 | 97,897 | ||
Oil Business | Parts cleaning, containerized waste, & related products/services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | Vacuum Services & Wastewater Treatment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | Antifreeze Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | Field Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | Environmental Services - Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Oil Business | Re-refinery Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 29,357 | 79,254 | ||
Oil Business | Oil Collection Services & RFO | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,941 | 15,054 | ||
Oil Business | Oil Filter Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,025 | $ 3,333 |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 8 Months Ended | |
Sep. 08, 2018 | Sep. 08, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 58,000 | $ 58,000 | $ 59,000 |
Contract liabilities | 289,000 | 289,000 | 327,000 |
Contract liabilities - net | 231,000 | 231,000 | $ 268,000 |
Revenue recognized previously included in contract liabilities | $ 0 | $ 300,000 |
Accounts Receivable - Component
Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable, Net [Abstract] | |||
Trade | $ 50,000 | $ 43,301 | |
Less: allowance for doubtful accounts | 1,494 | 1,881 | $ 2,176 |
Trade - net | 48,506 | 41,420 | |
Related parties | 1,758 | 1,906 | |
Other | 787 | 2,165 | |
Total accounts receivable - net | $ 51,051 | $ 45,491 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $ 1,881 | $ 2,176 | $ 2,176 |
Provision for bad debts | 177 | $ 105 | 402 |
Accounts written off, net of recoveries | (564) | (697) | |
Balance at end of period | $ 1,494 | $ 1,881 |
Inventory (Details)
Inventory (Details) - USD ($) | 8 Months Ended | ||
Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Inventory Disclosure [Abstract] | |||
Used oil and processed oil | $ 10,436,000 | $ 5,788,000 | |
Solvents and solutions | 7,534,000 | 6,201,000 | |
Machines | 5,244,000 | 3,679,000 | |
Drums and supplies | 4,734,000 | 4,430,000 | |
Other | 2,154,000 | 1,936,000 | |
Total inventory | 30,102,000 | 22,034,000 | |
Less: machine refurbishing reserve | 357,000 | 395,000 | |
Total inventory - net | 29,745,000 | $ 21,639,000 | |
Inventory write-down | $ 0 | $ 0 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |||||
Machinery, vehicles, and equipment | $ 88,846 | $ 88,846 | $ 85,427 | ||
Buildings and storage tanks | 69,363 | 69,363 | 69,009 | ||
Land | 9,553 | 9,553 | 9,562 | ||
Leasehold improvements | 5,664 | 5,664 | 5,427 | ||
Construction in progress | 16,689 | 16,689 | 9,378 | ||
Assets held for sale | 45 | 45 | 53 | ||
Total property, plant and equipment | 190,160 | 190,160 | 178,856 | ||
Less: accumulated depreciation | 56,407 | 56,407 | 50,737 | ||
Property, plant and equipment - net | 133,753 | 133,753 | 128,119 | ||
Equipment at customers | 71,695 | 71,695 | 68,234 | ||
Less: accumulated depreciation | 47,928 | 47,928 | 44,922 | ||
Equipment at customers - net | 23,767 | 23,767 | $ 23,312 | ||
Depreciation expense | $ 3,100 | $ 3,400 | $ 8,900 | $ 10,200 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 08, 2018USD ($)reporting_unit | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of reporting units | reporting_unit | 2 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 38,077 | $ 35,532 | $ 35,435 |
Accumulated impairment loss | (3,952) | (3,952) | (3,952) |
Goodwill [Roll Forward] | |||
Net book value, beginning balance | 31,580 | 31,483 | |
Measurement period adjustments | 2,545 | 97 | |
Net book value, ending balance | 34,125 | 31,580 | |
Oil Business | |||
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 | |
Measurement period adjustments | 0 | 0 | |
Net book value, ending balance | 0 | 0 | |
Environmental Services | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 34,125 | 31,580 | 31,483 |
Accumulated impairment loss | 0 | 0 | $ 0 |
Goodwill [Roll Forward] | |||
Net book value, beginning balance | 31,580 | 31,483 | |
Measurement period adjustments | 2,545 | 97 | |
Net book value, ending balance | $ 34,125 | $ 31,580 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 34,506 | $ 34,506 | $ 33,867 | ||
Accumulated Amortization | 19,295 | 19,295 | 17,135 | ||
Net Carrying Amount | 15,211 | 15,211 | 16,732 | ||
Amortization of intangible assets | 700 | $ 800 | 2,200 | $ 2,300 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||
2,018 | 900 | 900 | |||
2,019 | 2,800 | 2,800 | |||
2,020 | 2,600 | 2,600 | |||
2,021 | 2,500 | 2,500 | |||
2,022 | 2,300 | 2,300 | |||
Customer & supplier relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 23,694 | 23,694 | 23,077 | ||
Accumulated Amortization | 10,688 | 10,688 | 9,027 | ||
Net Carrying Amount | 13,006 | $ 13,006 | 14,050 | ||
Useful life | 10 years | ||||
Software | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 4,753 | $ 4,753 | 4,724 | ||
Accumulated Amortization | 4,045 | 4,045 | 3,899 | ||
Net Carrying Amount | 708 | $ 708 | 825 | ||
Useful life | 9 years | ||||
Non-compete agreements | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 2,942 | $ 2,942 | 2,949 | ||
Accumulated Amortization | 2,862 | 2,862 | 2,617 | ||
Net Carrying Amount | 80 | $ 80 | 332 | ||
Useful life | 5 years | ||||
Patents, formulae, and licenses | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,769 | $ 1,769 | 1,769 | ||
Accumulated Amortization | 688 | 688 | 642 | ||
Net Carrying Amount | 1,081 | $ 1,081 | 1,127 | ||
Useful life | 15 years | ||||
Other | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,348 | $ 1,348 | 1,348 | ||
Accumulated Amortization | 1,012 | 1,012 | 950 | ||
Net Carrying Amount | $ 336 | $ 336 | $ 398 | ||
Useful life | 6 years |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 30, 2017 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 31,051 | $ 25,540 |
Accounts payable - related parties | 360 | 28 |
Total accounts payable | $ 31,411 | $ 25,568 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Narrative (Details) - USD ($) | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Debt Instrument [Line Items] | |||||
Interest costs incurred | $ 400,000 | $ 1,000,000 | |||
Amortization of debt issuance costs | 100,000 | $ 200,000 | |||
Interest costs capitalized | $ 0 | ||||
Weighted average interest rate | 3.80% | 3.60% | 3.80% | 3.60% | |
Letters of credit outstanding | $ 1,500,000 | $ 1,500,000 | $ 900,000 | ||
Current borrowing capacity | 63,500,000 | 63,500,000 | $ 64,100,000 | ||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Interest costs incurred | 300,000 | $ 300,000 | $ 800,000 | $ 1,200,000 | |
Credit Agreement | |||||
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% | ||||
Credit Agreement | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 95,000,000 | $ 95,000,000 | |||
Credit Agreement | Bank Credit Facility | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Credit Agreement | Bank Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Credit Agreement | Bank Credit Facility | LIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Credit Agreement | Bank Credit Facility | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.75% | ||||
Credit Agreement | Bank Credit Facility | Bank of America's Prime Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
Credit Agreement | Bank Credit Facility | Bank of America's Prime Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Credit Agreement | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 30,000,000 | $ 30,000,000 | |||
Credit Agreement | Revolving Loan Portion | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 65,000,000 | $ 65,000,000 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 30, 2017 |
Debt Disclosure [Abstract] | ||
Principal amount | $ 30,000 | $ 30,000 |
Less: unamortized debt issuance costs | 1,047 | 1,256 |
Debt less unamortized debt issuance costs | $ 28,953 | $ 28,744 |
Segment Information - Operating
Segment Information - Operating Segment Results (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 08, 2018USD ($) | Sep. 09, 2017USD ($) | Sep. 08, 2018USD ($)segment | Sep. 09, 2017USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Revenues | ||||
Revenues | $ 99,674 | $ 83,331 | $ 283,123 | $ 250,166 |
Operating expenses | ||||
Operating costs | 76,045 | 63,649 | 220,702 | 188,210 |
Operating depreciation and amortization | 3,009 | 3,349 | 8,778 | 9,965 |
Profit before corporate selling, general, and administrative expenses | 20,620 | 16,333 | 53,643 | 51,991 |
Selling, general, and administrative expenses | 10,641 | 10,955 | 33,185 | 33,871 |
Depreciation and amortization from SG&A | 767 | 837 | 2,300 | 2,536 |
Total selling, general, and administrative expenses | 11,408 | 11,792 | 35,485 | 36,407 |
Other expense (income) - net | 253 | (3,078) | 983 | (11,112) |
Operating income | 8,959 | 7,619 | 17,175 | 26,696 |
Interest expense – net | 256 | 276 | 742 | 775 |
Income before income taxes | 8,703 | 7,343 | 16,433 | 25,921 |
Corporate and Eliminations | ||||
Revenues | ||||
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 | 10,641 | 10,955 | 33,185 | 33,871 |
Depreciation and amortization from SG&A | 767 | 837 | 2,300 | 2,536 |
Total selling, general, and administrative expenses | 11,408 | 11,792 | 35,485 | 36,407 |
Other expense (income) - net | 253 | (3,078) | 983 | (11,112) |
Interest expense – net | 256 | 276 | 742 | 775 |
Environmental Services | ||||
Revenues | ||||
Revenues | 63,307 | 185,226 | ||
Environmental Services | Segments | ||||
Revenues | ||||
Revenues | 63,307 | 55,042 | 185,226 | 163,350 |
Operating expenses | ||||
Operating costs | 45,460 | 38,298 | 134,640 | 111,419 |
Operating depreciation and amortization | 1,599 | 1,794 | 4,590 | 5,341 |
Profit before corporate selling, general, and administrative expenses | 16,248 | 14,950 | 45,996 | 46,590 |
Oil Business | ||||
Revenues | ||||
Revenues | 36,367 | 97,897 | ||
Oil Business | Segments | ||||
Revenues | ||||
Revenues | 36,367 | 28,289 | 97,897 | 86,816 |
Operating expenses | ||||
Operating costs | 30,585 | 25,351 | 86,062 | 76,791 |
Operating depreciation and amortization | 1,410 | 1,555 | 4,188 | 4,624 |
Profit before corporate selling, general, and administrative expenses | 4,372 | 1,383 | 7,647 | 5,401 |
Service revenues | ||||
Revenues | ||||
Revenues | 58,054 | 54,048 | 172,205 | 162,071 |
Service revenues | Corporate and Eliminations | ||||
Revenues | ||||
Revenues | 0 | 0 | 0 | 0 |
Service revenues | Environmental Services | Segments | ||||
Revenues | ||||
Revenues | 55,473 | 49,419 | 163,428 | 146,135 |
Service revenues | Oil Business | Segments | ||||
Revenues | ||||
Revenues | 2,581 | 4,629 | 8,777 | 15,936 |
Product revenues | ||||
Revenues | ||||
Revenues | 41,620 | 29,283 | 110,918 | 88,095 |
Product revenues | Corporate and Eliminations | ||||
Revenues | ||||
Revenues | 0 | 0 | 0 | 0 |
Product revenues | Environmental Services | Segments | ||||
Revenues | ||||
Revenues | 7,834 | 5,623 | 21,798 | 17,215 |
Product revenues | Oil Business | Segments | ||||
Revenues | ||||
Revenues | $ 33,786 | $ 23,660 | $ 89,120 | $ 70,880 |
Segment Information - Assets by
Segment Information - Assets by Segment (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 30, 2017 |
Segment Reporting Information [Line Items] | ||
Assets | $ 340,712 | $ 314,657 |
Segments | Environmental Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 141,414 | 131,457 |
Segments | Oil Business | ||
Segment Reporting Information [Line Items] | ||
Assets | 141,250 | 129,936 |
Unallocated Corporate Assets | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 58,048 | $ 53,264 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 08, 2018 | Dec. 30, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining amount committed | $ 24.1 | $ 15.6 |
Loss contingency accrual | $ 4.6 | $ 4.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Net operating loss | $ 12.6 | $ 12.6 | |||
Deferred tax asset, state and federal NOL | $ 3.4 | $ 3.4 | |||
Effective tax rate | 26.20% | 35.20% | 24.30% | 36.10% | |
Reserve balance | $ 2.5 | $ 2.5 | $ 2.5 |
Share-based Compensation - Stoc
Share-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 12 Months Ended |
Sep. 08, 2018 | Dec. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares authorized | 2,602,077 | |
Number of shares available for grant | 181,723 | |
Number of Options Outstanding | ||
Options outstanding at Beginning of Period (in shares) | 19,435 | |
Exercised (in shares) | (14,048) | |
Options outstanding at End of Period (in shares) | 5,387 | 19,435 |
Weighted Average Exercise Price | ||
Options outstanding at Beginning of Period (in dollars per share) | $ 7.33 | |
Exercised (in dollars per share) | 7.33 | |
Options outstanding at End of Period (in dollars per share) | $ 7.33 | $ 7.33 |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value as of Date Listed | ||
Weighted average remaining contractual term (in years) | 6 months 15 days | 1 year 2 months 23 days |
Aggregate intrinsic value as of date listed | $ 81 | $ 280 |
Share-based Compensation - Rest
Share-based Compensation - Restricted Stock Compensation/Awards (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 13, 2018 | Mar. 14, 2018 | Feb. 28, 2017 | Sep. 08, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 181,723 | |||
Vested (in shares) | 149,710 | |||
Mr. Recatto | ||||
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 | Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 1 year | |||
Restricted stock | Members of Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Restricted stock | Members of Management | Omnibus Incentive Plan of 2008 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period (in shares) | 350,000 | |||
Number of shares available for grant | 612,500 | |||
Restricted stock | Members of Management | Omnibus Incentive Plan of 2008 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares expected to vested | 612,500 | |||
Restricted stock | Mr. Recatto | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 | |||
Compensation Expense | $ 0.9 | |||
Accelerated vesting compensation expense | 0.2 | |||
Unrecognized compensation expense | $ 1.5 | |||
Risk-free rate | 1.70% | |||
Expected dividend yield | 0.00% | |||
Expected volatility rate | 41.73% | |||
Restricted stock | Mr. Recatto | Less than $5 per share increase | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 180 days | |||
Vesting percentage | 0.00% | 50.00% | ||
Restricted stock | Mr. Recatto | $5 per share increase | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | 25.00% | ||
Vested (in shares) | 125,000 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Restricted Stock Unit Activity (Details) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | |||||||
May 31, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Apr. 30, 2017 | Feb. 28, 2017 | Jan. 31, 2016 | Sep. 08, 2018 | Sep. 09, 2017 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 480,755 | ||||||||
Restricted stock | April, 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 350,000 | ||||||||
Compensation Expense | $ 817 | $ 0 | |||||||
Unrecognized compensation expense | 7,251 | $ 0 | |||||||
Restricted stock | Members of Management | January, 2016 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 43,208 | ||||||||
Compensation Expense | 67 | 72 | |||||||
Unrecognized compensation expense | 30 | 101 | |||||||
Restricted stock | Members of Management | February, 2017 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 146,564 | ||||||||
Compensation Expense | 318 | 307 | |||||||
Unrecognized compensation expense | 507 | 841 | |||||||
Restricted stock | Members of Management | February, 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 116,958 | ||||||||
Compensation Expense | 374 | 601 | |||||||
Unrecognized compensation expense | 1,359 | 1,770 | |||||||
Restricted stock | Chief Executive Officer | February, 2017 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 500,000 | ||||||||
Compensation Expense | 921 | 737 | |||||||
Unrecognized compensation expense | 1,502 | 2,423 | |||||||
Restricted stock | Board of Directors | April, 2017 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 14,980 | ||||||||
Compensation Expense | 0 | 168 | |||||||
Unrecognized compensation expense | 0 | 0 | |||||||
Restricted stock | Board of Directors | May, 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted (in shares) | 13,800 | ||||||||
Compensation Expense | 197 | $ 0 | |||||||
Unrecognized compensation expense | $ 88 | $ 0 |
Share-based Compensation - Re_2
Share-based Compensation - Restricted Stock Vesting Schedule by Percentage (Details) - Mr. Recatto - Restricted stock - $ / shares | Mar. 14, 2018 | Feb. 28, 2017 | Sep. 08, 2018 |
Less than $5 per share increase | |||
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 Shares to Be Vested | 0.00% | 50.00% | |
$5 per share increase | |||
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 Shares to Be Vested | 25.00% | 25.00% | |
$10 per share increase | |||
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 Shares to Be Vested | 50.00% | ||
$15 per share increase | |||
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 Shares to Be Vested | 75.00% | ||
$20 or more per share increase | |||
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 Shares to Be Vested | 100.00% |
Share-based Compensation - Nonv
Share-based Compensation - Nonvested Restricted Stock (Details) | 8 Months Ended |
Sep. 08, 2018$ / sharesshares | |
Number of Shares | |
Nonvested shares outstanding at Beginning of Period (in shares) | shares | 685,999 |
Granted (in shares) | shares | 480,755 |
Vested (in shares) | shares | (149,710) |
Forfeited (in shares) | shares | (3,181) |
Nonvested shares outstanding at End of Period (in shares) | shares | 1,013,863 |
Weighted Average Grant-Date Fair Value Per Share | |
Nonvested shares outstanding at Beginning of Period (in dollars per share) | $ / shares | $ 14.52 |
Granted (in dollars per share) | $ / shares | 21.81 |
Vested (in dollars per share) | $ / shares | 14.57 |
Forfeited (in dollars per share) | $ / shares | 17.75 |
Nonvested shares outstanding at End of Period (in dollars per share) | $ / shares | $ 18.20 |
Share-based Compensation - Empl
Share-based Compensation - Employee Stock Purchase Plan (Details) | 8 Months Ended |
Sep. 08, 2018$ / sharesshares | |
Common stock | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Issuance of common stock – ESPP (in shares) | 15,170 |
Employee Stock Purchase Plan of 2008 | Employee stock | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Shares available employee stock purchase plan (in shares) | 134,856 |
Weighted average fair value per share ESPP (in dollars per share) | $ / shares | $ 21.61 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Sep. 08, 2018 | Sep. 09, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 6,419 | $ 4,757 | $ 12,437 | $ 16,560 |
Less: income attributable to noncontrolling interest | 74 | 53 | 213 | 158 |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ 6,345 | $ 4,704 | $ 12,224 | $ 16,402 |
Weighted average basic shares outstanding (in shares) | 23,048 | 22,686 | 23,013 | 22,515 |
Dilutive shares from share–based compensation plans (in shares) | 356 | 284 | 286 | 298 |
Weighted average diluted shares outstanding (in shares) | 23,404 | 22,970 | 23,299 | 22,813 |
Net income per share: basic (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.53 | $ 0.73 |
Net income per share: diluted (in dollars per share) | $ 0.27 | $ 0.20 | $ 0.52 | $ 0.72 |
Other Expense (Income) - Net (D
Other Expense (Income) - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Sep. 08, 2018 | Sep. 09, 2017 | Mar. 25, 2017 | Sep. 08, 2018 | Sep. 09, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Other expense (income) | $ (253) | $ 3,078 | $ (983) | $ 11,112 | |
Gain from award or settlement | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other expense (income) | 3,600 | $ 5,100 | |||
Facility closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other expense (income) | $ 3,100 | $ (700) |